I did the TAFE course and have an altogether different opinion. The difference may well just have been my TAFE though.

Email me before you sign up for anything.

Cheers,

Simon Macks
Mortgage Hunter
[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 have a furnished property. One concern was that it might attract only itinerant short term people with no furniture…

However if the property is well located you can lease it as short term corporate accomodation and make a considerably higher rental. These leases can be short as a month or can be 12 months. There will be an agent in the area who specialises in this sort of leasing. Find him and talk to him.

Cheers,

Simon Macks
Mortgage Hunter
[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.

It is not common here in residential investments. Having said that it is not unusual with farming properties and you may find rural people a little more receptive with the concepts along with their solicitors.

I guess it is up to your negotiating skills.

There are 100% lending products but they are a little more expensive and have some fairly rigid rules.

Best of luck and I would love to hear how you go.

Cheers,

Simon Macks
Mortgage Hunter
[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.

Can you use the $10 000 as a deposit and try for finance from another lender for this one?

Your broker has probably thought of this but has he tried all of the fringe lenders out there?

I hope it works out!

Simon Macks
Mortgage Hunter
[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.

Yes.

A better alternative I would suggest is that you avail yourself of a professional package loan. This will allow you to finance as many properties as you need with only one annual, deductable fee of $275 – 375 depending on the lender.

You will avoid multiple application fees and valuation fee. You will also get a significant discount on the interest rate that should more than make up for the annual fee.

More importantly you should also avoid securitising each property against the other.

Cheers,

Simon Macks
Mortgage Hunter
[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.

Luckyone is quite correct. Making it into one loan will only give you headaches at tax time and you will also have an x-coll problem which may give trouble down the track if you add more properties or sell one of them. Best to have seperate loans not securitised with each other.

Many people are fixing atm. The feeling I get from the market is that many people believe rates are as low as they are going to be and the only way from here is up. I cannot comment on the accuracy of this tho as my crystal ball is in for cleaning []

Fixed rates seem cheap at the moment. The three year rate is lower than many variable rates.

My advice is to keep the IP loan as IO and the PPOR loan as P&I.

The exception to this is if you feel you want to buy a new PPOR and keep the current one as an IP. In which case make the PPOR loan IO with an offset account which stores all your principal payments. This allows you to draw your principal and retain a tax deductable debt when the property is an IP….confused?

Give me a call if I can explain things any better over the phone!

Cheers,

Simon Macks
Mortgage Hunter
[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.

In NSW offers are made verbally and accepted verbally. Once a price is agreed on then the two conveyancers/solicitors will get together and write up the contract satisfactory to both parties. When this contract has been signed by both parties it then becomes legal. Up to this point a vendor may accept other offers and a buyer may make offers on other properties secure in the knowledge he can walk away with no fee other than his solicitors time.

Once signed the contract is binding on the vendor and the buyer has a cooling off period. If the buyer withdraws there is a small penalty unless he has a reason covered by a clause such as building inspection, finance etc.

Hope this helps.

Simon Macks
Mortgage Hunter
[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.

You want to fix for 15 years?

I don’t think there is a product out there to do that!

Simon Macks
Mortgage Hunter
[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.

Drummoc,

The short answer is no.

The purpose of the loan makes it deductable not the security.

So if you borrow to buy an IP, shares or anything that brings in an income then you can claim the interest.

If you borrow for your home then you cannot.

Both examples are regardless of what you borrow against.

And it goes the other way. If you borrow against a home to buy an IP, Shares etc then this loan will be deductable.

There are a few ways around this – none cheap.

Sorry to give you the bad news.

Simon Macks
Mortgage Hunter
[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.

You may only claim an exemption of CGT for one PPOR. There are exemptions where you buy your next home before you sell your old home and they overlap by a period, I think, of up to 6 months.

Cheers

Simon Macks
Mortgage Hunter
[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.