All Topics / Finance / How much to borrow ?

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  • Profile photo of jsprijspri
    Member
    @jspri
    Join Date: 2004
    Post Count: 55
    January 21, 2005 - 12:20 pm

    Evening all. Just asking for some advice.
    I’m currently about to close a deal but i am wondering how much i should borrow and expect expenses to be as this is my first IP(I have a pretty good idea).The property is in NZ. If closed at current offer,
    House 68k
    Loan 60 -70……… ?
    Deposit 15k
    I was planning, on borrowing that little bit extra to cover all the assosiated cost. Am i on the ball here ? Thanks.
    Also, what loan package should i go for ? i.e offset account, split loan ..

    Thanks in advance[thumbsup2]

    Profile photo of jsprijspri
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    @jspri
    Join Date: 2004
    Post Count: 55
    January 22, 2005 - 11:10 am

    [whistle]

    anyway my offer was accepted.

    Profile photo of investroninvestron
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    @investron
    Join Date: 2003
    Post Count: 92
    January 23, 2005 - 11:44 am

    borrow as much as you can, and keep your own money for a deposit on another property.
    i m o, interest only loan fixed for 5 years.

    Profile photo of FFCommFFComm
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    @ffcomm
    Join Date: 2004
    Post Count: 627
    January 23, 2005 - 12:38 pm

    I don’t know the NZ finance market that well, but I would borrow as much as possible, and put any spare money into an offset account. This means that you reduce your interest bill while assesing opportunities.

    Rgds.
    Lucifer_au

    Profile photo of jsprijspri
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    @jspri
    Join Date: 2004
    Post Count: 55
    January 24, 2005 - 9:49 am

    The bank said i can only borrow 80% of the purchase price. So how am i suppose to borrow anymore ? Is there another way around. Even if i’ve got the deposit for more then 20%

    Thanks.[hmmm]

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213
    January 24, 2005 - 12:53 pm

    I beleive 90% LVR is possible in NZ. The property Guru knows NZ finance better than me, I’ll ask him.

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    Click below to email me

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of jsprijspri
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    @jspri
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    Post Count: 55
    January 24, 2005 - 2:56 pm

    thanks terryw, look forward to what he has to say.
    The area is Gore, if you need the info.

    Profile photo of PropertyGuruPropertyGuru
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    @propertyguru
    Join Date: 2003
    Post Count: 1,502
    January 27, 2005 - 3:19 am

    Hi jspi,

    You can borrow up to 90% for NZ properties. as Lucifer said I will advice to borrow as much as possible.

    Cheers
    PropertyGuRu [sultan]
    Mortgage Consultant
    [email protected]
    MSN ID: amitash, Yahoo Id: bornguru

    NZ loan pre approval from OZ in 48 hours

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