Forum Replies Created
Hi Johno & welcome [
]I agree with Picja – if you want to get into property investing and have equity in your own home or super you can access to do it, there are heaps of options for you in the asset lend area (normally 70% LVR and lower) despite the fact you have no income.
Where are you based – I’d recommend you see a broker and get the lowdown on all your options. I know a lender who recently did a 30-year loan for a lady in her early 80’s simply because of the amount of security in the property and the high income – the sky really is the limit!!
Good luck [
]Hi,
I think Mortgage Hunter has a good point. Depending on the equity you have available AFTER selling costs for each of your IP’s vs their short to medium term capital growth potential (ie in an area just taking off, you’re about to renovate etc) I’d only sell enough to get you started into +ve cash flow and see how you go from there. Overall I am a BIG fan of cashflow +ve but also in minimising unnecessary costs eg those incurred in selling if you can get ahead through just partial selling, reducing other mortgages to turn into +ve and have enough for several 20% deposits to hit the road with looking for the illusive earners.
Accountants and brokers are handy to involve in this process too.
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MelPleasure!
Another thing to be wary of is the amount that lenders will lend you in rural areas – always good to ask around who people in these towns bank with because the smaller the town the harder it generally is to get out-of-towner lenders onside. If you use a broker even better because they’ll do the hunting for you and should be accredited to send applications to any of the bigger lenders in most towns if need be – ie because you live many miles away.
Good luck!
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MelEmily – head to forum fun ‘read this !!!!’ post, you may get more inspiration for the new bundle from this site than you expected …. hope your wife’s not reading this Aussierogue!
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MelMy sides hurt … and my partner is running down the stairs to find out what the weeping hysteria is about – that’s beautiful!!!
PS I can say that now I’m self-employed [
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Hi feathers and welcome! [
]I’ve found the web site homepriceguide.com.au really helpful – it gives you lots of free ‘facts’ about an area, not sure if they are particularly up to date. Council websites are okay but sometimes terribly out of date.
Good luck!
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MelWell done!
Normally lenders won’t accept a reval within 6 months, but you are close enough to push it through probably. The easiest way to get a new IP loan that is self-securitised is to refinance your current loan for PPOR and IP and use those funds as a deposit for a new loan.
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MelGood first post Kittee – welcome [
]It’s not hard to do – what you are talking about is called a ‘self-securitised’ loan for the new IP, ie where no other security is given because the lender is happy with the deposit and your ability to service the loan (as well as all your other debts).
The level most lenders are comfortable lending to for self-securitised property is normally around 90% lend or 90% LVR (loan to value ratio). You could get loans up to 95% LVR for this investment eg with ANZ or Suncorp and capitalise the LMI without too much trouble, or up to 97% and pay LMI (which is the same difference!) with others but of course the higher the lend, the bigger the repayments and lower the returns. If the LVR is less than 80% you’ll avoid paying LMI and save even more in repayments.
Really depends on your income and strategy and I always recommend seeing a broker rather than one bank to ensure you are getting a good range of options to chose from, it’s normally free and can save you heaps of time and $$. There are lots of us on the forum. The other good option if you’re comfortable with disclosure is giving the group a full brief and letting everyone here help – it is what everyone does best!!
Good luck!! [
]Because by comparison it’s cheeper with better returns possibly?
How are they marketing the tax side of things and for what style of property? Foreign investors have to be approved by the Foreign Investment Review Board and it limits the selection.
Hope you enjoy the forum [
]Mel
Nicely handled Steve, well done.
Hmm, disappointing when this sort of hype article goes too far isn’t it. Personally I find it borderline defamatory too, as I do much of Jenman’s material.
Shame, but keep shining!
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]Mel
Three shockers, for those really really late nights:
Q1 What’s brown and sticky ??
Q2 What did the 0 say to the 8 ??
Q3 Why don’t you put an ad in the paper when you’ve lost your dog ??A1 A stick
A2 Love the belt
A3 Dogs can’t readThey invented bon bons for people like me [^]
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MelIkes – sprogs appearing everywhere !! [
]Love Charly – very cute, no second name of Angel allowed though!!
Hmm, if it’s a boy …… my votes are Spencer, Bryon, Giovanni and Angus ….
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MelWelcome [
]Try Dymphna Boholt in Maroochydore – v property investing focussed. Contact no. is 07 5479 4455.
Hope they can help!
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MelIf you want to invest in more pos cashflow property selling may be an option you’ll to take unless you have large extra funds. Have you asked around about what the projected growth is for Richmond?
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Mel
[email protected]He has more options than a kid in a candy shop!!
I think he should be driven by what he is more interested in than anything else because there are dud options in every investment sector waiting for unsuspecting and uninterested investors. If he just wants somewhere to park funds and forget them has he thought about supplying mezzanine finance – I’ve heard returns are consistently 8-10% for 12 month terms.
Then of course there’s property … [
]For tax minimisation, see an accountant about structures to invest under which may help, aiming to make a loss now for potential future gain is not my cup of tea but if he’s keen buying land and developing could be one option.
Impatience is a good thing!!
I’d be happy to chat about your options, my contact number is 0438 548 235 – look forward to hearing from you.
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MelHi,
Where abouts? It’s probably easier if you want a hand to contact one of the brokers off-line. QLD’s 007 and myself are in Brisbane, Stuart’s in Melbourne, TerryW is in Sydney, Mortgage Hunter’s in Newcastle etc …
Good luck!
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[email protected]Good gutsy move folks [
]My partner and I have this exact same issue at the moment and given my commission based income it’d certainly make investing easier. We are opting to stay … so far!
What about the option of selling and buying again rather than renting?!? We’ve renovated 70% of our house and although the novelty is a bit tarnished we agree that if we found a dump in the right spot for the right price we’d sell and move, anyone else thinking of doing this? We’ve no plans to do this more than once every 18-24 months and use most of our funds for property investing elsewhere to avoid the ‘business of renovating’ tag from the ATO.
Having said that it’s tipped to be over 30 deg C in Brisbane this weekend, and MUGGY, so the ‘let’s finish the painting’ enthusiasm is waning … it’s the second time we’ve repainted in 12 months (cos I didn’t like the first colour scheme at all, doh) so it’s a hot topic, so to speak. Where do I find a good rental in Brisbane again …..?!?! [
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[email protected]Hi Alfred,
I can highly recommend Dymphna Boholt – she is based in Maroochydore though but an absolute legend with property investors. Her contact no. is 07 5479 4455.
I use a great accountant in Brisbane who can definitely look after your tax and structures very well but I wouldn’t say they were lovers of property investing so I won’t publicise them here but drop me a line on [email protected] if you want more info.
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