Hi Spongy 

Welcome aboard.

I can't comment on the website you've mentioned – I don't know anything about it.

However most brokers have a subscription with companies such as residex, RP data or Australian Property Monitors that provides this sort of information for free to their clients.

It's quite a common situation where one person in the relationship wants to invest but the other is reluctant. I all comes down to compromise – lol, might have to start up Pass Go relationship counseling 

Fear is normal. Go with your gut – if it doesn't feel right don't do it.

Cheers

Jamie

Be careful with going over your limit. If you require a home loan with the same bank in the future – the credit scoring of your application might be poor due to the conduct on your credit card.

Cheers

Jamie

I've never heard of the program – what does it do?

Cheers

Jamie

Yep, spot on. That's what will be going through their heads – it's all about getting the listing.

Cheers

Jamie

Hi GLK

There's "actual" equity and "useable" equity.

Actual equity is simply the value of your home minus the loan amount – in this case, you've got $200k

Useable equity is what the bank will let you access. Most lenders will allow you to go up to 80% of the properties value – which in this instance would be $100k (note that some lenders allow you to go up to 90% of the properties value).

You would then use the $100k to cover the deposit/costs on your purchase and arrange a separate loan to cover the remaining balance.

Cheers

Jamie

Suss it out with the NSW SRO – http://www.osr.nsw.gov.au/benefits/first_home/general/eligibility/

Cheers

Jamie

Hi LJF

Sorry to hear about your predicament.

It sounds like you're leaning towards keeping the property but just need someone to verify that you've making the correct decision.

Personally, I think if you can afford to hold onto it than do so.

You also don't need to seek advice from a property adviser. Chances are they'll just try and spruik some sort of off the plan development – something that you don't need right now! (or ever for that matter).

You just need someone to work out how much this property is going to cost you to hold onto if you decide to keep it as an IP and what you stand to make/lose if you decide to sell it.

In terms of the holding costs – there's a few factors to consider. Look at:

 – The interest repayments

 – Body corporate fees (if applicable)

 – Rates

 – Land tax (if applicable)

 – Landlords insurance

 – Building insurance (if applicable)

 – Depreciation (call a local quantity surveyor to find out whether a depreciation schedule is worth doing for your property) 

 – An annual fee for maintenance (allow say $1k)

 – Any borrowing costs within the last 5 years (such as mortgage insurance)

There's also a couple of things that you can do to reduce the cost burden.

Firstly, convert the loan to interest only – this will reduce the minimum monthly repayments. If your current lender offers an offset account product – perhaps take advantage of it and start parking any spare funds you have in the offset account.

Secondly, if the property is negatively geared (ie. it's costing you money to hold onto) than you could look at arranging an ATO PAYG withholding variation. It allows you to reduce your tax bill each pay instead of claiming a large tax return at the end of the financial year.

I hope this helps.

Cheers

Jamie

Hi Ralph

Welcome aboard.

I can't specifically comment on her – I don't know what she advocates or what's involved. I've never heard her speak nor have I read any of her books.

There's plenty of free resources to get you started – this forum is one of them.

Stick around, ask questions and contribute to this forum. We're a nice bunch.

Cheers

Jamie

If you're considering fixing than leaving a portion variable is a good option. 

Is this property a PPOR or an IP?

Cheers

Jamie

No not at all – doesn't seem like rate is the important factor here – it's more about actually getting the loan approved by the sound of things. AMP is competitive nevertheless.

Cheers

Jamie