Forum Replies Created
- Qlds007 wrote:Dont use it as security for the new PPOR otherwise you will have a further case of Cross Collateralising the 2 loans.
Both loans need to be standalone.
Suprised the broker set up a PPOR without Offset A/c or infact not being IO.
Hi Richard, Both loans will be standalone. The reason why we didnt have IO at the start was becasue we owned a very large amount on it so we wanted to reduce the loan so we could live a bit more comfortable. But know where in the position to change the loan.
Exiciting times ahead
Jpcashflow | JP Financial Group
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Qlds007 wrote:JohannYou say you are planning to live in the current property for 3 Years.
After this time what will you do – buy another PPOR ?
If you are not sure then i would be looking to switch the loan to an interest only loan immediately and linking it to a 100% offset A/c.
Last thing you want to do is pay down the debt only to decide to rent the property you move elsewhere and realise that the interest on the new PPOR loan will not be Tax deductible.
Flexibility is the key to success and whilst it may not be possible to plan every stage of yoru investing career you want to ensure that your lending facilities can be adapted at minor cost to suit your circumstances both now and in the future.
After 3 years we will be buying another PPOR. My broker is in the proccess of chaning our loan to intrest only and set to a offset account in a few weeks. We will not be paying out this loan at all. We will borrow against it when it times to by some thing else or another PPOR.
Jpcashflow | JP Financial Group
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YoungInvestor wrote:Johan,Do you live in Point Cook by any chance?
Hey i live in Deer Park but i work in real estate around Point cook and Werribee
what about you?Jpcashflow | JP Financial Group
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I agree with YI.
A bit of hard work, dedication and most important sacrafice is the key to sucess.
i bought my first IP at 21 when i was only earning 38k a year. At 25 i have three properties in total, two properties which are IP's and another property which i live in. I just sold one of my IP and made a nice profit after capital gains. As of today my loan of where i live has decreased from 245k to 150k and soon it will be only 90k.
So work hard and you will be ok but one thing i like to say is this. You can read and read and get advice about everything but the best way to learn is to JUST DO IT!!!!Jpcashflow | JP Financial Group
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Hi Brett,
I work for a real estate firm. I always encourage my purhcaser to go to there local solictor and confirm and doubts you may have.
If you have a feeling that the VAL wont stack up then your probaly allready thinking that the house is over priced?To cover your butt "You can present a offer to the agent by law he must go the the vendor and present the offer". If the offer does not get accepted becasue of that clasue then its your loss and then you can move onto another property that makes you feel more comfortable.
Jpcashflow | JP Financial Group
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Hi it is located West of Melbourne……
There is a possible chance of subviding as well.cheers
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Hey guys yes i am an agent but im allowed to sell my home privatley.
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
I agree with Wanelad,
I bought a property of a person who was looking for a quick sale due to them loosing there jobs "etc" in a good area and a very good price.
I work in real estate one advice that i can give the property market is going to do some funny things in the next couple of months.
There are alot of homes on the market whch are not selling and from what clients have told me finance is becomming alot harder to get know days.
So i reckon kick back play it smart get a part time job and see what happens with the property market.Jpcashflow | JP Financial Group
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Hi, I work for a real estate agent called hocking stuart i am based in werribee and i have about 10 properties in that price change to show you.
You can call me on 0451 001 457
and see exactly what you are looking forcheers
Johann PsailaJpcashflow | JP Financial Group
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Im an agent in Melbourne
if yous have buyers or sells we can work some thing outJpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
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Hi I work for an agency in werribee.
I have never used trevor homes my self but i know alot of people who have and there great.
I have heard nothing bad about trevor homes in the area and there starting to become a well known builder around the area.
In terms of permit cost "etc" just go through the paper work with a conveyancer.If you need anything call me on 0451 001 457
Jpcashflow | JP Financial Group
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Email Me | Phone MeYour first port of call in finance :)
Thanks guys
looks like i got alot of research to do
wish me luckJpcashflow | JP Financial Group
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Thanks for the advice
I will wait untill late October and see how the market pans out.Cant wait this year has been so postive thanks guys
Jpcashflow | JP Financial Group
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Thanks for the advice
I will wait untill late October and see how the market pans out.Cant wait this year has been so postive thanks guys
Jpcashflow | JP Financial Group
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Hi,
Thanks for that advice. My gut feeling was saying the same thing. I guess maybe after october i will start looking for another property.thanks
CheersJpcashflow | JP Financial Group
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Thanks Guys…
I think i might just pump as much cash into IP to and once i bring the loan down il re finance.
Shoud be allright.thanks Guys
Have a good weekendJpcashflow | JP Financial Group
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I agree with the melton price. It is to much the median price in Melton is alot lower and what you have been quoted is to much.
I work for a firm called Hocking Stuart in Werribee.
At the moment we are expericing a high demand of people to rent down this area and the prices of the houses are fairly fair.
Please fill free to contact me on 0454 001 757 or email me at [email protected] for any information you may require.
thanks
Johann PsailaJpcashflow | JP Financial Group
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Terryw wrote:Hi JohanNope, i am in Sydney.
Hi Guys,
Thanks for the advice in the next week or two i will contact you Terry, Can you PM your contact details if possible?
cheers
Jpcashflow | JP Financial Group
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Terryw wrote:I would probably pay $50,000 off your home loan and then get a LOC on this property up to 80%.
-Use this LOC (Line of Credit) to pay for the 20% deposit and costs of the new purchase and then get another 80% loan for the remainder.
-New loan should be IO.
-Home loan should have a 100% offset account attached where all salary and rents etc go.
-Use a credit card with points to pay bills and leave the money in the offset as long as possible.
-Borrow from the LOC to pay all expenses related to the new investment property such as rates, insurance etc. Keep the cash you would have used for this in your offset account.Talk to your accountant on borrowing any short fall from the interest repayments – rental income.
Borrowing to fund investment expenses frees up money for the offset which saves non-deductible interest.
Thats some good advice thanks for that Terry,
are you based in Melbourne?
Jpcashflow | JP Financial Group
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Qlds007 wrote:Johann – If the property is owned by a Company you wont get concessional treatment with regards to the Capital Gain Tax.In some States this will also go for the Land Tax and Stamp Duty.
You maybe able to access the equity and then use this as your deposit and go again.
Your right about thats i have alot of equity the property is worth 260+ and i only own 150k on it
we win both ways how does equity work?Jpcashflow | JP Financial Group
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