jwareham1985 replied to the topic To buy or not to buy!? in the forum Help Needed! 10 years, 7 months ago
Thanks Jamie M and BigVman.
Jamie thanks for clearing the equity part up for me. I currently have 40k, next month I will have 50k, the month after I will have 60k. My salary for the next year and a bit at least will be just over 200k but it won’t be that forever unfortunately, so my goal is to try and get a head start while I can and then once I…[Read more]
jwareham1985 started the topic To buy or not to buy!? in the forum Help Needed! 10 years, 7 months ago
Hi guys, a bit of newbie here but we all start somewhere.
I brought my first property a yr ago for 560k in Richmond, Vic. 2 bed, 2 bath apartment. I have just changed my mortgage to IO. I have 510k owing on my mortgage and have 40k in my offset account. I’m wanting to buy another property now, not sure weather to buy an apartment or house as I…[Read more]
jwareham1985 replied to the topic fd in the forum Legal & Accounting 10 years, 11 months ago
Hari17 Did you find an accountant or contact house of wealth at all??
Cheers
jwareham1985 replied to the topic Investment dilemma in the forum Help Needed! 10 years, 11 months ago
Loving the information guys, keep it coming.
Shahin you suggested earlier that I should sit down with someone to have a more in depth chat to about this, Is there anyone that you guys can suggest me to sit down and have a more in depth chat to that's based in Melbourne? Preferably for a cheap fee rather than too expensive?
jwareham1985 replied to the topic Investment dilemma in the forum Help Needed! 10 years, 11 months ago
Thanks Benny,
Yes growing my RE portfolio is my main goal and dream. I didn't actually know the banks would lend you that much, i have always been under the impression that you would need at least a 10% deposit as a minimum. Will all major banks lend up to 100% of the property? and is there a certain criteria that needs to be met in order to lend…[Read more]
jwareham1985 replied to the topic Investment dilemma in the forum Help Needed! 10 years, 11 months ago
No its not new, its 5yrs old. We brought it just after the FHOG finished and changed to a new home/apartment owners grant, so we got a 40% reduction in stamp duty instead which actually benefited us as the FHOG was only 7k and the 40% duty reduction saved us about 11k.
Also does this mean when i go to purchase my next property ill not only need…[Read more]
jwareham1985 replied to the topic Investment dilemma in the forum Help Needed! 10 years, 11 months ago
Sorry i meant first 12 months?
jwareham1985 replied to the topic Investment dilemma in the forum Help Needed! 10 years, 11 months ago
My current home loan is with the NAB with an offset account attached to it. I had 20k in it last week but thought it would have been a good idea to dump 10k of it onto the mortgage. Probably wasn't the best thing to do now ive spoken about this a bit more.
Scott, dont i have to live in my current PPOR for the first 6 months before i rent it out…[Read more]
jwareham1985 replied to the topic Investment dilemma in the forum Help Needed! 10 years, 11 months ago
Thanks for your help guys, I really appreciate it, sorry about the thousand questions. I'll make sure I call my bank tomorrow and organise it.
Cheers,
John
jwareham1985 replied to the topic Investment dilemma in the forum Help Needed! 10 years, 11 months ago
Yes i am going to turn the property into an IP this year at some stage once i figure out my next move, where to buy, how much deposit i will need to save up, how much to put aside for the dreaded stamp duty, LMI etc.
So if i change my loan to an IO once the time comes, and after say 5 years i decide that i would like to continue to keep the IP,…[Read more]
jwareham1985 replied to the topic Investment dilemma in the forum Help Needed! 10 years, 11 months ago
Ok I understand that now, thanks for taking the time to explain that.
But one question i have in regards to converting the IP to an interest only loan, besides using that option for negative gearing purposes, if i am wanting to hold onto this property for longer than 5-10 years wouldn't an interest only loan only benefit me if i am wanting to…[Read more]
jwareham1985 replied to the topic Investment dilemma in the forum Help Needed! 10 years, 11 months ago
Thanks for your reply Shahin,
Im still pretty naive with the whole interest only thing and dont really understand why i would keep the principle of the loan as high as possible. Obviously being so new to the whole real estate game i have a long way to go, but i really appreciate your feedback.
If you care to elaborate a bit more on the topic…[Read more]