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Mortgage Hunter
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Post Count: 3,781
February 12, 2004 - 10:18 pm
95% will be very hard but 90% might be achievable although not easy.
Can you email me some more info including the location and postcode of the property and how long you have been in your current job?
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Mortgage Hunter
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February 12, 2004 - 2:08 am
Talk to your local council – specifically the duty planner.
You will find it is a straightforward process. But the difficulties may lie in the works you may have to complete to get it to the required specifications ie fire proofing.
He should point you in the right direction though.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Mortgage Hunter
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February 12, 2004 - 12:06 am
Don’t forget that RK’s aim was to write a best seller. I would suggest that these opportunities are not typical and were the result of some pretty intensive searching.
I would imagine that with the level of IP enthusiasm in the last few years that these are as difficult to find as are examples of the properties Steve bought in his early days.
Just my two cents worth.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Mortgage Hunter
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February 11, 2004 - 12:35 pm
Kakai,
I can help you in Sydney – drop me an email.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Mortgage Hunter
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Post Count: 3,781
February 11, 2004 - 8:11 am
Originally posted by liverpoolharryk:
Just for you info, from an agants point of view they only charge $22 per month for as many listings as you want. realestate.com charges $300 per month.
If a lot more people new about it and agents used it more, it could be very good given the chance and a few modifications.
Jarrod
Jarrod Lane Real Estate
And then the agents charge individual vendors upwards of $100 pm to have a liting on these sites.
Nice little earner there!
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Mortgage Hunter
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Post Count: 3,781
February 11, 2004 - 8:02 am
If I planned to keep the PPOR for some time I would consider paying down the home loan and then redrawing from that for 20% deposits for IPs. This means your debt will be more tax effective.
Why sell a property to buy more? You will only incur unnecessary selling costs!
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Mortgage Hunter
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Post Count: 3,781
February 10, 2004 - 10:37 am
Everyone,
Please let me be the first to welcome NickM to the forum []
Nick is a fantastic accountant operating in Sydney yet with clients all over. He is particularly experienced with property investors and also an expert on the different trusts investors use.
You won’t go wrong following his advice.
Welcome Nick.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Mortgage Hunter
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February 10, 2004 - 10:34 am
Thanks Steven,
I think you would be a useful chap for John to contact as well []
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Mortgage Hunter
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February 9, 2004 - 11:23 am
Tim,
Let me suggest you do a search under Ed Burton. There seems to be quite a number of posts he is mentioned in.
Regards,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Mortgage Hunter
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February 9, 2004 - 4:14 am
Kez,
These are two different deposit requirements. The banks is from 20% or less with LMI as a hedge against them needing to sell the property.
The vendor requires a deposit with the offer (depending on the state) as a sign of good faith to show you are a serios buyer. Then a further deposit once the contracts are exchanged (here in NSW 10%) in case you pull out. This can be negotiated down.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Mortgage Hunter
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February 8, 2004 - 3:36 pm
Mel is right.
There may well be another lender who will lend you far more than the CBA.
Contact an independent broker for a quick run through all your options.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Mortgage Hunter
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February 8, 2004 - 1:16 pm
Steve and Terry,
How many people do you meet that tell you they cannot get a loan because their bank told them? The bank say save a bit more and come back, and meanwhile house prices rise.
They think all banks are the same so they give up.
Nine times out of ten we place them in a better deal immediately because the banks serviceability rules are all so very different.
Cheers mate,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Mortgage Hunter
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February 8, 2004 - 8:21 am
Basically they are suggesting that you go to your lender or another lender and increase the current loan and draw sufficient to use as a deposit or to buy outright another property.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Mortgage Hunter
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Post Count: 3,781
February 8, 2004 - 6:28 am
Just curious.
In your line of work are you an FT or casual employee or self employed?
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Mortgage Hunter
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February 8, 2004 - 4:28 am
Rental income is included at 75% or 80% depending on the lender.
You need to speak to someone who knows what they are talking about.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Mortgage Hunter
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Post Count: 3,781
February 7, 2004 - 11:36 pm
Drop me an email with the location and the postcode.
I have done many loans for small country towns before, however it will depend on a few things.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Mortgage Hunter
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Join Date: 2003
Post Count: 3,781
February 7, 2004 - 12:37 pm
To avoid LMI you will need to come up with 20% plus costs from your current loan. But you can go as low as 5% and still buy it with the appropriate fees.
Can’t really advise much more without knowing your full financial position.
Sounds like good opportunity for you. Buying the neighbours property can sometimes create a bit of synergy as the result may have development potential.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Mortgage Hunter
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Post Count: 3,781
February 7, 2004 - 10:31 am
Kaye,
As long as all the incomes stack up there is no reason why you wouldn’t get a loan for another property.
Ask a lender or a broker to run some figures for you.
We would need info on debts, savings, property values, loan sizes, credit card limits etc.
All the best,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Mortgage Hunter
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Join Date: 2003
Post Count: 3,781
February 7, 2004 - 4:53 am
Exactly.
I was going to delete those posts but I will leave them as a warning to others.
Simon Macks
Mortgage Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Mortgage Hunter
Participant
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Join Date: 2003
Post Count: 3,781
February 7, 2004 - 3:10 am
Agistment for a farmer, storage for a truck driver or plant operator, parking if the need is there.
Perhaps storage of a boat or someone building or maintaining a boat, maybe erect a garage and store cars or equipment in it.
Just some ideas!
Simon Macks
Mortgage Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.