Forum Replies Created

Viewing 16 posts - 1 through 16 (of 16 total)
  • Profile photo of andrew dwyerandrew dwyer
    Participant
    @andrew-dwyer
    Join Date: 2007
    Post Count: 21
    Qlds007 wrote:
    We are not all doing so because we have to. Some of us carry on working because we enjoy it.

    Please don't say 'see a financial planner'. If they knew how to be financially free then why are they still working!?

    Don't listen to any sporting coaches either for the same reasons..

    Profile photo of andrew dwyerandrew dwyer
    Participant
    @andrew-dwyer
    Join Date: 2007
    Post Count: 21

    From what I hear the banks have tightened up since the GFC on the practice of releasing equity from your properties to live off and capitalising the interest ongoing?

    Profile photo of andrew dwyerandrew dwyer
    Participant
    @andrew-dwyer
    Join Date: 2007
    Post Count: 21

    QLDS007 is the man I would recommend you speak to denny! Richard has just assisted me in setting up my LOC through my existing lender. I'm from Geelong but more than happy having my broker parked up in sunny QLD 

    Profile photo of andrew dwyerandrew dwyer
    Participant
    @andrew-dwyer
    Join Date: 2007
    Post Count: 21

    Hmm very interesting, will be keen to hear Richard's view on this? Richard has just helped me set up a LOC with my existing lender of 50k which I will use to purchase my I.P I am buying off the plan.

    By the way guys I cannot speak highly enough of Richard (QLD007) and the A+++ advice he has giving me so far in the setting up and structuring of my loans. 

    Profile photo of andrew dwyerandrew dwyer
    Participant
    @andrew-dwyer
    Join Date: 2007
    Post Count: 21

    Grovedale is a fairly well established suburb. Median prices are probably around 250-300k at a guess. The suburb does have some areas that are heavily populated by commission homes so that affects it's appeal somewhat. Vacancy rates are quite low.

    Profile photo of andrew dwyerandrew dwyer
    Participant
    @andrew-dwyer
    Join Date: 2007
    Post Count: 21

    Agree with Hulkster, anywhere from central to south of geelong you will find low vacancies and quality properties. I have lived in Geelong my whole 30years and have recently purchased an I.P off the plan in waurn ponds.

    Profile photo of andrew dwyerandrew dwyer
    Participant
    @andrew-dwyer
    Join Date: 2007
    Post Count: 21

    All superannuation funds offer some form of income protection/salary continuance. The amount and benefit period depends on the fund. Generally unless your super fund is an employer sponsored fund you will not have income protection automatically attached. My wife is with VicSuper and has income protection through her fund, this was not automatically attached though.

    Profile photo of andrew dwyerandrew dwyer
    Participant
    @andrew-dwyer
    Join Date: 2007
    Post Count: 21

    It's exactly the same process though. Difference being the premiums are paid by your superannuation fund as apposed to coming out of your cashflow. Bear in mind it's only tax deductible if paid from your cashflow. There are advantages and disadvantages to both options.

    Profile photo of andrew dwyerandrew dwyer
    Participant
    @andrew-dwyer
    Join Date: 2007
    Post Count: 21

    Hi Gats,

    Ok here is a defintion of Income protection insurance

    Also known as 'income replacement', 'disability income' or 'salary continuance'.

    Income Protection is Insurance that will pay a regular income to a person if they are disabled by a sickness or injury. The maximum benefit covered is usually 75% of current personal exertion income after business expenses but before tax.

    The purpose of Income protection:

    To continue an income stream to meet personal and daily living expenses.

    To provide the ongoing ability to maintain other protection, savings, investment and retirement plans

    Premiums are generally tax deductible. You can obtain income protection through various financial institutions. Feel free to email me if you would like more information or visit our website http://www.financialaspects.com.au  

    Profile photo of andrew dwyerandrew dwyer
    Participant
    @andrew-dwyer
    Join Date: 2007
    Post Count: 21

    Hi DWG,

    Armstrong Creek is located just off Torquay Rd basically in between Torquay and Waurn Ponds about 5-10mins from Torquay.
    As far as investing in Norlane and Torquay you will certainly find cashflow + properties there. Unfortuantely they are very low income areas and suffer high unemployment. It's an industrial area that obvoiusly relies on industry for employment but with Fords and other factories laying off staff it has set the area back.

    I think the best way determine if suburbs such as Norlane and Corio are good investment prospects 1st check out how many real estate agents are located in the areas! In the case of these two the answer is zero!!

    As you may have gathered I am born and bred in Geelong and currently have my PPOR and I.P in Waurn Ponds which is around 30-40mins south of Corio, Norlane. The new ring road finishes in Waurn Ponds and the population is expeceted to triple over the next 20years so prospects are much better in central Geelong and places south of there I believe

    Profile photo of andrew dwyerandrew dwyer
    Participant
    @andrew-dwyer
    Join Date: 2007
    Post Count: 21
    xya wrote:
    Hi all,

    I've recently exchanged contract to purchase my first property, initially to live in and later to convert into an investment property. My fiancee has agreed to help me out by transferring her savings and future pay into my offset account to help reduce my loan repayments. As we are planning to buy another property within 12 months under her name, this first property only have my name on it.

    Since her name is not on the property title, how could I make sure that she won't lose out (ie she'll at least get back the money she put in) should anything happen to me or if our relationship goes pear shaped?

    I'm also planning to increase my insurance cover through my super.

    Any advice is very much appreciated. Thanks.

    xya

    As i work in financial planning i would be more than happy to review your insurance needs 

    http://www.financialaspects.com.au

    Profile photo of andrew dwyerandrew dwyer
    Participant
    @andrew-dwyer
    Join Date: 2007
    Post Count: 21

    No it's not fixed

    Profile photo of andrew dwyerandrew dwyer
    Participant
    @andrew-dwyer
    Join Date: 2007
    Post Count: 21

    Thanks guys for your help so far. So to clarify things gearing to 90% on my PPR i have 35k – costs, stamp duty etc to use for a deposit on an investment property? And the current loan with my bank can does that remain with them? or will the broker i obtain the loan from refinance that loan and incorporate it with my new loan? That part is the confusing bit for me

    Also the unit we have with the sister we both have seperate loans on the unit if that changes your thoughts? 
     

    Profile photo of andrew dwyerandrew dwyer
    Participant
    @andrew-dwyer
    Join Date: 2007
    Post Count: 21

    Ok thanks, my current bank lender will only lend 80% so that's no good for me. So should if i seek out another lender will they loan 90% on my PPR? And will that mean i need to break my current home loan and refinance it with other lender? Our unit loan is now cash positive and we pay $100 a week extra on our home loan so i would be confident we could afford to fund another property in this current market

    Profile photo of andrew dwyerandrew dwyer
    Participant
    @andrew-dwyer
    Join Date: 2007
    Post Count: 21

    Does the property portfolio column include your home? or just your investment properties?

    Profile photo of andrew dwyerandrew dwyer
    Participant
    @andrew-dwyer
    Join Date: 2007
    Post Count: 21

    thanks guys i will put into my home loan 

Viewing 16 posts - 1 through 16 (of 16 total)