Where is the property located? What are the vacancy rates like in the area?

Would you consider allowing pets? If so, you can generally achieve a slightly higher rent.

Is there demand to rent by the room? 

Cheers

Jamie

Hi Mikko

At least the five year fixed term has expired at a time when rates are quite low – I'm sure your cashflow will improve once you get onto a more competitive product!

It sounds biased but I'd contact a decent broker, have them assess your situation and make some recommendations. At least with a broker you get access to a range of…[Read more]

5% is a good general rule.

Your broker/banker will be able to crunch the finer numbers for you.

There's heaps of online calculators for working out Govt. stamp duty.

Cheers

Jamie

Hello and welcome aboard.

With the first question – I'd also find out the motivation behind the sale .Why are they selling up? Are they committed elsewhere? Do they need a short/long settlement? Would they be interested in renting it back for a period of time?

For credit and loan structure advice,  any decent mortgage broker/banker that…[Read more]

CBA have followed – 4.99% for two years effective from 12/02/2013

Cheers

Jamie

Hi Desertfox

Welcome aboard.

Before jumping into anything, I'd spend some time educating yourself. There's a sticky thread on here with some good recommended reading. There's also a couple of excellent property forums like this one that are fee and full of updated information.

$150k is a good start – and you can do quite a lot with…[Read more]

Same – I try not avoid them.

I just placed a deal with them on Friday – went over it 5 times before submitting to ensure that everything is 100% perfect. Let's see how long it takes to get approved- probably a couple of weeks

Cheers

Jamie

If it was a favorable purchase (which this isn't) then we can get lenders to take the value.

99% of the time, the valuer will simply value it at purchase price and that's what the lender will go off.

Cheers

Jamie

TheFinanceShop wrote:
Is the property in Australia?

Regards

Shahin

I doubt it – referring to mum as mom

Cheers

Jamie

Well done Joe!

Sounds like the person you spoke to actually ended up forwarding your message onto the retention team.

You're probably not going to do much better on the variable rate based on your current borrowings – you're doing ok there on the 5.5% for $500k in aggregate borrowings. You could prob get 5.4%

If you're wanting to fix your…[Read more]

I haven't head of them.

Freckle's points above are good ones – these companies do seem to be popping up more frequently. It seems that every day there's a new post about "have you head of x?"

There's no reason why you can't choose independent professionals from all areas of the property world to assist in reaching your goals rather than relying…[Read more]

The cost of fences can vary quite a bit so a few quotes is definitely the way to go.

Like Terry said – get it all documented and have the company invoice all parties separately so  you're not the one paying the bill and then looking for reimbursement from the neighbors.

Cheers

Jamie

ChrisA1 wrote:
Hi Jamie and Shahin

For the purpose of others watching this post, could you expand for if Carson was looking to purchase multiple properties through his equity.

Given that Carson's property is unencumbered there's probably a fair bit of accessible equity.

Depending on his strategy,  tolerance to risk and serviceability -…[Read more]

Hi Carson

Welcome aboard.

The set-up Derek mentioned is quite common and is the way we set up most loans for new investors who are looking to use equity in an existing property to purchase others.

What are your longer term plans? Are you looking to purchase just the one more or build a portfolio?

Cheers

Jamie

It depends. I'd argue that terrible servicing is a good thing if Bankwest is the first lender Steve chooses. You might as well use up the poor servicing lenders first before moving onto the more generous. Best to leave them for when servicing is becoming tight.

Only time that it might come back to bite is if Steve accumulates a few properties and…[Read more]

jmsrachel wrote:

TheFinanceShop wrote:
It's CBA chances are that you will get another douche bag or douchette.

Regards

Shahin

it just occurred to me now that the douche bag never verified over the phone if i was the account holder. I could have been any body.

That's good then!

The usual process with CBA is that you tell them that…[Read more]

Good post from big cubez.

The only thing that I would add is that if you have any debt that's non-deductible such as a personal loan or credit card debt – knock that on the head first then pop the rest in the offset.

If you don't have any other debt but the IP loan – the offset account is a good place to store it until you purchase your…[Read more]

Joe – for you, I'd do it for nothing

But they'll probably want to speak directly with the account holder.

Use the "broker" as leverage. Tell them that "your broker" is putting together a refinance application with whichever lender at a rate of xx% and you'd like to give them the opportunity to match before you go ahead and…[Read more]

Give it a go – just don't let them know that your LVR is above 80% because they'll know that the cost of refinancing to an external lender due to LMI charges will deter you.

If they mentioned that you paid LMI previously, tell them that the properties have been renovated and are worth more now

Joe – pretty sure that it's all documented but I…[Read more]

Off the top of the noggin.

Bankwest if you want LMI capped

NAB and Homeside – but don't go above 90% with either, credit scoring becomes harsh and rate with Homeside increases.

From memory, Suncorp as well.

STG, WBC and CBA if you've been renting previously.

There's probably others that I've missed.

Hope that…[Read more]