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  • Profile photo of Jamie MooreJamie Moore
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    March 15, 2011 - 8:24 pm

    It does take more effort but it opens up your opportunities to hundreds of different markets across the country.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    March 15, 2011 - 11:18 am
    dank78 wrote:
    Hi guys

    Just a quick update

    Couple weeks ago, we have put down a deposit for a piece of land in new Bonner estate. (610sqm); just outside of Gungahlin

    Wont be ready to build on until Jan / Feb 2010.

    Have been looking at some designs and we will be set for FHOG

    Hoping to buy a second property within a years time but not sure about it being in Canberra

    Hi Dank

    I know this thread is a bit of a blast from the past but if you’re still around I’m curious to hear how your Bonner property turned out.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    March 15, 2011 - 10:38 am

    Agree with IP.

    If you haven’t already engaged an REA and are having troubles selling the property – perhaps it’s best to give one a go. Whilst we’d all love to avoid forking out for an REA’s commission, they’re often able to sell for a higher price than can be achieved when selling yourself.

    There’s no harm in having a chat with a local REA – if anything, they might provide some insightful pointers as to why your house is not selling.

    Welcome back by the way :)

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    March 15, 2011 - 10:32 am

    Hi again Matt

    Have you considered branching out from WA? It’s amazing the amount of due diligence you can carry out on an area that’s on the other side of the country. There’s also the option of a buyers agent if you’d prefer not to carry out most of the hard yards on your own.

    Best of luck with whichever path you go down.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    March 15, 2011 - 5:52 am
    euro73 wrote:
    Anyway, it really bugs me when finance professionals bag non bank lenders on these forums.  Without them, none of us would have an industry,, there would have been far less innovation in products, and we would likely all be paying more. It's really a bug bear of mine so Im pedantic about making sure they are represented correctly, not unfairly. 

    Hi Euro

    I don’t recall anyone bagging out non-bank lenders. I’ve actually got more loans settling at present with non-majors. I certainly don’t have an issue with them – and I don’t believe the others guys do either.

    FYI – keep up those NRAS posts. Very informative.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    March 15, 2011 - 5:48 am
    luke86 wrote:
    Cheers guys, your suggestions are appreciated. I was not considering moving, but it is always good to get another opinion.

    Luke.

    Agreed – stick with CBA for now. Don’t know if I’d rank them highly on “good service” though – from my own personal experience.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    March 14, 2011 - 8:26 pm

    Personally, I wouldn’t stress too much about trying to find a property that fits a rule generated in an IP book written some years back. I enjoyed all of Steve’s book and there excellent resources but I wouldn’t rule out purchasing an IP on the basis that it doesn’t conform to a rule that arguably doesn’t work today.

    I can just see it turning into “analysis paralysis” where you might forgo a number of decent deals in the search for the one that fits this 11 second rule.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    March 13, 2011 - 11:57 pm

    Thanks Matt – time to buy up in QLD I think :)

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    March 13, 2011 - 11:22 pm

    Wow, those QLD figures seem low (for 200 auctions as well).

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    March 13, 2011 - 11:19 pm

    Yep, NAB will fork out $700 to any non-NAB customers refinancing to them (irrespective of where they currently have their home loan).

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    March 13, 2011 - 11:18 pm

    Something tells me locating CF+ properties that meet Steve’s 11 second rule were easier to locate a decade ago as compared to now.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    March 13, 2011 - 10:10 am
    Fully wrote:
    I've spoken to a lot of people also who are telling me to save for a few more months and look at something in the 500k range due to my income level and make most of the negative gearing options. Considering two 250k property's can get $600 a week and a $500k property maybe $450 this doesn't seem like a great idea to me.

    Hi Fully

    Welcome to the forum and best of luck with reaching your goals.

    I’m with you. I can never understand why some people get caught up in the whole “make sure it’s negatively geared” mindset. The tax breaks associated with residential property investing in this country are fantastic – but they shouldn’t be the driving force behind investing.

    You’ve alluded to having a “small window” with your current job. My only comment would be to have a strategy in place for when that “small window” comes to an end. You don’t want to have a portfolio that can be serviced on a high income but not sustainable on a lower income. For that reason, the idea of purchasing a couple of units with a higher rental yield may serve you better than purchasing an expensive house that is negatively geared by a huge amount.

    I can see that attraction for miners and the like who are earning big bucks and wanting to offset their large tax bill – but tax breaks should only be seen as an added benefit (and not the sole reason).

    Best of luck.

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    March 13, 2011 - 8:16 am

    Hi FYuan

    Welcome to the forum.

    FYuan wrote:
    I was wondering if this would be a hurdle for a lender to pre-approve/approve a home loan. Would it be necessary for me to establish my credit history?

    No, it’s fine.

    FYuan wrote:
    I would also like to confirm whether you would need to show a period of time where you’ve made “genuine savings”. If so, generally how long would this period be?

    If taking out a 95% loan, you generally have to demonstrate at least three months of genuine savings (the 5% deposit).

    FYuan wrote:
    Are there any other issues that I need to address in order to be successful in getting a home loan pre-approved/approved? Would a lender even consider lending 90-95% of the property’s value to someone like me?

    If your credit history is clear, your borrowing capacity is fine and you can demonstrate that you’ve saved the 5% then you should be fine. It also comes down to the type of property you’re looking to purchase (ie. the mortgage insurer will need to deem it as a “suitable security” for a 95% lend.

    FYuan wrote:
    If it helps, I live at home with my mum. So my expenses are fairly low. I should have approximately $400/week after expenses (this amount also considers some property related expenses, such as, council, strata and water rates and insurance). (I guess it’s obvious that units are a suitable entry point for me). However, I’ve only had my current job since November and I’m employed on a casual basis. However, the hours are predictable and consistent.

    Casual employment since November is likely to cause you dramas.

    FYuan wrote:
    Finally, I would like to know how you would go about paying mortgage insurance? Is it possible for it to be added onto the loan or would you have to pay upfront or something? Sorry for my ignorance.

    Yep, most lenders allow LMI to be added to the loan. Some will only go up to 97% of the value of the property – others such as Adelaide Bank and ING will go higher.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    March 12, 2011 - 3:03 am

    Hi Coolboy

    It’s hard to comment based on the info you’ve provided.

    I take it you’ve got a PPOR and you’re looking to purchase in IP. Is that correct?

    If so, how much is your current PPOR worth, what is the loan amount and how much are you looking to spend on the IP?

    Also, which bank are you currently with?

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    March 11, 2011 - 10:48 pm
    cuteyoungchic wrote:
    StingrayBirke, sus out a person who's been investing in residential real estate for some time, & you'll hear the positives for yourself, straight from the horse's mouth. 
    Property investing is like anything else in life.    If you pay attention, study the subject from books, seminars, & the experiences of others (including on sites like this), you'll see a completely different angle.
    From my experience, the only people/media who knock property investing, are those who've never experienced it, or had no idea what they were doing when they did invest & so didn't do as well as they could've.  

    Good post and I completely agree. That’s generally been my observation as well.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    March 11, 2011 - 7:35 am
    lamp1111 wrote:

    I agree with you Jamie, if we want to properly invest, we should always have experienced professionals in the area to guide us. I wish you are in Victoria Jamie. I am now putting a pause, no point to rush into investing in IP unless I have a team of professionals as suggested by you, even my world of investing in IP is very small in comparison to most investors. I am going to find some good accountant, mortgage broker and financial planner in Victoria =)  You guys are brillant, just in the last week, I have already learned so much from your advices and help. I know that there are far more for me to learn but you guys have open another level of my thinking. Thank you 

    Hi Lamp

    I have a fair share of clients in Victoria – and every other state.

    If you'd like a broker that you can deal with face to face – I highly recommend Peter Tersteeg from Sage Lending in Nunwading.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    March 11, 2011 - 7:32 am
    tigermiger wrote:

    50/50. If we had enough money, i would hope that one day we would rent it otherwise we would sell it.

    CBA said that i would want to keep it as is to pay more money off the loan for the mean time and then change it later if i decide to rent it out.

    That's extremly poor advice and will end up costing you money. By paying down more of the principle, you will be reducing the amount of deductible debt you will be able to claim once it turns into an IP. It would be in your best interest to switch it to IO now with a MISA account attached. Instead of paying down more principle, place the money in the MISA account (which will have the same effect). When it turns into an IP, withdraw the money from the MISA and this will boost the IP debt back up.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    March 10, 2011 - 9:50 pm
    Derek wrote:
    Geez Jamie – no wonder you are still working.

    You keep knockin' back these offers too good to refuse.

    Ahhh – not for much longer though, my millions in gold bullion from a Nigerian prince should be arriving any day now :)

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    March 10, 2011 - 9:48 pm
    Shape wrote:
    You were featured in API???
    Regards
    Michael

    Haha, get on the API bandwagon Michael! I’ll be in the May edition (was in YIP last year). My numbers aren’t quite as impressive as Richard’s – but I haven’t had as much time :) Check out the young guns section in May 2011 when it comes out.

    PS – ask Richard for a copy of the article, it’s very impressive.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    March 10, 2011 - 9:40 pm
    ALF1 wrote:
    G'day Steve.

    Have you explored NOT selling your current PPOR and doing the figures on borrowing against your equity, holding on to your PPOR and get continued capital growth, then when you turn it into your IP you can start writing off your costs against your tax through variation and depreciation?
    Unfortunately, my experience is too many people dive into selling a property before exploring their options to hold and using that equity to expand their IP portfolio.
    Kind regards,

    It’s a good point that a lot of people don’t consider. By tapping into equity – and using it as a deposit and purchasing costs on an IP, you’re able to keep your PPOR and purchase an IP (providing you can service the debt) – you can have your cake and eat it too!

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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