Thanx again Rob.

Yep, will be refinancing a couple of loans and will be using offset and L.O.C combinations. Have done calculations with my accountant and will review situation on a regular basis.

Any excess funds will go on the loan for the new purchase as this I/P will eventually become PPOR.

Originally posted by The Mortgage Adviser:
Originally posted by maximus:
I’m trying to get equity through lines of credit against my I/P’s to use for deposits as well as service the loans into the future.

I don’t know why you are looking for a LOC but what concerns me more is your comment above. If you need a loan so you can service other loans,…[Read more]

Hi Terry.

If your I/P’s were slightly negatively geared, would you just deposit the shortfall from your personal account into your I/P l.o.c or would you wait for a tax refund and deposit that into your l.o.c?
Just curious.

ThanxOriginally posted by Terryw:
I use a LOC on my PPOR. But I do not deposit incomes etc in there. I use it merely for…[Read more]

Hi.

What sort of interest rate do these loans have?

Also, I posted earlier on about giving an unencumbered property as security to get access to a L.O.C., would that qualify for one of these loans?

Thanx

Thanx for that guys

Originally posted by Terryw:
inless you go for an asset loan or no doc loan.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Terry@discoverhl.com.au
Hi Terry..
Dont know if this thread is in the right section but any way……could you please explain how an asset loan works. Is it similar to accessing your equity through a line of credit?…[Read more]

Hi Maximus

When applying for low docs, the only proof of self employment needed is the ABN. They may also ask what sort of business you are invloved in and you will have to list an income.

When applying for an ABN, you cannot use a name, other than your own, unless you have registered that name with the department of fair trading. Many people…[Read more]

Hi Terry.

Just because you have held an ABN for two years, won’t lenders want to see that you have been active with your “business”. By that I mean, can you just get an ABN to make it easier to qualify for lo-doc loans in the future, namely 2 yrs away. Also, when getting the ABN, what sort of business name would one have to submit, or could you…[Read more]

Realize this is an old thread, please excuse.

Was talking to someone recently (also interested in property investing) who mentioned to me that they were advised by a mortgage broker to get an ABN to tie in with their property investing. I was having a think and was wondering what the benefits are (also negatives). Can it help future loan…[Read more]

Hi.

What are the new application and settlement fees?

How about “Geysers and Galses”

Originally posted by Monopoly:

Example 1:

Bought PPOR in 1981 for 27K
(turned into IP after 2 years)
Sold it in 1990 for 550K

Bought IP in 1993 for 175K
Sold in 2002 for 925K

Jo

Hi Jo.

In regards to the above 2 examples, would you mind sharing where these properties were and did you do a lot of work, i.e repairs and/or reno’s, on…[Read more]

Originally posted by accigar:
Great to hear the success stories. I’m a real newbie…. whats PPOR / IP / IIP ?????

Thanks.
A.C.

Thanks,
A.C.
Hi A.C

PPOR= Principal place of residence i.e your house
IP= Investment Property
As to IIP, unsure. Anyone else….
Also for your information, if you see +CF, this signifies positive cashflow and…[Read more]

Hi all.
I’m guessing that break costs in an existing loan may stop people refinancing as well.

Regards
Marty

Hi there geo and others.
Geo, please dont take this as me being argumentative but I query what you say about later on, repaying your loans asap. I’m not saying I dont agree with you, but have recently been thinking that the (extra) money you pay back on your loans could go towards deposits for more I/P’s. Sure, your debt levels are rising but so…[Read more]

I’m also with the 4 I/P’s. Even if you did achieve greater growth with the Hunters Hill property, such an area would demand a very high rent hence less people being able to afford it which could equate to longer vacancies. Would be great to be in a position to have both, i.e the 4 cheaper properties AND the Hunters Hill property.
Just my…[Read more]

Hi there Ali G. Family and friends probably mean well but ask them the position they are in WITHOUT investing and then ask yourself if you want to be in their position, that is (probably) with nothing to show for years of hard work. I initially had the same problem but had to change my mindset before starting on the investment journey. My advice…[Read more]

Hi all. Good topic, enjoying the read. Seem to be following you Kay. Personally I would like $50-100k per annum for starters through passive income but would like to continually be adding to that through more acquisitions.Bruham, you mentioned $1,500,000 (you actually had another 0, but I think this is what you meant) at 5%, would this figure be…[Read more]

Kay, have you thought about getting some sort of transplant with a monkey, like in “The Fly” movie. Just kidding, honestly.
Regards
Marty

Hi all. I think if you are looking to diversify your investing, then finding a mentor (or member support system) would be a good idea. My personal situation is that I own property/ies but not too savvy when it comes to shares/managed funds and the likes, so by using someone that Greg is referring to I could accelerate my investing. I think this is…[Read more]