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Jamie Moore
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March 29, 2012 - 8:20 am
Fair enough Hank – I just call it as I see it.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 29, 2012 - 7:10 am
I guess it comes down to personal preference.
I actually lean towards purchasing a PPOR first and then using it to get into investing. Particularly if the PPOR can do with a cosmetic reno that adds equity early on. That way, you can kick start the investing sooner rather than later.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 29, 2012 - 7:01 am
Godhav wrote:
I'm working with Hank / Hoa at Homeloan Experts for my homeloan application and saw on their website at http://www.homeloanexperts.com.au/about_us/testimonials/ that they did secure homeloans for clients with a 457 visa.
Hope this helps!
Hmmm…..first post….spruiking a business……then said business appears in same thread…….looks a tad fishy to me.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 29, 2012 - 6:59 am
Hi Adiskay
What you're asking will pretty much come down to your borrowing capacity and whether you can service the debt on a PPOR and an investment(s).
Your best bet is to get a decent broker to crunch the numbers for you to see what's achievable.
I have had quite a few clients use their first home to leverage into property investing.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 29, 2012 - 6:55 am
greentitle wrote:
The other option is to find a house in a decent suburb that I can slowly renovate while I stay there to create equity for more purchases.
This is what I've recently done. The market here has stagnated a little (particularly around the middle to high end) – it's not going down but there are some good opportunities. I recently exchanged on a new PPOR which I think represents pretty decent value – and following a reno, should value up a fair bit higher. So to answer the question in the title of the post – for me, given the current state of the market, now seems like a good time to buy.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 28, 2012 - 11:27 am
lila77 wrote:
I'm also looking for my next book, maybe another margaret lomas one?
Have you read the 20 Must Ask questions book? I thought that was a pretty good one.
Scope out ebay for second hand investing books. There's usually a few bargains to be found.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 28, 2012 - 6:07 am
Dreaming Big wrote:
Thanks for all your comments. I really do appreciate it!
Jamie, we do plan on turning our PPOR into an IP eventually and we also plan to be very active in the propery investing area and not just buy one or two but more like ten or twenty (depending on how many we need to get where we want to be).
I understand that how you start and how you first set everything up is really important and can save you a lot of money. I'm just trying to be as prepared as possible before we jump in and buy something.
Here's an article I wrote for API magazine on this topic – hopefully it helps.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 27, 2012 - 8:54 pm
Josef wrote:
Hey Mate, There is absolutely no benefit in having an offset account if its your PPOR. You should be able to have a redraw facility on your home loan which is pretty much the same thing. The only benefit of an offset account is for investment properties as this offsets the interest you pay on your home loan and still gives you a tax break from your property if its negatively geared. Not blowing my own trumpet but I deal with these accounts and open them up for clients on a daily basis. Having said that having an offset account on your PPOR won't hurt you but there is no real benefit.
….and that folks is why you should use a broker over a banker!
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 27, 2012 - 6:04 am
It does provide flexibility but if Dreaming Big is looking to tap into equity in his PPOR to use it towards an IP purchase, it might not be best to use the funds from the offset (because it won't be deductible).
If he/she thinks that their current PPOR might become an IP one day. Then it should be set-up as interest only with an offset now (I don't know if this is their intention – just a general statement).
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 27, 2012 - 2:40 am
Hi Dreaming Big
What are your longer term plans for your PPOR? Do you ever anticipate it turning into an IP at some point?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 27, 2012 - 12:37 am
Aaron_C wrote:
Yes Terry is very knowledgeable and he'll be able to help you out. It would be a crying to shame to waste the inheritance and hopefully you can invest it wisely from here on.
Whoa that's some fast typing. Five posts in less than 10 minutes must be a record!
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 25, 2012 - 9:56 pm
Cheers Waydo – that's a handy little list. I'll be coordinating a big reno soon so it's nice to have some sort of a reference point.
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 25, 2012 - 9:50 pm
hornbill wrote:
1) Based on the above figures, is my property a negative or positive geared property, if I were to lease it out?
You just need to add up the costs per week. If the rent is higher than the costs – it's positive.
hornbill wrote:
2) If positive geared, what are the recommended strategy to reduce my tax liability (if any)?
There's nothing wrong with making money on an investment Have you got a depreciation schedule? That will help.
hornbill wrote:
3) Given the strategic location, is it wise to keep the property as an IP or should I just consider selling it off, save the money in the bank or invest in some overseas property etc?
I'm not going to touch that one. You need to do your own due diligence and look at the opportunity cost of investing the money somewhere else.
hornbill wrote:
4) Is what I'm trying to do here normal out there? Turn PPOR to IP, then rent elsewhere, use rental income to offset rented property rental etc? Sorry guys this post is a bit long. I just need a second opinion on what I'm trying to do. Cheers.
I have a lot of clients who turn their PPOR into an IP – but it's usually to buy a new PPOR. I assumed you paid a fair bit of your loan to bring it down to $180k? That's the issue I see here – you're only able to claim deductions on a $180k loan.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 25, 2012 - 8:56 pm
Hi Lila
You set up a second loan against your PPOR which is used as the deposit/costs on your IP.
A separate loan for the remaining amount is then set-up.
So you end up with three loans.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 25, 2012 - 3:50 am
Sure, try Peter Tersteeg at Sage Lending – http://sagelending.com.au/
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 25, 2012 - 3:48 am
Hi Tonto
Welcome to the forum.
As a general rule, new properties are sold at a premium and as you’ve alluded to, there’s often little scope to add value.
Will it experience capital growth? Some questions id be asking are what growth factors exist within the current area? Are there growing industries? Is the population increasing? What are comparable sales like? What has the past growth been like?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 25, 2012 - 3:43 am
Hi Dougie
Where is the property located?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 25, 2012 - 12:11 am
I'd generally go the older with larger land content – especially if there's an opporunity to sub-divide and add value.
With the new property – you're getting a very small parcel of land and there's obvisouly no scope for value add. However, the big kicker here is the $26k incentive.
The $30 difference in rent between the two isn't that much.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 23, 2012 - 11:53 pm
Hi Annie
PPOR is Principle Place of Residency – an owner occupied house.
I've confused you because I read "PR" above as PPOR – but of course you meant Permanent Residency.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 23, 2012 - 10:28 pm
Hi Annie Lee
If you can provide a couple of years of constant work history within the IT industry than you should be able to get around that hurdle. It will also depend on the length/conditions of your contract.
Having said that though – you're looking at a 95% lend on an IP, so your application needs to be very strong.
I assume your either a permanent resident/citizen given that you purchased a PPOR in 2008?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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