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Jamie Moore
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@jamie-m
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March 10, 2011 - 9:49 am
Nope, looks perfectly legit Just like the $87 million I've just been offered by a Mr Muhammad Sunni Sabacha via email
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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March 10, 2011 - 9:42 am
Hi Morgan
Best of luck with your trip. This thread might help you out.
https://www.propertyinvesting.com/forums/property-investing/general-property/4335180
Perhaps shoot Ajay a PM – he has recent experience in the area.
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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March 10, 2011 - 9:39 am
tigermiger wrote:
My partner and i have since deceived that we will stay in our PPOR for about another 2-5years.
I met with the bank and they mentioned that i can switch to IO with no charge, however they recommended to stay P&I and when i purchase my first IP to ensure that that loan is IO.
Hi Tiger
Do you intend to convert your current PPOR to an IP? If so, then I can't understand why your lender would recommend you keep your current PPOR loan as P&I.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 10, 2011 - 5:19 am
Hi Mucy
It's a nice little advantage of investing in the ACT. We're allowed to claim stamp duty in the first year of purchasing the property (in other states, it's deducted from CGT when selling).
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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March 10, 2011 - 5:18 am
lamp1111 wrote:
Why is it so difficult!!!
That's why a lot of investors surround themselves with a team of knowledgable professionals (accountant, mortgage broker, conveyancer/solicitor).
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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March 9, 2011 - 11:32 am
lamp1111 wrote:
Really really thankful for the advice guys, I was feeling that the bank manager was trying to avoid using terms like "cross loans"….. I could just blinked my eyes without knowing what question to ask (even when feeling that there must be some implication about this appears to be like an hassel free way) when she told me that they will lend me the 100% on the IP…!!! Thanks again.
No worries at all Lamp.
One thing I do question is – if you’re so concerned about rate why are you going to Westpac for the IP loan? Unless the borrowing capacity is lean, there are better deals out there.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 9, 2011 - 11:27 am
No worries Tiger. How did you go? Did they switch it to IO for you?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 9, 2011 - 11:24 am
Hi Andrew
I wouldn’t have thought so. However, a “satisfactory” building and pest inspection could be interpreted in different ways. Get the legal guys onto it.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 9, 2011 - 5:25 am
Yep, wouldn’t be a good look. I’ve had the mock-up designed, just need to find time to get it done.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 9, 2011 - 5:24 am
Her first point of contact should be her solicitor. In the ACT, I couldn’t see there being any grounds for the REA to retain the holding deposit. I’m not sure how things work in Vic but it doesn’t sound right.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 9, 2011 - 5:23 am
lamp1111 wrote:
Additional information:
If I go for the structure as suggested from you guys the interest allocation will be as followed:
Increase amount borrowed from existing mortagage (from HSBC) and split into 2:
Split 1 – existing mortage – no change
SPlit 2 – 25% deposit to be used towards the IP (interest rate7.8%)
Then borrowint the 80% from Westpac (interest rate 7.16%)
I want to know what is the IMPLICATION of what the HSBC manager suggested to me today to go for ther package of open a separate Investment Loan to borrow 100% of the value of the IP (no lender insurance is required), monthly interest is discount from 7.8% to 7.17% which the monthly repayment works out to be $1995.
Thanks Lamp
Because your securities will be crossed. It might be difficult to access equity later (it will likely require a valuation of both properties instead of one). If you sell one property in the future, the bank may ask you to use the proceeds from the sale to pay down the other debt. These are just a couple of the issues of the top of my head associated with crossing.
Cross collaterising isn’t a problem until it becomes a problem (then it’s not pretty).
I’d also question why they can’t offer you the same 7.17% rate on the second split. If you’ve already got an IP lined up – just ask for that second split to be the same product as the first (albeit with IO).
In any case, it’s not always about rate. If you’re planning on purchasing more IPs in the future it would be wise to correctly structure your finances from the start. That small saving on rate could result in lost opportunities in the future.
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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March 8, 2011 - 8:20 pm
TC62 wrote:
What the ? I thought guyser's were found in parks like Yellowstone
CHEERS!
TC
Must be a South African thing
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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March 8, 2011 - 8:18 pm
wealthcreation wrote:
Are there any good holding costs calculators available on-line?
Hi WC
We have one on our website which might be helpful – http://www.passgo.com.au/pass-go-investment-property-analysis-tool
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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March 8, 2011 - 8:15 pm
sml wrote:
I would like to make sales of about $140k per year however my business model will not be viable if I need to register for GST and hence charge GST.
Can I run essentially the same business as a sole trader less than $75k and the same business as a company/trust less than $75k to avoid the GST implications. They are two separate legal entities so hopefully this is a compliant plan.
Why won’t the business be viable if you need to charge GST?
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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March 8, 2011 - 8:11 pm
mrmonopoly wrote:
’20 Must Ask Questions’ by Margaret Lomas is a good starting point.
Yep, it’s a good read. Some of these links may come in handy as well – http://www.passgo.com.au/property-data-websites
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 8, 2011 - 6:07 am
lamp1111 wrote:
Hi guys,
I am so glad that I read Jamie’s advice before seeing the bank manager yesterday! The manager told me that I can borrow in two ways; 1. Borrow all from their bank; 2. Same as what Jamie told me J Initially, I didn’t quite understand why, but after further elaboration from you guys and my digestion system worked over night (couldn't sleep), it makes more sense to me now, I’m so happy that I’ve learn new thing. Thanks guys.
I just got my current bank HSBC approved to lend me 25% of the proposed value of the potential IP today. I am thinking that the 5% (in case) may be used for renovation and other settlement costs. Westpac is happy to lend me the 80% as well J
Now it comes to the next challenge, I was initially considering IP from the National Rental Affordability Scheme (NRAS), put a posting in another thread and got infomation from Jamie too , this scheme is still very new to Victorian, currently, new development will be started in Casey, Victoria, and expected completion in Aug 2012 (17 months later), I’ve looked at the information from the developer, the apartments look very nice (cost about $370K) and I drove to the suburb to learn about the area after work yesterday, not bad either. But I learned from Steve McKnight’s books and other members of this forum that mostly investors talk about purchasing old IP and renovate to leverage the value in order to rent / sell. I’m also considering old units and renovate. My query is which in fact is more sounded? Old unit (under 350K which requires renovation and look for tenant, current area I'm looking should not be short of tenant, but the rental will not put me in a postively geared position, I cannot afford to look for other suburbs due to budget) or new apartment (approx. 370K) with rental guaranteed but government restrictions and new concept?? Initial thinking is to hold the property for 5 years then revise if sell or keep.
Cheers,
Lamp
Hi Lamp
That’s great news. I’m glad to hear it all worked out.
All the best
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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March 8, 2011 - 6:05 am
Hi Maxi
Welcome to the forum.
How to maximise income? Cut back on expenses. Have a look at your current budget – find ways to make cuts. You might have to make some short-term sacrifices to reach longer term goals. Do you have the capacity to take on a second job?
To get into the market you generally only need a 5% deposit (which has been genuinely saved – ie. not gifted) and funds for purchasing costs (stamp duty, conveyancer fees, etc). However, some states have certain incentives for first home buyers that significantly reduce purchasing costs.
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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March 7, 2011 - 8:58 pm
quattro4 wrote:
As they say, long distance relationships never work out.
I don’t know about that. I’ve got many clients from different states across the country. The vast majority of whom I’ve never met face-to-face – our relationships seem to be working out
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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March 7, 2011 - 8:47 pm
luke86 wrote:
Rental guarantees should be avoided. If it is a good investment, you wont need a rental guarantee to achieve a good rent. If you are getting a rental guarantee, then the developer is taking on risk and so he will increase the price of the apartment to cover the cost of the risk of the rental guarantee. Nothing comes for free.
Luke
Good advice. Rental demand should be part of the due diligence process – if you’re not confident that you can secure and hold tenants without a guarantee than it’s probably not an ideal investment.
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
March 7, 2011 - 8:24 pm
Ren10 wrote:
Im pretty confident you cant claim the cost of seminars unless the ATO considers you to be 'in business' in relation to your rental properties.
http://www.ato.gov.au/rba/content.asp?doc=/RBA/Content/14120.htm
http://www.ato.gov.au/rba/content.asp?doc=/RBA/Content/52466.htm
Also your not able to can claim books/magazines based on this
http://www.ato.gov.au/rba/content.asp?doc=/RBA/Content/76764.htm
When in doubt, ask your accountant. There the ones with the expert knowledge in the area. My accountant has no issue with me claiming magazines/books – the private ruling also suggests that to be the case (it seems that this person doesn’t own any IPs at present and is wanting to purchase books for educational purposed before purchasing the asset).
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]