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Hello and welcome aboard.
You’ll need to demonstrate that you can service the loans. For a self employed applicant, this usually means providing two years of financials for a full doc 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]
Check out if Jac M and Richard Taylor are doing anything in that area.
Otherwise there’s Alan Fox who is excellent too http://www.propertunity.com.au/about/team/alan-fox/
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]
Sounds like quite the mess – this is why IO with an offset is usually ideal.
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]
Right now, where in Australia is the best place to buy an investment property?
Thanks, Carolyn
Hi Carolyn
Welcome aboard :-)
It’s a very broad question – and there’s certainly no one correct answer.
It can depend a lot on the investor and their strategy too. Personally for me – investing in Canberra is best because I know what a good deal looks like and have a network of tradies that I can call upon to renovate. I’m a boring old reno, hold type :-)
There are opportunities everywhere – just need to do your own DD.
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]
Not usually as it’s assumed the money would be spent on the vehicle. However, there’s always exception to the rule so you might find a lender to consider.
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]
Makes me feel sick about the $20k+ I’ve just spent on a PPOR bathroom Reno.
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]
It will boost it by $15 a month so nothing to get excited about.
However, if you maintain good conduct with the account it will gain you some brownie points when applying for finance with that lender again.
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]
A low income earner with a massive line of credit against their home seems a little irresponsible to me. Are you sure the NAB banker didn’t fudge figures to allow you to borrow that much?
Whatever you do with the money, don’t rush into anything – take your time.
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]
Best to seek specific taxation advice from an accountant on that one.
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]
Agree with Mick – employment history looks all good but deposit needs to be beefed up.
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
The whole using a trust to improve borrowing capacity methodology is outdated and doesn’t apply today.
Trusts have their place – but I wouldn’t encourage anyone to jump into using one just because they’ve read about them in a book.
Speak with a decent account/solicitor about YOUR individual circumstances to work out what’s best for you.
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 Jon
Good result – well done :-)
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 Raj
This might give you a rough estimate http://passgo.com.au/investment-property-analysis-tool.html
Basically, you just need to work out the annual holding costs – take away the annual rent and then times it by your taxable income. That should give you an idea of the after tax holding costs.
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
Banks use third party valuers who are independent from the bank. If two valuers have come back with the same result – that’s a strong indication that the $520k is probably about right.
Usually valuations for refinancing are on the conservative side – if it was a valuation for a purchase, it would prob come back at the purchase price.
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]
If you got a say 0.5 PA% discount through an online provider (my online provider charges 4.49%) over a bank like say National (NAB charges me 5% pa on PPR) over 30 years you would be saving approx $60,000 on a $400,000 property home loan. Online providers can have acceptable structures too, just do the due diligence.
Online cheapies have their place – but rarely do they work well for investors. Like all things in life – you get what you pay for.
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]
Offer lots of money :-)
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 and welcome aboard waitnomore
Pardon my ignorance but what’s bluewealth property?
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]
Should I ask my mortgage broker for an estimate of how much I can borrow to plan things before asking for a pre-approval, or is it I should just ask for a pre-approval to get a more accurate figure?
Hiya
Advice on structure/borrowing capacity will always come before lodging a preapproval.
Don’t bother lodging a preapproval until you’re reasonably certain that you’ll be purchasing something within the preapproved period (generally 3 months). Also make sure that the preapproval is placed with a lender that actually assessed preapprovals.
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
Congrats on the purchase.
It’s important that you find out what type of lease is in place as some lenders aren’t overly keen on certain types – take DHA for instance, some won’t go above 80%….not that common and is often easy to get around but something to check with your lender before submitting an app.
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]
Only issue with Suncorp is that they’re backed by QBE and OP has already been knocked back by them.
Agree with no credit scoring and DUA 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]
