All the lenders do vary but they generally accept 75 – 80% of the rent. The rest is used as your outgoings.

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.

Very rare to get a fixed loan with those facilities.

I do have a fixed rate, one of the cheapest around too, which has redraw facility of up to 20% of the total loan value each year.

Thats the closest I can get you.

Another idea might be to fix say 50% and have 50% variable with an offset on that portion.

Good luck,

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.

If you sell you need to calculate selling and buying costs and you still just own the one property.

Why do you think you need a LOC?

Why not raise your current loan by, say $50K but don’t draw it. Find an IP. Draw enough for a 20% deposit plus costs and find another lender to do a stamd alone 80% lend. Probably cheaper this way too.

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.

Ginamarree,

Whilst we hear stories of the tenants from hell just remember that the vast majority of us experience hardly any problems with our tenants and when we do it is often just a matter of poor communications.

If you rent the property out and I paying off a PPOR as well then I would strongly recommend changing the IP loan to IO.

Unfortunately any equity you draw out for a new home will not be deductible. You can still do it but it will be classed as part of yoour borrowings for a home.

Well done on your achievements with the reno 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.

As a newcomer to Newcastle I found that locals have a poor image of these suburbs. They can’t seem to see the changes being wrought and the money being poured in. Wickham = Balmain. Tighes Hill = Glebe etc.

Even now that they are preferred places to buy many locals are stuck in a paradigm.

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.

Newcastle is still appears to be moving ahead but not at the rate it was in the previous couple of years. REAs have more listings now b.

The cheaper end of the market is under some pressure from buyers from Sydney who visit on weekends looking for IPs.

It is a coastal city equal 6th largest in Australia. There is quite a bit of industry as well as a major Health network and a large progressive university. To the north is Port Stephens and to the south is Lake Macquarie.

The inner city is currently under transformation with many new apartments finished, under construction or planned. Many of these have spectacular harbour, ocean and/or city views.

The beaches here rival anywhere in Australia and the Hunter Valley has a large wine and coal industry as well as other animal and agricultural activity. There is a major defence establishment and also a progressive ship repair and construction infrastructure.

I was reading in the weekend paper that whilst the babyboomers are moving to the coastal villages the generation xers have found Newcastle with it’s beaches, music and arts culture attractive and they are also driving demand.

If I can give you any help or answer any questions please get in touch.

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.

MarkyMark has a site which gives the guidelines of the legislation.

Lea you are nearly right:

“Are you a person who has NEVER owned a residential property?” PRIOR TO 1 JULY 2000

Note my amendment in capitals.

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.

Well I can honestly say that I once wrote a 95% loan with less than 6 months genuine savings for a $500 000 property where the bank chose not to have LMI at all.

Just the once 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.

Freedomfinder,

Lots of people make money like this. I have many clients who do so over and over again!

I also believe that in the event of a slump middle class 3-4 bedroom homes hold their value best.

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.

As long as you never occupy the IP you will be OK.

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.