Total Members: 159,424

jmnes12

  • jmnes12 replied to the topic Non resident mortgage, does having a certain type of visa help? in the forum Help Needed! 7 years, 11 months ago

    I should also state I don’t live in Aus, but in Tokyo, Japan.

  • jmnes12 started the topic Non resident mortgage, does having a certain type of visa help? in the forum Help Needed! 7 years, 11 months ago

    Happy New year everyone!

    I have a question for the mortgage brokers of the forum. Being a non resident Canadian, married to a non working Australian means that the max I can get for a mortgage is 60% LVR from my bank. I was wondering, if I had a 309 spousal visa (which I don’t have at the moment but could apply for) would it help me with the…[Read more]

  • jmnes12 replied to the topic Will local banks finance Chinese investors? in the forum Finance 8 years, 9 months ago

    to follow up: They verify income through payslips as well as bank statements, savings, investments etc. They may need to be translated. Bear in mind that they also calculate their own FX so if you’re paid in another currency they’ll have a buffer on the spread to AUD.

  • jmnes12 replied to the topic Will local banks finance Chinese investors? in the forum Finance 8 years, 9 months ago

    Hi R2D2,

    They absolutely do, I’m a Canadian living in Tokyo and I’ve had/have mortgages through HSBC, Westpac, NAB, and ANZ. Depending on your situation your LVR can vary, but 80% is typically the norm. If you’re a premier customer at HSBC (you can get this account but asking your relationship manager in your home country to set it up for you)…[Read more]

  • jmnes12 started the topic How to capitalise from a changing demographic in the forum General Property 8 years, 9 months ago

    When I was last back in Sydney visiting my in laws I sat down with my FIL to have the yearly property investment talk (generally he tells me what I got wrong, laughs and then has a beer or three) but both of us agree that there is a shift in preference away from houses with yards and into ‘simplified’ living. I’m not saying that established houses…[Read more]

  • jmnes12 replied to the topic Increase in interest rate without warning in the forum Help Needed! 8 years, 10 months ago

    Thanks DeanCollins, yes, most banks will give anyone 70%, HSBC will consider 80% LVR on a case by case basis (helps if you’re an existing premier customer). I’ll see if they come back with anything first.

  • jmnes12 replied to the topic Increase in interest rate without warning in the forum Help Needed! 8 years, 10 months ago

    Understood Corey, since I’m a non resident I doubt any of the remaining big four would consider me. I’m going to try my main bank HSBC as they’ve said (subject to their application) that they’d give me 4.35%. Basic customer service is such a simple thing, you’d have thought Westpac would have figured it out by now. I’ll be in touch if HSBC passes sir.

  • jmnes12 replied to the topic Increase in interest rate without warning in the forum Help Needed! 8 years, 10 months ago

    Thank you Terryw, I just can’t fathom not informing your customer directly of a change in rates that would affect repayments, either up or down. As investors we always plan for interest rate fluctuations on variable loans, I just thought the bank would be required by law to inform their customers of any changes pertaining to that loan. I’ve…[Read more]

  • jmnes12 replied to the topic Increase in interest rate without warning in the forum Help Needed! 8 years, 10 months ago

    Thank you for your reply Corey.
    Very surprised they don’t at least notify you, if I increased the rates I charged my customers and didn’t tell them I doubt I’d have many customers left!

    I guess the best way to protest is to take my business elsewhere.

  • jmnes12 started the topic Increase in interest rate without warning in the forum Help Needed! 8 years, 10 months ago

    Good morning all,

    This is a question for the legal experts..
    I got two investment mortgages through Westpac in November 2015, both variable.
    One was 4.28%, the other was 4.55%, I just logged on right now and have discovered that both loans are now 4.75%. I am aware that banks are increasing their rates for investors but can they increase them…[Read more]

  • jmnes12 started the topic Increase in interest rate without warning in the forum Help Needed! 8 years, 10 months ago

    Good morning all,

    This is a question for the legal experts..
    I got two investment mortgages through Westpac in November 2015, both variable.
    One was 4.28%, the other was 4.55%, I just logged on right now and have discovered that both loans are now 4.75%. I am aware that banks are increasing their rates for investors but can they increase them…[Read more]

  • jmnes12 started the topic Increase in interest rate without warning in the forum Help Needed! 8 years, 10 months ago

    Good morning all,

    This is a question for the legal experts..
    I got two investment mortgages through Westpac in November 2015, both variable.
    One was 4.28%, the other was 4.55%, I just logged on right now and have discovered that both loans are now 4.75%. I am aware that banks are increasing their rates for investors but can they increase them…[Read more]

  • jmnes12 replied to the topic Mining Town Woes in the forum General Property 8 years, 11 months ago

    I bought in a mining town, my first IP in Aus. What a mistake that was! I have however learned from that mistake, ate some humble pie and moved on. I still own it because even if I offered it for 50% less then what I bought it for there would be no buyers. I’m sure there are more then a few people on this forum who are in my shoes but…[Read more]

  • jmnes12 replied to the topic Mistakes you've made in the forum General Property 9 years ago

    Hi Mara,

    I can tell you with absolute certainty the biggest mistake I made was not investing in knowledge and resources linked to real estate prior to buying. Far too often people are happy to part with 300-400k to buy an investment property but are very unhappy to part with 10-20k on mentoring or materials that would save them 10s of thousands…[Read more]

  • jmnes12 started the topic Roadblock for Non resident in the forum Help Needed! 9 years, 1 month ago

    After having some success in real estate in Japan and Canada I thought I could replicate this just as easily in Australia and sought out high cash flow properties to get started. I bought a 2x2x1 small house in Newman, WA in 2012 (yes I know awful timing, awful purchase) and is now worse then a dud. I have three other properties which have fared…[Read more]

  • jmnes12 replied to the topic Where to start? in the forum Help Needed! 9 years, 1 month ago

    Yes I totally agree with Jamie, work backwards from where you want to be and formulate a plan to get there. What do you want your financial future to look like 5,10 and 20 years down the road? I would also second his approach to talking to a mortgage broker first. Given my experience in Aus they are typically the most knowledgeable/helpful…[Read more]

  • jmnes12 replied to the topic Whats your number one lesson learnt from property investing in the forum General Property 9 years, 1 month ago

    Agree with MTR. Your money is made in the timing of the buy in the cycle. Buying at the top keeps you at the bottom for a long time!

  • jmnes12 replied to the topic Poll: What makes a better property investment? in the forum Opinionated! 9 years, 1 month ago

    Established property with potential for manufacturing capital growth through strata titling, sub-dividing and renovating is your best bet. Take it from someone who bought 4 brand new properties in 3 years and wish they hadn’t!

  • I would say without any on the ground intel, be it a spouse, relative or someone you can trust there is no point in buying overseas property. I’m based in Tokyo, have an Australian wife, and am Canadian. I have properties in each of those Countries because I understand (to an extent!) the ins and outs of those markets and have connections there.…[Read more]

  • I own close to AUD8mm worth of property in Japan, but unless you’re a resident, or you have a JV partner you can trust on the ground Asian investment properties are generally very hard to get finance for. Typically it’s cash only, or if you’re a premier account holder at HSBC or another global bank equivalent you can get mortgages with…[Read more]

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