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Jamie Moore
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@jamie-m
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Post Count: 5,069
September 9, 2014 - 10:42 pm
Oops – my bad. Yep, I meant a house :-)
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
Join Date: 2010
Post Count: 5,069
September 9, 2014 - 10:40 pm
Stevie2013 wrote:
Thanks again Richard & Jaime! Your helping myself & as we can see many others along the way.
Pleasure :-)
Let us know how it goes.
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
Join Date: 2010
Post Count: 5,069
September 9, 2014 - 9:59 am
Hey Ches
Yes – it involves an application so a credit check occurs.
The bank will lend up to 80% of the properties value without LMI. Some will go to 90% which triggers LMI.
So look at this way – if you had a house worth $100k and a loan of $70k, you could borrow up to 80% of that $100k value ($80k) which means an equity release of $10k ($80k – $70k = $10k).
That $10k should be set up as a separate loan account.
Hope that helps.
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
Join Date: 2010
Post Count: 5,069
September 8, 2014 - 9:18 pm
I’d prob allow a bit more for those purchase costs just to be safe – allow $3k if it’s covering legal, building/pest, rates reimbursement, etc.
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
Join Date: 2010
Post Count: 5,069
September 8, 2014 - 9:15 pm
Hi Ash
It’s different strokes for different folks.
Personally – I prefer land. You can do more with it and don’t have to deal/pay for pest body corp fees.
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
Join Date: 2010
Post Count: 5,069
September 6, 2014 - 12:44 pm
Agree with Mick on the investing with others issue. If you can avoid it – I would.
I’m also not a huge fan of mixing up property investing with other family members property (but that can be a personal decision).
The gifted deposit (which could be via equity) could be a good option. It means your mums house isn’t tied up with your IP.
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
Join Date: 2010
Post Count: 5,069
September 5, 2014 - 9:05 pm
I’m the same as Catalyst. I take notice – and factor it in, but it’s only part of a greater due diligence process.
I think the media likes to place a spin on it for headline grabs.
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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Post Count: 5,069
September 5, 2014 - 9:00 pm
Definitely speak to a “good” accountant – there’s quite a lot to consider here.
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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September 5, 2014 - 8:59 pm
Hi Phil
Welcome aboard.
The size of the deposit required would depend on the location.
Personally, I’m not a big fan of regional cheapies. Some investors do well – but some find it difficult to move forward with these properties in the portfolio. They might put a few dollars into your pocket due to strong yields but they usually have bugger all growth.
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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September 3, 2014 - 9:56 pm
new2invest wrote:
– Stamp duty charged by the state is NOT deductible
It is in Canberra :-)
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
Join Date: 2010
Post Count: 5,069
September 3, 2014 - 9:54 pm
Hi Niro
Are you 100% sure you want to self manage?
Things may be going smoothly now – but that’s not when the property manager earns their money, it’s when things go wrong….which is inevitable, it happens and a good PM is a handy person to have on your side.
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
Join Date: 2010
Post Count: 5,069
September 3, 2014 - 9:51 pm
Hey Shayne
Just let your solicitor know what you’d like to do and they’ll word it for you.
When you’re requesting early access for renos – you really need to go via the correct channels.
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
Join Date: 2010
Post Count: 5,069
September 2, 2014 - 10:14 am
Pop over to the boarder and grab something cheap in the ACT :-)
$350 prob wouldn’t buy much here though – maybe something in the outter burbs in need of some love.
It’s certainly a buyers market 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
September 2, 2014 - 10:12 am
Hi AV
Normal approach is to access equity in your existing property to fund the deposit/costs on the next.
Agree with above – best to use IO with an offset to avoid future taxation implications of redraw.
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
August 31, 2014 - 8:23 pm
Hiya
If you require face to face then you can’t go wrong with Colin.
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
August 31, 2014 - 10:28 am
superAndrew wrote:
I thought he was quite entertaining and just offered another point of view.
Another point of view is fine – and I doubt the mods would have an issue with that. It’s personal attacks and belittling others that doesn’t sit well – and for good reason, it adds no value and is just cruel.
Admittedly I didn’t pay particular notice to his/her posts so don’t know why they were banned.
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
Join Date: 2010
Post Count: 5,069
August 29, 2014 - 9:25 am
Ahhh right – I’m with you. Didn’t even notice.
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
August 29, 2014 - 9:24 am
frangypani wrote:
Yes insurance is very high…but this is as low as we could get….it used to be over $3000K per year with the bank who wanted to up it to $4K a year! For some reason you say Port Douglas or FNQ and the figures jump unjustifiably.
Ahh of course – FNQ!
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
August 28, 2014 - 8:29 pm
Who are talking about?
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
August 28, 2014 - 8:28 pm
Hiya
Are you claiming depreciation?
How come the insurance is so high? Can you get a better deal?
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]