Forum Replies Created
Hi Alan
Yes, if you increase the loan amount the monthly repayments will also increase.
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Something tells me that lending criteria/policy and the way equity is calculated is probably a little different in South Africa.
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Kidz
Welcome to the forum.
Sorry to hear about your situation. Which state are you in? Have you exchanged contracts yet?
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
A 90% top-up is not uncommon – it’s the default from May 2010 that’s proving to be a pain in the backside for Garvin when dealing with those particular lenders. Could possibly get it done with a lender that doesn’t credit score and accepts paid defaults up to a certain amount.
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
It’s possible to get a reval done sooner than 6 months (it does depend on the lender). For the most part, you just need to let them know that you’ve carried out significant renos that have added value.
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Brendan
I can’t think of a financial planner in Sydney either. However, any questions you have about property, feel free to ask on the forum – while you need to be diligent in regards to opinions offered on a public forum, there are a fair few knowledgeable folk around here who are always happy to help out.
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Cathniv
Unfortunately so. Having equity is one thing – but not being able to service the loan is another.
You could always speak to a mortgage broker about your husbands situation. Depending on your husbands income and the type/number/value/age of the defaults on the credit rating, you may be able to refinance to another lender and access some of that equity. Just a thought.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Karlm
Those factors listed in the book are also worth considering – so are all the other things listed above, particularly JacM’s and fword’s contributions.
There’s no set criteria that constitutes “due diligence” – it basically just means doing your research on a deal before jumping in. The collective info you’ve been provided with in this thread should help you with your due dilligence.
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi John
Welcome to the forum.
You should speak with Richard Taylor (QLD007 on this forum) – he’s from your neck of the woods and will be able to provide you with advice on structure.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
cathnniv wrote:What are my chances?Very slim I’m affraid. A rough estimate for living expenses p.a for a single adult with three dependants will be around the $30k mark….which is almost equal to your income.
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Radicals wrote:OK, for future reference, what is the next step if I have found a property with a good rental yield? I imagine I would call up the RE agent and ask for proof of rent (to make sure the quoted rent price is legitimate) and tenancy records for the past 12-36 months, can I do that? (By records I just mean when it was tenanted during the period, not their personal info!)You could get at idea of how much similar properties within the area are renting for by checking out http://www.realestate.com.au/rent
Radicals wrote:And question #2: If you could show a bank, on paper, that you have found a rental property to buy which has a high rental yield as well as a high tenancy rate, and that the rental income is greater than the mortgage payments, would they be keener to approve a mortgage for you?It can help – but lenders generally don't factor in 100% of the rent received due to the costs associated with holding an IP (the amount taken into consideration varies between lenders but 75%-80% of the rent is not uncommon). Also, there are other factors in play when determining whether you'll be approved for the loan.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Karlm
These links should get you started – http://passgo.com.au/property-data-websites
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Lindeque wrote:We have been through and it seems like a nice place to invest with population growth, but then somebody told us it was in the seventy's the capital drug city of Australia.Now i am concern. Any problems or issues with drugs?
Haha, check out the second season of underbelly…I don’t know what the place is like these days.
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Thanks Andrew, appreciate your comments.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Nath
Welcome to the forum.
I read your post twice and I’m still confused as to what it is you’re actually asking……
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Karlm
It basically means investigating/researching – so in the concept of property investing, it means looking at growth patterns, vacancy rates, rental yields, infrastructure, etc.
Hope that helps
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Go Canberra!
Andrew, what are you thoughts on the Brisbane market in 2011? I'm thinking about finally making the plunge into Logan – I've been watching the market for the last 18 months and it has been stagnant (if not declining a little as per your graph).
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Yeah I agree. I was just curious to see if you were also investing in Wagga. Seems to be a bit more interest in the area as of late.
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Zance19
Welcome to the forum.
You should be able to just discuss the arrangement with your accountant when lodging your end of year return. They will be able to work out what your deductable expenses were for the period in which it became an IP.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Sure, send me an email and I'll send you the spreadsheet I give to my clients.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
