Hi Mandy

Firstly welcome to the forum and i hope you enjoy time with us.

Like the old saying in Invercargill the last one to leave please turn the lights off…. No seriously investing in Miles wouldn't be as bad as that but i question why you would invest in an areas after the boom has been thru.

As a new investor start small engage the assistance of someone to work with you on your property investing journey and spread your risk.

Investing is all about risk minimisation and not maximisation.

For what you would pay in Miles or Chinchilla you could buy 2 lower risk properties with sound growth and rent drivers and sleep at night.

Enjoying financial freedom doesn't have to be achieved in 1 year so build your foundations.and the rest will click into place as time goes by.

We put a lot of our new investors clients into low risk property where they can find their feet feel comfortable with the mechanics of investing and then start to build wealth for them over time.

Cheers

Yours in Finance

Hi Richo

Firstly welcome to the forum and I hope you enjoy your time with us.

Couple of quick answers:

1. No regretfully you are unable to claim your wife's share.

2. Cost of transferring the ownership to yourself will depend on the value of the property now and the initial purchase price. 

    Reason being there might be additional Stamp Duty payable and possibly CGT.

    If the property is in VIC you might be lucky in respect of the SD.

Once you have calculated the potential costs you need to way this up against the ongoing savings and this will be determined by your marginal Tax Rate.

Get yourself some good advice before rushing in.

Cheers

Yours in Finance

Steevg, seeing you are fairly new to the forum I will be gentle. 

Normally when you come on and post a question seeking advice and are lucky enough to get a response from someone like JacM who is an experienced property investor and established forum contributor it is poor form to tell them you disagree.

Glad to see you have edited your initial response but if you are asking for advice or an opinion best to welcome all comments and then decide off line what you want to do.

You will find if you adopt such an attitude from your first couple of posts you will get more quality responses.

On a separate note i have 41 investment properties and certainly never change the locks each time a tenant vacates.

Cheers

Yours in Finance

Hopefully your Broker wont be using the equity but taking out a separate sub loan.

Do not cross collateralise the securities under any circumstances.

With the right loan selection and sufficient income / rent you should never run out of equity.

Cheers

Yours in Finance

Hi Woody

Hate to say you cannot even get finance in the UK as a non resident even if you are a UK Passport Holder unless you have your overseas income paid into a UK Bank account.

I own a property in the UK and have a fairly decent rental income from my Australian properties and still wouldn't qualify for a loan from a UK Bank.

Neither HSBC or Lloyds TSB do expat loans these days.

Cheers

Yours in Finance

Hi Woody

Welcome to the forum and i hope you enjoy your time with us.

Have to say given that CBA will only go to 90% lvr on an equity release you are going to fairly limited as unless you build or buy a new PPOR you won't qualify for the new build boost and therefore are going to have to use your own funds / equity to cover your deposit and acquisition costs.

From a quick calculation your total cash reserves come to around $60K so your acquisition price and the type of project you can acquire is going to be capped.

You might want too think about a 100% loan or a facility where you can get a secured line of credit over and above the 90% lvr as these funds could be used for renovation, subdivision etc.

Alternatively look at some creative financing or cash flow ideas to build cash flow / equity combined.

Cheers

Yours in Finance

Wow makes the 90 minutes i spent with a forum client this morning for the price of a cup of coffee look like an absolute bargain.

I see it every day of the week so called mentors charging like wounded bulls for limited or no information at all.

Usually the cheap upfront initial hour is the entree and then to get to the main course you need to spend a lot more.

Alternative is to sit down with someone qualified and licensed and get a whole bunch of ideas to you own particular situation.

Course whilst people are still prepared to pay for it such organisations will carry on charging accordingly.

Cheers

Yours in Finance

Whilst Jacqui is correct if you intending too live in Berkshire i would probably suggest someone like Newbury Building Society.

They are also one of the few lenders that will also considering lending to non UK citizens.

Cheers

Yours in Finance

Certainly on servicing a +cash flow property will aid your situation.

With the exception of 2 lenders you will be seen to be jointly and severally liable for the the entire loan on the property you have with your parents yet will only have 1/3rd of the rent allocated to your income for servicing.

Probably need to examine exactly what you want to achieve and rank the importance as you may need to get there in stages.

Careful planning needed so you don't limit yourself going forward.

Cheers

Yours in Finance

Must admit i would be surprised if we get a reduction in August given that mortgage lending in the last quarter is at its highest level since 2010. 

Not to say we wont see another reduction later in the year but think August is a bit premature.

Cheers

Yours in Finance