Hi dct 2011

This has been asked quite a few times recently. If you do a quick search you should find a lot of info.

If the search function on this site doesn't work just use google.

Cheers

Jamie

Hi Tugger

Shoot me an email and I’ll send you mine.

Cheers

Jamie

Hi Stephen

I haven't heard of them.

If you're looking to invest – ask them whether they're investors themselves and understand how to structure finances accordingly.

If you're after the face to face experience with a local mortgage broker I'd be happy to recommend one in Melbourne.

Cheers

Jamie

Sure – that's where there's been a misunderstanding. If the person organising the finance was also trying to spruik a property I'd be running for the hills.

Cheers

Jamie

Hi hbbehrendorff

Can you elaborate please? When I started out, my mortgage broker at the time was one of the best resources I had.

I'm now in a position were I'm frequently providing advice to investors – which I'm sure they're appreciative of (many of whom frequent this forum).

Your obviously not engaging these professionals in the right manner.

Cheers

Jamie

Hi Katsudon

Welcome to the forum.

With the $100k unit – the high rent seems nice but make sure you scope out the body corp fees and factor in all the other costs associated with owning the property such as rates, maintenance, insurance, property managements fees, etc.

The build and sell option can sound appealing but have you factored in CGT in your profits?

Also, don't forget –  cheap doesn't mean good (that's not taking anything away from Tassie – just a general comment).

I don't want to sound negative but these are important things to factor in.

Cheers

Jamie

Hi Chris

I don't want to sound like a spruiker but our Facebook page has interesting IP info added daily which you might found useful – http://www.facebook.com/PassGo

Herron Todd White's month in review is free and is excellent http://www.htw.com.au/Newsletter/

Cheers

Jamie

I agree with Scott – there should already be some formal agreement in place, it would be a silly move on behalf of the agent if there wasn't. The priority here is to get that property filled ASAP – if the current agent can't get it done, then move onto the one that can.

Cheers

Jamie

Hi Cheesemonger

It's hard to comment without knowing the full details but what your broker is suggesting sounds about right.

You would have two loan splits against your current property – the first would be your existing loan (which should be changed to IO as this will become an investment down the track) and a second loan which will act as your deposit/purchasing costs for your next property. The third loan will be the remaining portion required for your new property.

Moving to ANZ can be a good option at present. They're offering a decent $1k rebate to offset the costs of switching. There also providing pretty decent rate discounts if your total borrowing exceeds certain amounts (make sure your broker requests these).

In terms of spreading your borrowing across lenders – it does become a factor, but for the first couple of properties I wouldn't be overly concerned (and just because your loans are with the same bank doesn't mean they have to be crossed collaterised).

Hope that helps.

Jamie