G’day,
Daz here new member as of this week.I have just read Steves 3rd book & although very pumped I am also a little scared. I live in Narre Warren North & Have a house worth 680K almost paid for.
I am now ready to move into property investing but need a lot of advice. Tonight I would like to know if I should see a Financial Adviser or just use my young accountant that has done my very straight forward tax returns for the last few yr’s. I have been to the CBA for the loan, Interest only for the amount of 280K no problems there, will lend whole amount @ around 7.34% economiser 3yrs. I have not crunched them yet. What would be a good interest rate & where should I go to get it ?
Please help
DazHi Daz
Firstly to the forum and don’t be scared as i promise we do not bite.
The question as to whether you need to talk to a Financial Adviser or your young Accountant i guess all depends on what information you are trying to obtain.
With regards to the Big C i would strongly think very carefully before proceeding with any loan that they offer.
The organisation cares little for investors and is only interested in themselves and how much money they can generate. Don’t get me wrong most Banks are similar the difference with the CBA is that the will promise the world initially and then fail to deliver down the track.
They will want to cross collaralise your loans and once you have you toe in the water with them will call the tune in how much you can borrow and what security they want.
By the way 7.34% isnt a great rate but there is more to the product than merely the bottom line interest rate.
The world is a lot bigger than just the Big C so liaise with a good Mortgage Broker and get him to structure your loan correctly.
A little time spent now will save you thousands down the track.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Hi and welcome Daz
Yes I agree with Richard in regards to interest rate not necessarily being the most important part of the loan. The features of the loan are far more important and how the portfolio is structured.
For example LOC (line of credit loans) are often used by investors as if the correct product is chosen the interest only I/O period can be the life of the loan. Further you can keep the loan maxed out, be aware though not every LOC is the same thus it is useful to use a broker.
There is good value in having your own broker as they will assist you throughout the process and most do not charge, so you get a free service they are paid by the lender. It pays to ensure they have the correct qualifications and governed by a professional body such as the MIAA now called MFAA
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!Hi Daz,
Well done for taking the first step and reading Steve’s latest book…..and no we don’t bite!
Its often very overwhelming when you first start out so my advice would be to follow our 7 step program:
Step 1 Set your personal & financial goals
Step 2 Prepare a budget & savings plan
Step 3 Determine your investment strategy
Step 4 Build your team
Step 5 Research areas
Step 6 Prepare a feasibility study
Step 7 Negotiate the deal and repeat!Oh and keep reading as knowledge is power!!
AmandaBS
http://www.propertydivas.com.au
FREE online Property Resources“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
Thanks Guys & Gals,
Will take this on board & keep reading. I am sure you will here from me quite a bit in the near future.Kind Regards
Daz[thumbsupanim]
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