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Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
December 1, 2011 - 10:25 am
ledgend80 wrote:
i know our broker will get a kick back from the lender for the life of the loan for writing the loan but does he get more of a kick back for getting us to refinance to a bigger loan.
Yeah he does – but $20k wouldn't be much more, so I doubt (and sincerely hope) that is the reason behind the suggestion.
I agree with Richard – only consider an external refi if the numbers work out and/or it's required to meet your objectives.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Mortgage Broker assisting clients Australia wide Email: [email protected]
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
December 1, 2011 - 10:20 am
purpleairplane wrote:
I've never posted here before and have been a member for about a week. I found this great website and the book "From 0 to 130 properties in 3.5 years" about 10 days ago and I'm loving what I'm reading. I always promised myself that I'd have a home or investment property/mortgage under my belt before I turned 40, and yes I can hear the collective groan 'ooh he's a late bloomer'! Unfortunately due to spending money on all manner of things which did NOT produce income over the years, I have yet to fulfill that promise and 40 is just around the corner. Frustratingly, I am absolutely busting out of my skin to get onto the investing ladder so that my partner and I can stop working earlier than 65! So with a measly $1k in the bank, a good well paying job which I've had for over 11 years, a joint income, and very little personal debt, I am reading and saving like mad to get to the point where we can take the first leap of faith. You may read this and ask why the hell is he posting this? I don't know why, but I think it's perhaps that I'm so excited by the prospects of finding an investment strategy which I really like and seems to make great sense, uncovering resources like these forums and this site, and Steve's fantastic book.
Hi and welcome to the forum.
I know the feeling – it's the same feeling I had when starting out. I couldn't learn quickly enough – I read every book I could get my hands on and frequented forums like this.
A well paying job and little debt is a good starting platform. Save like crazy and purchase your first. If possible, aim for something that you can add value to via basic renovations. From there, you may be able to tap into equity and move onto your second purchase.
Best of luck
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
December 1, 2011 - 10:13 am
Terryw wrote:
normbay wrote:
I think the guys at Acceptance Finance would give you a better idea than the Forum on this question. Bear in mind that the tax-deductibility of the debt follows the purpose of the debt – so what is the purpose of debt financing for your offset account? If that's to reduce your personal interest cost, then it probably is not deductible. Accountant will tell you how they would treat the different options you are looking at. (from the Mortgage Mincer)
Yeah right!
Nice first post
Haha – gotta love it.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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@jamie-m
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December 1, 2011 - 7:30 am
BrianN wrote:
– Is this the best way to structure the loans in term of tax?
It would be preferable to have a larger deductible debt against your IP. You might be able to regear via a spousal or trust sale. Do you anticipate the new townhouse ever turning into an IP?
BrianN wrote:
– As the bank valued PPOR at 550K, I dont need an extra valuation for CGT purpose if I decide to sell it after more than 6 years, do I?
No – that should suffice is you ever need to provide what the value was when it became an IP.
BrianN wrote:
– If I sell it, for instance, 12 years later for 700K will CGT be (700-550)* 6/12* 50% discount = 37.5K?
The CGT will be based on the gain during the time it was an IP.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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November 30, 2011 - 9:05 pm
LVR is Loan to Value Ratio.
LMI is Lenders Mortgage Insurance.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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Post Count: 5,069
November 30, 2011 - 9:02 pm
Great, thanks.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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November 30, 2011 - 8:56 pm
Hi Roadhog
This spreadsheet will help http://www.passgo.com.au/investment-property-analysis-tool.html
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
November 30, 2011 - 11:45 am
shock wrote:
CTFYT (Cheers…Thanks for your time.)
I like it
I think we're in need of another acronym in the IP world.
CTFYT
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
November 30, 2011 - 11:31 am
DWolfe wrote:
Hi awesome property peeps!!
At the risk of posting what has been asked before – anyone know when the Nov Update video will be ready? Also would love a bit more info on the Cert IV that Steve and people have been talking about.
Cheers everyone!
D
Hi Dwolfe
I may have been living under a rock….but what's the cert IV in?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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@jamie-m
Join Date: 2010
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November 29, 2011 - 9:14 pm
Qlds007 wrote:
Yes when i look at a working week i am amazed how many hours i spend reading things i already now or completing information on forms that clients never ever read.
Cheers
Yours in Finance
Amen, it must be a tad overwhelming at the clients end as well when they see a thousand forms emailed them to them before we can go ahead and submit their deal. I’m sure ASIC will come up with a couple more just to keep us on our toes.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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@jamie-m
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November 29, 2011 - 9:07 pm
Hi gumtree
Some banks will allow you to do a reval whilst others will require an application to be submitted first. If your current bank requires an application to be submitted then consider paying for one yourself and save the hit to your credit file.
By comparing the last valuation to the new one you’ll have an idea of how much value your renos have added.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
November 29, 2011 - 9:04 am
Qlds007 wrote:
Hate to say like any industry there are always going to be some bad apples but hopefully we are raising the standards by the day and a lot of the poorer ones have left or are on there way out.
I think a few hundred would have voluntarily exited the industry in the last month alone….
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
November 29, 2011 - 8:59 am
fWord wrote:
Detached houses win so far…
I don't think I could live in anything else. I love having a backyard and a bit of space between the neighbors. We've lived in apartments and townhouses but I'd take a detached home over them any day.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
November 29, 2011 - 7:57 am
Shape wrote:
.
It seems like you did a fix rate of 8.09% 4-5 years ago…do you want to go down the “fix” rate path again?
Regards
Michael
If so, you’ll be getting a decent drop in that hefty rate. Three year fixed rates have dropped quite a bit with 5.99% on offer from a few.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
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Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
November 28, 2011 - 1:23 pm
Yep, it's been happening for a couple of weeks now.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
November 27, 2011 - 9:05 pm
Hi Gats
If your main objective is to pay off both debts asap then keep them as P&I.
If you have any non-deductible debt (PPOR loan, car loan, credit card, etc) then best to pay of this debt before paying down the IP debt.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
November 27, 2011 - 11:28 am
menia wrote:
Hi guys,
I'm looking to buy an inevstement property in Sydney. My budget is $750k and this would be a buy and hold option, I'm in it for the negatove gearing and the capital growth.
I'm interested to hear evryones opinion as to which areas are good to invest in?
Cheers
M
Hi M
Welcome to the forum.
My first question would be why are you in it for negative gearing?
I don't have an issue with negative gearing or properties that aren't cashflow positive but I'd never invest in a property purely for negative gearing benefits.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
November 26, 2011 - 10:05 pm
Catalyst wrote:
Where does the rent go into? Where do you pay the bills from? Where does the interest get debited from?
offset account
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
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Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
November 26, 2011 - 9:17 am
I agree with kong, sounds like a good setup to me.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
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Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
November 26, 2011 - 12:32 am
goldies wrote:
Can we offer to pay for the bank reval? i dont want to get one completed privately as they are not worth the paper they are written on. I would like to use to equity to purchase another so it would benefit the bank anyway..
.
Yeah you can.
Brokers can organise CBA vals through valex. We can then use that val for the application.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]