Forum Replies Created
The mortgage insurance would be applied to a residential property if the loan had to go above 80% in order to realise sufficient deposit for the commercial property.
Current fixed rates on commercial or residential? and over how many years?
Check it out yourself on http://www.cannex.com.au
Some lenders have 10 year P&I commercial loans – see NAB for one. Others can be IO.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.69%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Most commercial lenders require at least a 30% deposit. Smaller is achieveable if you are willing to pay.
If you have other property with equity this can be used rather than a deposit.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.69%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
All things being equal I personally would choose a house.
But things aren’t equal and a unit with a terrific location and outlook might be preferable to an average house.
As in most things it is very much an individual choice.
All the best,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.69%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Thank you redwing…it is a constant work in progress – probably never be finished!
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.69%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
The depreciation schedule can be backdated to when you bought the property.
Your tax returns can be amended for up to four years. Meaning you can submit an amended return when you have the depreciation report.
Keep an eys out on my website- I am adding a section on QS and dep schedules shortly.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.69%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
20% deposits is a good idea. I am no expert o NZ finance but that would be the ideal for here.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.69%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
16 is the age.
http://www.mortgagehunter.com.au/first-home-owner-grant.html
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.69%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
If you don’t reside in the property you will still be eligible when you buy your home.
Check it at:
http://www.mortgagehunter.com.au/first-home-owner-grant.html
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.69%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Your solicitor should handle this for you.
It is up to the buyer to sort out any issues with the agent and responsibility for the penalty.
Avoiding friction is the agents concern but hardly your responsibility!
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.69%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
If the LOC was big enough then yes.
If you were planning on holding them long term I would go for a loan secured by the new property. You will be able to go further this way.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked! 6.85% Rate!!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
What is the point?
You are simply transferring debt to make it seem pos cashflow.
If you left the equity where it was and neg geared the second property then what is the difference? Your overall position hasn’t changed – has it?
Remember that any property can be pos cashflow if you have a large enough deposit.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked! 6.85% Rate!!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
fixed and variable is usually a security factor for people who are concerned with risk.
In my experience the more seasoned buers invariably choose variable whilst people just venturing int property inestment take the fixed option to help with their sense of security.
There is no right or wrong choice.
If you have an exising home loan then I would strongly encourage you to go IO until that is paid off. Remember that only the interest component is deductible. Better to reduce the non deductible debt twice as fast and maximise the deductible debt – remember the total loan is being paid off at the same rate in this case.
If you have no other non deductible debt then it is really a personal decision. Many people like to see the loans being paid down.
Hope this helps,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked! 6.85% Rate!!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
A LOC is like a credit card. You will pay interest on what is drawn. Your repayments are just the interest plus whatever you choose.
An Offset is another account where you can place funds which “offsets” the interest on the loan. You still have to make the original repayment regardless of the amount in offset – the extra above the interest reduces the principal.
An offset generally has a cheaper rate attached, especially if taken as part of a professional package.
Hope this helps,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked! 6.85% Rate!!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
If you have that deposit and enough income to service the debt then it should be possible.
You should speak to a broker to find out exactly.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked! 6.85% Rate!!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Ok this is a bit tricky to explain so I will do my best.
If you buy a home for $200K with a partner.
You both own 50 of the asset and are entitled to 50% of the rent.
Here is the kicker. When you then go for your next mortgage the bank will assess you at getting 50% of the rent and having 100% of the debt.
You are both jointly and seperately responsible for the debt.
This is a huge brake to future growth and the number one reason I wouldn’t even consider doing it myself aside from the issues that normally go with a partnership.
Hope this makes sense.
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked! 6.85% Rate!!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Ok this is a bit tricky to explain so I will do my best.
If you buy a home for $200K with a partner.
You both own 50 of the asset and are entitled to 50% of the rent.
Here is the kicker. When you then go for your next mortgage the bank will assess you at getting 50% of the rent and having 100% of the debt.
You are both jointly and seperately responsible for the debt.
This is a huge brake to future growth and the number one reason I wouldn’t even consider doing it myself aside from the issues that normally go with a partnership.
Hope this makes sense.
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked! 6.85% Rate!!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Ok this is a bit tricky to explain so I will do my best.
If you buy a home for $200K with a partner.
You both own 50% of the asset and are entitled to 50% of the rent.
Here is the kicker. When you then go for your next mortgage the bank will assess you at getting 50% of the rent and having 100% of the debt.
You are both jointly and seperately responsible for the debt.
This is a huge brake to future growth and the number one reason I wouldn’t even consider doing it myself aside from the issues that normally go with a partnership.
Hope this makes sense.
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked! 6.85% Rate!!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Quote:Originally posted by gilad:i’ve got a similar dilemma. I’m trying to decide if i should invest with a friend, and try and create a partnership for the future, or whether i should go in it by myself.
I would go alone if possible. In my job I have seen the downside of partnerships and I would never consider it unless it was for a short term project such as a development and sale.
I don’t think the comparison between a broker and an investing partner is even reasonable. They are two compltetely different things. The broker will fnd you the finance to meet your need and the step out. The partner will put up funds and then you will have to deal with him for the duration of the property ownership period.
You should still use that poor broker too [biggrin]
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked! 6.85% Rate!!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Depends on the state – many states have discounts or the SD is waived for first home buyers.
cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked! 6.85% Rate!!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
If one of the owners has had it before then he will miss out. If he resides in it he misses out forever.
FHOG is $7000
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked! 6.85% Rate!!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
