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Jamie Moore
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@jamie-m
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Post Count: 5,069
March 5, 2013 - 3:19 am
Sorry, I don't know anyone.
Your PM might be able to provide some numbers.
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
March 5, 2013 - 3:05 am
Hi Hannah
Congrats – that's good news, and a good result!
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
Post Count: 5,069
March 5, 2013 - 2:01 am
Hi Rixstar
This should keep you busy for a while – https://www.propertyinvesting.com/search/site/NRAS
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
March 4, 2013 - 11:21 pm
P@tty wrote:
Thanks Jamie – Can brokers still do this without applying for a pre-approval? I don't want to apply for anything yet, just work out the possible strategies/options with what I can borrow.
Also, how would i work out what i can borrow after my first purchase, so i can move forward? Is this something i can also sit down and work out with a broker when I am ready to start? Should the accountant be involved with this part?
Thanks Kong71286 – are these fairly accurate? Do they consider most lenders? From what I understand lenders may lend different amounts based on the same circumstances. ??
Thank you
Yes, a broker will be able to give you an indication of your borrowing capacity without submitting an app.
They will also be able to run some scenarios for you based on your longer term investment goals – including your ability to purchase the second property.
Agree with Richard re the infochoice calculator – it's a very simplistic calculation that isn't going to be very useful for investors.
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
March 4, 2013 - 11:17 pm
Hi Rusty
I'd at least get a couple of agents to provide an appraisal and talk numbers – you don't have to restrict yourself to using the agency that's linked with your PM either.
I don't think you need to provide the tenants with any reimbursement. It's a part of renting – properties sometimes sell.
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
March 4, 2013 - 9:51 pm
Hello and welcome aboard.
It sounds biased but the obvious answer is to work with a broker.
Unlike a bank, a broker will have access to dozens of lenders – and different lenders have different ways of assessing your borrowing capacity.
Most business is conducted online these days so if you're happy with using email/phone you can use any broker anywhere i the country.
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
March 4, 2013 - 9:26 pm
Hi Sam
Have a chat with your accountant before making any decisions.
I agree with Wilko – the first time may be ok but if you start doing it a few times, it begins to look more commercial.
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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Post Count: 5,069
March 4, 2013 - 9:22 pm
The biggest pain with painting is finding the time to do it. If you've got the time/patience then DIY is going to save you heaps.
Use decent painter tape for preparation and take time to prepare.
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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March 4, 2013 - 11:20 am
Your main residence is exempt from CGT.
I'm not sure how you would prove that it's your main residence if your basically flipping it.
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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March 4, 2013 - 11:17 am
Had a forum client this week wanting to purchase a PPOR via a family trust on the advice of their fin planner due to asset protection.
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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March 4, 2013 - 6:13 am
Terryw wrote:
Furthermore you will lose the CGT exemption status.
Which is a massive thing to lose!
Imagine owning your PPOR for a couple of decades under the wrong structure – then selling it to find out that you have to pay a nice chunk of CGT.
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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March 4, 2013 - 5:59 am
Another vote for onsite – particularly if it's a property that is going to predominately generate interest from owner occupiers. As made man above has mentioned – emotions run sky high at auctions.
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
March 4, 2013 - 3:43 am
Well done Kevin – looks like you saved the best for last Joking
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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March 4, 2013 - 1:20 am
That's pretty much it – so their income, assets/liabilities are taken into account just as it would if they were borrowing under personal names.
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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Join Date: 2010
Post Count: 5,069
March 3, 2013 - 11:04 pm
The short answer is no – it won't improve your borrowing capacity.
Why is having a PPOR in your own names a problem?
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
March 3, 2013 - 9:45 pm
Hi Doug
Not sure if it helps or not but Herron Todd White provide a monthly update that covers capital city markets and many large regional markets. In the report, they rate where they see these markets at the stage of the property cycle.
Page 45 of this report will give you an idea of what I'm taking about.
Obviously this should only be treated as one resource which is part of a greater due diligence process.
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
March 3, 2013 - 9:39 pm
Bugaloo wrote:
Thanks Derek, this is beginning to make sense to me. I had assumed money in an offset account attached to an IP loan would only be able to be used for payments related to the IP.
Hiya
An offset account is treated differently to a redraw account.
There's no implications with moving funds into and out of an offset account – however, there are implications if you were to "redraw" funds from the loan – that's classed as new borrowings and the purpose of the redraw will determine whether the funds are deductible.
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
March 2, 2013 - 10:10 am
NeilRobertson wrote:
Sorry for any confusion. Marketing group is probably more accurate. It would appear they charge you a fee. And take care of the rest? Are these kind of companies any good?
they came up while doing a google search.
Made me wonder if they or companies like them are worth while.
I haven't delved into their website and have no idea what they offer. However, when it comes to investing, I personally have a preference towards using independent professionals and recommend my clients do the same. That includes appointing your own finance person, lawyer, accountant and buyers agent if required. This way, you avoid any conflicts of interest that could potentially present in a one stop shop.
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
March 2, 2013 - 10:07 am
Tenant quality in these areas is paramount – if the PM thinks the tenants are good, then I'd be inclined to meet their demands (which don't sound too burdensome anyway).
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
March 2, 2013 - 5:28 am
Jpcashflow wrote:
Haha my wife and are planning to not have kids, call us selfish but at least I'm honest lol
cost of living in oz is increasing by the day
But having a PPOR loan being serviced by another source of income / assets is a great feeling g
It's not selfish at all.
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]