[cathnnivParticipant@cathnnivJoin Date: 2011Post Count: 19]

August 2, 2013 - 12:39 pm

Thanks Jaime and Richard,

I will be getting advice asap. 

Would it be worthwhile trying to refinance simply for a better interest rate? Currently on 7.5 with non traditional lender.

[cathnnivParticipant@cathnnivJoin Date: 2011Post Count: 19]

July 22, 2013 - 7:53 am

Thanks for the feedback..
I was hoping to refinance in my name only so we have more options at a later date. I have been on parttime work until this week so effectively my income just doubled hopefully enabling me to refinance as on 25 thou im pretty sure no one would touch me.
My husband earns 3 times his weekly employee pay per weekend but it can be affected by weather which is why he cant leabe his day job just mow. Otherwise wed be set.
Does it not help that the ip is cashflow positive or neutral?

Thanks for your help I will be talking to a broker just trying to sort my head first

[cathnnivParticipant@cathnnivJoin Date: 2011Post Count: 19]

June 8, 2013 - 8:36 am

Such an interesting post. Thank you.

I much prefer to hear from the horses mouth than believe the media.

Also like to hear good quality discussion on these points and various differing views.

Very interesting.

[cathnnivParticipant@cathnnivJoin Date: 2011Post Count: 19]

June 2, 2012 - 11:49 am

Hi Ozlat,

If your happy to wait your credit file is free through Veda just takes a bit longer also from someone with previous bad credit history (minor but hubbies wasn’t) sometimes getting the report is a relief as you know whats in it, how bad it really is and what to start fixing eg pay if not paid and have noted as paid.

Best place to start is at the bottom

cheers and goodluck

[cathnnivParticipant@cathnnivJoin Date: 2011Post Count: 19]

August 30, 2011 - 2:07 am

how difficult is it to do everything needed with a broker out of town?
No good brokers in my town and i prefer to use a broker.

[cathnnivParticipant@cathnnivJoin Date: 2011Post Count: 19]

August 29, 2011 - 11:21 pm

Hi, Thanks everyone for your advice.
Regarding the 50k this is made up of a few things not just my deposit so my portion will be finalised soon. As this is under mortgage we were trying to roll into one loan for ease of payment using the ipp as security and will therefore look more closely at equity use and having an offset account. I was not happy with cross collaterising but when they talk their talk they make it make sense which is why i wanted to confirm my opinion of it not being nessesary.

Thanks guys

[cathnnivParticipant@cathnnivJoin Date: 2011Post Count: 19]

January 28, 2011 - 11:54 pm

Hi Richard,

Valuations were more of a concern for deposits going forward than anything else.

Is it not possible to buy and hold future properties without using a trust type setup? Does this limit the flexibility?
We are still researching how to go about all this as you can probably tell by my niave questions, our main concern is being able to get into a position where we can continue buying properties and producing an income from them which seems difficult as our wages will not rise and the forcast rent has been included in the figures to get the 1st loan therefore doesn’t effectively raise our income for the next deal?

I’m looking into trusts now. Thanks for the help it seems the best way forward.

[cathnnivParticipant@cathnnivJoin Date: 2011Post Count: 19]

January 25, 2011 - 7:31 am

thanks everyone,
well broker said no prob to get started.

wecan put three names on mortgage mum,dad, me, borrow up to $300000 depending on valuation of our homes which we valued conservatively and use equity from dads for dep etc, everything we were hoping for to get started other than it seems moving onto house number two will be difficult as our incomes will not raise. Rent of $200 accounted for.

with a trust??? can money be put into a trust undisclosed ie,my husband can put money in without being in the trust or if he is included money from his business, lump sums be used to fund purchases and how then does this affect the overall share of money??

sorry the whole idea of a trust is new to me and seems quite complicated

[cathnnivParticipant@cathnnivJoin Date: 2011Post Count: 19]

January 24, 2011 - 10:00 pm

p.s noneedforreno $ deposit is all we are really after

[cathnnivParticipant@cathnnivJoin Date: 2011Post Count: 19]

January 24, 2011 - 9:59 pm

I do recieve part b family payment for two children,youth allowance for the 16yr old.

father, mother (carers payment) and myselfwouldbe on the mortgage with my contribution being equity only.

let youknow how we go with broker today

[cathnnivParticipant@cathnnivJoin Date: 2011Post Count: 19]

January 24, 2011 - 9:56 pm

Thanks Richard,

I was intending to borrow the minimum dep required on a $139,000 unit from my equity as my contribution and use dads income for repaying the loan. Both names and combined income would be on the loan therefore helping serviceability and getting us both into our 1st IP.

We are seeing a broker today so we’ll see how i go but dad will be fine on his own we are just trying to include me to get started.

thanks for the further info we will be looking at a trust arrangement for future deals.

[cathnnivParticipant@cathnnivJoin Date: 2011Post Count: 19]

January 24, 2011 - 9:24 am

great!

all that equity is no use then?
I am married by the way though would not be putting husband down due to bad credit rating and my name only on mortgage/

[cathnnivParticipant@cathnnivJoin Date: 2011Post Count: 19]

January 24, 2011 - 9:21 am

ok,
paul and richard, thanks for the info, i’m guessing this needs settingup 1st?
is there no way to just put our names on the mortgage and agree on what each other adds to the deal?
As it’s our 1st and we need to move quick?

[cathnnivParticipant@cathnnivJoin Date: 2011Post Count: 19]

January 23, 2011 - 4:14 am

thanks for the feedback.

we’d definately be buying with the ip being the security. Looking at using equity from my home for deposit with father paying any mortgage difference, maintenance etc.
just not sure how we make it a fair deal for eveyone involved?

[cathnnivParticipant@cathnnivJoin Date: 2011Post Count: 19]

January 22, 2011 - 1:43 am

clarify the above. buying one 2 bed unit in a block of four.