Qlds007 wrote:
And if you don't use Podium, Cola has to be one of the most complicated and ridiculous online lodgment systems there is.

Cheers

Yours in Finance

Yes! I'm glad I'm not the only one. I was speaking with my BDM the other day about how ridiculous that platform is. Do you use podium to lodge most of your…[Read more]

Probably best to place those funds back into the IP loan and redraw  (for IP purposes only) when required as opposed to parking the cash in an offset. 

Cheers

Jamie

Hi TIA

Welcome aboard

You could potentially do both.

Use the funds to renovate the property – and then have it revalued afterwards. Hopefully it's gone up in value – you then access that newly created equity which can be used to kick off your property investing.

Finance structure is key here – so consult an expert before…[Read more]

They recently increased the amount of supporting docs required for loan applications too. They're already one of the fussiest lenders when it comes to supporting document requirements – not they're wanting to look at the borrowers transaction accounts too. The scanner gets a good workout everytime a CBA application is submitted!

Cheers

Jamie

LVR's play a part here too. If there's LMI involved (which it doesn't  like from the OP's post) then lender selection becomes even more important -as you don't want to reach exposure limits with either LMI provider too early.

All in all, it's possible – but as mentioned above, don't focus on the quantity of properties -the quality of the…[Read more]

Qlds007 wrote:

I am currently untangling the mess made by lenders / brokers for 3/4 other forum members and is always a matter of trying to get it right from day 1.

Story of my life. At least their incompetence keeps us nice and busy

Cheers

Jamie

Hi Jude 

Welcome aboard

I like your profile pic!

The $170k (if you were wanting to access that much) would be used to cover the deposit/costs on subsequent IP purchases. You'd then take out another loan for the remaining balance of each IP. So it would like like this (assuming you're purchasing a couple of IPs for illustrative purposes):

PPOR…[Read more]

It's hard to believe it's taken them this long to release a transactional offset. Hopefully there's not too many hiccups once it's rolled out.

Cheers

Jamie

Where are you based?

Joe on this forum does kitchens and is in Melb – he might be able to assist.

I was speaking with him about kitchens the other day and he sure knows his stuff.

Cheers

Jamie

Hi Matt

The scope for generating a high income is greater with being a real estate agent over a property manager (unless you owned the property management company). Both jobs require different sets of skills – with REA's relying strongly on sales and networking.

p.s – you don't have to work in real estate to invest in it. 

Cheers

Jamie

Hi Darryl

Welcome aboard. 

Cheers

Jamie

headspin wrote:
Lesson learnt:  Never pay down a loan, and always use an offset account.  Even for your PPOR, as some day your PPOR might become an investment property and youll wish you hadnt paid it off…

Correct! That's the reason why a decent finance person will always ask about your longer term plans and will structure your finances…[Read more]

Hi and welcome aboard.

A) Yep it's possible

The equity release for IP 2 would be deductible. Is that what you mean?

You don't really turn the loan back to an LVR of 80% – you're increasing your borrowings against that IP to purchase another IP – therefore bringing the loan back up to 80%.

All sounds ok to me. Just avoid cross collaterising…[Read more]

Terryw wrote:
That is great. It is like the difference between eating mcdonalds and fine dning!

I love the analogy

It also goes to show that it's easy enough to deal with professionals from a distance. I was able to get it done from my office in Canberra while Mola is in Syd – and Joe who mentioned me is in Vic.

Cheers

Jamie

Most banks will assume that the costs are around the 20% – 30% mark when assessing your borrowing capacity. 

As Scott said though – it can vary quite a bit between properties and their locations. Using a property manager or self managing will also play a part.

Cheers

Jamie

Hi Rod

Received your PM and responded.

Cheers

Jamie

Roxy lacey wrote:
thanks Jamie, i am now convinced i need to obtain a separate loan for each. i am so glad i asked the question and not just accepted what the broker has advised! roxy

No worries Roxy. I think you'd be best off getting a second opinion on your current loan structure. You might be able to set it up better – which in turn will…[Read more]

Roxy lacey wrote:
hi everyone, i am new to property investment, my husband and i have purchased 2 investment properties. our finance broker is suggesting we arrange one investment loan secured by the 2 properties, i am not sure about this, doesnt this fall under the term "cross collateralization" would i be better off arranging an independant…[Read more]

Ozman wrote:
Your best option is going direct to lenders and try to negotiate a lower borrowing rate based you are not using a broker. you will need to have your planning and figures in order and laid out and being a long term client with good history will help your case

Good luck with that. Watch your credit file get fried and your loan…[Read more]

Hi Bertie

Without sounding arrogant – I doubt you'll find a high performing broker that will rebate part of their commission. 

Cheers

Jamie