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  • Profile photo of SandtrackersSandtrackers
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    Join Date: 2009
    Post Count: 32
    October 24, 2010 - 1:48 pm

    Thanks Richard,

    I believe it is CC with my PPOR, and I believe we didnt havent much choice at the time? So I may either need to wait until it is complete, or refinance without the PPOR – I suppose pay mortgage insurance or pay a chunk off it to avoid mortgage insurance . THe house/land hasnt actually fallen in value, I would probably break even if I sold it.

    I dont know whether it is worth selling my PPOR because of the high mortgage and taking a smaller house/smaller mortgage and hence have more available from the bank to invest – or just keep it, and then invest with what we have left, including my sisters 200K.  In the mean time consider renting the IP out when it is built, and having that as our 1st.

    I am not too clear on a discretionary family trust – but will need to look into it if investing is going to be a long term thing that we do.. Is there anywhere I can find info about this or do I just use my Accountant?
    thanks for your help so far.

    Profile photo of SandtrackersSandtrackers
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    @sandtrackers
    Join Date: 2009
    Post Count: 32
    October 24, 2010 - 7:30 am

    Hi Richard

    what do you mean by a mortgaeg mess?

    Here is what I have:
    Mortgage on PPR of approx 350K – house worth 700K
    Investment loan – IO for house & land – this is due for completion approx April next year.

    My sister has been living in UK and sold her house in the boom, hence she has 200K sat in the bank.

    We are happy to live together if we can come up with a plan for investing. I live very close to the beach in WA, and there are heaps of cheap properties here still. I can either downsize our house which will release some cashflow and the bank will lend me more for investing, together with the 200K. Or, I can stay here and just use the 200K and wait for the house/land to be completed?
    Any pointers?

    Profile photo of SandtrackersSandtrackers
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    @sandtrackers
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    Post Count: 32
    October 23, 2010 - 12:59 pm

    Wow, all this is interesting – its been a while since I have been on here. – So wouldlike some advice also.,

    I currently have approx 350K equity in my PPR and am building an investment worth 370K (Altho this wasnt my real choice of investment but got stuck with a block I bought before the crash). My sister is moving in with us and we either want to invest in another property or sell this house, down size and then buy a couple of investment properties. She has approx 200K in bank – no house.
    Do you normally look at a 80% lend for investments to avoid Mortgage insurance?

    Do I sell this house and buy one for say 200K less to secure more cashflow
    Keep this and buy another 1 once my building investment is complete (The bank says I cant borrow any more til this is done)

    I am also considering using a property finder – is there anyone here that is looking in WA? Preferably +CF as I believe this will allow me to borrow more money in the long run?  How much do you charge to find a decent property?

    thanks all

    Profile photo of SandtrackersSandtrackers
    Participant
    @sandtrackers
    Join Date: 2009
    Post Count: 32
    October 22, 2010 - 5:28 am

    Hi Johnny

    What suburb was your find in. I am in WA, and was going to look there, but may venture out elsewhere?
    thanks
    T

    Profile photo of SandtrackersSandtrackers
    Participant
    @sandtrackers
    Join Date: 2009
    Post Count: 32
    October 22, 2010 - 1:37 am

    Wow, all this is interesting – its been a while since I have been on here. – So wouldlike some advice.,

    I currently have approx 350K equity in my PPR and am building an investment worth 370K (Altho this wasnt my real choice of investment but got stuck with a block I bought before the crash). My sister is moving in with us and we either want to invest in another property or sell this house, down grade and then buy a couple of properties. She has approx 200K in bank – no house.
    Do you normally look at a 80% lend for investments to avoid Mortgage insurance?

    Do I sell this house and buy one for say 200K less to secure more cashflow
    Keep this and buy another 1 once my building investment is complete (The bank says I cant borrow any more til this is done)

    I am also considering using a property finder – is there anyone here that is looking in WA? Preferably +CF as I believe this will allow me to borrow more money in the long run?  How much do you charge to find a decent property?

    thanks all

    Profile photo of SandtrackersSandtrackers
    Participant
    @sandtrackers
    Join Date: 2009
    Post Count: 32
    September 30, 2009 - 3:29 am

    Thanks heaps for your advice – I thought as much as far as tax breaks go, by trying to increase my IP mortgage!!  I think then I may try and sell with the tenant in – my only problem there is that it is in the higher price bracket (over 650K) and so there may not be many investors – although the rent is almost 500 a week….
    Will give it a shot!
    cheers

Viewing 6 posts - 21 through 26 (of 26 total)
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