This was mentioned and discussed in another thread on this forum a week or so ago.

As I said there, every year we have some doomsdayer talking about the collapse of the Australian property market, in fact Mr Dent predicted it would happen 2 years back. Funny how it didn't eventuate then. Suppose if he goes to the well enough…[Read more]

Like Jamie said a comparison rate allows you to gauge the truer interest rate after taking into account other costs associated with the loan. So a loan with no or minimal fees & costs will have a comparison rate close to the advertised interest rate while a loan with higher fees, costs will have a comparison rate much higher than the advertised…[Read more]

Vincent8 wrote:
Hi all,

Many thanks for your helpful replies – I appreciate it. I did double check this with my mortgage broker today and you are all right, he was trying to cross collateralise.

I told him I didn't want this, so he will get back to me with other products where this can be avoided.

However, he did advise that I may lose out in…[Read more]

Like Terry I don't charge a fee, but I do know of some brokers out there who will charge for pre-approvals (who will then waive the fee if in the end you take out the loan through them).

As Terry said the way your partner is treated (non-resident, temp visa, etc) will affect whether approval from FIRB is needed, type of property you can buy and…[Read more]

Vincent8 wrote:
Many thanks for your advice, Terry.

These were his exact words, if your good self or any other posters who are familiar with this topic can translate for me in laymens' terms:

"How it would work you would keep your property at $200k and continue to pay that P&I and try and pay that down as you are doing, because there are no…[Read more]

You would need to check the relevant SRO in your state for eligibility requirements Mikal, however I would hazard to say the answer is yes.

I know in Victoria as long as the investment property was bought after July 2000 and is solely an investment property (i.e. never lived in by the title holder), then they are eligible for future FHOG. There…[Read more]

Freckle wrote:

PLC wrote:
Ah the good old doomsdayers, where would we be without them the last 10 or so years?

He's in good company then. Every financial player worth his salt is saying the same things. Humans like to stay positive and talk up their chances even in the face of adversity. The problem with that trait is that it often means we…[Read more]

Ah the good old doomsdayers, where would we be without them the last 10 or so years?

Harry must be in town to promote another book or something. He predicted the same property crash in 2012. I suppose if you say it enough times it might come true eventually (dartboard…[Read more]

I noticed you mentioned gift as part of your deposit. What is the size of the gift compared to the remaining deposit, as most lenders require 5% in genuine savings over 3 months when borrowing above 85% LVR?

Cheers

Tom

Personally I think it is a nice pocket. Close to suburbs such as Yarraville, Williamstown, Altona Nth without their price tags, and not that far from the city.

Though I'm not sure what effect the new housing developments on the old Don Smallgoods site will have.

Cheers

Tom

Majic wrote:

I may be clutching at straws here but here is a question. 

Can I redraw the money available in the loan in order to improve the situation ? Does it help if we do this while I am still living in the house as my PPOR. ? 
Does the structure of the loan matter when doing this ? In my case, I have the loan split three ways. Two of…[Read more]

mattliasiian wrote:
Thanks Guys I have a broker appointed and ready to throw hundred of questions, Do you guys know as of today how much FHOG is in victoria for already established housing not newly built but existing property is ???

Thanks

FHOG no longer available for existing properties in Victoria. Rules changed as of 1st July…[Read more]

mattliasiian wrote:
Thanks for all the advice guys its great!!!

I am thinking now maybe to purchase out in the suburbs something decent between $200,000 – $250,000
something relatively good location with 2 bedroom house. I want to live there maybe 2 – 5 years and so I can do my own business and continue to build capital and save because the…[Read more]

Qlds007 wrote:
Anz allow 5 separate loan splits under a Breakfree package so no reason why they will not allow a further split.

If there is an issue merely increase one of your existing Investment loan splits.

Richard, is it still a maximum of 5 loan splits? I seem to recollect that ANZ changed to unlimited loan accounts under the one…[Read more]

As others have mentioned, banks wont accept valuations you went and received on your own accord.

However you will find that in almost all cases for established properties any valuation that a lender does for an application will come back at purchase price (construction and off the plan are different beasts). Obviously there are exceptions to the…[Read more]

I'm with AFG and started out similar to Colin as my mentor who was a friend of mine was with them, and was willing to help me enormously while I was finding my feet.

Agree that the FLEX software isn't the easiest to use and my biggest gripe is that not all the information you enter transposes across to the specific lenders application so you need…[Read more]

In that case you need to do as Colin suggested and IO with linked offset.

There are two ways to make money with investment properties. First is with the rental income which should increase every year leading to a higher yield. Secondly is with capital gain. It's all good and well buying a mid $200K property because it's cheap, but if you're not…[Read more]

If you were to generalize with Melbourne then the Eastern and South Eastern suburbs are more expensive than the North and West where you could get more bang for your buck. Whether that translates into better capital gain down the track is another thing.

As Jac mentions, within the CBD or surrounding suburbs for your kind of budget an apartment…[Read more]

jate wrote:

Terryw wrote:
Hope your broker is not giving tax advice.

Not really, but he was explaining how he thought was best to restructure my loans/accounts I had.
He did make some comments regarding not to use my money directly to pay for expenses from my PPOR Offset account for Investment purposes directly as it wouldn't then be tax…[Read more]

Jamie M wrote:
Buying off the plan is rarely a good idea.

You generally pay a premium for them. For that reason, valuations can come in low – and if you don't have a large deposit you may find yourself in a position where you can't obtain finance meaning you'll forfeit your deposit (and possibly more).

Cheers

Jamie

Valuations are the…[Read more]