In Australia, every application for credit is recorded on your individual credit file – irrespective of if it's been approved, declined or was simply a pre-approval.If you pop into a few bank branches and they each lodge a pre-approval application, each app will result in a hit to your credit file.If you have a fair bit of activity on your file…[Read more]

coolra344 wrote:
Ok so about using the least generous first and most generous last, would you just go and talk to them to find these things out or just from online info?

Like Richard said – they're not going to tell you what's best for you. They can only advise on the products available under their banner – they have no idea how other lenders…[Read more]

Hi CoolraWelcome aboard.There's no right or wrong answer to your last question. It comes down to your own strategy and what you're aiming to acheive from property investing.You could potentially spread that $50k over a couple of cheapish IPs – but how do these properties fit into your investment plans and what you aiming to achieve? Gibbo and…[Read more]

Emma raises a couple of good points.If the loan product allows for "portability" you might be able to shift the loan to a new security once you've sold up.If you're happy to use a lender that doesn't claw back the brokers commission, then it would be reasonable for the broker to waive the service fee (because they're getting paid). It's just a…[Read more]

Yep I agree – I'm surprised they don't charge for it. CheersJamie

The chances of your property being in Canberra are quite slim – but for anyone else reading this who's thinking about self managing in Canberra, http://www.allhomes.com.au is all you need. My wife self manages our local properties and recently had to fill a couple. The calls from people who see the allhomes ad start flowing 5 minutes after it's posted on…[Read more]

waydo77 wrote:
thanks for your help guys, it sounds like the easiest way to go about it is to lie..haha richard and jamie, do you guys deal with many clients for any small development or renovations that have intentions to buy, reno/develop/subdivide and offload it asap? do you charge an upfront fee for this? cheers wade

Hi wadeYep – and we…[Read more]

Hi thereThe QS can backdate the report – so no need to worry about having it done as soon as you get the keys.Having said that – it's usually more convenient to have it done before the tenants move in, otherwise you need to coordinate access with a third party involved.CheersJamie

Terryw wrote:
If the rent is $300 pw and you get a 1% reduction  that is going to save you only $3 per week.

That's the point I was going to make.If you're satisfied with your current PM – I wouldn't bother trying to "bargain" them down to save a few dollars in an effort to increase the rental yield a little.If you tried to achieve every…[Read more]

No you can't.The additional borrowings are for a PPOR so they're not deductible.CheersJamie

Due to the clawback, the broker will need to charge a service fee – otherwise it’s simply not financially viable for them to write the loan.

If going direct, probably not a good idea to inform the lender that you plan on paying out the loan within a few months.

Cheers

Jamie

Option 1 – I wouldn't be purchasing an IP to benefit from negative gearing. Your borrowing capacity and disposable income will be pretty low whilst living off one income. Having an IP that's going to cost a fair bit to hold doesn't sound like a good idea to me.Option 2 – If property prices move, you'll be chasing your tail. I would be inclined to…[Read more]

Hi JamieWelcome aboard.I use Richard White in Melbourne for my business insurances – http://www.whiteinsure.com.auCheersJamie

I used this online company to fit out an IP last year, I was pretty happy with them – www.cheapa–blinds.com.au/CheersJamie

Hi thereWelcome to the forum.Unfortunately it's too late. You've paid down a massive chunk of the principle – when it turns into an IP, you'll only be able to claim interest on the current balance of $30k. The funds that you redraw for your next PPOR won't be deductible – because it's being used to purchase a PPOR.CheersJamie

Terryw wrote:
Could be that prices rise before this ends as everyone rushes in. Be careful

Similar thing happened in NSW towards the end of last year. Particularly in the lower end of the market.Cheersjamie

Qlds007 wrote:
She wanted Ipad so it could go with her iphone. Wish we had gone the Galaxy route now.

Nah, it's all good – the iPad is fine. Terry just needs some time to come around I use it for the forum. It's been ok so far.There's an app for flash on the iphone called skyfire or something. You might be able to download it for the iPad as…[Read more]

I'll keep it very simple.Yes – fixed rate break fees still exist.Yes – you will have to pay it if refinancing.CheersJamie

Hi DaveDeferred Establishment Fees (DEF) were abolished last year which was the fee payable if you closed down the loan within a certain period of time.Fixed rate break fees continue to exist.Your lender is right – they can (and will) charge you for this. CheersJamie

First he'll need to save a deposit. Secondly, speak with an independent broker about his options – his age may mean a reduced loan term is required. If he has an existing credit facility with a lender that might come into play (if he's demonstrated good conduct with that credit card or loan than it will have a positive impact).Lenders look at the…[Read more]