a little lost??

Viewing 4 posts - 1 through 4 (of 4 total)

tamtam
Member
@tamtam
Join Date: 2004
Post Count: 27
March 25, 2006 - 5:52 am
hi all!! i will try and give as much deatails as i can on this!!
i am still new to all this!! i have two investment properties. one in sydney worth about $310000-$330000, it is getting $210 a week. the balance of the $191000 loan is $158000.
my other one is in caboolture! worth about $220000- $230000. this one rents at $200 a week! the loan is interest only and divided into a $176000 loan and $57000 loan! i am looking at buying another investment property up to about $300000, hopefully a purchase price of about $170000-$250000! is it a good idea to keep a neww loan separate from the others???? will the loan incorporate the closing costs???? i am better off going with a bank, morgage broker, credit union or the existing credit union i am with???? any help would be appreciated!!!!!
ta
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
March 25, 2006 - 6:25 am
Two choices.
Link the new property with the first property and borrow 100% plus costs. Downside is the fact they are linked.
Alternatively borrow 20% plus costs against the firsat place then get a seperate 80% loan for the new IP. Downside is the added work and fees. Also is a little less tidy when presenting records to your accountant.
Clearly I would strongly recommend using a good broker. They are very familiar with what you are doing and will quickly identify the best lender for you.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
tamtam
Member
@tamtam
Join Date: 2004
Post Count: 27
March 25, 2006 - 6:56 am
thanku simon!! can u recommend any one in sydney at all that is good and reliable and how much do they usually charge for this???
ta
hellman
Member
@hellman
Join Date: 2005
Post Count: 109
March 25, 2006 - 2:56 pm
“thanku simon!! can u recommend any one in sydney at all that is good and reliable ?”
Now days with the internet (and faxes /express post) using an interstate mortgage broker is not a problem. From memory Simon has a presence in Syd as does Terryw (who is also on this forum).
“and how much do they usually charge for this???”
Nothing! The bank pays them – you don’t have too! The banks see it as a cost saving: paying one broker (paid only when a loan settles) vrs running a whole branch network).
hellman