Forum Replies Created
The answer is either/both.
You do need to wait until the new total loan size is less than 80% of the properties valuation. This can increase to 95% if you are willing to pay the LMI.
I have had some success recently with refinancing property loans to a pet lender on the basis that they only get the new deal if “their inhouse valuation” comes up to the amount required. It cost the applicant nothing to apply and there was nothing to lose.
I am sure most brokers have a similar “supportive” lender they can call upon for this sort of refinance.
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.
Welcome back Bill.
Why don’t you tell us some more about this fantastic deal?
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 the bank valuation supports the new value or you have paid enough off then yes it can be done.
You will need to push it with most lenders though and maybe even need to invoke the name of the ombudsman!
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 really need to discuss this with a broker or lender – is difficult to do anything online like this.
If your parents are willing to help a lot then it might be easier.
Also depends on what the prices are of the sort of property you are interested in.
So many variables!
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 be a courageous man who tries to get you I think.
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.
e-choice are Mortgage Brokers according to their website. They don’t lend their own money just help you find a loan. They are paid a fee by the lender for bringing your loan in, that’s how they make their money.
There are many brokers out there of varying levels of competence. It is best to use a referral from someone you trust when trying to choose one.
I have never heard of e-choice. Let us know how you go.
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 both entitled and not married or de facto then you can both use it.
Not for the same property though.
You will also need to ensure that neither of you are on the other’s title. So one property each is the answer.
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.
Gross my old friend, every now and then I just cannot pick up on what you are trying to say.
Can I have a little more info please?
Ta
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.
Perhaps he knows someone that might like to rent it?
Sounds like a terrible problem and not one I would wish on anyone.
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.
Jay,
There are a number of advantages to either method.
With your personal feelings I think you would prefer to buy a PPOR first. I think this is what I would do too.
This can be a great tax exempt investment – often PPORs do better than IP’s – I think this is because they are bought in nicer areas and maintained with more pride…but I am not knocking IPs at all here.
There are other great incentives such as the FHOG and CGT exemptions. You may even both get the FHOG depending upon the nature of your relationship.
Your first home is often not your permanent home. With that in mind you need to structure your finances accordingly. Offsets and IO are important to consider and this can be explained when you are ready.
Even if you have money in offset I would suggest borrowing against the PPOR for the IP’s to maximise tax deductibility.
I would rather not make recommendations as to rolling in other debts without knowing your situation better but it can be done – shopuld it be done is a whole different question!
I hope this helps but I suspect I have just thrown up additional questions.
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.
Thanks for sharing that Hihopes – is always good to hear other’s experiences.
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:I think the clowns are others.
Have Mortgage Hunter and Dazzling ever stopped talking the property market up without any real fact. Any comment in this forum about something wrong with the IP market is just wrong and based on their comments all the market is rose colour.
Keep believing it mate.
Clones
I am positive about the long term prospects of quality property.
Don’t you like my opinion?
I doubt I have ever said that anyone was wrong? Nor do I have any agenda here.
What facts would you like? I don’t think I have any – all I go on is my experience and what I can read of historical performance.
You seem to get upset easy mate – perhaps you need to take a little lie down after reading opinions you don’t agree with.
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.
Your idea of a good location sounds correct from a vacancy perspective. Howewer for growth you should consider more middle class areas with a high proportion of home owners. These suburbs are desireable and people pay to get into them.
You are learning every day that you do something.
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 don’t need to sell in order to lock in a current valuation and use of the profits either.
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.
Defence bases have dissappeared – there are a whole lot less now than there were when I first joined up!
One area of real concern is the lack of flexibility with the lease – if you sell then you need to sell only to an investor. This market usually does not fall in love with a property and does not make offers based on emotion. What I am saying is that DHA investors I know claim the long lease actually has devalued their properety compared to others nearby.
The management fee is high but so are their standards. I know this as a one time occupant of DHA properties.
I think they are a great investment for someone who is quite worried about all the potential for disaster in being a landlord – someone who watches ACA and believes the stories will happen to them. If you are too nervous to own an IP otherwise then DHA is perfect. If you have no time or interest in running your investment you should also consider them.
Having said that – I wouldn’t consider them myself.
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.
What would they be worth individually?
This is a guideline as they are not individually strata’d and it would cost more to do so. Be careful he isn’t pricing them for sale like this.
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 ask that you post your opinions in a less inflammatory manner.
I take it that Foundations claims offended you for some reason? I am not sure why but you asked for proof in quite an unpleasant manner.
You are welcome to write whatever you like but unless you do so in a less offensive way your posts will be moderated. We have been having some trouble lately and I am cracking down. It is perhaps unfortunate for you that you are the first to be sanitised [blush2]
All the best to you,
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 and I hope to see you post more!
Most people start with residential property – it is cheaper and simpler to get started in.
You may also choose whether to start with an IP or a home and enjoy the FHO benefits.
You need to aim for a 5-20% deposit, so at this stage I would urge you to keep saving and study your chosen area until you know it so well that a good deal will stand out. Look at open houses every weekend is a start.
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.
Have you had any luck as yet?
I can recommend some Melb folks if you still need them – just email me please.
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.
Mortgage broking is not as lucrative as during the boom time. Even if you start writing business the minute you hit the ground you will not start receiving income until a month after those loans settle. This might be 8-10 weeks.
I suggest that you don’t quit your current job but arrange to see clients after hours until you have replaced your income.
What is your concern about using your LOC to live on for a while?
All the best to you,
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.
