Forum Replies Created
You can certainly keep the loan as an interest only loan after 5 years. You will need to request your lender to keep it a interest only loan at the end of the 5 year term. It will be harder / impossible to get loan against a new business.
Keep posting your progress with this journey. Good Luck.
DaOne | Oras Finance - Your Local Mortgage Broker
http://www.ihomeloans.net.au/
Email MeHelp you make your dreams come true: https://www.youtube.com/watch?v=sB3KpKX4UsI
You need to consider 2 issues:
Servicability & Funds to CompleteFunds to Complete: To buy an IP worth $290k, you will need min. of approx. 13.5% of Purchase Price to cover costs. Potential to release equity (if available) plus the 20k you already have
Servicability: To improve your servicability, Make sure you are on Interest Only and use a different Lender for the new IP.
<moderator – delete advertising>
-
This reply was modified 9 years, 5 months ago by
DaOne. -
This reply was modified 9 years, 5 months ago by Moderator.
DaOne | Oras Finance - Your Local Mortgage Broker
http://www.ihomeloans.net.au/
Email MeHelp you make your dreams come true: https://www.youtube.com/watch?v=sB3KpKX4UsI
You need to think about your Medium term and Long term goals. You mentioned you get a higher income by going into business…
You need to consider you when you are proposing to buy and put a plan together so you make the transition and still achieving your goals.DaOne | Oras Finance - Your Local Mortgage Broker
http://www.ihomeloans.net.au/
Email MeHelp you make your dreams come true: https://www.youtube.com/watch?v=sB3KpKX4UsI
You also need to be aware that these apartments can be leased out to students (this might vary with different developments) making the market that will potentially rent very small. Then you will have the same problem when you want to sell.
I have not personally invested in apartments in the past, but I have never heard good stories about people that have invested in student accommodations.
DaOne | Oras Finance - Your Local Mortgage Broker
http://www.ihomeloans.net.au/
Email MeHelp you make your dreams come true: https://www.youtube.com/watch?v=sB3KpKX4UsI
Hi
I am by no means experienced but I can at least pass on what I have learnt from buying my first property investment in a 1 bedroom apartment. I had trouble securing finance and had to come up with the difference the bank wouldn’t loan. It is in a prime location BUT I have had huge trouble getting it tenanted this is because I’m competing against all the other apartments in the block. You need to have something different and desirable in your apartment or else you will be competing with other owners this has pushed the rent right down.
If I knew what I did not then I think I would have invested a lot differently. I’m thinking of creative solutions to change the situation or possibly sell. Good luck :)Hi Isabel
I am looking signing up for 1BR + study apartment in Nth Caulifield, what do you think based on your experience.
DaOne | Oras Finance - Your Local Mortgage Broker
http://www.ihomeloans.net.au/
Email MeHelp you make your dreams come true: https://www.youtube.com/watch?v=sB3KpKX4UsI
I do not believe having 50% on Fixed and the other 50% on SVR with offset create any contamination. The things that can create contamination are making redraws, etc. I can see many are against pay down the Principal, so you can maximise your tax deductions down the track. Rather than just going for a 50%, 50% split, I would look at realistically what your excess cashflow will be over the fixed term and come up with % of loan to be on a fixed rate.
DaOne | Oras Finance - Your Local Mortgage Broker
http://www.ihomeloans.net.au/
Email MeHelp you make your dreams come true: https://www.youtube.com/watch?v=sB3KpKX4UsI
You are correct, However their are other Lenders that will consider the deal depending on the circumstances and the security.
DaOne | Oras Finance - Your Local Mortgage Broker
http://www.ihomeloans.net.au/
Email MeHelp you make your dreams come true: https://www.youtube.com/watch?v=sB3KpKX4UsI
You and your wife are the only people that can decide on the car.
When you are trying to decide between an Owner Occupied property or a Investment property the fundamental are the similar, but do have some differences. With an Investment property do not get sucked into just Higher rents. Do your homework expected capital growth, look for property that litte niches that can help you increase value or rent in first few years after you have purchased the property.
DaOne | Oras Finance - Your Local Mortgage Broker
http://www.ihomeloans.net.au/
Email MeHelp you make your dreams come true: https://www.youtube.com/watch?v=sB3KpKX4UsI
Good advise bought with equity, if a broker does not have investment properties try and stay away from them. Yes mortgage broker can not provide you specific advise on structuring for asset protections or how to maximise Serviceability. But they can discuss what they have done to assist you in your journey.
DaOne | Oras Finance - Your Local Mortgage Broker
http://www.ihomeloans.net.au/
Email MeHelp you make your dreams come true: https://www.youtube.com/watch?v=sB3KpKX4UsI
In my view the economy will slowly start to recover. Businesses are starting to see some improved activity not sure if this is because of the approaching Christmas season are if Australia is now truly open for business again.
DaOne | Oras Finance - Your Local Mortgage Broker
http://www.ihomeloans.net.au/
Email MeHelp you make your dreams come true: https://www.youtube.com/watch?v=sB3KpKX4UsI
SC2007 hope you have found a good broker to talk about your situation and they were able to help you
DaOne | Oras Finance - Your Local Mortgage Broker
http://www.ihomeloans.net.au/
Email MeHelp you make your dreams come true: https://www.youtube.com/watch?v=sB3KpKX4UsI
Some lender would give you a little better rate, but when you are investor you don't want all your loans with one lender as this will limited your borrowing capacity. Some of things you should look out for are:
Should be a Mortgage Specialist
Should be a Member of the Mortgage and Finance Association of Australia (MFAA)
Should have links with a reputable company with support and professional training
Should disclose fees and commissions transparently
Should be covered by Professional Indemnity Insurance
Should have access to a broad panel of Financial Institutions
Should have some specialist software to compare home loan products and calculators
Should be able to assess and electronically submit loan applications to Lenders
Should possess a detailed customer charter setting out how they work.
A good broker will be there to help you along the way. You do not select a broker based on rebate.
DaOne | Oras Finance - Your Local Mortgage Broker
http://www.ihomeloans.net.au/
Email MeHelp you make your dreams come true: https://www.youtube.com/watch?v=sB3KpKX4UsI
Hi
is there any builders in Gladstone, that you should not use
DaOne | Oras Finance - Your Local Mortgage Broker
http://www.ihomeloans.net.au/
Email MeHelp you make your dreams come true: https://www.youtube.com/watch?v=sB3KpKX4UsI
Jimmy you are talking about financial advice. It is always good so you are clearing on structuring you asset purchase. Also it is good idea to have a pest and building inspection completed.
Also always sign a contract to buy subject to finance, so you can be sure that you have the opportunity to walk away or renegotiate price if the bank valuation comes in under the contract price.
DaOne | Oras Finance - Your Local Mortgage Broker
http://www.ihomeloans.net.au/
Email MeHelp you make your dreams come true: https://www.youtube.com/watch?v=sB3KpKX4UsI
Have you considered moving the IP elsewhere, based on your valuation the IP value of $360 k.
DaOne | Oras Finance - Your Local Mortgage Broker
http://www.ihomeloans.net.au/
Email MeHelp you make your dreams come true: https://www.youtube.com/watch?v=sB3KpKX4UsI
I guess it comes down to what you want. If you want the cheapest rate google it or Talk to a mortgage broker, it will be provided. As long as you know what you want. But remember the cheapest rate might not be the best solution for you.
DaOne | Oras Finance - Your Local Mortgage Broker
http://www.ihomeloans.net.au/
Email MeHelp you make your dreams come true: https://www.youtube.com/watch?v=sB3KpKX4UsI
Agree with Lazibones, ANZ is not a very friendly / co-operative bank to deal with
DaOne | Oras Finance - Your Local Mortgage Broker
http://www.ihomeloans.net.au/
Email MeHelp you make your dreams come true: https://www.youtube.com/watch?v=sB3KpKX4UsI
What is your view on Places like Middlemount and Gladstone
DaOne | Oras Finance - Your Local Mortgage Broker
http://www.ihomeloans.net.au/
Email MeHelp you make your dreams come true: https://www.youtube.com/watch?v=sB3KpKX4UsI
Hi
Based on the all the discussion in the forum, is it now time to fix rate for 2 or 3 yrs. I can not see reasons why the RBA will increase the rates. Increase in rate will affect the exchange rate, however signs of the residential property markets over heating is emerging
DaOne | Oras Finance - Your Local Mortgage Broker
http://www.ihomeloans.net.au/
Email MeHelp you make your dreams come true: https://www.youtube.com/watch?v=sB3KpKX4UsI
Has anyone come across Paul Bieg from Big Property investments. He sells properties in Queensland and Western Australia in mining areas. I am interested in understanding if anyone has come across Paul and if they have invested through him
DaOne | Oras Finance - Your Local Mortgage Broker
http://www.ihomeloans.net.au/
Email MeHelp you make your dreams come true: https://www.youtube.com/watch?v=sB3KpKX4UsI
-
This reply was modified 9 years, 5 months ago by
