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Yes wobbie, it is about how much the property is worth. However I do find those rpdata reports to be extremely out! Our property is supposedly worth 780k via a rpdata report the night before the bank valued it at 610. (DOH!)
Update,
Didn't get that property. But I got accepted on another one. 8k above asking price.
Yes I know it sounds ridiculous. But I have now a property for 238k in perth 3×1 with subdividable corner block. Sweet deal and current rent is 280 but definately needs a makeover
I did try a cheeky offer but was told dont even bother with putting it in writing as there are 3 other offers already over asking. I wouldnt have normally believed that. But the fact I saw two couples putting in an offer at the first home open and saw one offer for 230 I had no option to believe him. Anyway was happy to pay the extra 8k
Great advice thanks!!!
Thanks Terry,
So when we redraw the deposit for the IP it cant be redrawn into our transaction account for even a few hours/day?? or is that ok
I dont think i get it.
400k PPOR loan PI
then 80k loan IO – this loan has a seperate acc number but is attached to home loan as this is the security. We only pay interest on what we use similar to a LOC.
Why would making a deposit to the PPOR affect the IO account that has a completely different acc number?
I have a similiar question to this…
If i have a standard variable acc with redraw facility and then attached an IO standard variable (for IP) and the way to access the funds for deposit for IP is redraw. Would this be ok for tax purposes?
Would I have to get a separate account to where the redrawn money goes to for investment purposes..The bank says this is a better way than a LOC as it has a lower interest rate and you still only need to pay interest on what you redraw??
Ok,
No the broker definately said ANZ will only take 80% of the valuation as they feel the orignal mortgage needs the buffer in case we default..ie if valued at 100k they will only take it to be valued at 80k and then only give 80% LVR on the 80k…
Mind you, I might just talk to a different broker. He tried to dissuade me “from going into that much debt”. I asked him if he had any investment properties and he laughed and said NO..i own my own home and go on lots of holidays thanks to a NAB payout. Then he asked where are you going to find houses under 300k. I told him where and he gave me a lecture on how he used to work in a bank in that area and used to do valuations based on how many beat up cars were left on the lawn….then said “aah I probably sound like a snob”…
Thanks for your advice,
Rang agent “hi I would like to put an offer on xxxx”
“Sorry thats already under offer…they put in the full asking price”
Doh!
Banker,
Spoke to an experienced former NAB banker now mortgage broker. He spoke to a few banks about deed of priority and was told they will value the house at 80% to give the first mortgage a buffer (ANZ) however commbank didnt want a bar of it at all. Does that sound right?So it looks like i might just get a separate LOC with my good friends at myrate to get our full valuation
Just wondering if you the IO loan with the offset with myrate?? or did you go elsewhere
Thanks,
Here in perth there a lot of from xxx prices and i wasnt sure if this was to be taken seriously as it feels like a buyers market.
Do i tell the agent I want to put an offer in and then disclose price or best to tell him i want to put an offer in and only disclose in the offer contract?
Banker,
Does this then mean I have Cross-Collaterised my loans if the same bank has my deposit and IP loan? assuming I go the option of 2 mortgages on the PPOR.Im in WA.
I would say that Myrate(ING) would be very slow in doing anything, but I guess this is the job for the broker??
Awesome advice that will hopefully save me 3500 and more importantly let me out of jail.
Thanks Terry, Could I find out direct from ATO as Im tired of accountants that dont consider anything!!!!! The answer is always NO?
Thanks Banker,
Sounds complicated, is this something I could do through a broker or do I need to go direct?sammmeee
Ok, so if I set up an 80k interest only separate loan with our PPOR with MYRATE then go shopping for another bank for the rest.
So do you suggest I get the 80k now or should I get a broker out first and assume that I have the 80K…also would it then mean that this 80k will cost me another 5 years with MYRATE.. So once my original jail term is over I then have to wait until the 80k 5 years is up or do i just give them my firstborn? Is my firstborn tax deductible??
Really is it worth paying the payout figure on the 80k which is 1.0% of orgininal loan amount…$800
Actually I just checked the website and maybe its not as much to refinance as I first thought..
Year 1: 1.00% of the original loan amount
Year 2: 0.80%
Year 3: 0.60%
Year 4: 0.40%
Year 5: 0.20%
6+ years: 0.00%so on a 400k loan assuming they do their worst 400k x .8% = $3200 Do you think its worth it???
thanks soo much for your advice.
sammmeee
