Hey Karen,Have to admit hearing your story has inspired me to look at my finances now and see if I am in a position to purchase my 2nd IP. I was initially going to wait till the end of the year but stories like this help to motivate me and push me that little bit further.Rudra

Hi bb8I'm with NAB and we had the same thing in our contract.Rudra

I agree with that but I think there could always come a time where you need to sell a property to reinvest in another property or another couple of properties.

Hi Rudiga,

From what you’ve explained it sounds like you’ve cross securitised your properties, while the loans may be separate you were able to borrow over 100% on the second IP because you used your first IP as security. From the opinions I got from others on here, it sounds like you may run into issues in selling one of the properties. From…[Read more]

Hey everyone,Thanks for the comments, it's really reinforced my decision not to cross securitise the properties I have now and any future properties.Terryw thanks for coments about going in with family and I appreciate where you're coming from but things are slightly different. I was actually the one who wanted to invest in property but wasn't in…[Read more]

Thanks for that guys, I did do a quick search and went through the threads on it which was quite useful. Initially we decided never to cross collaterise our investment property with our family home as a way to safe guard the family home to an extent if things went bad. However now that we have our first one and everything is going great we were…[Read more]

Hi god_of_money,

Thanks and I believe I have made the right decision for me.

Yes I understand both Premium and Storm charged fees, however this doesn’t make them the same.

As I mentioned on another post in another topic, we got an independent valuation done before we purchased the property and it the value was higher than what we paid for it.…[Read more]

Hey everyone,

Firstly we did get an independent valuation of the property we bought as we know all about West Point and Storm Financial. The valuation was above what we paid. We put a 10% deposit down on the property and used equity in our current house to get this. We did look on realestate.com about a year ago for properties in Logan (where we…[Read more]

god_of_money, just so I understand your standpoint,what you've basically stated is anyone building wealth through investment properties is creating their own grave of debt? Secondly do you understand exactly what happened with Storm Financial Services? Because I think if you looked at their business plan and compared it with Premium Finance you…[Read more]

god_of_money, yes I have heard of Storm Financial Services but the difference between them and Premium is I'm not investing in Premium Finance. There is absolutely no investing done with Premium Finance, yes there is payment of $5000 which I paid AFTER my property purchase went through. The $5000 was money well spent in my books as it made the…[Read more]

Hi everyone, Happened to come across the forum when I was doing a search for premium finance because I was looking for their website as they going to use my testimonial on it. I was quite surprised at all the negative comments on here because I used their services and didn't have any issues at all. Now most people on this forum…[Read more]

Hi everyone,Happened to come across the forum when I was doing a search for premium finance because I was looking for their website as they going to use my testimonial on it. I was quite surprised at all the negative comments on here because I used their services and didn't have any issues at all. Now most people on this forum will probably say I…[Read more]