Forum Replies Created
As Jarrah says they are tools for you to edit or delete your own post.
They are appear on everyone’s own posts.
Enough with the paranoia[fear]
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 tbsuper2:Thanks Terry.
What if I have two properties that are cross collaterised and each has a market value of $100,000 and each experiences an increase in equity of $10,000, Under cross collaterisation, I now have total equity of $20,000 to leverage against as opposed to seperate equity of $10,000 under seperate loans with differnt banks.
.This is true.
I don’t have a big drama with xcoll if it acheieves the aim.
The point made earlier is that if that lender reckons you are at your limit you cannot easliy take one of those properties to another lender without spending time sorting out the xcoll.
At this point it can be a pita but not the end of the world.
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.
Welcome back Chefman. Love your posts and hope you have some time to post some more.
Let me know when you are ready for a half share in a pub up my way [biggrin]
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.
Two choices.
Link the new property with the first property and borrow 100% plus costs. Downside is the fact they are linked.
Alternatively borrow 20% plus costs against the firsat place then get a seperate 80% loan for the new IP. Downside is the added work and fees. Also is a little less tidy when presenting records to your accountant.
Clearly I would strongly recommend using a good broker. They are very familiar with what you are doing and will quickly identify the best lender for you.
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.
Would you buy the house at todays price or walk past it thinking it is a dog?
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 is your situation?
Maybe we can help here?
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.
Ideally you will go in with a 20% deposit. If less you will need LMI. At 5% deposit this comes to about $3700. At 10% deposit it is about $2500. At 20% deposit it is $0.
Stamp Duty comes in at around $6000 depending upon your state.
Legals will be about $1500 – 2000.
Inspections about $600
There may be other minor costs associated with the loan depending upon the lender etc.
Hope this gives you a very rough idea.
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.
My gut feeling is bad investment.
These cannot be highly geared and will need a lot of equity. They will slow you down.
Don’t be seduced by the high yield. These type of things need to be sold on a high yield to make them even marginally attractive.
My advice is stick to middle class housing…..
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.
Returns look good until one considers insurances.
Childers led to a huge premium increase across the industry.
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 such a high legal cost?
Is it a regular house or apartment?
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 doubt you will get a more attractive variable rate than 6.62% – not significantly better enough to warrant the costs of refinancing.
I tend to prefer variable. I believe that over time the banks usually win on the fixed rates. But your situation is different and I can see you welcoming the certainty that a three year fixed loan will give you.
Be sure you will be keeping the unit – fixed rates usually have a higher break cost associated with selling or refinancing.
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 Blakeb:Do you have any other properties or assets that could be used as security??
[email protected]
HQ Homeloans
Mob: 0402 BROKERBlake,
Read Andy’s earlier posts to see where this is from. You seem to have come in on the end. Just to answer your immediate query there are no other properties involved or available. Security isn’t the issue here.
After you have caught up on the background then I am sure we will all welcome any insights in how a member of our community can improve his situation.
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.
Every week I get calls and emails from people who have “discovered” a new type of investment property. Hotel rooms, retirement homes, student rental buildings, strata storage units etc etc
Bottom line is that these properties are hard to finance and can only be geared to 60 or 70%.
They will end up slowing down your portfolio growth.
Standard residential property is a proven performer.
When you have some capital then industrial, retail and commercial are worth exploring.
But please be very very careful taking on the cheap, high yielding but unusual types of property.
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.
Try not to refinance – new lenders will need a valuation.
Costs of refinancing may void any savings you might get.
Speak to your banker and tel lhim you are looking to refinance to chase a better rate, unless they can give you a good enough rate to stay? I recently cut 0.5% off my margin loan with one email saying just that.
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.
An Australian site would be more useful spam.
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 Dazzling:No, never…..but then I’ve never bought anything at auction.
I don’t think the original question was about an auction.
That leads onto a valid point though. An Auction is an unconditional sale. If buying at auction you should have these checks done beforehand.
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.
No. You can do all of that after you have settled on a price.
If problems are identified you can pull out or attempt to negotiate a lower price.
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.
[/quote]
I don’t think I could get a loan in my name only (or my wife’s) due to income restrictions and existing joint debt.
[/quote]Mike,
You better speak to a broker and find out for sure. Be a shame to let an assumption hold you back [biggrin]
I personally don’t believe xcoll to be such a bad thing for most people. But that is just me.
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.
Pest and building is one of those areas where the expert must be local. I am afraid I cannot help with that area.
I do have a super QS tho.
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.
Lee,
I am sure he is great.
Please don’t feel you need to support any of us brokers here just because we post a lot. That isn’t why I do it.
I meant my post against McBrokers in general only. There are some wonderful individuals in every organisation.
thanks for the referral – good brokers are hard to find these days.
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.
