No worries at all – I'm glad you found it useful.CheersJamie

QM wrote:
Am looking at variable for an investment property (or two). Am using a mortgage broker – they are recommending ANZ because of the no application fee and dscount rate offered – discount would also include our existing investment loan with them…am most cautious of not cross-collaterising! Thank you and I look forward to…[Read more]

Shape wrote:
doesn't sound like u got an offset account…more like a "redraw"??? 

Which is a big difference CheersJamie

wisepearl wrote:
Jamie – u going to paint over the render? Just out of interest, why did you choose to render then paint? My understanding is you can pay a little extra for a tinted render. Was this offered?

Yep, going to paint over it. One coat of primer and two coats of paint. You can organise to have the colour applied to the render but we…[Read more]

Not a direct response to your question but something worth considering – does your insurance company allow for this?CheersJamie

They should know but it doesn't hurt to contact them to make sure.We had water bills going to an IP address when they should have came to our postal address. After 12 months we had racked up a bill of $1k+ and were issued with a few warnings to pay up (we had no idea about any of this because it was all forwarded to the wrong address and the…[Read more]

Hi MattI'm confident that it's added significant value. Once I find some time to paint it (that's going to be fun) and tidy up the landscaping, I'll have it revalued and will report back.I think it also has a more dramatic effect in a street where there aren't many (if any) other rendered houses.CheersJamie

Hi ManishSorry to hear about your sad news.With the loan – just think of it in this simple way.What are funds being used for?If it's for investment purposes = funds are tax deductibleIf it's for non-investment purposes = funds are non-tax deductibleI'm not an accountant (and would advise that you seek qualified advice) but if you are using these…[Read more]

propertyboy wrote:
I think they said I could get 6.79%, shoudl I shop around? ps thats with westpac

Are you happy with all the other features associated with the loan or is just the interest rate you're concerned with?That rate is pretty good.CheersJamie

Hi @sydneyWelcome to the forum.You can use this spreadsheet on our website to get an idea of holding costs – http://www.passgo.com.au/pass-go-investment-property-analysis-tool.htmlCheersJamie

investhut wrote:
jamie so if I take the money out and put it as 20% deposit for 1 or 2 IP, then it has the same effect right?ThanksInvesthut

Hi againYep, if you top-up the loan and use those funds for "investment" purposes than the funds will be deductible.If you top-up the loan and use the funds towards a PPOR than say goodbye to deductibility…[Read more]

swampy30 wrote:
Hi El, Well, if one uses the lower price of your current estimated price, the property has increased in value from $32K to $460K, roughly 40% in about 5 years. At about 8% per year, I'd say that wasn't too shabby. 

I was thinking the same. It's performed ok so far. We've hit a bit of a stagnant patch now but what makes you…[Read more]

investhut wrote:
I have moved out of my PROP, which I bought for 220 k and currently have 1 k owing, so I can access 170K of so right away with re-draw.. today the prop is worth 250-260k.

Hi InvesthutThat means you only have a $1k loan to claim deductions from.Unless this asset is transferred to another entity/spouse – this isn't an ideal…[Read more]

Hi HiravYou might receive more responses if you changed the title to "property investor meetup – Sydney".The "enthu" part is a tad confusing.CheersJamie

thecrest wrote:
Good typo MJP, if you're really looking for "goof" financial advisors, you could end up with hundreds of recommendations. cheers thecrest

I think it's called a Freudian slip CheersJamie

Denny Crane wrote:
I have read that you should buy a property that requires no more than 10% of purchase price as a reno budget.  How true is this?I am cautious as a first timer, and was thinking of embarking on only cosmetic renovations for my first purchase.  Such things as paint, garden make over, carpet, tiling, door knobs, bench tops, b…[Read more]

Stewart – do you know if your wife can service the debt alone?CheersJamie

Hi SamIt's refreshing to hear from a bankers perspective – thanks for sharing.CheersJamie

Hi Danny Welcome to the forum.You're sitting in a pretty good position.You're on reasonable incomes and you have a bit of equity in your PPOR to get started.Obviously this is going to sound biased but your first port of call, in my opinion, should be a decent broker who has experience with IP lending. Someone you can discuss your goals with, look…[Read more]

A fellow broker in Melbourne I know speaks highly of these guys http://www.parkerinvest.com.au/I can't personally vouch for them but it's another option.CheersJamie