TheNewGuy wrote:
I just renewed all of my insurances. I have Income Protection for 3 months to death, at 80% of my salary. 3 months to 24 months is in my super, and 24 months+ is via Macquarie Insurance.

For permanent injury / death, I have $750k lump sum, and a pension paid to my wife ~ $15k p.a + CPI for the rest of her life.

I have ~ $800k…[Read more]

PLC wrote:

Richard, is it still a maximum of 5 loan splits? I seem to recollect that ANZ changed to unlimited loan accounts under the one breakfree package recently?

That's even better….but still if they allow to topup the existing loan account to release PPOR equity would be better  rather than new loan account….Is it possible?

Seems like it is matter of who you know in ANZ for loan drawdow, when i asked my MB before taking on loan, he said it's impossible….

Terryw wrote:
Also, once you get the money into the loan then how do you use it.

Terry, that is something I am keen to hear from Richard as he had several clients done this….hence my question about how to…[Read more]

Terryw wrote:
[
No, it is possible to do all without crossing at any stage. But in the early days cash is tight and equity is tighter, so clients often try to access equity and take out little bits at a time. After a while growth kicks in and you might take one property up to 80% and by the time you use that LOC then the next property has…[Read more]

TheFinanceShop wrote:
Some lenders like Suncorp, St George and Macquarie allows you to easy create sub accounts. 

If we are talking about a loan amount of $595k  then Westpac will do 4.97% (plus $1,000 cashback), CBA will do 4.95%, Homeside (NAB) will do 4.94%. 

Second tiers lenders will even go lower but again don't focus on rate – focus on…[Read more]

Terryw wrote:
You could have one big LOC but, this would mean it is secured by each property which is cross collateralising.

These sorts of issues arise in the early days when the investors are trying to get access to equity quickly, but after a while things will slow down as more property is purchased and harvesting equity slows down a…[Read more]

Terryw wrote:

It will be a small amount and not of any significance. The LOC can be rolled over into a normal IO loan once drawn too.

Terry, is it possible to have one LOC where all the equity from PPOR, IP1, IP2…….IP6 and so on can be released as required….If that is the case then i can convert LOC to IO once it is used and repeat the…[Read more]

Terry, I want to avoid LOC if possible, i understand that it gives much more flexibility from the top off point of view….but it comes with higher interest rate……

Shahin….I've been  with ANZ from ages….and their breakfree package (similar to all Big 4 offers) suits me…..and i did not pay LMI on PPOR or PI1……they have discounted…[Read more]

TheFinanceShop wrote:
I would generally go for an standard product with a linked offset and I would do this for each loan account or do it as a redraw as some lenders like 

Shahin,  valuation is on to do list……but i m sure that I'll have to go up to 90% this time……standard product with offset is my preferred method as well…..similar…[Read more]

Terryw wrote:
LMI wouldn't be deductible in full because part of it would relate to the existing properties. Probably base it on a % of the total amount borrowed.

Terry, I am borrowing upto 90% off existing properties (1 PPOR & 1 IP) to fund my second IP….which is for investment purposes. In that case shouldn't LMI on both PPOR and IP1 be…[Read more]

Benny wrote:
Still applicable but to a lesser degree in Brisbane – it is about 25Km to the Coast when heading East.

Benny

Benny, what is the preferred side in Brisbane?

Qlds007 wrote:
Agree with Benny we are starting to get a mountain of forum clients ask us to source investment property for them in Brisbane and the requirements of each investor is totally different when it comes to price, market demographics, unit or house, etc etc.

I certainly know where i am putting my money in Brisbane but that is not to…[Read more]

thanks Mark. Excellent Advise…..

wilko1 wrote:
yes your bank will be on your certificate of title. it will be under a heading called Mortgagee. Basically to prevent you from selling the property without the banks authority or finding out.[/quote

wilko, so do i require any of these docs….currently i don't have anything like 'certificate of title' 'land transfer' or…[Read more]

just wondering if these documents are required….I've filled out the 'Transfer of Land' document during the settlement but not received anything about it and my conveyancer advised that bank's name will appear on 'Certificate of Title' until i finish paying off the mortgage…..am i missing something here….all i've is 'Contract of…[Read more]

Thanks Jamie…

i calculate the interest charged every month with simple excel spreadsheets….and glad that no issues so far….regardless i found that as very exercise..

adam.p wrote:

Jamie M wrote:

s0805 wrote:

Jamie M wrote:

adam.p wrote:
Thanks Jamie. That's what I had in mind.
ANZ are a bit funny – they see changes such as reverting from P&I to IO as "credit critical" so ask for  a new application to be submitted. There's been moves to change this – and I've been told that these sort of adjustments…[Read more]

Jamie M wrote:

adam.p wrote:
Thanks Jamie. That's what I had in mind.
ANZ are a bit funny – they see changes such as reverting from P&I to IO as "credit critical" so ask for  a new application to be submitted. There's been moves to change this – and I've been told that these sort of adjustments can be made in branch now, but I'm still…[Read more]

Terryw wrote:
In vic it is possible for one spouse to sell to the other at full market value. So the other spouse could borrow to buy half the property. This would release cash which could be used to pay for the new PPOR.

Hi Terry,

In VIC, does it only applied if both spouses name are on title initially, how about if only one spouse name on…[Read more]