Hi HenryAn article was written by Medine Simmons on this exact question in a recent edition of Your Mortgage magazine. I've pasted it below. She offers the following five arguments as to why every borrower should seek out a qualified mortgage broker when trying to obtain property finance:  1. Choice “The biggest advantage of a broker over a b…[Read more]

Catalyst wrote:
Sometimes everything is not stated in the advertising. Better to be on the ground. One I was not going to look at as it didn't seem like something I was looking for as the ad said very little and photos were bad.

That's a good point. With the first property we purchased, the selling agent only advertised one poor external shot…[Read more]

Hi ABCDCheck out the genworth location guide – http://www.genworth.com.au/lender-resource-centre/tools-and-resources/location-guide-australia/This will give you an idea of the LVR banks will go to for particular postcodes.CheersJamie

Also, you might find these links helpful during your search http://www.passgo.com.au/property-data-websites

Cheers

Jamie

Hi Ben

Welcome to the forum.

The majority of properties would end up on these websites. The few properties that don’t are generally snapped up by investors/buyers agents who have built rapport with local REAs who have stock that they’ve been instructed to sell quickly for whatever reason.

Cheers

Jamie

I don’t think RP data would be fond of the idea of on selling reports….

Cheers

Jamie

Hi batgirl

You could top-up your current loan to 90% and access about $28k to put towards your next purchase. Some LMI will be payable but at least you avoid using your own cash and the total borrowings would be deductible.

Hope that helps

Jamie

Yep, it's a great read. It's good to see the tables showing the current state of each capital city and regional market back in this month.CheersJamie

racmike wrote:
Thanks for the quick response – That was really helpful.See spreadsheet below to know how I came up with the $450 per fortnight amounthttps://spreadsheets.google.com/spreadsheet/ccc?key=0Atoy6hwSU41AdGhtblhPSHRqek9DSDlxYVlNZnNjQ1E&hl=en_US#gid=0I used …[Read more]

racmike wrote:
Hey guys,I am interested in purchasing my first investment property and I have few questions.1. My PPOR is worth $415K now (property was worth $370K when I bought it 10 months ago). I took a mortgage loan for $295K  – I have paid $45K in extra repayments so far.In essence, I have $160K in equity and I am currently able to make…[Read more]

Hi WonderwomanProb best to contact Paul Dobson above – he's the expert on vendor finance.CheersJamie

Jameswood wrote:
Great thanks again guys for the helpful information. Will definately be in touch with you again aswell Jamie soon once I have a few more things sorted out deposit wise

No worries James – I'm not going anywhere….although the South Pacific would be nice right about now CheersJamie

Hi JohnI'd also place a deadline on the offer – ie. offer valid until close of business Tuesday 9th of August 2011.Not sure if I'd mention offers on other properties – you may lose some credibility and be viewed as a tyre kicker.Due diligence is an extremely broad concept and I'd be inclined to leave that out for the same reason above.The…[Read more]

For a mortgage broker I'd suggest Richard who's responded to your post – he's a bit further north of Sydney but that shouldn't be a factor (unless you prefer the face to face contact).Terryw is your legal man (has a million posts on this forum). I'm not sure how he operates or what he specialises in but he certainly knows his stuff when it comes…[Read more]

Yep, you can.

Cheers

Jamie

Hi SonyaThere are so many variables that depend on whether a loan will get across the line. Type of security, location of security, employment history, whether or not you're an existing customer….there are so many other factors to consider.However, in general, I believe things are getting a little easier.That said though, a 95% loan will always…[Read more]

Hi AbhiNo worries – you're welcome.Providing your current income and liability situation allows for it – I'd say it was certainly possible to keep your current property as an IP, access some equity, and purchase your next.CheersJamie

Hi AbhiThe remaining $215k will become tax deductible (option 4)How much are you looking to spend on your next purchase?It's important that you set this all up correct from the start so as to maximise tax advantages and avoid cross collaterising your current property with your next one.Any of the decent brokers on this forum will be able to…[Read more]

Terryw wrote:
I am a solicitor and investor and exmortgage broker and live in the CBD if you want to meet up.

I'd be taking Terry up on that. CheersJamie

Hi DerekYou're doing great – well done on devising such a specific strategy.A couple of comments that might help.It doesn't look like you've incorporated the purchasing costs into your calculations (stamp duty, conveyancing, building/pest inspections, etc).With flipping – unless you sell it yourself, there's going to be REA fees to consider. That…[Read more]