Forum Replies Created
We've always allowed pets and have had no issues – it's also a handy way to boost the rental yield as pet owners are generally willing to pay more for a property that allows them to keep a pet.
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]
Very cool, thanks for sharing
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]
You need to dig deeper than the overall vacancy rate. Regional hubs generally have pockets of less desirable areas to live where the vacancy rates are likely to be higher than the overall average. Is the property in a lower socioeconomic area?
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]
Derek wrote:At the risk of being howled down some things are more important than property.For what it is worth I would enjoy the birth of your first child (congrats by the way) and let things settle down before revisiting the question of buying again or not.
I agree. I'd be enjoying this time rather than worrying about servicing an additional IP.
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]
I agree with Derek. Instead of trying to time the market – look at what you want the property to achieve. Why did you buy the property in the first place?
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]
ygue6072 wrote:Thank you Michael and Richard for you responses.
It certainly has given me some questions to ask them when we go for pre-approval and if they can't answer them properly then look at speaking to a broker.
The property we bought was under 500k which is why it was 0.7% I can't remember what % they said if we had a loan bigger than 500k.Also, I have been reading on this site about Trusts. Can you recommend where I can look for more information about this and the benefits? There is a lot of information on this site but everything I've found so far assumes a basic understanding/knowledge which I don't have at the moment.
Thanks,
There’s a book by Dale Gatherum Goss called Trust Magic which explains various trust structures in an easy to comprehend matter. Look carefully into trusts and seek professional advice before setting one up. You will need to look at the pros and cons of purchasing via a trust given your own individual circumstances.
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]
lilhazel wrote:Thank you all.Personally i would buy myself, start small, structure it correctly and go from there — Richard, how do I ensure that I structure it correctly ?
Hi there
Using a broker that knows what they’re doing will ensure the correct structure is set up. Richard will be able to help.
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 MrcS
Ask the branch staff or broker to get in touch with perpetual for the breakdown.
You should also receive a statement from your old lender providing a breakdown of the exit costs.
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 Charlie
Welcome to the forum.
Land your first job, save like crazy, purchase your first home and take advantage of FHB concessions. Buy something that can be cosmetically improved at minimal costs, have it revalued, tap into the equity and purchase your first IP.
Just my two cents.
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]
burpie wrote:Does anyone know if Fernleigh Road (in Ashmont) is "dodgy"?
I could be wrong but I vaguely remember that there's a part of Fernleigh Road which is closer to Flowerdale that's not too bad.
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]
vader897 wrote:Dear Property Investors,I am about to be a first home buyer and want to make sure I have things right and would really appreciate it if you would test my understanding. I have read a lot threads from others in a similar situation but really want to make sure I have it right.
About me:
My wife and are are both fresh out of Uni, and have been working full time for a year.
We have a dual income and no kids, with none on the horizon.
We can comfortably live on one income, so the other is dedicated entirely to saving and investing and will be for at least 5 more years.
We have a 45 000 deposit (+FHOG) and are looking at units priced between 300 000 and 360 000
We are located in one of Australia's capital cities and are looking at purchasing a 2 bedroom unit that is within cycling distance from work and the CBD.This is the plan:
1. Set up a new loan HomeSide HomePlus home loan with a 100% offset account 5 years interest only period.
2. Put all earnings and savings into the offset account and only take out our our living expenses as needed.
3. Pay interest only payments from the offset account for the first 5 years to keep the most amount of tax deductible debt for the future
4. After the 5 year interest only period is up, keep paying the minimum repayments from the offset account
5. When we decide to move on, take out a new loan on our new home with an interest only period and 100% offset account, using the savings in the offset account as the deposit.
6. Put all of our earnings and savings into the offset account of our PPOR and continue to pay the minimum payments on our older property.
7. Keep the older property indefinitely as it will eventually be positively geared.
8. Pay interest only payments for the maximum number years for the new home, and repeat the above steps.I think I am spot on, otherwise I wouldn't be posting yet, but can anyone suggest any improvements to the above strategy or a problem with the HomeSide HomePlus package.
Two independent mortgage brokers have suggested the HomeSide HomePlus package to us. I have read that some lenders do not offer a true 100% offset account that mean you still have to pay tax on the interest. HomeSide was mentioned in a post dated 2009 so I am not sure how it stands now. Is the HomeSide HomePlus the kind of true 100% offset account we are expecting? how can I check this, as I am not sure what to search for?
I really appreciate the time taken to look over my situation.
Best Regards,
Vader897
Sounds like a good structure.
As Richard mentioned, it might be an idea taking out a higher LVR loan and borrowing more. This way you've increased your future deductible debt. You'll be for more LMI but the additional interest you'll be claiming over the longer term should make up for it.
The Homeside product is great. If you're going above 90% LVR the rate will go up and it will lose its competitive advantage.
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]
I agree with what Richard has said. Technology makes life easier – everything can be done via email and phone. I've even got clients 10 minutes away from where I live that I've never met – for some people, they find it convenient to sort everything out online.
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]
I would assume so but best to contact your insurance provider to have it clarified.
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]
GlennFiltness wrote:Well I guess that is an option, but if I dont put a %20 deposit into the Canberra place then I will get stung with the mortgage insurance! ouch…. Then again this may be a wiser option in the long term. FYI I will have between 65 – 70k depositLMI doesn't need to be seen as a bad thing. I wrote an article for API the other day about how it can be used as to get ahead in property investing. The article is here
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 brokeraus
As Richard mentioned, you’ll prob need to arrange a mentor for the first couple of years.
When deciding behind the franchise or independent paths, consider all options carefully.
There was a good thread on the somersoft forum recently about this exact topic – it’s worth while doing a search for 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]
Thanks for the wrap guys.
Welcome aboard Paul – great to see more Canberran's on the 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]
mwooding wrote:Acceptance Finance
Ask for Andrew Sanger
1300 93 11 55
This guy has been making money out of air for me for a while now. He is an investor himself with property east of Melbourne.Or you could just go with Richard who has responded above, has the runs on the board is an IP specialist. Distance isn’t an issue.
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]
SkippyZ wrote:You may have a question why we opened St G LOC in the first place – because it was recommended by the advisor we used at that time. Key word – Margaret LomasI've enjoyed her books and show and also agree with much of her investing methods. However, when it comes to finance – she's definitely not a guru. Cross collaterisation and over use of LOCs…hardly makes sense.
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]
Paullie wrote:Thanks Jamie.The second option is great, as long as CG is enough to cover the interest on 600k plus LMI and fees.
Also, where are these people buying for 200k for a house? I wouldnt think theyd be buying in an area where CG will be good and at least sheltered a little from a downturn.
This isnt 2001 anymore……
What do you think?
Hi Paullie
No worries.
The $200k figure was mostly for illustrative purposes.
However, a few places that come to mind are Queanbeyan, NSW – 1 and 2 bedroom units can be found around this price. The yields are quite good and the CG has been decent. Hopefully it will continue.
Some other places with $200k properties are North Adelaide, Logan, QLD, most large regional hubs in NSW and parts of West Sydney. All aren't going to be on par with one another but if you looked carefully I'm sure you'd find some decent spots with good growth prospects and rental yields.
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]
I think you should be ok with the dulux weathersheild – it's a decent brand.
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]
