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Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
August 17, 2011 - 11:32 am
Hi Kd
Welcome to the forum.
This isn’t a seminar – just a forum for property investors to share knowledge and experiences.
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
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Post Count: 5,069
August 17, 2011 - 11:28 am
Hi James
Nope, haven’t heard of him.
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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August 17, 2011 - 10:36 am
lyh14 wrote:
If Bank A allows me to draw up to $336k (80% of $420k) of LOC equity from my $420k PPOR house, I can put down a 20% deposit + stamp duty+ other fees (About $90k) for a $350k investment house. I then have $246k ($336k-$90k) left to play with for other house deposits hence I can buy more houses (Obviously subject to how much I can borrow based on my income). Is this correct?
Hi Andrew
Just one thing to keep in mind is that banks will treat that $336k as a liability (even though it hasn't been drawn) – just as they would view a credit card limit rather than the amount owing on the credit card. I'm not sure what your borrowing capacity is like but this could play a part in your serviceability.
Also, a LOC may not be neccesary. An IO loan (possibly with an offset attached) might suffice. It will also be a little cheaper for you.
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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August 17, 2011 - 10:24 am
Hi Tiffany
I would call a couple of others and compare prices.
I'd also be asking for recommendations from other investors. Perhaps start another thread with it in the title.
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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August 17, 2011 - 10:23 am
Agree with the others – seems quite pricey.
With the three quotes – just keep in mind that cheapest doesn't necessarily mean best.
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
August 17, 2011 - 10:21 am
I've never heard of it. Does being his apprentice incur a fee???
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
August 16, 2011 - 11:44 am
sweeny wrote:
Hi Shape, Are you able to go into more detail about the tax-deductibility of Loan 2? My understanding is that Loan 2 would be treated as new borrowings, and its tax-deductibility would be determined by what you used the funds for. If you used the $100k to buy an IP, it would be deductible but if you used the $100k for personal expenditure it wouldn't be. Is this correct? Also, are you able to explain the other 2 common ways you mention to make Loan 2 tax-deductible?
Hi Sweeny
Correct – it looks like you've answered your own question
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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August 16, 2011 - 11:39 am
Thanks for sharing Beau. I must admit though – it always looks a tad suss when someone's first post is related to a product. This may or may not be your intention but I'm sure I'm not the only one that perceives this.
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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August 16, 2011 - 11:32 am
Cheers Darcy, I'm glad you found it useful.
Onthehouse is excellent – I'll have to get it added to our website.
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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August 14, 2011 - 1:45 am
fWord wrote:
Man, you sound angry. What statements exactly are you referring to?
Someone needs a hug
I think the idea has merits. It may weed out some irresponsible pet ownership as well.
Pet insurance is a must IMO. I had friends/family laughing at the idea that I ensured my pugs. Only six months ago one of them had an emergency operation to remove something from his stomach – the bill was $3k….the excess I paid was only $100.
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
August 13, 2011 - 10:14 am
luke86 wrote:
Having a high income and paying lots of tax is a good problem to have. If you were to purchase property, it should not be for tax benefits.
I agree with Luke. The tax benefits associated with property investing should only be seen as a bonus – not the fundamental reason for investing.
Think about it – with negative gearing benefits you're essentially taking $1 out of your pocket and the ATO is giving you back 40 cents…..so it's still costing you 60 cents. This isn't an issue providing the property is growing in value.
A discretionary trust can be handy for distributing income when the properties are cashflow positive….not so good when the properties are making a loss that can be claimed against your PAYG incomes though.
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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August 13, 2011 - 10:03 am
Terryw wrote:
imagine the trail after 5 years. 15 years…….
That's if they continue to pay us commissions
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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August 12, 2011 - 10:58 pm
ksherwell wrote:
I recommend having a shop around.
Be careful with this though. What most people don’t realise is that “shopping around” can result in multiple hits to their credit file if each lender is submitting an app. A few hits in a short period of time will start to make lenders nervous.
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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August 12, 2011 - 10:54 pm
wisepearl wrote:
Jamie, thanks for that link, i’ve seen your canberra reno house pics a few times, looks good. i noticed you replaced doors rather than repaint. what was your reason? cost and time effective that way? or the previous doors just not in good enough condition?
No worries. My brother in law owns a flat pack kitchen business so I was very fortunate to get everything at cost price. That said though, I would have replaced the doors regardless. If it were a cheaper property I’d consider simply repainting.
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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August 12, 2011 - 8:19 am
Henry Adams wrote:
Yes, they put the $8500 into the loan account.
Really? I don't know how they could add this to a 95% lend……
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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August 12, 2011 - 8:17 am
Hi Emma
Here's a before and after pic of a kitchen that we recently renovated. We simply changed the doors/handles/sink and tiled a new splashback. http://www.facebook.com/photo.php?fbid=205513192817784&set=a.205513116151125.43824.127826280586476&type=1&theater
We kept the same benchtop and carcass.
I won't mention how much we paid (because we're lucky to have a cabinet maker in the family) but I couldn't imagine it would be that expensive to get the doors cut to size…and the handles can be purchased cheaply from bunnings or online.
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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August 12, 2011 - 8:12 am
Hi Bob
Most of your questions boil down to your borrowing capacity, employment history and the value of your current property. If your combined borrowing capacity can service the debt, your employment histories are sound (same job for 12 months or same industry for greater than 2 years) then tapping into equity and purchasing another property is achievable (it also depends on what you're property is currently worth).
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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August 12, 2011 - 8:05 am
Corpred are good if you opt for the old "provide your own details and they'll provide a report" cheapie.
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
August 11, 2011 - 9:40 pm
Hi Brendon
Perhaps it's best to shoot an email to one of the brokers on here (its saves you from having to disclose your personal info on a public forum).
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
August 11, 2011 - 9:37 pm
Hi Henry
You can have multiple loans with the same lender and not have them crossed collaterised.
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]