Hey Jack,There was a nice little piece in the recent API magazine about investing after 40 that you might also find useful for other areas as well.$600K can also get you some pretty prime property in a 2-10km range of the Melbourne CBD which have been earmarked as the next "boom" areas (although you'd struggle for a house!) and you wouldn't be…[Read more]

We have a property analysis software that you might find useful. We use it as a part of our eSearch workshop in Melbourne. You can find details about this at our website: http://www.empowerwealth.com.au/esearch

…would definitely go to your conveyancer first and if you don't have one yet, would seek some qualified legal advice.

Hi Laurent,I haven't used POSH so unfortunately can't make a comparison however the PIA software is very malleable with regard to inputs and alterations and I find it a great resource. Hopefully others will give an opinion on POSH.

If you have a loan, you can always try to have the valuation done by the bank, and perhaps they might do it for free (depending on the bank and the package you are in)…

Do you mean you decided to cancel (you said decided not to cancel)?All depends on whether the contract should be "subject to purchaser finance" – "vendor's finance" sounds strange…Regarding the last point, yes the seller can make such demands. This is to stop purchasers simply deciding they don't want to buy. You might have to prove that finance…[Read more]

Hey Flare,You can still get I/O and not moving it from CBA. Remember the costs to move loans is the discharge fee and possibly deferred establishment fees (if you've held the loan for less than 4 years) which can be expensive. Look into this before making the decision to move the loan as these are fees some don't consider until after they…[Read more]

Hi nightelves,If you PM me I am happy to give you direct names of people we recommend in Melbourne.

You can also use a second split as a term loan (standard variable) with an offset account against it and use this as a deposit (although this option doesn't allow interest capitalisation with some banks).The bank you are with will provide the valuation on your existing IP.The second loan is set as Catalyst has mentioned. You can go with your…[Read more]

Agreed, there are big banks who are prepared to price a loan and you have better interest rate stability. If it's a lower tier lender that you haven't heard of before, just make sure you do your research to see where their funding comes from and their history. There are too many stories of people who are seduced by a loss leading promotion to get…[Read more]

Agreed, there are big banks who are prepared to price a loan and you have better interest rate stability. If it's a lower tier lender that you haven't heard of before, just make sure you do your research to see where their funding comes from and their history. There are too many stories of people who are seduced by a loss leading promotion to get…[Read more]

If you're in Melbourne then Select Salvage in Kensington is a good place to start. Not the cheapest but they have a good range and their stuff is mainly finished. There's also a place in Campbellfield called A&R Secondhand that is cheap and mostly straight out demolitions and unfinished.

And get in contact with a good lawyer/conveyancer to cover your own interests.

To follow on from Terry, if you were to go to a larger LVR amount (say 90%), you would release $79,500 (and pay in the vicinity of $5,000 in LMI). At 80% you'd release $42K.However if the valuation comes in higher then you might be able to release enough equity at 80% LVR and pay no LMI.Assuming you managed to release $79.5K in equity, you could…[Read more]

Hopefully they keep this new LVR policy too!

Hi Intrigue,You're not too far wrong, most established areas in the inner city would get to perhaps a 4%+ yield, however as the value of the property increases, that yield will get you a higher return and eventually the property will be positively geared (what is sometimes referred to as a yield curve).My thought is for the first IP go for…[Read more]

ANZ just changed policy and will allow a 2% cap LMI at 95% LVR (existing credit customers only for 95%), although you have to cap all of the LMI, so it's more like 93% + cap LMI.

Hi Stevo,I've found Suncorp to be the least resistant. They will allow 95% plus full capitalisation of LMI (so effectively a 99% LVR).Of the 4 majors Homeside (NAB) don't cap LMI…The majors also have restrictions to the LVR they will allow you to go to (must be existing customer etc) whereas Suncorp don't.

Hi Kopano,The unit size is a real killer and banks have come right back in terms of what they will offer on these apartment sizes. Does it have a separate bedroom?I know depending on the valuation and strength of the overall deal then I'd be putting the deal up with St George but even then  they'd reduce the LVR…Sorry I can't be of more…[Read more]

To echo Banker's statement, I haven't had a single low val for a client who has purchased in the last 12 months (perhaps this might be becuase they've all been in the Melbourne market). The only low vals I've seen have been for refinances or top-ups where some of my client's expectation may be a little too high…