Thanks for the info!

Is it necessary in this situation to have a 20% deposit (equity from my parent’s land)? Or can it be done with 10%?

Thanks again!

Is it easy to find a lender that assesses it this way? Could it work for multiple properties if we were to find the right lender or would we be better off keeping everything separate from now on?

Cheers Terry,

You make some good points.

Ossi.

Hi Derek,

No don’t want to be linked by LOCs forever.

What I would like to do is access the equity I have in an investment property which is in joint names and then use this equity as the deposit for my next IP. I don’t want my friend to have to guarantee my next IP (which will be in my name only), therefore, I thought I could take out a LOC for…[Read more]

That's great! Thanks for clearing that up for me Michael!

Thanks Michael.The main thin I wanted to confirm is that this is an option in order to use the equity in the joint investment without having to guarantee each other, or buy another joint investment. We would like to go our own ways but still be able to take advantage of the equity that is in the joint investment without being forever tied.So if t…[Read more]

I was wondering the same thing, as I am in a very similar situation to James Woods. Would it be relatively simple to organise two lines of credit and use these as deposits for other properties?Once the lines of credit are paid back, would that effectively sever any ties between the two parties. (e.g. they will obviously be tied by the joint ip,…[Read more]

Thanks for all the responses everyone… I am starting to get the impression based on all of these comments that what I am thinking about doing is a BAD idea!! haha.The reason I am so desparate to buy is because I know I won't be back in full time work for at least another 1.5 years. I figured if I could get a load approved before I left work and…[Read more]

Thanks for the great infomation eveyone. I am very new to all of this so my questions are quite basic. The loan is relatively small as I am buying in a large country town, and my dad has agreed to cover any repayments (if the property is vacant) while I am finishing my last year of university. I currently have a pre-approval so just need to find a…[Read more]

Thanks Michael! Is is likely that the bank would find out that I’m no longer in full time employment? In other words, how often do they check the loan applicants financial details between the time of pre-approval and settlement? Also, am I obligated to advise the bank that I am no longer employed. As I said before, servicing the loan is no issue,…[Read more]

Thanks for the response Johann. Servicing the loan won't be an issue, as my dad is happy to cover this for me. All I am really concerned about is whether the bank is going to ask me to prove that I am still in full-time employment when it comes time to settle on the property. I hope to buy in the next 2-3 weeks and will also be resigning on…[Read more]

Thanks for the great info everyone!!Does anyone know how I would go about getting finance to purchase property in New Zealand? I have noticed that there is lots of positively geared property over there!I don't plan on doing this until I have a few Aus properties under the belt but would still like to know how it is done. I have ZERO knowledge in…[Read more]

Wow! I was wondering the same thing as James Wood! Cheers Jamie!

Does a HECS/FEE-HELP loan have an impact on my borrowing capacity?

Hey,

I am confident have equity in my ip as I bought it well below market value.

I have a very simple question, do I now contact my lender to have the property revalued in order to.determine the available equity or is there some other method?

Also, what does a valuation usually cost?

Can the result be disputed?

Cheers,

Oz.

Thanks Jamie!

Anyone out there ever bought ex-commission homes in large regional towns/cities at auction? If so, was of easier to purchase the property below market value? I am considering ex-commission property in the evo-cities, am I more likely to get a better buy at auction?

Also, does anyone think this evo-cities advertising campaign will…[Read more]

Thanks Nathan! I’ll check out his site.

Oz.

Hi,

I noticed you are interested in areas north of Geelong.

Unfortunately I can’t answer your question, but I have recently noticed these areas (searching for cheap property online) and was amazed at how cheap 3 bedroom homes were considering the proximity to Geelong, the bay, and even Melbourne!

I am from Sydney and have never been to these…[Read more]

Haha, that might help!

Ideally looking for someone around the Parramatta/Penrith area.

Oz.

Hi All.

I’m very keen to buy my second ip, especially after learning more about using the equity in one ip as the deposit for another!

I didn’t have the best experience with the broker I used for my first purchase. I assume he wasn’t all that interested due to the fact my loan was so small (128k).

Can anyone suggest a decent broker who would be…[Read more]