Forum Replies Created
My rate conscious clients currently end up with 6.29% with free offset.
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.
Electrodry is very effective on older carpets – I have used it to good effect too.
I agree with the advice earlier – be guided by your PM and just do what is necessary to make the place rentable.
Save the tarting up for sale time.
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.
Were the Seminar folk actually selling the property or offering to source it for you in the guise of showing you how to create wealth?
This is a Red Flag in my experience.
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.
If you are currently only just servicing your current loans then a construction loan with no rental income might not be the wisest move.
However if you have the equity then you may be able to capitalise the interest until it is rented….still may be too tight. With CG being in a slow or stagnant phase it may not be the time to stretch yourself too far.
You really need to have someone in the lending or broking game run some figures that may help you make your decision.
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.
You are on the right track.
Some fine tuning of your idea might be to draw a 20% deposit and costs from your home loan using a split to clearly identify which part of the loan is for which property.
Use this to get an 80% IP loan IO.
Pay IO on the IP loan until you have no PPOR loan left and indeed no nondeductible borrowings left.
Does this make sense?
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.
our property finance lecturer once said to us, “How would you like to get a practically guaranteed 6.5% return on your money? Easy, make extra repayments on your home loan.”Tax Free return too!!
But I would counsel people to choose an offset account for the same effect but with far better flexibility for reason outlined in other posts.
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 clones:Originally posted by Dazzling:
Maybe – just maybe, some, not all, are little 22 yr old journo’s on 35K p.a. with no property experience at all.Funny you mentioned that, isn’t 35K p.a. and 22 years old the average salary and age of the real estate agents and mortgage broker?
Clones
I wish I was 22 again – wouldn’t be a MB either lol [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.
Keystart is a very useful product but unfortunately as a WA Govt initiative it is unavailable outside that state.
I am not aware of anything similar elsewhere.
QLD did have one in the 80’s but when rates dropped it proved to be a disaster and really hurt the folks it was supposed to be helping.
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.
Has something bad happened to you Clones? You seem a bit hostile to people you don’t agree with?
Noone is disagreeing with you that the market as a whole is in a post boom phase of the cycle. Some areas are dropping, some are stagnating. But I think you might agree that studying the micro markets might find some properties with a chance of some CG in the short to medium term. Or do you deny that is possible?
There is plenty of negative press about RE atm.
The man on the street is moving money into the sharemarket.
Take a look at the Economic Clock – do you still think “This time it is different”?
I think we will see a build up of media attention on the stock market. Floats will become a flavour of the month even T3 will get a lot of publicity. People are and will make money there. That is a no brainer – even for me as a MB. Even I have a healthy part of my portfolio invested in equities both directly and in MFs.
Seasoned investors will also make money in the stock market and start looking for undervalued property and smart money will move back into the property market whilst taxi drivers will be giving us tips on hot stocks to buy.
Do you not see that this is the natural order of things? I may take 2 years, it may take 7 years but I will have a bet with you that we will see another property boom.
Can I ask how old you are? It is not to be rude – I just wonder how many cycles you have traded or lived through?
I made money in the late 90’s and 2000 in the stock market. I thought I was an expert. I thought that this tech bubble was something that was going to change the face of everything forever and so did many experts. I even said “This time it is different”.
It wasn’t then and I doubt it is now.
I am not trying to talk up the market for my own business, I am not the megolomaniac that imagines I can influence anything. [biggrin]
All the best to you mate and keep the clippings coming. Would appreciate your analysis as well to give us all something to discuss.
Cheers,
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.
You are better to find another lender who is able to lend you more based on your income from all sources.
You may not need to refinance all the properties to do so.
Most reputable brokers will be easily able to point you to the right lender.
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 would expect that stamp duty would be applicable based on the value of the Father’s share of the property regardless of whether any money was being paid for it.
Does this sound right given the amount of money being charged?
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 clones:Originally posted by Mortgage Hunter:What advice is that Clones?
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’ll put it more clearer just for you.
Investors are finally seeing that the sector has already had its best days, you can expect this overall downtrend to continue.
Clones
I agree Clones. What happens after that?
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 advice is that Clones?
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.
Drop me an email mate
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.
Give a broker a call and ask him to run some figures for you. You might be able to make some decisions armed with the info he can give you.
Sometimes it is better to pay down a PL and sometimes better to keep it. Depends whether your strength is in a big deposit or a good income.
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.
You know I remember a saying describing playing Poker for Money:
“Look around the table, if you cannot immediately identify the sucker then it is you”
This describes how I personally feel about investing in Eastern Europe or SEAsian countries – especially when buying property marketed to OS investors.
I once went to a seminar on Auckland Studio Apartments – I felt this way then too and rightfully so as it turned out.
Probably just me being ignorant or cautious.
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.
Do you have a PPOR loan?
I think that going to IO will free up cashflow if you wish to buy more IP’s.
You may not need to refinance – see if your current lender can change over for you – it will be cheaper.
If you do decide to refinance then you should speak to a broker and determine which lender will allow you to borrow the most and hence allow you the flexibility to buy as many IPs as you choose to. Often running out of serviceability it what puts the brakes on.
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.
I suggest that you remind your friend that he has choices.
Find out the current market rent of such a house. PMs will bend over backwards to tell you what they think they can get for you (might not even hurt to pass it to a professional manager either).
Your friend can choose to pay market rent or try his luck on the open market.
Sounds like this is a one way friendship to me [blush2]
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.
You will be able to reduce by 50% as you held it for over 12 months.
In addition there are other costs which you will be able to subtract from your profit before you are taxed on it. Buying and selling costs are some. Capital improvements a another.
I suggest you use a tax expert when you do your return to maximise your deductions.
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 Celivia:Welcome back, Bill!
It would be good if more “Oldies” came back, like Jetdollars and SIS, Rugbyfan, and Melbear.Celivia
I think JEt and SIS are focussing on share investing and you might find them frequenting Australian Share Forums 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.
