Forum Replies Created
Hiya
Welcome aboard :-)
I’d probably tell them to give property investing a miss. Not wanting to leverage bank funds and unwilling to purchase outside of own suburb really restricts the potential benefits of investing in property so best to look at other avenues of investment.
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 there , gurus
I hope you can help with this. I thought i had come up with a genius idea but only was told by my banker today that it was tax invasion?!
Hiya
It’s a good thing your banker actually knew this – some don’t!
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 Guys
I think I am beginning to understand so using a similar example if my property is 600k and I have 300k paid off and the banks will lend me 100% LVR than I will have access to the whole 300K to invest in another property? if the bank will only lend me 80% (600,000/0.8= 480,000) 480,000 – 300,000 = $180,000 equity? Is this correct?
Thanks guys
Yep – $180k in accessible equity. That’s keeping your LVR at 80%
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]
Thanks for all the feedback guys.
Richard, I had no idea that LMI is deductible! I always thought that you can only borrow against the value of the house and not increase a loan to cover things like renovations. Would you be able to let me know what this lender is?
Hiya
Most lenders will allow an equity release for renos – especially if it’s non structural.
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]
Death and taxes – no ones escaping either.
Agree with Cjay though – prob some neg gearing strategy.
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 it’s an unfortunately reality….and rarely will strata fees go down :-( They always seem to only go in one direction.
I remember the fees for our first IP starting at $300 p.q and the bill I got the other day was close to $900.
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]
Have you thought about getting a couple more upfront vals with different lenders to see if you can get a better result?
Admittedly there are fees with refinancing (prob higher than the $500 in LMI you’re up for) but if you get a better result you might also be able to pull out some equity whilst converting it to IO (that’s if you’re wanting to do so). Some banks are providing cash backs for refinancing too.
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 Ronnie
There’s “actual” equity and “usable” equity.
Actual is the difference between the value of the property minus the loan amount.
Usable is what the bank will let you access. Now they won’t let you borrow 100% of your properties value – the most some will go to is 90%. So using your figures – if the property is worth $600k, you could borrow up to 90% of that value which is $540k (600 * 0.9). Take that $540k and subtract your current loan of $480k ($540k – $480k) and you’ve got an equity release of $60k.
p.s – borrowing up to 90% will incur LMI though.
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]
Hiya
You’ve stumbled across an Australian forum – so not sure if you’ll find much help :-(
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 Sam
Seems a bit weird.
Is this Anz?
You’ve got a couple of options. Speak with a decent finance person and look at the option of staying with your current lender and the costs involved and ordering a couple of upfront valuations with different lenders and refinancing.
There’s pros/cons of both approaches.
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]
Hey buddy
Awesome work on a couple of IPs at 21!
I prob wouldn’t compare a two beddie with GF to a three beddie when working out anticipated value.
Whilst your adding a bit of value with the GF – you’re also removing car accomo.
Are the plans council approved?
All in all – I’d do it, even if it doesn’t value up much higher – the yield should be quite strong considering the small outlay.
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]
Yep – banks will want to know how much maintenance you pay.
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 Wayne
Get in touch with a decent broker to crunch the numbers for you to see what’s possible. Different lenders assess borrowing capacity differently – and a good broker will have access to most.
A lot will come down to whether you have other liabilities.
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]
Matt Knight is a BA in that area. He might be able to help with your questions http://www.precium.com.au/
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]
Andrew Allen still has a solid rep and does a great job.
I believe Richard Taylor from this forum is also sourcing properties in Bris.
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]
Did you get the lawyer to review it before signing?
Doesn’t sound like it. Always important to get a legal person to review the contract before signing.
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]
I’m put off by $24K ‘Property Locater’ fee
Whoa! I would be too!
I don’t know the company and have no idea what they offer – but that sort of price tag is massive.
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 Bla
Hit up Richard and Jac. They’ve got a good rep in this community and clearly know a LOT about property investing.
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 there
It’s too broad a question IMO.
It’s a city full of so many different markets. I wouldn’t know where to start in answering that question!
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 worries Stevie – I’ve been called worse :-)
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]
