Hi inverse

Welcome aboard.

It doesn't really replace anything that's already out there on thousands of websites. 

How are you calculating max borrowing? There's dozens of different lenders with different ways of of determining this – so the different between the least generous to the most generous lender can be quite…[Read more]

Whether to fix rates  -seems to be a question I'm frequently asked at the moment.

OTP plan purchases in Melbourne – the pros/cons.

The Sydney market being on the boil – it's heating up quite fast. Properties being snapped up quickly.

That's a few off the top of the noggin.

Cheers

Jamie

I use Chrome and have never had the problem.

Sometimes I post on the iphone/ipad and it's usually all good too.

Cheers

Jamie

Parliament house

Cheers

Jamie

Nope – cross colaterisation is rarely a good idea.

Cheers

Jamie

Hi mindseye

An example of tapping into equity.

Say for example that you had a loan of $300k against a PPOR worth $500k and you wanted to buy a $400k IP.

The bank will let you take your loan up to 80% of the properties value so you can use it as a deposit/costs on an IP.

So if it's worth $500k – they'll let you go up to $400k which is an…[Read more]

Hi mindseye

Could you renovate the property and add value? If so, you could tap into the equity and go for the next IP.

Cheers

Jamie

Yep, Syd is heating up – especially the inner West.

Congrats on your sale. That's great news

Cheers

Jamie

ok – if you can come up with enough funds to cover a 10% deposit and costs then I think there's hope outside of Liberty.

Your credit file hits are fine. They focus mostly on the last 12 months and 3 hits isn't unreasonable.

Cheers

Jamie

Thanks for the wrap Joe

Seems like a difficult deal to place.

If you've got a 10% deposit and enough funds to cover purchase costs then you could possibly get away with using a lender that allows 90% non genuine savings.

Because it's a family business he'll need to show a couple of years individual tax returns and at least three months of bank…[Read more]

You're welcome

Cheers

Jamie

Hi Matt

Access equity in your PPOR  – set it up as a second loan which is used to cover the deposit/costs on your IP. You then set up another loan against the IP to cover the remaining balance.

So you basically have three loans set up. Original PPOR loan, equity release and IP loan. The first two loans are against the PPOR and the third against…[Read more]

Yep, should be able to once it becomes an IP.

Cheers

Jamie

Hi Natasha

Here's how it would work (generally speaking).

Current property (soon to be IP)
Loan 1 – current loan (becomes deductible – on the assumption it hasn't been used for other personal use)
Loan 2 – Equity release to cover deposit/costs on new PPOR (non deductible)

New PPOR
Loan 3 – Loan to cover the remaining balance of the new PPOR…[Read more]

Hi there

You can still use equity to purchase your next PPOR – that's not a problem.

You just won't be able to claim as much interest against the IP as you'd probably hoped for.

Cheers

Jamie

Hi Matt

It's a federal grant administered by the states. The states decide on how they administer it – so the polices vary. Generally though, there's been a push towards providing the grant to new properties only.

There's different stamp duty incentives across the different jurisdictions too.

Most state govts regularly review and alter their…[Read more]

Hi Mikand

Welcome aboard.

3 kids under 3 – how have you got time to post this question!

All lenders will take into account the rental income of the property that you're purchasing. Most will take somewhere between 75% – 80% of the gross rent into account for borrowing capacity calculations.

Your borrowing capacity may be a bit tight – but…[Read more]

kirbonavich wrote:

Just curious to know if this is a standard fee for supposedly a "No Fee" home loan?

Hi kirbonavich

It's because it's not a bank fee – it's a state govt. fee.

Cheers

Jamie

Hi Luke

Personally I think the CG over time will be better in the inner west rather than the far west.

With a unit, you can cosmetically reno to add some value and bump up the rent – but there's not a lot you can do structurally such as increase the size of the property or add a granny flat out the back (something that's all the rage out west…[Read more]

Hi Nicole

I can't speak for this company as I don't know who they are or what they offer. However, there's a number of companies out there spruiking off the plan properties to "astute investors" – they're essentially glorified real estate agents making massive commissions on over-priced, sub standard properties.

If it sounds too good to be true…[Read more]