Generally speaking – above 50m2 broadens your scope of lenders.CheersJamie

In this recent somersoft thread, PT Bear mentions that he knows of some good ones in Melb. Just shoot him an email/pm for the details – http://somersoft.com/forums/showthread.php?t=77161CheersJamie

Hi ClaireSounds great. How many people do you normally have turn up?Is this different to the investor meetings that were held near DFO about a year ago? I can't remember who ran them.Some of us on the somersoft forum organise informal meet-ups at a pub every once and a while. It might be worth posting on that forum too.CheersJamie

It's a good result. If CBA don't accept the valuation challenge then you can always jump ship to ANZ (providing the costs of doing so are worth it).CheersJamie

ElizabethKruze wrote:
i think the first steps are crucial, worse not making any at all.

Yep, that's the number one point – and it doesn't just apply to investing. CheersJamie

You should be able to get your name placed on the title but you’ll need to suss out whether this will incur any costs such as stamp duty and CGT.

Cheers

Jamie

booge wrote:
I always listen to Everyday property investors podcasts, i find it interesting because they talk about how they've done it in plain language without the big motivational sell. I'm thinking of buying the Your Property Success DVD's by Jane Slack-Smith. She seems to speak common sense. I was contemplating the Michael Yardney…[Read more]

Hi LukeHow much are you looking to spend?I know that the eastern burbs of Sydney aren't particularly cheap so you need to get a good idea of what your borrowing capacity is.If purchased as an investment property, the rent received from the property will help bolster your borrowing capacity. CheersJamie

Hmmm……very interesting. Now let's see what the other two do.CheersJamie

sbhjain wrote:
Also re worrying about getting the deal approved, does it increase your chances of approval if you go with a bank with slightly higher rates than the cheapest one out of the options?

Not at all. There are competitive rates at 95% LVR – you don't have to pay a premium for a 95% lend.The main point is that getting a 95% lend…[Read more]

Yep, it was an interesting move. Hopefully they can keep the 5.8% two year in place for a bit longer.

Cheers

Jamie

Another thing to mention is that some lenders only operate via the broker channel.

In any case, you should be satisfied with just getting a 95% deal approved rather than worrying too much about the rate.

Cheers

Jamie

booge wrote:
Also, the mortgage broker has advised to fix my investment loan at 5.99% for three years and pay interest only, of course now I've read about the dangers of fixing investment loans!! What the hell do i do??

Don't do something you're not comfortable with doing. Your broker should be matching products to your needs – not trying to…[Read more]

It can sometimes be a drain on cashflow as you may have to make repayments on the land loan and the progress repayments whilst not receiving any rent.Cheaper stamps though – as you're only paying on the land.CheersJamie

Interesting article – http://www.smh.com.au/business/lenders-strike-looms-without-rate-relief-20120209-1rni0.html?rand=1328759630340CheersJamie

Paullie wrote:
Interesting, so they are anticipating rate rises.

I don't think that's the underlying reason – it's probably closer to what Derek mentioned above.CheersJamie

Just got notification that Citibank's fixed rates are going up on Monday.CheersJamie

ANZ are quite competitive in the 2 year space.It's an interesting time with fixed rates – I don't have a crystal ball but my hunch is that they may not stay this low for much longer. CheersJamie

AdisKay wrote:
Thanks guys, i found everything said highly useful. Its good to have an idea of what im aiming for. Beautiful. It'l take some time to save this cash so i might aswell dig into this reno course. Seems promising Cheers !!

Hi adiskayHave you considered paying some mortgage insurance and taking out a loan that requires a smaller…[Read more]

ljf wrote:
Hi guys!This is my first post on the forums!Thanks so much for this information, Jamie M. I'd heard that I/O & offset was the only way to go if you wanted to turn your PPOR into an IP, but I couldn't find the information that led to this conculusion, though I'd been searching for it.My fiance and I took out a home loan for our first…[Read more]