Forum Replies Created
No problem with this whatsoever.
All the best,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Well remembering you will have a CGT exemption on the place wherever you live I think you should consider buying a new PPOR.
The downside is that you will have all your debt against the PPOR and none against your home.
Upside is you will have two CGT exempt properties.
It should be quite easy to raise finance for the new property – esp if you are employed.
All the best,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Why don’t you believe that this is the buyers market? Prices are slowing down, even dropping?
There will be another boom sure as anything – just the timing is unknown.
I am glad everything is slowing because I am a long way off finishing my buying to place myself right in front of the next boom with a portfolio worth several $M!
All the best with whatever strategy you choose.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
What state is it in?
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Start searching for a property. In the meantime contact a broker and check that there will be no issues with getting finance.
You obviously have the equity – is the serviceability of a loan you must check.
You might also want to check with your accountant as to the appropriate ownership structure of any investment properties.
Whilst you are doing this keep searching. The more properties you look at the better equipped you will be to recognise the right deal for you.
All the best,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I am into IO for investments whilst there is any non deductible debt left.
Instead of using the family home – set up a small facility or a top up to an existing mortgage to allow you a 20% deposit plus costs.
Then source a mortgage elsewhere.
This means the two properties aren’t tied and there is less exposure to the family home.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
You need to think about sourcing a deposit.
Can you borrow privately?
Do you have family who has property you can borrow against?
There are more ways than this!
We can also find 100% lends but you will still need 3%+ savings for fees.
95% lends are possible with the LMI being added into the loan.
All the best,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I am expecting a number of OTP purchases needing settlement this year to be worth less than the contract price. I have already seen some concrete evidence of this.
There are options available depending on the individuals circumstances. Walking away from the contract isn’t always a choice. You may well be responsible for marketing it again and any shortfall in sale price from your offer.
All the best to you.
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I am no expert. But I had this in an IP. I regrouted the shower cubicle and it stopped. It also improved the look of the cubicle 100%.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I would even consider a NODOC loan which needs no ABN, no evidence of employment and no income stated.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Talk to your personal banker about the NAB Choice Package. Explain you are annoyed he didn’t offer it to you and insist on the first years fee being waived.
I often get this done for my clients.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Harvey Keitel
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Absolutely.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Designate your savings account an offset account – ask your personal banker to set it up. It will then reduce your non deductible interest bill accordingly.
Good luck!
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Whatever you do, don’t use it for the IP. Put it into your PPOR mortgage and borrow the money for the IP. You will be decreasing non deductible debt and increasing deductible debt this way!
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
You need to reside in it for 6 months starting in the first 12 months for the FHOG.
I would strongly consider it.
You will also establish it as your home so get a 6 year CGT exemption if you do rent it out.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
They wont actually be financing you. Rather they will be setting you up with a loan from a lender they have on their panel.
As for the rate – what have they suggested? If you need a straight variable loan I would be expecting to pay about 6.5% or just under.
I don’t think many folks here have experience with them – we would welcome your comments as to how you find them.
Regards,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I agree. We need to be careful what advice we give – hence the disclaimers I use.
This is even extending to advising people on how to use a LOC or offset account – those mortgage minimiser folks will need to take a good look at what they do.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Do you self manage?
You will need to meet certain time frames depending on your state. Check with your Department of Fair Trading.
As far as wording goes I would keep it business like and simply state the issue at hand. No need to justify anything although you may wish to point out current rental estimates from local real estate agents or such.
I am sorry I don’t have an example letter to show you. Perhaps someone else here has one they used?
All the best,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Can you contact the owner direct?
They might be dissapointed not to get your offer passed to them. Although they may have directed the agent not to listen to anything under a certain price.
All the best,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
