Banker wrote:
Do ANZ also use Genworth?

They have their own LMI.

More good signs

You should use these factors to drive down the price that's being asked. Cheers,Jamie

Hi Mandi,Yep, you sure can. To give you better advice though, I'd need to grab some more details.I assume you have a current mortgage on your PPOR? How much is this loan and what is the current value of your PPOR? How are you intending on paying for your next property (the soon to be PPOR)?Cheers,Jamie

I wouldn't just stick with your current lender simply for convenience though. If you can find a better deal then it might be worth while switching to another lender.Cheers,Jamie

You don't need to be an existing client.LMI is uncapped.Those on a probationary period with their employer may be considered.

Icemaiden wrote:
My accountant has stated we need to have properties that will assist in lowering our tax. 

That's bad advice. You shouldn't invest in property for tax concessions. The choice you make comes down to many factors, one of which is your individual risk profile. What do you feel comfortable with? Defence housing could be an ok…[Read more]

Brought two IPs and one naughty pug (the latter was definately my proudest purchase)

Hi Richard,I read it the other day. It was a good read Jamie

Your welcome. Following on from what Shelley said – Margaret Lomas has some really good books. I enjoyed her "20 must ask questions" book.In fact, a good way to learn on the cheap is to check out the IP books in your library or have a quick search of Ebay every once and a while.Jamie

I'm tipping it would be worth it.I had a $220 depreciation schedule prepared for a 40 year old, 3 bedroom IP in Wagga Wagga. I'm able to claim $2,100 in the first year. This more than pays for the $220 report.You could use a free online depreciation schedule to gauge how much you'll be able to depreciate in the first year.Jamie

Congrats on the decision to delve into the world of property.It can be a scary time for first home buyers – the process can seem confusing and it feels like there's so much to learn.As a mortgage broker, this is obviously going to sound biased, but I think your first step should be to consult with a good mortgage broker. One that will explain the…[Read more]

Is there demand for fully furnished properties in that particular area? If so, it can be a good option.You can command higher rent and depreciate the furniture. If the demand is there I say go for it.Cheers,Jamie

Hi Stacey,I agree with the rationale behind not saving the 20% to simply avoid paying mortgage insurance. Your spot on, it will take years to save the 20% deposit – however, you can get into the market sooner with a much lower deposit (possibly 5%). Yes, you'll have to pay some mortgage insurance (which can often be capitalised onto the loan…[Read more]

I haven't used one before but can definately see the benefits in their services. Propertunity, who's on this forum, is an extremely knowledgeable BA.

Hey Scotty,I think knowledge is the key. The more you learn, the better informed you become and the less mistakes you're likely to make. Nothing wrong with making mistakes though – we learn from them.How I got startedIn late 2007, after being overseas for two years my then partner (now wife) and I bought our first PPOR (three bedroom townhouse in…[Read more]

LH wrote:
LMI isn't such a dirty word though. If paying a few extra thousand can get you an extra $50K-$100K of purchasing power (and therefore future compounding value), wouldn't paying the LMI be worth it?

Couldn't agree more – most people get scared off by LMI, but it isn't neccesarily a bad thing. It means you can borrow more with l…[Read more]

There's plenty of good sources of information. I like the early Jan Somers stuff that teaches the basics of investing. Somewhat outdated, but the messages in the book remain relevant today. Forums like this are also a great source of info.If you haven't already purchased a property, then I'd make that a priority. The first one is often the…[Read more]

Yep, should be fine.

Sounds fine – why not use the LOC for a 20% deposit? That way you can avoid paying lenders mortgage insurance. In most cases, I have no probs with paying lenders mortgage insurance to purchase a property, but if you've got a $250k line of credit then it might be worthwhile chipping in the additional 10% for the deposit.Jamie