Hi there

Nothing can replace experience in the world of property investing IMO. 

There's also a lot of free info out there – including forums like this one.

Personally  – I wouldn't bother. If I had my time over again – I'm not sure if I would have spent 4 years getting my degrees….and those degrees have nothing to do with the world of…[Read more]

Hi there

There's usually a notice period that needs to be issued.

Ask them for clarification on any points that you don't understand. If they can't help – then perhaps seek legal advice. However, you'll need to weigh up the cost of that advice in relation to the potential fees applicable to this circumstance.

All in all – it's usually just a…[Read more]

Hi there

Welcome aboard.

You can't do that in order to boost deductible debt and lower non deductible debt.

There's a "purpose test" that is applied to loans to determine whether it's deductible or not – if the purpose is investment related it's deductible, if it's not investment related it isn't. The purpose here is to pay down your PPOR debt…[Read more]

It's possible depending on your borrowing capacity. Would need to look at your income/liability situation to provide an accurate response.

Cheers

Jamie

It's worth a billion well that's how much it cost to build anyway. Not a bad location either.

Cheers

Jamie

Not sure if he's doing interstate work but Terry W is our resident pi.com legal guru.

Cheers

Jamie

Hi there

Nothing wrong with older properties per se. Yes, depreciation will be a bit less (but it's usually still worth getting a schedule done up) and there's usually more maintenance requests. However, older properties will usually sell for less than their newish counterparts and there's more scope to add value through improvements (which is…[Read more]

mola wrote:
Yes my loan has been approved and it is all because of Jamie Moore who was nothing short of amazing.

Hi mola

Thanks for the kind words

It was a pleasure working with you and I'm thrilled that you're now able to move forward with your purchase. It's an exciting time and I'm glad to be part of it.

Cheers

Jamie

There you go astroboy – makes sense to get Richard on the case for you.

Cheers

Jamie

Toowomba seems to be quite popular at the moment. I've written a few loans for forum clients investing in Toowomba over the last month.

Cheers

Jamie

starsoid wrote:
 so would also involve a move to a regional area. We'd like to keep our current place (inner city apartment) to rent out as an investement. 

Clearly our first step is to finish our renovation and get our current place revalued.

The first step is converting your loan to interest only. Since it's going to become an IP and you…[Read more]

kirbonavich wrote:
It is interest and principle. I don't believe in the interest only dribble. 

Hi again

Given your future plans to purchase a PPOR at some point – this belief will end up costing you big time.

You've mentioned that you're doing to "redraw" against IPs later on to purchase a PPOR – this is a big no no.

You need to seek…[Read more]

Hiya astroboy

Suss out the real estate buyers agents of Australia website as well http://rebaa.com.au/

You might find some registered BA's up north that you can contact.

Cheers

Jamie

Hi Josh

Be very careful with redraw – it's completely different to an offset account – especially in the context of property investing.

Redraw is classed as new borrowings. So if you redraw from an IP loan – and use those funds for personal expenses, you will contaminate your IP loan.

It's amazing/scary what some bankers will tell…[Read more]

Hi again

The smart access is a standard transaction account – not an offset.

CBA have the Mortgage Saver Interest Account (MISA) which isn't quite a normal offset account. It will offset interest – but it's a pain when it comes to moving around funds.

However, they are also in the process of rolling out a new transactional offset. You should…[Read more]

No worries.

Do you have an offset account setup?

If not – is it a possibility with your lender?

Cheers

Jamie

Hi there

Just so I understand this correctly.

You've got a $304k loan and a savings account with $19k sitting in it?

If so, I'd be placing those funds in an offset account against the loan. That way, you reduce interest and don't pay tax on interest that you earn  – and you also don't risk contaminating the loan when you withdraw the offset…[Read more]

I don't know of the legalities behind it but you'd think that it's something that requires disclosure. I don't know how any agent could sleep at night if they didn't disclose this sort of info – not only are they ripping someone off, they're also selling a potentially dangerous dwelling.

I'm sure our resident legal eagle Terry W will have some…[Read more]

I tend to agree with you wema. For a straight forward purchase or sale a conveyancer should be fine. However, I also find that there are plenty of solicitors out there that will do the same job for a similar price anyway. Just make sure you have an understanding of their price structure before proceeding.

Cheers

Jamie

cs_rlewis wrote:
hi everyone,
A few months back i accessed the equity in my investment property (about 52K) to fund another property i was purchasing. Suppose i was to sell this property (the property i used to access the equity), are any capital gains i make on the property free to me to use however i want? Or do i have to pay off my equity…[Read more]