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  • Profile photo of Jamie MooreJamie Moore
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    December 1, 2013 - 9:08 pm
    Paterson00 wrote:
    Are there any more I should be considering?  How about loan set up costs perhaps.  I understand that not all costs will be possible to implement into a formula based spreadsheet for a template but it would be nice to have an idea what to expect.

    House of wealth have a comprehensive list on their website http://houseofwealth.com.au/resources/checklists/

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    November 28, 2013 - 10:42 pm

    Hi investing_2013

    Welcome aboard :-)

    Personally, if I've worked out that I'm willing to pay $235k then I'd start at a figure that will allow for two price jumps. I'd probably start around that $220k – $225k mark as it's not too ridiculously low that you'll lose credibility with the agent/vendor and it also allows you to move up a couple of $5k increments.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    November 28, 2013 - 4:49 am

    Hi Jate

    As long as your run the funds through an offset account (and not a redraw facility) then you should be able to avoid any taxation implications.

    I'm not an accountant though – so seek expert advice on your particular situation.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    November 27, 2013 - 10:09 pm
    jate wrote:
    Terryw wrote:

    I see so many people who are costing themselves a fortune because of poor structuring.

    Hi Terrw,

    Are you able to advise what is the best way to structure accounts for people where you have a basic portfolio such as the follows and looking to be able to most effectively scale up and grow the number of investment properties whilst still making sure we are maximizing all tax benefits, lowest costs and having the flexibillty.

    • 1 x PPOR

    • 2 x Investment Property

    There's no one size fits all but a good general structure is interest only for all loans with an offset linked to the PPOR. I'd have all rents and other income paid into the offset and use a credit card with a points system for everyday expenses. I'd then clear the credit card once a month before interest kicks in.

    This article I wrote for Australian Property Investor magazine explains the concept in a little more detail.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    November 27, 2013 - 1:04 am

    Personally, I think it's best to build a relationship with one person that already has networks in place.

    For instance, I've got a builder currently carrying out extensive renovations on my PPOR. He knows all the best local tradies – and coordinates all the work. I just provide my credit card details every now and then to pay an invoice and provide some input on where/how I'd like things to go. Easy peasy.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    November 26, 2013 - 10:10 pm

    At the moment you're sitting on a high LVR so you'll need to wait until you've either saved some more cash, the properties goes up in value or a combination of both.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    November 25, 2013 - 10:57 pm

    I'm everywhere guys :-)

    I'm based in Canberra but if I look at my deals settling this month – they're clients from Darwin, Melbourne, Geelong, Tassie, Canberra, Sydney and Brisbane.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    November 25, 2013 - 10:54 pm
    Catalyst wrote:

    Be carful, it's addictive. LOL

    Yep sure is :-)

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    November 25, 2013 - 5:10 am

    Nope, can't say I've heard of them.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    November 25, 2013 - 2:20 am

    Hiya

    I know they have the immediate averages – not sure if they have historical ones. Just pop into a newsagent and suss out.

    They have historical growth data – which is more helpful than historical rental prices IMO.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    November 24, 2013 - 10:11 pm

    Hi Alexia

    The back of Australian Property Investor and Your Investment Property magazines show this info.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    November 24, 2013 - 9:50 pm

    Check out House of Wealth.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    November 24, 2013 - 9:50 pm

    Richard is quite the guru…not sure if he'd consider himself a Victorian property lawyer though.

    Terry W is the forums resident legal guru. Not sure if he's servicing interstate clients. Best to touch base with him and find out.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    November 24, 2013 - 9:46 pm

    ….and probably best to stay away from Westpac in the future too….and probably STG/Bank SA and BoM as well :-)

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    November 24, 2013 - 9:44 pm
    Paterson00 wrote:
    Catalyst wrote:
    wilko1 wrote:

    But as I said if the PPOR you are living in now will become an IP STOP paying it down otherwise you will have another IP with no deductable debt.

    Hi again as a newbie.  This little quote reflects my inexperience as I would have said that if you get rid of the principle as well as the interest you eventually end up with a cash flow positive property as it has no mortgage on it.  Why is it better to keep the mortgage and the debt?  I understand that the interest on the debt is tax deductible but is it really more efficient than wiping the mortgage completely?  Could someone highlight with some figures how this works for me please?  I have a post, my first question actually related to this asking about negative gearing and how it works.

    Hiya

    This article I wrote for Australian Property Investor magazine should explain in.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    November 23, 2013 - 11:53 pm

    Hiya Kade

    It would be worth while checking our your partners credit file (if she hasn't already). You can order online for free (takes a couple of weeks to arrive) or pay for an express service http://www.mycreditfile.com.au/

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    November 23, 2013 - 11:51 pm

    Yep, offsets are  a thing of beauty (wow – how nerdy of me).

    For those disciplined with money, it can be handy using the offset as a transaction and savings account. You have all your income going into the account – including salaries and IP rent. Every dollar helps – even if parked in the account for a short period.  

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    November 23, 2013 - 11:48 pm
    tommytucker wrote:
    Ugh…sounds way too hard with the odds stacked against me.

    Now I feel bad. I didn't mean to sound discouraging – anything is possible. Just be aware of the pros/cons of self employment and the impact it can have in the short to medium term.

    For what it's worth – becoming self employed is one of the best things I've ever done.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    November 22, 2013 - 8:40 pm

    Hi Kade

    If your partner has a default on her credit file than see if the loan services in your name alone.

    Are you dealing with a financial advisor or a mortgage broker? There's a big difference between the two.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
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    Profile photo of Jamie MooreJamie Moore
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    November 22, 2013 - 8:37 pm

    Welcome aboard :-)

    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]

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