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No unfortunately im a herald sun person myself. Would be good to have a look though as long as its not too much trouble.
Hey thanks for the reply. If all properties were sold off though, who is the in charge of common ares? Is one particular dwelling made responsible through a contract of some sort? I assume you cant still be liable to maintain common areas if you’ve sold off everything.
We are both in fairly secure jobs particularly me partner who works for the government. If i were to be out of a job it would only be for a short time.
EDIT:
I dont see how i would avoid LMI to be honest. If the consenses it to have the loan interest only, and not put extra funds into it, how would i be able to gain enough equity to avoid LMI without having to wait 10 years?
80% of 75,000=
$60,000Please excuse my ignorance but what is the $9,000 you posted above?
Hmm maybe i have misunderstood how equity works.
My initial thinking was that Equity: 330,000-255,000
=$75,000Are you telling me that in actual fact its only $9000?
I was hoping to buy another investment in the coming months. Is this not as attainable as i thought it would be?
Thanks again for the help terryw. You seem to be one of the ‘go to guys’ around here.
Just as a bit of extra info i was looking at getting an off the plan unit from the John Hopkins group. They require 10% upfront although the place maybe be a year off completion. My first thought was that i would just take that 10% (between 30 and 40k) straight out of my current investment loan. I am still a little confused as to where this new information leaves me. Sorry to be a pain.
What would happen to repayments when you open loan B? Would it increase the repaments on loan A or Would it be structured as its own loan With its own repayments?
The thing with my current investment loan is i have equity in the form of the value of the asset, but in terms of the actual loan it is currently at 255,000 whereas the original loan amount was only 265,000. Let me Explain a bit better:
IP Value: $310,000 – $330,000
Starting loan amount: $265,000 (We saved a decent deposit)
Current loan amount: $255,000What im getteing at is we have only reduced the actual loan by $10,000. Does this matter or is equity the same regardless how much you have paid off? I have money in an offset account but wanted to keep that when when we buy PPOR.
Sorry again I just need clarification of how it is all structured.Hey guys i have been scoping through other posts gaining knowledge etc and i have come across posts saying not to X-collaterise loans etc.
Im guessing to maximise tax benifits. My question is, is my circumstances (see top) if i wanted to use the equity in my 1st IP as deposit for the 2nd IP, how do i physically go about obtaining it? Is it actually Added onto the 1st loan and taken off the new loan? Or is it more like a guarantee that i have the funds available?
Also a question for those with multiple investment properties (likely many of you) Do you try to stick to one lender to keep things organised?
If not, how do you manage things efficiently?
Thanks again guys and sorry if it looks like im asking too much to quickly.-John.
I already have a 100% offset account attached to the which all our savings go into so i assume i will be able to keep it with IO.
Is it the general consensus that Money in the offset account should not be used directly to buy other IP’s, and instead use the equity of the current ones as deposit?
Would it be a good idea to keep loading up the offset account as much as possible to be used as a large deposit on a PPOR in the future?Thanks Terryw and others for the info by the way it means alot.
-John.
I just rang ANZ and they said i will have to go into a branch to change it to interest only and it will be something like $200. I will make an appoinment ASAP but does this sound accurate?
In regards to the investment aspect of my post, any pointers?-John
I assume you mean in regards to the P+I thing. Yeh ill give them a call tomorrow i think.
Thanks.
