Replies Created | Forums | Jamie Moore | PropertyInvesting.com

Forum Replies Created

Viewing 20 posts - 3,421 through 3,440 (of 5,007 total)

« 1 … 168 169 170 171 172 173 174 175 176 … 251 »

Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
November 25, 2011 - 5:10 am
Jameswood wrote:
Thanks Michael … So It sounds like it is feasable then ……We were a bit unsure
thanks
It should be possible but it doesn't sound like there's much equity. Did I read that right? $125k loan on a $150k val?
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 24, 2011 - 11:17 am
KateandTony wrote:
Hi all. As you know I am thinking of buying an investment property. Should be no issues with equity or serviceability. But I am trying to work out in my head the steps I need to take. Do I find a property then take it to an accountant to work out how much it will cost me per week (or do this using a model myself). Do I then find finance? Will this give me enough time during the finance clause period? Or do I need an accountant/ broker first and have everything in place and then find the property?
Im really just trying to get it sorted in my head because once I know it Ill be right.
Any help would be great
Hi Kate and Tony
From memory, you're based up in Brisbane. Do yourselves a favor and get in touch with Richard Taylor (who's responded to this post). He's an excellent broker who will guide you in the right direction.
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 24, 2011 - 7:14 am
oscar1 wrote:
Jamie M wrote:
Use an "offset" instead of a redraw and you won't have any tax deductibility issues.
If I were to put the 'extra' funds from the higher loan amounts into an offset account then I would definitely have tax deductibility issues as I would be mixing with the personal funds already in my offset account.
Yep, you would if you placed them in the offset against your PPOR.
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 24, 2011 - 6:34 am
bucko666 wrote:
Thanks guys. This might be a bit of a silly question, but here goes; A broker organised the original Westpac loan for me. Should I speak to him about changing ?? Or will his commission be reduced or cut by changing providers ?? I don't mind if he organises the new loan for me If I do go with ANZ, but I want to be confident my interests are at the forefront and not his commission !
The broker will get you the same rate with ANZ. Best to go back to your original broker so they can at least make up for the claw back on getting this next one for you.
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 24, 2011 - 6:23 am
oscar1 wrote:
My broker is proposing that, rather than borrowing the exact amounts that are outstanding on the existing loans, I borrow slightly higher amounts, pay out the loans + fees, then keep the rest available for redraw.
Use an "offset" instead of a redraw and you won't have any tax deductibility issues.
The PPOR loan should also be set up as IO if it's going to become an IP in the future. Use the offset account against this loan to drop any spare savings in.
I trust the broker is also keeping the securities separate?
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 23, 2011 - 9:21 pm
What about Canberra
Detached house with a backyard that is too big. The lawn seems to grow as I watch it.
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 23, 2011 - 10:23 am
Ch4rlie wrote:
Just got off the phone with Suncorp, they have a package with a discounted variable at 6.55% and their 3 year fixed rate is 5.99.
Sounds pretty good to me, any thought on Suncorp as a lender?
I've got a big lender that will match the 5.99% 3 year fixed – just have to ask them nicely
As the other guys mentioned, we certainly don't restrict ourselves to the majors. It's all about matching the client to the most suitable product for their needs – which doesn't always land with the big 4.
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 23, 2011 - 10:18 am
Qlds007 wrote:
If you can substantiate the regularity through past Tax Returns it shouldn't be a problem.
Exactly my thoughts – a couple of years of consistent tax returns should do the trick.
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 23, 2011 - 9:41 am
Hi Chelkin
It can be frustrating.
There’s not quite enough data to provide an accurate response. Perhaps try out one of the brokers that frequent this forum for a second opinion and see if they can get it done for you.
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 22, 2011 - 10:19 pm
Hi Kate and Tony
The biggest issue with new properties is that you generally pay a premium and you can't add value through renovations.
I'm not sure how the company you've mentioned operates but if their profiting from the sale of the property then you'll need to work out whether that's at your expense.
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 22, 2011 - 10:15 pm
That's an interesting one – I wouldn't have thought so but best to put it to an accountant.
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 22, 2011 - 10:04 pm
I don't know how to edit posts but I meant to write "With H&L you can't do much to improve the property and add value"
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 22, 2011 - 10:03 pm
Hi Kate and Tony
There's no wrong or right yield to aim for.
In general terms, properties that offer higher yields may not be so great on the capital growth side of things and vice versa.
Rental vacancy data is in the back of API and YIP magazines (check out your local newsagency) – I think some of the websites here might have that info as well – http://passgo.com.au/property-data-websites.html
With H&L you can do much to improve the property and add value – because it's new. With older stock, you can renovate and add value. The depreciation will be better on new though.
Not sure about Brissy area – others will though.
No worries about the questions – it's what the forum is all about
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 22, 2011 - 11:20 am
Nice
I spend a packet on Bunnings gardening stuff. I must admit though, when plants die it's usually a result of my neglect rather than their quality.
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 22, 2011 - 6:41 am
Qlds007 wrote:
Nope sorry lol
Cheers
Yours in Finance
Haha nice.
Call Richard. He owns an IP or two
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 22, 2011 - 6:38 am
It all comes down to the "purpose" test.
Just think – "what will the funds be used for?"
If they're going towards an IP – then they're deductible. If going towards a PPOR – then they're not.
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 21, 2011 - 8:58 pm
Hi there
There are larger second tier lenders offering similar rates on the three year fixed.
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 21, 2011 - 11:21 am
Qlds007 wrote:
On a separate issue anyone get the contact details of the 101 posts this morning for Ugg boots and ski equipment.
Moderators did such a good job of cleaning the the site up i missed on out the details and might be needing a pair shortly lol.
Picked me up 100 rolex's, 40 pairs of ugg boots and some viagra
I logged on this morning and it was spam central. You couldn't find a legit post throughout all the spam.
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 21, 2011 - 10:48 am
fredo_4305 wrote:
Who is on a standard variable though lol most packages are a discounted non standard variable rate. It seems like a big marketing stunt. I have some loans with CBA and they are beating the NAB on my package by about .03. Which granted isn't much but the Standard Variable means jack to me. Adding to this I had a Suncorp rep ring me a few days later. First time ever this has ever happened to me…. Talk about trying to bring in more bussiness.
Spot on. The SVR is a bit of a gimmick – what's important is the size of the discount you get on that SVR.
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 20, 2011 - 5:37 am
Interest only is favored by investors because the "interest" component of the loan is tax deductible. If they set up the loan as principle and interest, the "principle" they pay on the loan isn't deductible.
For that reason, if you're looking to pay down any loan, it's best to pay down non-deductible debt first (ie your PPOR loan).
However, I'd even go one step further and suggest that all loans should be set up as IO (even the PPOR). I wrote an article for API magazine on the subject recently here
Cheers
Jamie
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]