[Colin RiceParticipant@fmsJoin Date: 2011Post Count: 338]

August 5, 2021 - 4:30 pm

PurpleKiss wrote:

CommInsure (part of Commonwealth Bank) also do it and you can get quotes online as well

Yep, read your PDS people before committing.

I had Comminsure and went to make a claim after someone tried to burn one of my properties down and was building another house out the back so left the front property vacant until the project was complete. Drove by one day to check progress on the rear build and saw the damage to the front property, made a claim, and was then told it would not be honored as the PDS stated that 60+ days of vacancy voids it.

I lodged a complaint with AFCA and CBA called 2 weeks later and offered 4k of the 8k damage bill so half a win at least.

Colin Rice | CDR Finance
http://cdrfinance.com.au/
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Perth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]

[Colin RiceParticipant@fmsJoin Date: 2011Post Count: 338]

August 5, 2021 - 4:02 pm

As a child, we had an enclosed patio out the back and a part of it was made into a room (sleepout) that became mine as it was a better alternative to sharing with my sister. Hot in summer and cold in winter, I loved it though as had my own space and redbacks under the bed and crickets chirping to keep me company.

Colin Rice | CDR Finance
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August 5, 2021 - 3:57 pm

wan0151 wrote:

Would it make sense to pay down the entire mortgage with the money in the offset account and then access that equity with a LOC to invest in stocks

If you are intending to remain in the property as an owner-occupier then it makes sense as you are converting (recycling) non-deductable debt to deductible debt.

You don’t need a LOC as per the reasons mentioned above and a term loan will work as long as you pay the debt down and then redraw the funds back into offset.

Colin Rice | CDR Finance
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[Colin RiceParticipant@fmsJoin Date: 2011Post Count: 338]

July 27, 2021 - 3:24 pm

As @geofront already stated why not double down on what you are good at already which is running profitable bakeries.

Is franchising an option and/or expanding your current store location footprint as sounds like you have a sound business model ready to duplicate.

• This reply was modified 2 years, 9 months ago by  Colin Rice.

Colin Rice | CDR Finance
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[Colin RiceParticipant@fmsJoin Date: 2011Post Count: 338]

July 27, 2021 - 3:05 pm

As mentioned you need to seek professional guidance and not be afraid to pay for it, some good pointers above already.

Colin Rice | CDR Finance
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July 27, 2021 - 2:55 pm

We got a ways to go I think, especially in the “cheaper” regions of the country.

Colin Rice | CDR Finance
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[Colin RiceParticipant@fmsJoin Date: 2011Post Count: 338]

July 27, 2021 - 2:51 pm

I would consider keeping the Penrith property and borrow against it as @terryw suggested.

Speak with a broker who understands property investment loan structuring first up to see whats possible.

Colin Rice | CDR Finance
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June 28, 2021 - 2:41 pm

zanesmith wrote:

Combank ran my credit and the computer says NO.

A mortgage broker can get a copy of your file for free IF you engage their services.

This will reveal all and you can then find a suitable lender and if none available you can look at getting it repaired by a reputable credit repair company.

Colin Rice | CDR Finance
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[Colin RiceParticipant@fmsJoin Date: 2011Post Count: 338]

June 28, 2021 - 2:31 pm

There are building brokers that use the same principle as mortgage brokers where they have a panel of builders to tender that will best suit your project.

Always bear in mind when choosing a professional service 60% are average,  20% are dangerous and 20% are experts, perhaps visit a few to get a feel for the right one.

Colin Rice | CDR Finance
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[Colin RiceParticipant@fmsJoin Date: 2011Post Count: 338]

June 28, 2021 - 2:25 pm

Steven wrote:

My question though is since I have very little knowledge of QLD market…. are there any gotchas for those areas? such as: too dependant on seasonal traffic? natural disasters? any other quirks I need to be aware of?

Check for flood zones and also the cost of insurance.

QLD is currently booming atm and will probably do so for a while yet so don’t leave it too long if you want to get some potential uplift in the value.

• This reply was modified 2 years, 10 months ago by  Colin Rice.

Colin Rice | CDR Finance
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June 28, 2021 - 2:22 pm

I’m thinking in this current market they won’t be sold for an under-market price, could be wrong though?

Colin Rice | CDR Finance
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June 22, 2021 - 7:12 pm

Profits are just that, profits, and can be used for whatever you like.

Colin Rice | CDR Finance
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[Colin RiceParticipant@fmsJoin Date: 2011Post Count: 338]

June 15, 2021 - 5:42 pm

Dandare wrote:

After researching, I intend to change my investment property loan from repayment to interest only, I am just wondering can anybody advise on the criteria for which this is approved or denied?

Pre APRA/ASIC was a simple process, now it requires a full-blown assessment equivalent to a brand new application.

Dandare wrote:

I have a ppr and an investment property both on repayment, I plan to re mortgage the ppr soon after I complete my renovations. Also self employed.

Ask a broker to complete a preliminary assessment to see what’s possible and at the very least they can guide you in the right direction if you are not qualifying just yet due to the downturn and being self-employed.

Plenty of sharp brokers to speak to on here.

 

Colin Rice | CDR Finance
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June 15, 2021 - 5:37 pm

Cant say I have ever heard of it, I do have cash flow properties that are also increasing in value (the golden goose) so I will claim the title :)

• This reply was modified 2 years, 10 months ago by  Colin Rice.

Colin Rice | CDR Finance
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[Colin RiceParticipant@fmsJoin Date: 2011Post Count: 338]

June 15, 2021 - 5:34 pm

TerryW is your man, assuming he is still taking on clients?

• This reply was modified 2 years, 10 months ago by  Colin Rice.

Colin Rice | CDR Finance
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[Colin RiceParticipant@fmsJoin Date: 2011Post Count: 338]

June 8, 2021 - 9:07 pm

Developerme wrote:

Hi Richard I am now purchasing a site at NSW 2447. The purchase price is $122K and I need 80% ie $96k. I have the funds for costs for DA. I would need to be able to top up the loan for the construction of the two houses on the site which would be subdivided into two torrens titled lots.

Do you not qualify for a bank loan?

What you are offering is light on as Richard stated and no one will accept those conditions. If you came with an unencumbered piece of land and wanted to construct would be far more realistic, at least you are trying though.

Colin Rice | CDR Finance
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[Colin RiceParticipant@fmsJoin Date: 2011Post Count: 338]

June 8, 2021 - 9:01 pm

There are three basic investment vehicles;

1. Property
2. Shares
3. Term deposits

Best to start educating yourself around these vehicles and how to drive them.

Colin Rice | CDR Finance
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June 8, 2021 - 8:59 pm

AjanPecker wrote:

‘Loan redicer ‘ sounds so epic but basiccaly they offer you a consultant .

Crown offers a service where they manage your money as well.

Colin Rice | CDR Finance
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June 8, 2021 - 8:55 pm

Steven wrote:

4. NEVER (and I say with capital letters, NEVER) buy based on emotions. Don’t rush in just because everybody else is rushing in. Only buy if the purchase makes sense from a number point of view.

Sadly, most of us investors learn that one the hard way, it is possible to avoid altogether with the right guidance from a reputable mentor.

Soundpost for a newb to read, digest and apply.

Colin Rice | CDR Finance
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[Colin RiceParticipant@fmsJoin Date: 2011Post Count: 338]

May 31, 2021 - 5:03 pm

My thoughts are to consult a reputable and experienced mortgage broker in your area and let them do their thing so you can do yours, or not?

Colin Rice | CDR Finance
http://cdrfinance.com.au/
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Perth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]