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I operate in Brisbane and my clients have found it very difficult as the last few weeks it has heated up. They tell me they do not get a second chance if they go away to think about it.
This may be partly due to it was very slow over december and those holding back over the christmas period have now jumped in but who knows maybe Brisbane is in for another run.
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!Hi Debbie not sure what happened to my prior post it seems to have vanished? anyway it all depends on how your LOC is set up. They are quite favoured by investors as they can be interest only on an ongoing basis and payments are only calculated on the outstanding balance.
Not all LOC products are the same it is important to ensure it is set up to cater for your style of investing
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!http://www.propertydivas.com.au/
http://www.alphamortgagesolutions.com.au
http://www.propertyupdate.com.au/?gclid=CNaZ1K2XnYoCFRNGGAodqEiYmg
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!Hi Roger there are various ways the investors choose some like to maximise their lending and others like to stay below the 80% to avoid LMI Lenders Mortgage Insurance. This may also mean the difference to a positive or negative cash flow.
I guess this also depends on how much the investor has available. Structuring the loans is important from the begining as it can be costly making changes down the track.
Roachy I found your post a little confusing maybe if you could explain a little more it may help
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!It would all depend on your income as a student, as when i was a student had a part time job, not all do. Depending on which way you would like to start the possibility of an investment property is there.
For servicability most lenders will accept 70% of the rent as income. Providing you could service the rest that may not be an issue. You would also need to be able to provide the funds of difference eg
Loan costs stamp duties transfer fees etc
and the gap between the loan and the property value say if a 97% loanFinding someone to purchase the property jointly is another option and becomming more popular as well.
However as most have said saving and researching with patience may be the best option at present.
P.S.
By purchasing an investment property first you can access the first home owners grant for your Owner occupied at a later time, unless the policy changes.Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!I am not sure but think if the renovations were done by a developer it should be ok. You can always ring the ATO or your accountant to find this out. The ATO are usually very helpful and do not charge and you do not have to provide your details
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!The Offset is a savings account so you do not effect the loan in anyway apart from offsetting against the loan. Therefore if you have 300k loan and 300k in the offset the interest would be zero.
Once you take the money out of your savings account (offset account) interest is charged on the remaining balance. Therefore if you took the 300k out for whatever purpose interest would be charged on the full amount of the 300k loan
It is worth noting not all offset accounts are 100% offset therefore ensure you choose the right product.
It may be best to speak with your accountant re the shares issue as may be better to take add a split in your loan for the shares for tax purposes.
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!Not sure what this service is like as found it under a web search
[urlhttp://www.propertyvalue.com.au/individual_property_report.php][/url]Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!by doing a google search for office of state revenue and your state as each state has its own office you will come up with the web site and find the contact details.
I am not sure of your full set of circumstances and best to not post them here. However if there is a time frame and you can move back within the first year it should be ok. However a quick call should help you to sort out the dilema.
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!Wow at 20 years old you are doing really well financially going by your savings. Predicting markets is a little like reading tea leaves so cannot help you out there.
Considering taking a Mortgage that will be upto $500 out of the pocket sounds a bit harsh for a first step. Being young you do not need to burden your pocket so heavily for your first investment.
Make sure you structure the loan properly as this may reduce some of the pressure on your pocket eg interest only . Other things to consider is fixed vs variable and type of loan. Feel free to contact me if you need any further help with the loan side of things
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!We deal with the wholesale side of that lender “N” and yes their policy is to cross c and they can stand fairly firm on this. However push comes to shove and they will relent to get the deal. As Terry mentioned make sure it is organised at the beginning and would suggest in writing.
I had a deal that had been agreed to in the past and the manager went on holidays, credit knew nothing of our prior arrangement took some considerable pressure however they relented as the alternative was I was going to take the 3 property deal else where.
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!If you do a google search for the state revenue dept for your state or FHOG / your state, you will find the questions and answers you seek there.
If you move into the place and make it your owner occupied later down the track I would assume you would loose the first home owners grant as need to live in it within the first 12 months and for at least six months once moved in, from memory.
However you can buy an investment property now; and later purchase your first home and claim the first home owners grant for the new property
Having your loan structure is of utmost importance for future investments etc feel free to contact us
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!you certainly have the equity and most lenders will accept 70% of the rental income as part of the servicing. It would be best to have the whole scenario reviewed for proper structure feel free to contact me If you would like some assistance with this
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!It could be a little tricky it maybe worth speaking with a solictor. As if do not exit it correctly may dig a deeper whole.
http://www.osr.qld.gov.au/fhog/disqualifying.shtml
If they are not careful the FHOG I think can be taken back not to mention the legal implications.Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!Hi I have spoken with Spiro some time back and yes there is a $500 up front fee which I thought was a minimal loss amount if chose not to go any further. The rest from memory is paid on settlement.
He also informed me that the properties on the web site were only a part of what he has access too. At that time he also claimed that at times has properties from developers that he does not charge for as is paid by the developer, I gather this is off the plan type purchase but did not follow up on it any further.
Yes he is a buyers agent
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!Yes thats right there is no need to be in the same city in this day and age with all the various forms of communication available
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!Apart from doing diligent research on where to buy when and type of property etc. It is important to consider your medium to long term goals when structuring your loans. Setting these up correctly in the begining can save a lot of time and money. If not set up correctly may loose tax advantages.
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!Cannot say I have heard of them however I note that one claims to be one of the Reno kings they did extremely well in the property game. From what I hear they entered the market before the boom so this may have helped.
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!There are many styles of investing Steves books would be a good start, the local library may be a source for others Jan Sommers is another good source.
Structuring the finance is also an important factor
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!Our loans would not work with that I am not sure what you are trying to achieve by doing this? Maybe they could do vendor finance for you
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!
