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Terry W or Mick C should be able to advise.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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py wrote:Currently with ANZ. And yes looking for 95% for both.Contract is Subjest to finance.
Cheers
I'd give up on the second property and focus on getting the deal done with the first one.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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When you say you've gone into "contract" have you made it subject to finance or have you actually exchanged with the vendor? With $75k, you're not going to be able to purchase a $400k property in Emerald and a $550k property in Gladstone.
Which lender is your PPOR with? Because if you do end up purchasing these two properties in quick succession, you might want to diversify with LMI.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Hi mumstar
I know the feeling – it makes life interesting.
I'm going through a similar situation at the moment. My wife and I decided that we wanted to tackle another project and move to the otherside of town. A few weeks later and we've just exchanged on a new PPOR.
It's really hard to comment on what's achievable without knowing your actual situation – your assets/liabilites, risk profile, future plans, etc.
From your post, it sounds like you want to retain all the properties but also want to improve work/life balance, which might make things difficult in terms of maintaining the portfolio.
This will sound bias but it might be an idea to get some independent advice on your borrowing capacity – speak with someone that can run a few scenerios for you – such as keeping all properties and selling one.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
py wrote:Can anyone let me know the lineant banks for Property Investment purpose (95% with tight servicability). Also let me know a contact point who are extrodinary in getting approval (there are quite a few people who will put their hand first but please dont waste both of our times)
Contact any decent broker and provide them the info on your situation. If it can't be done – they'll tell you. I know I wouldn't waste time on a deal that's not going to be approved.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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I read the same article yesterday as well. It’s a very interesting development. Hopefully it doesn’t set a precedent for other mining towns.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
5% seems really good. I haven’t seen anyone charge a two week letting fee before – only one week. So that seems a bit steep. If you manage to secure long term tenants than its a good deal – if your regularly churning through tenants, it could be expensive.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Joe
Feel free to shoot me an email and I can introduce you as a client to a local conveyancer which should entitle you to a discount. I’m not sure how much they charge for selling but for purchasing they’re quite reasonable.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Did I read that right? The couple featured in the article are being slugged with a $32k p.a body corporate fee?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
+1 for Andrew
His knowledge is impressive and he’s a regular contributor to this forum.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Here to learn
There's plenty of renovated stock in Wagga. The only issue is that you'll probably be making someone else a profit.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Jamie M wrote:Which could simply mean placing the cash from the offset onto the loan – and redrawing it out.I should have also mentioned that Dreaming Bigs loan was already a deductible, IP loan. If it were a PPOR loan, then it would be best to set-up a second loan split altogether so as to distinguish the non-deductible from deductible debt.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
No worries. What sort of IP are you looking for? If you're in the market for one the cheap ex housing stock, it would be worthwhile getting on the LJ Hooker mailout list. They send a regular update of upcoming stock. Most of it goes for around $100k – $150k and needs work.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi NM7
Looks like Terry answered it.
Put simply – when you used borrowed money for investing purposes, it's deductible.
When you use cash, it isn't.
That's why I mentioned in the previous post that if Dreaming Big was going to purchase another IP, it might be an idea to use the banks money (borrowed funds) rather than his/her cash from the offset.
Which could simply mean placing the cash from the offset onto the loan – and redrawing it out.
Quick disclaimer though – I'm not an accountant! So would always recommend appropriate professional advice is sought.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi there
If you’re going to buy an IP in wagga I’d recommend that you actually hit the ground and check it out in person. There can be good and bad patches on the one street in some areas.
Generally speaking, Tolland, Mount Austin and Ashmont have a lot of the ex dept of housing stock that’s constantly auctioned off by LJ Hooker. There’s some decent yields in the area – but tenant selection is paramount so you’ll need a good PM looking after your property.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Chris
The ABS can be handy. There’s also a heap of links on our website that might help http://passgo.com.au/property-data-websites.html
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
What Terry said. Even though you've got the equity – if you're not generating an income, you won't be able to access it.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
No worries at all – I'm glad you found it useful.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Thanks for the wrap Richard – yes, have plenty of clients accross the border so location is not an issue.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
I'm always interested to hear from Terry Ryder and Margaret Lomas – thanks for sharing the link, I've also placed it on our Facebook wall.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
