Hi Community,
So I purchased my first property at 22, a 3 bedroom freestanding house and have been an owner occupier ever since. However soon I plan to turn it into a rental property so I can explorer other ventures and potential invest some more. I’m in Melbourne, Victoria and with the APRA legislation making it tough for investors to expand their portfolios, is there someone I can speak to so I can take the next step.
I have plenty of equity and some margin for borrowing capacity, however my mortgage broker isn’t equipped or knowledgeable in this investing field. Where to from here?
Hey Matt congrats on your purchase and welcome to the forum.
Corey Batt from Precision Funding is a regular on here who is an investor and mortgage expert. Helped clients and myself plenty of times with financing, tax and asset protection.
The best thing to do if you are unsure how to proceed is work out a strategy that suits your goals and timeframe. Are you looking to create a strong passive income in a short timeframe, take a slow and steady approach taking advantage of negative gearing, flipping, renovations etc? Plenty of ways to make money through property but it needs to suit you and your goals. I’d read up on some successful investors strategies and see if any match what you want to achieve and if they are still applicable in the current market.
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
I have plenty of equity and some margin for borrowing capacity, however my mortgage broker isn’t equipped or knowledgeable in this investing field. Where to from here?
Hey Matt
Have a chat with a broker that specialises in investment property financing – you might get a better result.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hey Matt congrats on your purchase and welcome to the forum.
Corey Batt from Precision Funding is a regular on here who is an investor and mortgage expert.Thanks for the info Tony, will get in touch.
I have plenty of equity and some margin for borrowing capacity, however my mortgage broker isn’t equipped or knowledgeable in this investing field. Where to from here?
Hey Matt
Have a chat with a broker that specialises in investment property financing – you might get a better result.
Cheers
JamieCan you recommend anyone specifically which you’ve dealt with Jamie? Appreciate the info.
Hi Matt,
Check Jamie’s signature !! :p He is one of several very knowledgeable MB’s who give their time on here. Others can be found by keeping your eye on all sigs of posters, or perhaps check here:-
https://www.propertyinvesting.com/topic/5031421-to-all-mortgage-brokers-and-other-advisers-too/
And no, that is not all of the MB’s on here, so keep your eyes peeled for more.
Benny
Cheers gents, just spoken with Corey who certainly knows this field!
Matt
Just know that if you ever decide to sell your property, if you have ever rented it, you will need to pay a capital gains tax on it. For more information check out the ATO’s website and perhaps discuss a finance expert when u find someone you trust.
Cheers
Sitbon
Hi Sitbon,
Just know that if you ever decide to sell your property, if you have ever rented it, you will need to pay a capital gains tax on it.
Sitbon, just so you know, (and other new readers following aren’t swayed by your comment) the above comment is somewhat incorrect.
In some cases, you MAY have to pay CGT, but in other cases, you MAY NOT need to (read up on the 6 year rule for a PPOR). This post might be some help re CGT – https://www.propertyinvesting.com/topic/4410491-the-big-picture-for-new-readers-especially/page/2/#post-5006553
Circumstances dictate whether you will owe CGT or not. Be guided by your own favourite adviser on this one.
Benny
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