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Jamie Moore
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@jamie-m
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December 19, 2013 - 7:21 am
Valuers will only do a desktop val if instructed to do so. For a full valuation – they'll always inspect the property.
Desktop vals are usually restricted to sub 80% (sometimes 90%) deals – usually in metro locations.
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
December 19, 2013 - 7:19 am
Hiya
Lenders will go off whatever the lower amount is between the valuation and the purchase price.
This exception is when the contract is older than 12 months – then we may be able to get them to consider the val over purchase price.
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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@jamie-m
Join Date: 2010
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December 19, 2013 - 1:41 am
Hiya
Generally speaking we don't have access to valuers.
However, with a bit of creative thinking and investigative work we can sometimes track down the valuer and contact them directly (which I'm sure the bank wouldn't appreciate) – but I've done this quite a few times.
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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Post Count: 5,069
December 18, 2013 - 12:29 am
Hi Melbinvestar
I don't quite understand the question?
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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December 17, 2013 - 10:14 am
Which lender was this?
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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December 17, 2013 - 7:29 am
I've never had it happen to a client before.
It's an unfortunate result of cross collaterisation – sprinkled with a lot of incompetence from the banks part.
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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@jamie-m
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December 15, 2013 - 10:34 pm
Hi Paul
What is the size of the unit?
What are the body corp fees like?
What factors will drive future growth in the area?
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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December 15, 2013 - 10:30 pm
Yep, those sort of facilities can be a killer. I remember looking at complexes up in QLD a few years back. Some of the rental returns are very appealing – but then you see how much the body corp fees set you back and it doesn't seem so attractive.
How much are your fees general?
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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Post Count: 5,069
December 15, 2013 - 10:26 pm
My mentor was my mortgage broker years ago. I showed some interest in the industry – he told me what I needed to do to get set up….and the rest is history. He also introduced me to his network of industry buddies – so I was very lucky to gain a lot of support from some of the countries best brokers.
I'm with Choice aggegregation on a percentage split that I've negotiated with them.
Connective seem like a really good option. They have an excellent set fee model which works out well for decent volume writers. They're software seems pretty good too.
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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December 14, 2013 - 7:21 am
Soooo I've just spent the last 12 hours painting……and I'm going to be sore tomorrow Give me a desk job any day of the week.
On the plus side – you'll be happy to know Wilko that the sun was out and the colour looks pretty good
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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December 14, 2013 - 7:18 am
Hi Will
An excellent mentor one of the keys to succeeding in this industry. If you can find someone that writes decent volumes and is willing to take you under their wing then you're chances of succeeding will increase dramatically.
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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December 13, 2013 - 2:09 am
wilko1 wrote:
Those sample pots are better then painting the entire front of a house in overcast conditions before the sun came out and you reliesed you just painted the entire front of the house in bright gay purple. And you stand there going that is not what it looked like the shop lol
lol – you win Wilko!
I went crazy and settled with Whisper White…..I'm really living on the edge.
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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@jamie-m
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December 13, 2013 - 2:07 am
Using another account isn't usually an issue. Sounds like a difficult lender.
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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@jamie-m
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December 13, 2013 - 2:06 am
Sound advice from Nathan above.
With your current LVR above 90% I wouldn't be jumping in right now. Not only from your own a risk mitigation view point – but I also can't see it working with any lender.
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
December 13, 2013 - 2:04 am
Ardmore wrote:
Thanks for the advice so far. It's most likely going to be an apartment that I buy and will be my primary residence. I'd like to retain it as an IP and aim to secure a bigger property in the future. What do you think about the idea of getting a cheaper unit than what I can afford and having more equity in it with less mortgage?
I've seen some well located (albeit small) units priced around the mid 200K mark. What do you think of starting with something like this?
Interest only with an offset all the way.
This article might be helpful – it explains the concept in more detail.
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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December 11, 2013 - 9:56 am
Where are you looking to buy?
What drivers in the area make it a good investment choice?
Nothing wrong with investing close to home – but if it's a dud area then you really need to consider venturing out.
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
December 11, 2013 - 9:51 am
Hiya
I know it's not the answer you're looking for but you really should consult your accountant.
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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@jamie-m
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December 11, 2013 - 9:48 am
Hi and welcome aboard.
Cross coll is rarely a good idea – and if an IP can be purchased with cross coll it can also be purchased without it.
How are you calculating your available equity?
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
December 11, 2013 - 9:45 am
Hiya Paterson
You would want more than 1% CG per annum for any IP. Check out the back of the property investing mags like YIP and API for an indication of past growth (note – obviously it doesn't mean that these areas will continue to grow/decline at the same rates).
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
December 10, 2013 - 11:09 am
wilko1 wrote:
well I would firstly Pay $300-500 to speak to a colour consultant so that they can pick the colors out.
I should have done that. I didn't even realise the service existed.
I've spent over $100 on sample pots in the last week and also spent a fair bit on a 15 liter tub of china white only to decide that I no longer liked it. I have patches of paint all through the PPOR resembling little pacman characters. Who would have thought there were dozens of different whites!
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]