Hi Rose

Try Pete Tersteeg from Sage Lending in Nunawading – I think he’ll be in the office tomorrow.

Cheers

Jamie

Hi Renovata If you feel comfortable with using email and phone it's easy enough to deal with any mortgage broker you choose – irrespective of their location. Before I became a broker myself, I used an excellent investment savvy broker in another state to where I lived – I had purchased three properties through him before we actually met.

Renovata…[Read more]

Hi Keiko

Thanks for the recommendation! I’ll get in touch with them.

Cheers

Jamie

JacM wrote:
I am retarded.  It is McDonald Ross I'm thinking of.  Not sure how I got Alexander Bell from that!

Gold! Maybe you were flicking between a trivia website and an accountancy one…..

Yep, Alistair beat me to it. There’s just so many variables at play, seeing a good independent mortgage broker (particularly one that works with investors) will make life easier.

Hey Jac

Good question. In Canberra, I personally prefer the outer burbs within the Tuggeranong region – suburbs where I can pick up basic 3 bedroom places on decent blocks of land which can do with some cosmetic renos to add some equity. Yields in Canberra are around the 5% mark – this can be boosted by allowing pets and carrying out the cosmetic…[Read more]

Hi Cathy

Lenders generally take into consideration 75% to 80% of the rental income received when assessing serviceability.

Cheers

Jamie

Hey Jac

We’re moving into an IP we have on the southside of Canberra. There’s some potential for value add – we’re going to replace the flooring, paint, reface the kitchen, carry out some work in the bathroom and a bit of landscaping out the front. We’ll get it revalued afterwards and hopefully tap into some equity for the next purchase.

Cheers

Jamie

Thanks for the response Scott. My wife is going to order a couple of samples. We’re also going to grab some carpet online. Nothing better than a cheap, cosmetic reno!

I’ll report back with a verdict in a couple of months.

Cheers

Jamie

Hi Alan

You can play around with the repayment calculator on my companies website – http://www.passgo.com.au/calculators

Cheers

Jamie

I agree with the posts above. Do your research, work out how much the property is worth to you and offer accordingly. At the same time, you don’t want to provide your final price up front. Instead, provide a credible offer that allows for some upward movement – hopefully you’ll meet the vendor at the price you’re willing to pay.

Cheers

Jamie

Hi W8up

There was a recent post about choosing a property manager that also might help. If you do a quick search and should be pretty easy to find.

Cheers

Jamie

fWord wrote:
There's many ways to skin a cat and there would hence be many ways to invest in an attempt to break free of the 'rat race'. Personally I don't look at books as strict guides on how to invest, but rather they provide readers with options and the pros and cons of each.

I think that’s that a very good point. I like to read Kiyoaski’s…[Read more]

Yep, I’ve seen confusing info with a suburb I’ve been keeping an eye on. One mag says it increased by double digits over the quarter while the other mag states that growth has declined by roughly the same amount over the same period.

Hi Alan

Yes, if you increase the loan amount the monthly repayments will also increase.

Something tells me that lending criteria/policy and the way equity is calculated is probably a little different in South Africa.

Hi Kidz

Welcome to the forum.

Sorry to hear about your situation. Which state are you in? Have you exchanged contracts yet?

A 90% top-up is not uncommon – it’s the default from May 2010 that’s proving to be a pain in the backside for Garvin when dealing with those particular lenders. Could possibly get it done with a lender that doesn’t credit score and accepts paid defaults up to a certain amount.

It’s possible to get a reval done sooner than 6 months (it does depend on the lender). For the most part, you just need to let them know that you’ve carried out significant renos that have added value.

Hi Brendan

I can’t think of a financial planner in Sydney either. However, any questions you have about property, feel free to ask on the forum – while you need to be diligent in regards to opinions offered on a public forum, there are a fair few knowledgeable folk around here who are always happy to help out.