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Jamie Moore
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@jamie-m
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May 20, 2011 - 8:26 am
Rob G. wrote:
There is no freehold in the ACT.
Don't even bother to ask why … the whole state is another unhappy political compromise that reads better than a Monty Python script.
Cheers,
Rob
Haha, I take it you’re not from around these parts Rob. Life’s good in Canberra.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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May 20, 2011 - 8:18 am
Mosqui wrote:
What about Android? iphone is not the only smartphone out there. My wife has the Galaxy S and has a few interesting features you don’t get on the iphone.
Start your own wish list with Steve Damn Android users……jokes, just jokes.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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May 20, 2011 - 8:13 am
Shell H wrote:
Along with meeting with other agents as I really don’t think this agent is working out for me.
Absolutely! Was thinking you needed to get rid of the current agent but looks like you’ve already got that sorted.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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May 20, 2011 - 3:13 am
Hi rojerk
It sounds biased and repetitive on my behalf but in this day and age, the broker/client relationship can be easily managed over email/phone – meaning that you’ve got the entire country to choose your broker from. Video calls (love that new ipad) also enable face to face conversations (from a distance).
That said, if you’d prefer face to face, the Vic broker I’d always recommend is Pete Tersteeg from Sage Lending in Nunawading. To quote Richard – “he knows his onions”
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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May 20, 2011 - 3:03 am
yep, that’s what I was thinking. Another IP forum has it – it’s easy to use and works well.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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May 20, 2011 - 2:59 am
julieanne_w wrote:
So perhaps… offset account is still the best way to go because it will save me interest in the mean time but then can be used to offset my next "non- deductable " purchase…
I think i just answered my own question ??
Yep, that’s right. Sometimes it helps just to think out aloud
Yes, that loan will become deductible once the property turns into an IP. Therefore, putting your money in the offset now (and withdrawing later) is better than paying down the principle.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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May 19, 2011 - 1:16 pm
It’s all leasehold in the ACT.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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May 19, 2011 - 1:12 pm
PositiveMindSet wrote:
By the way, Jamie M, awesome you switched to an offset. With CBA? I thought they didn’t have a 100% offset and had minimum withdrawals and also transaction fees!!! I have facilities with other banks that are 100% offset and fully transactional. Curtesy of a finance broker who is in property investing too.
Yep, I agree – the old MISA isn’t the best offset in the world but it’s doing the trick at the moment. I basically use it as a savings account.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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May 19, 2011 - 12:12 pm
chappy1970 wrote:
The thing that puzzles me was that the item was listed as $XXX + and the Vendor wants 10% more than the advertised price.
Ah – I suspected as much. They know that the seller has unrealistic expectations and probably regret taking on the listing…..and know that there’s bugger all chance of selling it. Even if this was the case, they still need to uphold professionalism when it comes to potential buyers. I bet that same real estate won’t be the listing agent for that property in a few months time.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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May 19, 2011 - 7:49 am
How incredibly frustrating and unprofessional. Is it a small town? I’m not sure of the legalities, but is there any way you can find out who’s selling it and approach them directly? If the seller gets wind of this, they may be able to get rid of the REA and sell directly (win-win). I’m sure it’s not that simple though.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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May 19, 2011 - 7:44 am
Terryw wrote:
Imagine, my friend's parents bought a property in Sydney in 1960s for $16,000. It is now worth $1mil+. The annual rent would probably be twice what they had paid for the property. Imagine if they had used an IO loan initially. they would still owe $16,000!
Terry’s quote hits the nail on the head. It’s the increase in the value of the asset that makes property appealing to investors. The interest only loan you have today may be insignificant compared to the value of the property it secures in 30 years time.
That interest only loan of $16k would set them back a cool $93 a month in repayments (assuming they still had it) on a property that’s worth over $1 million. A perfect example of inflation and growth working while the loan remains at it’s original level.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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May 19, 2011 - 7:39 am
Agree with some of the other posts – some photos of the inside would help.
Jac’s suggestions could work wonders as well. Cheap, low maintenance, appealing – might even add a little value.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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May 19, 2011 - 3:22 am
Quite handy – thanks for sharing
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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May 19, 2011 - 3:20 am
risk1return2011 wrote:
A question on IO , I was looking at a couple of the banking website calculators and after the IO repayment ends ( in this case 10yrs ) the repayment seemed to increase ???
Because it rolls onto principle and interest. At this point, you generally switch back to interest only.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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May 19, 2011 - 3:04 am
Agree with Richard.
Firstly, I’d untangle your loans (at present their crossed). A decent broker should be able to assist here.
Secondly, I’d consider converting all loans to IO, with an offset account attached to the PPOR loan.
The correct structure from the start will prevent issues in the future.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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May 18, 2011 - 10:21 pm
In Canberra you can claim it in the first year.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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May 18, 2011 - 12:32 pm
You get slugged for it on each IP in the ACT
On the flip side, you get to claim stamp duty in the first year
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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May 18, 2011 - 12:29 pm
julieanne_w wrote:
Re the above suggestions of holding onto the money for a future PPOR purchase …could you put the money into the investment property to save on interest for the time being and then draw down on this later to fund the PPOR?
Absolutely. But as advised above, do it with an offset account. Think about it – you have one investment property with a loan of $100k and decided that you were going to purchase a PPOR a year later – also worth $100k.
During this year (before purchasing your PPOR) you’re able to save $1k each week. You could pop this in your offset account and reduce the interest you pay on your IP loan. After a year, you’ve placed $52k in your offset – therefore only paying interest on $48k.
The time’s arrived for you to buy your PPOR. You take out the $52k you’ve saved in your IP offset (which increases your IP loan back up to $100k) and put it in an offset account linked to your PPOR. In this scenario, you’ve maximized your deductible debt (IP is at $100k) and minimized your non-deductible (PPOR loan is now $48k).
Hope that helps
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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May 18, 2011 - 12:13 pm
Charlie_B wrote:
This is the sort of thing my accountant was suggesting…getting something that is self-sustaining. He said that when we do eventually go to buy our own home, the banks will have more regard to us already having some property and able to service a loan rather than having invested in shares etc… Not sure how true this is, but it kinda makes some sense.
Hi Charlie
When it comes to buying your PPOR down the track, the bank will want to see you have a deposit (whether that be cash or equity from another property) and the ability to service the loan (and an impairment free credit file). Having owned a property isn’t going to put you in higher regard with them – they’ll simply look at it as another liability and the rent as another income.
It can be handy, to a certain degree, if you’re sourcing finance for your second property with the same lender as your first – because certain features (such as 95% loans) which are often only available to existing bank customers (that’s for some banks) can, in my experience, be a little easier to get across the line.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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May 17, 2011 - 12:52 pm
Hi Charlie
Welcome to the forum.
What’s stopping you from purchasing your PPOR first? $40k on a 95% lend will get you something just over the $400k mark (pending borrowing capacity, etc), or is that not enough to secure the type of property in the area you’d like to live?
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]