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Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of anhieanhie
    Participant
    @anhie
    Join Date: 2011
    Post Count: 9
    June 8, 2011 - 6:32 am

    Hi all

    Do people see accountant for advice on how to invest in property? I just thought they are use at end of year with their tax return or to keep their finances in order. I have Jamie M as my Mortgage broker. He's been great, promptly replies to all my queries and very helpful. Definitely recommend him to anyone, especially those like myself just starting out. Thanks

    Anyway, over the past few days I been coming up with many different scenarios as to how I can make the best gain. Not sure whats the best options.
    Should I purchase apartment or unit closer to city, or further away but then I can afford a house or townhouse?
    Do I purchase property that I can afford that I can pay comfortably by myself or ones that more expensive but would have to rely on tenants for income? (either way I'll renting it out)

    Here are some of the things that need to be consider
    – currently living at home, no plans to move out
    – no major bills, just mobile/phone bills, internet , world vision, health insur, car insur and gonna to add income protection
    – car loan, not much so no biggie
    – long term investment like 5 + years
    – income base $50k but more with optional extra/ overtime works. plus another 10-25K (definitely be working more)
    -currently have $75k
    What would you do in this situation?

    Ta
    Anh

    Profile photo of anhieanhie
    Participant
    @anhie
    Join Date: 2011
    Post Count: 9
    June 3, 2011 - 3:55 am

    Thanks, I think I like the face to face dealing. More personal, especially when this my first.
    I contacted a melbourne mortgage broker that someone recommended from a previous
    post I was reading, Michelle Coleman. She seem very helpful.
    How many times would I need to meet up with my mortgage broker? I live in footscray and it quite far from
    Preston where she situated.

    Profile photo of anhieanhie
    Participant
    @anhie
    Join Date: 2011
    Post Count: 9
    June 3, 2011 - 3:30 am

    Thanks for your helpful advice. I know now its definitely wise and best to get a mortgage broker assistance.
    As a inexperience first home buyer there’s of options and hidden costs associated with
    mortgage that a broker can explain and answer questions you may have.
    I’m guessing Jamie a mortgage broker? But isn’t he from NSW. I’m from Melbourne.

    Profile photo of anhieanhie
    Participant
    @anhie
    Join Date: 2011
    Post Count: 9
    June 3, 2011 - 1:15 am

    Is it best to get mortgage broker to get home loan?
    What if you know exactly what your after. Or they advise
    the same lender that you know is the best/ suitable deal already?
    What other services they provide other than getting/ applying the home
    loan on your behalf?

    Anh

    Profile photo of anhieanhie
    Participant
    @anhie
    Join Date: 2011
    Post Count: 9
    June 2, 2011 - 11:50 pm

    Would I have equity in the house if I’m only making interest only repayments? Is the there a limit of how much money
    You can take out from offset account or the maximum withdrawal in one go?
    If I plan (likely) to invest in another ip I would just use the deposit from my offset account.
    Unless you mean the increase in value from my property over time?
    I will definitely ask about it
    Thanks

    Anh

    Profile photo of anhieanhie
    Participant
    @anhie
    Join Date: 2011
    Post Count: 9
    June 2, 2011 - 10:35 pm

    Firstly, thanks for your speedy comment and advice. Much appreciated.
    I do know I will have to have to live there inorder to get fhog. There two options I was looking into.
    First option I describe on my previous post.
    Second options is
    Get home loan with as little deposit as I can, whether it’s 90-95%
    400000 house pay 40000 deposit
    loan would be 360000 plus lmi
    40000 in offset account
    I like this idea especially when I will need to make repayment with getting any
    Rental income
    However, first option I s
    Pay 20k less interest over 5 yeArs period

    Anh

    Profile photo of anhieanhie
    Participant
    @anhie
    Join Date: 2011
    Post Count: 9
    May 30, 2011 - 2:00 pm

    hi

    bluegrass im from melbourne
    never thought i would be considering buying a house if you had ask me this time last year. in debt with a girlfriend =(; i wonder why
    however things turned bad, put myself together and worked my ass off. i mean doing like 11- 13 hours days. thank goodness for overtime and extra work. paid all off except car loan =(
    originally i want to buy property to reduce my taxable income, as seeing everyone else has a larger tax return. but now i have goals i thought never would be possible
    anyway thanks for listening =)

    anh

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