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  • Profile photo of Mortgage HunterMortgage Hunter
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    September 7, 2003 - 11:14 pm

    In answer to Q4.

    I normally advise clients to pay IO on an IP esp when they are still paying off a PPOR.

    You can get IO for ten years with some lenders.

    It will maximise your cashflow.

    However some clients are more comfortable knowing they are paying down the mortgage and that they will be debt free on retirement. These people typically only intend purchasing a few IPs.

    Good luck,

    Simon Macks
    Mortgage Hunter
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    0425 228 985

    Profile photo of Mortgage HunterMortgage Hunter
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    September 7, 2003 - 11:09 pm

    Sushi,

    I think it is worth dropping picja an email. What have you got to lose except for 10 minutes of your time.

    Cheers,

    Simon Macks
    Mortgage Hunter
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    0425 228 985

    Profile photo of Mortgage HunterMortgage Hunter
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    September 7, 2003 - 11:45 am

    Please see a broker before you apply for any of these loans. So many times people tell me they can’t get a normal loan and we find they can. I hate to think how many folks are paying more than they should.

    Any of the brokers on this site could probably help you out with just an email or phone call.

    Or look in the phone book.

    Cheers,

    Simon Macks
    Mortgage Hunter
    [email protected]
    0425 228 985

    Profile photo of Mortgage HunterMortgage Hunter
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    September 7, 2003 - 10:49 am

    Clownsta,

    Drop me an email and I will pass it on to a chap I know in Sydney. He is very very good.

    Glad you guys found the free section – it is well hidden isn’t it!

    Cheers

    Simon Macks
    Mortgage Hunter
    [email protected]
    0425 228 985

    Profile photo of Mortgage HunterMortgage Hunter
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    September 7, 2003 - 10:46 am

    Polski,

    Lots of people would love to help but we need more specific info on your needs?

    Tell us your plans?

    Cheers,

    Simon Macks
    Mortgage Hunter
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    0425 228 985

    Profile photo of Mortgage HunterMortgage Hunter
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    September 7, 2003 - 9:04 am

    Hopeless with money…You sound like you are doing fine – plus you are planning to do more.

    100% loans should be OK with your equity.

    Well done.

    Simon Macks
    Mortgage Hunter
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    Profile photo of Mortgage HunterMortgage Hunter
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    September 7, 2003 - 8:49 am

    Not really LODOC…. they are more for people who don’t wish to prove their income.

    There is bad credit history and bad credit history – some worse than others.

    You can get a free copy of yours from http://www.baycorp.com.au.

    Be more concerned about loan defaults and less about little things like telco defaults for a hundred or so dollars.

    There are lenders who will help but it can be more expensive.

    I suggest you contact a broker who can help ascertain how bad it really is and advise you the cheapest option.

    Chees,

    Simon Macks
    Mortgage Hunter
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    0425 228 985

    Profile photo of Mortgage HunterMortgage Hunter
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    September 7, 2003 - 8:40 am

    Patricia,

    Regarding Interest only let me suggest that it is really up to you. If you like the thought of paying off the debt then that is OK.

    If you own a home with a mortgage then I would suggest you pay both lots of principal payments onto the home loan. This is more tax effective.

    One idea is to pay IO and put an additional sum into an offset account. Use this to save your next deposit for your next property.

    Hope this gives you something to think about.

    Simon Macks
    Mortgage Hunter
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    0425 228 985

    Profile photo of Mortgage HunterMortgage Hunter
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    September 7, 2003 - 5:13 am

    I have two kids but sometimes it feels like 12…does this count?

    Simon Macks
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    Profile photo of Mortgage HunterMortgage Hunter
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    September 7, 2003 - 2:19 am

    Oops I hope I haven’t created a monster.

    Just a favour to gocats. I can’t go doing it for everyone – I would never get any work done. [:I]

    Just a spreadsheet with showing what a property costs per week to own. Nothing too flash.

    Cheers

    Simon Macks
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    Profile photo of Mortgage HunterMortgage Hunter
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    September 7, 2003 - 2:08 am

    mmm I am guessing Scott isn’t Japanese? [8D]

    Scott, That would depend on lots of things including the relationship between the two parties. I couldn’t advise here without enough info to make some calls.

    Post more detail or just email it to me if it is not for public display.

    Simon Macks
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    Profile photo of Mortgage HunterMortgage Hunter
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    September 7, 2003 - 2:02 am

    Often when a business is sold there is a price for the business and SAV refers to the price of the stock held at settlement.

    An example would be a retail shop where the stock may be worth a considerable amount.

    Simon Macks
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    Profile photo of Mortgage HunterMortgage Hunter
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    September 7, 2003 - 1:50 am

    It is possible.

    The title will be amended to reflect the new ownership. You acn also specify the % split.

    Another idea is to leave the title as is but have a solicitor draw up an agreement, obviously this is less secure but may suit some circumstances such as a family arrangement. It wont incur stamp duty either I don’t believe.

    Simon Macks
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    Profile photo of Mortgage HunterMortgage Hunter
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    September 7, 2003 - 1:24 am

    That is cashlow pos on those figures.

    9 sq is pretty small too!

    I can run a report for you if you drop me an email.

    Cheers,

    Simon Macks
    Mortgage Hunter
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    Profile photo of Mortgage HunterMortgage Hunter
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    September 7, 2003 - 12:49 am

    I will have a crack at some of these.

    Insurance. Landlords insurance is available and I am not aware of people having an advantage or disadvantage by owning more than one property.

    Garden maint. Should be the tenants responsibity. If you think it may be a problem you could try to offer it at a higher rent with the maint thrown in. This often attracts tenants in itself.

    Everything is negotiable – esp if you have multiple properties to be managed.

    I recommend you find a finance broker to do your research. There are lenders who will give you a pro package which includes fee free accounts. This sounds like what you are after.

    Good luck,

    Simon Macks
    Mortgage Hunter
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    0425 228 985

    Profile photo of Mortgage HunterMortgage Hunter
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    September 7, 2003 - 12:26 am

    I wrote a long reply but it dissappeared when I tried to post. I wonder if it pops up under another thread? [:D]

    Anyway the gist was that LMI will cost you about $1100 +. Tax deductable over the 5 years but still seems a lot to pay instead of saving $3000.

    Also saving that $3000 will give you increased equity which is also worth pursuing.

    Cheers,

    Simon Macks
    Mortgage Hunter
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    Profile photo of Mortgage HunterMortgage Hunter
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    September 6, 2003 - 11:49 pm

    I agree.

    When investor attention turns back to the stockmarket again and we have a new wave of TV shows replacing the current stock I really feel that the prices will stop rising at a phenonomal rate. I think some top end stuff might take longer to sell and I would prefer not to be left holding a lot of OTP apartments in Syd and Mel.

    I think that there will always be a demand for good middle class housing (3-4 bedrooms) all over the country.

    Just my 2.2 cents worth (inc GST)

    Happy Fathers Day.

    Simon Macks
    Mortgage Hunter
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    Profile photo of Mortgage HunterMortgage Hunter
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    September 6, 2003 - 7:46 am

    By relocatables I am assuming you mean a demountable type prefab not just moving an existing home onto a block.

    Lending for prefabs is harder but not impossible. It would depend on your situation as to whether it can be done, i would certainly like to know more before I gave public advice.

    Kit homes are a little better. Esp if they are erected by a licensed builder on a fixed price contract.

    Get a quote for a cheap spec home done by a builder – 3 bed 1 bath type of thing. You might be surprised that it isn’t too much dearer. Easier to finance but more importantly possibly easier to sell meaning higher growth.

    Just some food for thought.

    Cheers,

    Simon Macks
    Mortgage Hunter
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    0425 228 985

    Profile photo of Mortgage HunterMortgage Hunter
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    September 6, 2003 - 7:35 am

    Wilandel,

    I challenged one on that very subject the other day. He claimed that they email the websites to update and it takes ages for them to come down. he said buyers are lined up and the last thing they need is being flooded with fruitless enquiries.

    Just one guys opinion though.

    Simon Macks
    Mortgage Hunter
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    0425 228 985

    Profile photo of Mortgage HunterMortgage Hunter
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    September 6, 2003 - 5:32 am

    I think lazy is a little harsh – certainly a gross generalisation to call most of them lazy. My contacts in the industry seem to work so hard that they can never keep up with the admin.

    Cheers

    Simon Macks
    Mortgage Hunter
    [email protected]
    0425 228 985

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