An example of the different repayments. eg using a loan of $100 000 @ 6.47% over 30 years then P&I repayment is $157.52 compared to IO at $124.52.

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.

Rod,

I have spoken to the QS about doing a report on my property under these circumstances and they were happy to do so.

Thanks for the warning and I will research it more thoroughly.

I just bought the place and am reno’ing immediately so maybe that is why.

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.

quote:

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…or if it’s anything but a brand-new place you can say you are not satisfied with the building report.

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This will o0nly work if the contract allows it. ie subject to building inspection.

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.

Fluctuating currency rates add an extra degree of risk to overseas money.

Also, as mentioned, security for the loan will be a difficult issue.

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.

If the $100 000 cash is to be used for the purchase then this should be fairly straightforward.

I would suggest moving as fast as possible in order to have everything sewn up before you depart – last thing you want to do is to sort this stuff out from overseas, I worked OS for 3 years and know what that was like[]

Cheer,

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.

I was there once some years ago as a guest for their ANZAC Day ceremony. It was a friendly and pretty little town.

I also have a client who bought several properties there some months ago who raved about the place.

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.

Just bought a house in a reasonably strong growth area for $315K. Will rent for $520pw in the New Year after a small cosmetic reno <$10K to spend.

Should be positive esp as the fixed rate is 5.89% for three years.

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 possible to do it long distance – as to whether I would buy a house that no local will offer a better price for is another thing.

Although to be fair often the locals are the last to see the potential in a property. For example the booming suburbs here are the old working class ones that are inner city and becoming very trendy. Locals will still tell you they are dodgy and that they wouldn’t live there whereas new folks see them as new Glebes and Balmains.

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.

Thank you for those kind words Cecilia! As I told you earlier you are a dream client!

itsamoorey – all brokers get paid for their services. There are very few of us left that do charity work these days! []

All brokers get paid a spinoff – thats how we get paid. The fear out there is that we only recommend the highest paying lenders. This is easy to check – just ask the broker what he is being paid compared to the big four lenders – it should be similar. If in doubt give me a call and I will let you know if it sounds right!

Have fun,

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.

Josh,

Doesn’t hurt but it isn’t particularly effective either when you think it through. My comments were directed at the earlier post which talked about PPOR vs IP debt having the offset.

If you have a non working spouse then consider putting it in something like ING Direct at call account in the spouses name – just an idea.

Kat,

If you are paying a higher rate for an IP then I suggest you need to take a second look at what is available out 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.