Hi Luci

Here’s a similar thread that was created recently that might help (it’s not Melbourne specific but it does regard OTP purchase) – https://www.propertyinvesting.com/forums/property-investing/help-needed/4335329

Cheers

Jamie

Yes – it’s called a construction loan.

Cheers

Jamie

What do the comparable sales look like within the area? That’s one of the best things (in my opinion) about residex reports – the snapshot it provides on sale prices of similar properties within a close proximity.

Cheers

Jamie

I didn’t realise there was a direct option.

PM Richard Taylor (Qld 007) for a recommendation. Richard’s a mortgage broker but I’m sure he’ll have some good accountancy contacts up there.

Cheers

Jamie

Should be $0 application and $0 ongoing. That's what I get through my aggregator.Here's some info – http://www.choicelend.com.au/products/index.htm

I think the advantage product is quite good – for low LVR deals especially – currently 6.88 for anything less than 65% LVR. There line of credit is equally as competitive at 7.03%. They also have no application/ongoing fees. They don’t offer an offset which is a bit of a bummer.

Haha, that explains the confusion re the paper trail.

Serviceability = borrowing capacity.

Cheers

Jamie

I provided a few comments in this thread – https://www.propertyinvesting.com/forums/property-investing/help-needed/4335329

Cheers

Jamie

Hi Joel

Which lender are you currently with? As number 8 mentioned, as long as serviceability is fine, it should be possible accessing some of that equity.

Cheers

Jamie

Agree with most of the others, can’t see any reason why First Mac would be the number one option. Might be worth while getting a second opinion.

Hi Sam

There’s a few variables that determine what’s “best.” For a low LVR, Homeside can be a good option, for investors with lean borrowing capacity, AMP can be good. What’s best ultimately depends on the applicant(s) situation and the security on offer.

Cheers

Jamie

Agree with the above, take it out. Besides, an extra month or two of premiums isn’t going to cost a great deal.

JacM wrote:
speak to your bank and make very very sure that they will finance the purchase of that property in particular if you win the auction.  You don't want to win the auction, which obliges you to buy, and then find you can't finance it.  You could get seriously sued for breach of contract.

That’s the same point I was going to make. If yo…[Read more]

Terryw wrote:
I would strongly advise you not to invest there!

Which one Terry? Thailand or Indonesia?

Hi again

Do you mean mortgage broker or financial adviser?

If broker, I don’t know of any in Albury that I could recommend. However, with today’s technology it’s pretty easy to deal with any broker you choose irrespective of their location. Everything can be done via phone/email/fax.

Cheers

Jamie

Hi BelleStar

The best advice is to spend this time learning. Read lots of IP books, frequent forums like this and start saving a deposit. There’s a number of good authors to look up – Lomas, Somers, Yardney…the list goes on.

Cheers

Jamie

Hi Runway

What was the basis for your broker suggesting them?

Cheers

Jamie

Hi Jacqui

I created it (I’m a bit of a spreadsheet nerd). When I get a chance, I’ll tidy it up and send it you. Put that $50 towards your next IP

Cheers

Jamie

airstrike2001 wrote:
Jamie, We had a family member who was on a lease and about half way through we put it into the hands of a property manager when the tennant started to have other people start living in the house. We had stressed to them that we wanted them to have the property manager screen any person they wanted to share the house with…[Read more]