Hey Sydneyguy

I can only talk about what I did… I hung around here and read a lot until the point where I felt confident about what I was doing (months). Then I started looking for a BA. A few general rules…

if they are trying to sell you something new / off the plan then I got worried.
If I couldn’t verify their history then I ran. I…[Read more]

Hey Sydneyguy

I can only talk about what I did… I hung around here until and read a lot you the point where I felt pretty confident about what I was doing. Then I started looking for a BA. A few general rules…

if they are trying to sell you something new / off the plan then I got worried.
If I couldn’t verify their history then I ran. I…[Read more]

A good buyers agent is worth their weight in gold. A bad buyers agent can be horrible and cost you a fortune. If you can find a good one then it’s worth it in my opinion. Plus there are agents on here who charge significantly less than you’re talking about.

The other point is they can buy where you don’t live so that can be very useful in…[Read more]

Hi Tim

That’s pretty much how I do it. I have interest only IP loans and pay down my PPOR loan as much as possible. I then redraw a second / third / fourth loan to cover all the purchase costs of the new IP. I then repeat until I run out of serviceability / risk level. One of my IPs now has enough equity from capital growth where I could do the…[Read more]

Hi Tim

That’s pretty much how I do it. I have interest only IP loans and pay down my PPOR loan as much as possible. I then redraw a second / third / fourth loan to cover all the purchase costs of the new IP. I then repeat until I run out of serviceability / risk level. One of my IPs now has enough equity from capital growth where I could do the…[Read more]

Hi Tim

That’s pretty much how I do it. I have interest only IP loans and pay down my PPOR loan as much as possible. I then redraw a second / third / fourth loan to cover all the purchase costs of the new IP. I then repeat until I run out of serviceability / risk level. One of my IPs now has enough equity from capital growth where I could do the…[Read more]

Thinking outside the box – have your brother complain to the council about the pets. I doubt that many pets is allowed in a city suburb.

I would do a bit more research before jumping into anything, but $100k in equity is enough to start. Serviceability will come into play, but that might be ok.

$100k is my point where I buy another property.

A broker will respond with more info. But my bank only considers a certain % of rent a income. It’s unlikely you will cover your mortgage with only a % of the rent. Not to mention whether you want to risk having it empty for a while. Is your house paid off? They might be using your income because you have no real debt in your own house.

Two parts. Deposit and serviceability. Deposit can be from the equity. Any new loan will need to be serviced. Ie paid. This can be from rent (rules apply to the amount), salary or any other income you can prove. So no, you won’t get a 800k loan unless you can prove you can pay it.

Hi Ash

Just to quickly answer one of your questions. You can’t keep redrawing because the LVR will keep going up until the bank will stop loaning (as well as serviceability ).

500k house. 300k loan. 200k equity.
You can get a $100k LOC to take total debt to 80%. 300 + 100 = 400 from 500 value.

That 100k might split 80k deposit. 20k…[Read more]

Hi Ash

Just to quickly answer one of your questions. You can’t keep redrawing because of the LVR will keep going up until the bank will stop loaning (as well as serviceability ).

500k house. 300k loan. 200k equity.
You can get a $100k LOC to take total debt to 80%. 300 + 100 = 400 from 500 value.

That 100k might split 80k deposit. 20k…[Read more]

I don’t get the problem. You got a loan from the bank based on selling one property because you can’t meet the servicing requirements. You didn’t sell it because you’re not willing to meet the market – the buyers determine the price not the seller.

My options are

* Lower the price and take a small loan.
* Let it foreclose and risk losing…[Read more]

See if you can get an offset on your home loan. Otherwise I would change to P&I with an offset. What was the reason for going IO on the home? What do you do with your excess cash?

I’m fairly new, but I immediately see tax implications if you mix the purpose of loans. Eg. You draw a single loan and use parts for income producing purposes (investment property) and parts in an offset against a ppor (?). You could draw multiple loans, the ip and the $75k in a separate account. The ip account interest is tax deductible, if you…[Read more]

I’m fairly new, but I immediately see tax implications of you mix the purpose of loans. Eg. You draw a single loan and use parts for income producing purposes (investment property) and parts in an offset against a ppor (?). You could draw multiple loans, the ip and the $75k in a separate account. The ip account interest is tax deductible, if you…[Read more]

I’m fairly new, but I immediately see Trac implications of you mix the purpose of loans. Eg. You draw a single loan and use parts for income producing purposes (investment property) and parts in an offset against a ppor (?). You could draw multiple loans, the ip and the $75k in a separate account. The ip account interest is tax deductible, if you…[Read more]

I would start reading, attending workshops and coming up with your own ideas and plans, then post back here for feedback or ask people you meet along the way. If you still have issues or worries then you can start considering spending the $10K.

I agree with Benny. Was this from one agent or from multiple agents? I’d get a second fourth or twentieth opinion.

It sounds like the selling agent is trying to retire from this one sale :)

I agree with Benny. Was this from one agent or from multiple agents? I’d get a second forth or twentieth opinion.

It sounds like the selling agent is trying to retire from this one sale :)