Forum Replies Created
Hi Intrigue
Most of us get paid a comission from the lender – so it doesn't cost the client anything. That's how my business operates.
Some brokers charge a fee for service.
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 Nicole
Welcome to the forum.
If this property is going to turn into an investment property in the future, you should convert the loan to 'interest only' with an offset attached. If the loan is with CBA (you mentioned economiser) it will cost $300 to switch to 'interest only' and their offset (the MISA) will be free to set up. Note – the MISA is a bit of a pain in the bum when it comes to offset accounts (it's….well….differen't). If you do a search on MISA you'll see other 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 Intrigue
CBA can be pretty good with rural residential. The other day I had a client who required a 90% lend for two dwellings on the one 40 acre block – CBA were willing to look at it.
How big is the block? From memory, I think CBA will go up to 40 hectares (or 100 acres I think that equates to).
I understand your frustrations with your current bank. I hear similar stories all the time.
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]
If you'd like a good mortgage broker in Melbourne, Pete Tersteeg from Sage Lending is excellent.
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 Intrigue
Which bank are you with?
Most lenders will allow you to refinance up to 90% of the value of the property (some LMI is usually payable).
If you're worried about structuring it right (which is a valid concern), why not use a decent broker who'll strucuture it for you correctly? That way you don't have to worry about the branchy stuffing up the structure (which happens).
I'm not suggesting that the decent broker be me – but there's compotent brokers on here who'll sort it out for you.
The $18k doesn't sound right. It doesn't even equate to 80% LVR. Did they tell you how they came to that 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]
Allowing pets. It's not easy for tenants with pets to find a place that will accomodate their fury friends. For that reason, allowing pets usually means a higher rent.
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]
Scott No Mates wrote:I can't remember which of the management theorists (Maslow, Hertzberg….) who came up with the 'hierarchy of needs' ie food, shelter, security, etc.It was Maslow.
Good point Scott.
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 Steve
$90k for furniture, landscaping and a wedding seems like a lot! I take it you have some other debts to pay off as well?
Your $40k could be used as a deposit and purchasing costs on an IP. It just depends on how much you're looking at spending.
Alternatively, if you have sufficient equity in your current home, you could look at accesing some of it (instead of using your $40k cash). Instead, you could place that $40k in an offset – safe and sound for a rainy day.
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]
Might help if I post the website – http://www.findmeahome.com.au/
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]
No1 wrote:They have no need to revalue unless you are borrowing more money. It will make no difference to the loan as it is already mortgage insured regardless of current value.Correct.
Use this website to get a free residex valuation on your property. It won't be as accurate as a physical val but at least you'll get an idea of what your property is worth. This website will give you six free valuations.
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]
g0biin wrote:2. I currently found 2 more cash flow properties (country) should I continue with my current successful strategy?Hi G0b – if it's succesful so far, why not just stick with it? Are you seeing a lack of growth with these properties?
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]
MRW wrote:I guess I'm asking are we required to fix every issue the tenant raises? If not who decides what's valid and what isn't?Which PM company are you using? They should know where to draw the line.
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 Mark
I hope all is well with the new place.
It looks like some of the requests are reasonable and others are nitpicking.
Sounds like you've got a fussy tenant on your hands. Thankfully most of the stuff seems pretty easy and quick to do.
In terms of whether this is normal….I personally haven't had a tenant that's this fussy….touch wood!
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]
No.
1. Just have one offset against your PPOR loan.
2. If you've paid off your PPOR loan, setup an offset acount against the IP loan with the highest interest rate.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 Jlia
It sounds a bit strange. I would persist with it – keep calling around. I wouldn't be jumping on a plane to Sydney just yet – if it were to purchase an IP, yes, but for searching for a PM, I'd continue to persisit with the calling.
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]
That was insightful Sandeep. Looking forward to your next post
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]
The financial advisor may also not be a huge fan of property as an asset class.
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]
Smaller, property specific factors such as allowing pets can also command a higher rental return. You'd be surprised at what the words "pets considered" can achieve.
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]
duckster wrote:Go to a bank or a mortgage broker and ask how much you can borrow.
So you know what you can service.Haha, oops! That might help as well.
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]
In addition to the good comments by Ryan.
You could also have a quick look through the back of one of the investment mags – API or YIP. You'll be able to quickly scan the average prices and yields for each suburb in Australia.
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]
