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  • Profile photo of Jamie MooreJamie Moore
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    August 28, 2014 - 9:15 am

    hmmm – something doesn’t sound right here.

    ANZ are generally ok with equity releases up to 90% providing you can service the debt. If it’s for investment purposes than that’s the only thing that needs to be stated as the equity release is less than $50k

    Sounds like the deal may have not serviced – but if that’s the case, I don’t understand why it would have been submitted in the first place.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    August 28, 2014 - 9:12 am

    Hi Grumblepie

    Are you saying you want to quit PAYG work and rely on business income to borrow?

    If you’re continuing in your PAYG role and working the business at the same time – you could still put up an application using your PAYG employment.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    August 26, 2014 - 9:49 am

    Brisbane has been on a steady incline for a while now – it’s a very popular spot for investors at present. I seem to be doing a lot of loans for clients purchasing up that way.

    A BA can be a good option – especially if you have little knowledge about the market and/or are time poor.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    August 25, 2014 - 3:25 pm

    Hey Des

    Personally I’d take it out – one less thing to worry about.

    Unless it’s going to make/break a deal when it comes to securing a tenant.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    August 24, 2014 - 6:17 pm

    I’d try Sam at Qura – http://qura.com.au/

    She’s active on the SS forum – provides insightful posts and has a good rep.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    August 24, 2014 - 6:12 pm

    Hey Ollie

    My thoughts are the same as Catalysts – there should be quite a few that offer all three types so you could possibly package up some sort of deal and get a discount.

    Shop around though – and also read the PDS!

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    August 24, 2014 - 6:04 pm

    As Richard said – shouldn’t be an issue given the purpose.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    August 24, 2014 - 6:03 pm

    Not many lenders doing 95% + LMI for IP’s these days though. The ones still doing 95% lends won’t add LMI (it has to be 95% inclusive of LMI).

    Those that still do them aren’t too keen on them – so credit score harshly.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    August 24, 2014 - 6:01 pm

    Hi CC

    Welcome aboard :-)

    1. Generally what you can afford – but keeping in mind that the banks have their own way of determining what your maximum borrowing capacity is. Unfortunately $20k won’t stretch too far in Syd when you take into account that 5% is the minimum deposit and then there’s purchase costs too (which usually amount to around another 4% of the purchase price….assuming you’re not getting any concessions and are buying established. If you’re buying something new you might be eligible for the FHOG and stamp duty concessions).

    2. You would have to beef that deposit up a bit for Syd – it’s an expensive city to buy in! Out far west the prices are cheaper.

    3. It needs to be a new property that you’re purchasing. Are you buying new?

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    August 21, 2014 - 8:51 pm

    Which lender is the preapproval with?

    For some lenders a preapproval can be very meaningful – those are the ones that actually assess deals. With these lenders it’s usually all approved pending the outcome of the valuation.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    August 21, 2014 - 8:48 pm

    Hi Investron

    Without sounding biased I’d speak with a decent finance person about your options.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    August 21, 2014 - 8:46 pm

    Hi missyminer

    Welcome aboard :-)

    Agree with above – take a deep breath! You don’t have to make a decision today :-)

    Let’s take it back a step.

    What are your goals with property? What are you aiming to achieve?

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    August 20, 2014 - 7:41 pm

    Hi and welcome aboard :-)

    Why not do both? Purchase a PPOR – renovate, add value, release equity and purchase an IP.

    I wrote an article about this a while back. Here’s the link.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    August 19, 2014 - 10:16 pm
    TheFinanceShop wrote:

    You are actually lucky to be located in Canberra Jaime

    Haha – first time I’ve heard those words….and from a Sydney sider!

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    August 19, 2014 - 3:37 pm

    That I can’t answer. Best to speak with an accountant.

    I assume you’d be able to claim it over 5 years – but I’m not an accountant.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    August 19, 2014 - 2:32 pm

    The best units are ones that don’t present well internally – but don’t cost a lot to fix.

    The very first IP we bought was an old run-down unit where the tenant had fled the place – leaving it in really bad condition.

    It was a huge deterrent to any potential buyers – and the owner was so disgruntled he couldn’t be bothered fixing/cleaning it up before selling. He just wanted to get rid of it ASAP.

    All it took was a bit of cleaning, painting and some repairs and value was instantly added :-)

    The external look of the complex will play a part – some blocks look more inviting than others. The condition of the external parts will also give some insight into how the strata operate.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    August 19, 2014 - 2:25 pm

    Yep, the LMI should be deductible.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    August 19, 2014 - 8:13 am

    Hi Kev

    None in Aus that I know of – but must admit, US investing isn’t my forte.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    August 16, 2014 - 3:47 pm
    RH84 wrote:

    6. Jamie M: thanks for the input, i would like to network with more brokers who are PI investors themselves, same goes for accountants and financial advisers, hopefully some may cross paths with me on here lol.

    No probs – there’s no shortage of excellent professionals on the forum.

    Cheers

    Jamie

    • This reply was modified 10 years, 4 months ago by Profile photo of Jamie Moore Jamie Moore.

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    August 15, 2014 - 10:12 am
    jmsrachel wrote:

    I’m from Melbourne and he was in Europe at the time!(normally from canberra). Process was easy and quick. If he didn’t tell me he was overseas i wouldn’t even have known.

    This wouldn’t have been possible 20 years ago.

    Yep, I was sitting in a German guesthouse working on that one :-)

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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