Forum Replies Created
Sounds like a straightforward situation. As long as all the variables are fine I am sure most brokers would be able to help. You really should speak to one directly with details of your income, deposit and the project to see for sure.
All the best
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by wealth4life:any body here delt with a broker who gives money back from the up front commission – this will scare other brokers i’m sure!!
D
They have been around for a while now and some have lasted a while.
Remember that they need to do 3-4 times the business for the same income. Who would you prefer to be looking after your needs?
Having said that – it is a free market and you should try them if a rebate is important to you. Let us all know how you get on.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Put all of your income into the offset. Use a credit card to pay all costs of living and bills where poss.
Sweep funds from the offset onto the card each month to clear it.
Start a budget so that your savings accrues in the offset.
I suggest you use a lender that gives you a free offset on a lower interest rate.
Check out the Westpac Premier advantage Package.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
What sort of renos did you do to achieve that?
I am sure many people here will be interested.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Why dont you get a standard variable with an offset?
Offsets are great vehicles but unless you know where you are going they are not much use.
Can you provide more advice as to your situation and what you wish to achieve.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I know people who have built up a huge asset through the IC. If you are an expert then go alone. If you need your hand held and can afford to pay a little for it then the IC is above board.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I haven’t used them myself but if you are time poor they may be just the ticket. I believe they are for real.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
My solicitor did this to me as well and the figure was well over $2K. He said there wasn’t much we could do. I asked him to pay it and he said no but that he would chase it for free.
He suggested we write a letter of demand to the other solicitor and threaten to take them to court, however he also said if that didn’t work we better give up – I suspected the other solicitor would know this.
I had a think and that evening I rang the vendor and told them what had happened. she was very nice about it and sent me a cheque the next day.
that solicitor gets no further business from me, and worse, he gets no referrals.
Sometimes I think solicitors make things harder than they need to be to justify their own existance.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I am tempted to abuse my moderator powers and ban you for that awful joke [blink][whistle]
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Some thoughts.
We use our breakfast bar every morning for brekky and also whenever we are giving the kids a quick feed before sports etc. All other meals are taken as a family in the dining room.
I do mos of the cooking and would be hate to be shut off from the family in a seperate room.
Have a think if you are selling the house then a breakfast bar can have great appeal to a family – esp a busy one.
I love open plan myself but do find it expensive to heat in winter. If I lived in a cool climate I would probably have more small rooms that can be easily shut off and heated.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by foundation:Originally posted by Mortgage Hunter:No reason why he shouldn’t let you draw some funds from the home loan to put in a fund like Platinum which has always had 20% + pa profit? (600% growth since 95)
Hey, steady on. Perhaps I’m nit-picking, but the only Platinum fund I know of that has returned 600+% over 10 years is PLA0002AU, and it certainly hasn’t “always had 20% + pa profit”. In fact 98/99, 02/03 and 04/05 were negative. A couple of years like that in quick succession might really not persuade ‘him’ to change his ways.
F.[cowboy2]Good pickup. I meant average returns.
If anyone cannot cope with negative equity then neither property nor equities is a suitable investment. That leaves just cash….
Fortunately in the property market we aren’t able to get a daily valuation so we can easily ignore price fluctuations. but have no doubt property can get negative growth – ask those who bought at the peak of the boom (of course not everyone – I was generalising again).
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by westan:Hi Caroline
i also want to say i disagree with Simons comments, your “value” as a stay home mum can’t be understated.
Janine, my wife has been a stay home Mum and on one income we were able to successfully create financial independance. And I was working as a school chaplain on a reasonable low income (compared to what i make now from my own investments.)
You can do both – stay home mum and be an Investor
regards westan
USA deals, cash flow equity and capital growth all in one property.
International Property Consulting Pty/Ltd.
Property Investing New Zealand Ltd
http://www.iproperty.net.auObviously I have taken a shot at a sacred cow here. Of course a mother shouldn’t work cos that assumes she neglects her children… but lets leave this one alone. I apologise to all mothers for my insensitivity.
Seems you two need to be a team. But that doesn’t mean your goals need to be the team goals as suggested earlier. Teams don’t work that way.
Perhaps you need to relax on your goals and help him spend the money…
Now you know I don’t advocate this. I am just trying to show up the earlier posts suggesting teamwork where only he changes his behaviour…..
Now if you want things to change then firstly you must change. You canot change other people against their wishes – if you try to the marriage will suffer. However you can influence him to change. Perhaps if he realises that an outcome of investing allows him to have so much more at a later date he wil swing around.
Sounds like he is all for it as long as his lifestyle doesn’t change.
My situation was similar. But my wife was terrified when I started investing. Buying $2000 worth of shares was akin to taking it to the casino in her eyes. But after I shoed her some success she is no longer worried in what I am doing. Telling her I just added $50K to a MF doesn’t even get a comment in reply. You are better offas he is open to your investing – just not too much.
So start off small. You have a home so he is already comfortable with property ownership. Discuss the growth you have achieved in that property. Wouldn’t it be nice if you had another property tracking the same growth? Esp if it just cost you $20-40 pw after eg gearing? That sounds reasonable?
or why not research the share market or managed funds? No reason why he shouldn’t let you draw some funds from the home loan to put in a fund like Platinum which has always had 20% + pa profit? (600% growth since 95) All of a sudden $10K of your home loan is deductible. How can you not afford this? I am not giving you advice here – just suggesting examples to think about.
Start off small and don’t terrify the poor man!
Do I understand from your post that you own commercial property already? If so then you are not the beginner you suggest – nor is he.
Do a search for my earlier post about Taming the Debt Monster to give you some ideas about how I got started.
Good luck to you both.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments 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 get a job as well?
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Maybe they told you that you needed to be on title?
No requirement for a mortgage. Your granny can give you a property and you would be entitled to the FHOG. ***Poor example here. you need to purchase the home. but no mortgage is required.***
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
This sounds bizarre.
ATO is not involved with the FHOG.
You don’t need a mortgage at all to qualify.
I suspect someone has made a mistake here.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Jenny,
What do you want to achieve with an advisor?
Would you rather pay fee for service or a comission based fee?
What level of experience do you have?
Are you interested in all asset classes?
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by Anitamarshall:oh my goodness – what a nightmare – i think that is advice that people should get from their accountant not a broker – if we just stick to finance advice that is better for everyone concerned.
Anita Marshall
Advanced Finance Solutions
http://www.advancefinance.com.au
[email protected]Are you qualified to give Financial Advice Anita?
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I am sure most brokers would trip over themselves to help you refinance – I know I would [biggrin]
Firstly consider checking if your current lender will refinance to IO for you. If they have decent products then this may well be your easiest, fastest and cheapest option. Consider a Pro Package with them to reduce application fees and use their interest rate discount.
Be careful that any broker you speak to doesn’t refinance you to another bank just for the sake of it – he wont get paid if he tells you to stay put[blush2]
All the best
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by hb:Well on my calculation wezwaz is closer to the mark…..
if you bought a $400k property in victoria on 40k deposit,
you would pay
Stamp duty on transfer of land $19,660
Stamp duty on mortgage: $1,404
Registration of transfer of land: $1,074
Registration of mortgage: $59
Title search: $13
Registration of mortgage: $59
Loan application fee / package fee: $600
Mortgage insurance: $4,320
House insurance: $600
Solicitor/Conveyancing fees: $500
Building inspection: $500
Other costs including connecting utilities: $100
and whatever else i’ve missed…..
that all adds up to………………. $28,889Had you taken that $40k and bought HZN shares 58 days ago when they where just 23 cents……
you could have sold them today. for…46 cents
making a cool 100% gain in 58 days
and only cost $29.95 to buy
$29.95 to sellsounds so much easier…….
your right Terry
I agree it is ridiculous with the stamp duty issues. Makes you want to abondon property and invest in shares!i have and loving it
harry
Harry
That is a pretty selective example. Higher rewards like that play equates to higher risk. So to compare residential property with the risky end of the sharemarket is flawed at the least.
A better comparison might be a blue chip stock. I know I would have rather owned RIN shares over the last year than my properties, however the banks have taken a bit of a hit lately.
Shares are a great investment no doubt and form part of any balanced portfolio.
One advanage of the higher entry and exit costs of property makes it less liquid – meaning most folks keep for the long term making it such a stable market.
Imagine the result if you could trade a property for $30 ….
Stamp Duty is a great tax for any govt. No tax rises as it grows along with the housing market [grrr]
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by eviebear:I am about to start research into buying a property in Sydney. Where is a good place to start? Are there any favourite websites or companies who offer advice, not only on where to find the best loan, but about EVERY aspect of buying ie: suburb profiles and research, First home buyers grants, legal contract info, interest rates, financial advice, and pros and cons to buying etc…
I need some really comprehensive info with statistics to back it up. Everyone seems to have an opinion but it’s really hard to know who to listen to. Thank you very much. EveEve,
You will find most of your info needed on this site or other websites.
What you wont find is the actual stats on suburbs etc. This info may need to be purchased from a research company. Alternatively a reputable buyers agent may be able to help you research as they subscribe to all the databases with such info.
FHOG and other info about the actual mechanics of buying is straightforward and you will find your broker and/or solicitor able to help.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
