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Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
February 12, 2011 - 3:54 am
Excellent – I hope it does stay around for a while.
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
February 12, 2011 - 3:46 am
OTP – Off the plan
SANF – Sleep at night factor
ACL – Australian Credit Licence
REA – Real Estate Agent
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
February 11, 2011 - 12:28 pm
Hi Maxipes
Welcome to the forum.
This recent thread might be of assistance – /www.propertyinvesting.com/forums/getting-technical/legal-accounting/4335578
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
February 11, 2011 - 12:22 pm
Hi Sam
Just in case things seem a little confusing because of all the names being thrown around, the general consensus is that the advantedge product (however it’s dressed up) is generally a good one and it should cost you nothing upfront or on an ongoing basis (at present).
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
February 11, 2011 - 12:17 pm
Hi getrich
If you want to work out whether a property might be cashflow positive or negative you could have a play around with figures on the IP spreadsheet on my companies website – 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
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
February 11, 2011 - 12:10 pm
Hi Luci
Here’s a similar thread that was created recently that might help (it’s not Melbourne specific but it does regard OTP purchase) – https://www.propertyinvesting.com/forums/property-investing/help-needed/4335329
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
February 11, 2011 - 12:04 pm
Yes – it’s called a construction loan.
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
February 11, 2011 - 12:03 pm
What do the comparable sales look like within the area? That’s one of the best things (in my opinion) about residex reports – the snapshot it provides on sale prices of similar properties within a close proximity.
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
February 11, 2011 - 5:51 am
I didn’t realise there was a direct option.
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
February 11, 2011 - 5:47 am
PM Richard Taylor (Qld 007) for a recommendation. Richard’s a mortgage broker but I’m sure he’ll have some good accountancy contacts up there.
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
February 11, 2011 - 5:24 am
Should be $0 application and $0 ongoing. That's what I get through my aggregator.
Here's some info – http://www.choicelend.com.au/products/index.htm
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
February 11, 2011 - 2:16 am
I think the advantage product is quite good – for low LVR deals especially – currently 6.88 for anything less than 65% LVR. There line of credit is equally as competitive at 7.03%. They also have no application/ongoing fees. They don’t offer an offset which is a bit of a bummer.
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
February 10, 2011 - 9:07 pm
Haha, that explains the confusion re the paper trail.
Serviceability = borrowing capacity.
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
February 10, 2011 - 9:00 pm
I provided a few comments in this thread – https://www.propertyinvesting.com/forums/property-investing/help-needed/4335329
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
February 10, 2011 - 8:56 pm
Hi Joel
Which lender are you currently with? As number 8 mentioned, as long as serviceability is fine, it should be possible accessing some of that equity.
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
February 10, 2011 - 9:13 am
Agree with most of the others, can’t see any reason why First Mac would be the number one option. Might be worth while getting a second opinion.
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
February 10, 2011 - 8:55 am
Hi Sam
There’s a few variables that determine what’s “best.” For a low LVR, Homeside can be a good option, for investors with lean borrowing capacity, AMP can be good. What’s best ultimately depends on the applicant(s) situation and the security on offer.
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
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
February 10, 2011 - 8:44 am
Agree with the above, take it out. Besides, an extra month or two of premiums isn’t going to cost a great deal.
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
February 9, 2011 - 8:11 pm
JacM wrote:
speak to your bank and make very very sure that they will finance the purchase of that property in particular if you win the auction. You don't want to win the auction, which obliges you to buy, and then find you can't finance it. You could get seriously sued for breach of contract.
That’s the same point I was going to make. If you haven’t already, organise a pre-approval.
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
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
February 9, 2011 - 2:50 am
Terryw wrote:
I would strongly advise you not to invest there!
Which one Terry? Thailand or Indonesia?
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]