Hi Andy

Welcome aboard.

I'm a fan of purchasing a PPOR first and then using it to leverage into property investing.

If you can find something that you can renovate and add value to, you can get it revalued and hopefully access the newly created equity to use as the deposit/costs on your first IP.

Ive seen a lot of young couples start out this…[Read more]

Yep, agree with Terry – interest only repayments can enhance your borrowing capacity with some lenders as they take into account the actual monthly repayments.

Cheers

Jamie

Hi Luke

Usually when the only debt they have left is IP related – then they might start paying it off.

Cheers

Jamie

Yep, 4 hours does seem to be the magic number when it comes to sleep – and you're right, I'm surprised that I'm still able to get on with things. Oh well, it's all worth it!

Cheers

Jamie

Hi Luke

Interest only loans can be set up for various terms depending on the lender – 5 years is quite normal. Some will go up to 15.

Most investors roll over to another IO period once the existing expires.

Sounds like IO with offset is the way to go for you.

Cheers

Jamie

EJay wrote:
Hi all,

I have been looking at investment properties for a little while, mostly care of my financial planner who dumps recommendations in front of me based on what developer relationships they have. 

Uh oh – doesn't sound like a good start!

At least you've had the sense to explore your options and seek other views.

Alarm bells…[Read more]

Hi Thorpe

Are you planning on buying a PPOR at some point down the track?

If so, you really don't want to pay down the principle on your current tax deductible debt if there's a chance you'll have a non-deductible PPOR debt in the future.

IO loans with an offset provide for maximum flexibility in the future. One of the only times when it's not…[Read more]

Thanks for all the congratulations and well wishes. She's an amazing little girl

Cheers

Jamie

Hi Serena

I used this website hipages.com.au the other day to get quotes from builders to repair a retaining wall for a Canberra IP. You just provide a brief outline of the job and you'll get a few builders coming back with quotes.

Cheers

Jamie

Hello

Generally speaking IO with offset is great because it provides maximum flexibility for the future. 

If you have other debt which is non tax deductible then best to knock that on the head first.

If you're planning on purchasing another PPOR in the future whilst keeping the current property as an IP then IO is the way to go.

Changing to IO…[Read more]

Hi John

The Australian consulate should do the trick.

Cheers

Jamie

Hi Investus

Where are you based?

Are you happy to deal with someone interstate or do you prefer face to face?

Cheers

Jamie

Usually just one account will suffice.

Cheers

Jamie

It's quite common to consolidate cc debt via a home loan. Just remember that even though the rate is much lower, the term is longer – so unless you make extra repayments or reduce the term, you'll prob end up paying more.

Cheers

Jamie

No worries.

I'm pretty sure it was written into the last lease we signed off on.

Cheers

Jamie

I pay for connection and they pay for usage.

I actually pay the bills and tenants reimburse.

Cheers

Jamie

Hi Boshie

Sounds biased but prob best to chat with a decent broker about your options – I doubt the WBC branchie is going to have a clue about correct loan structuring.

cheers

Jamie

boshie wrote:
Hi Jamie
We didnt pay LMI but only have an 85% lending value ration which could make it tough.  He suggested we apply for the possibility of a split loan with as much as possible going into the 3yr fixed rate account and only minimal in the variable account with the added $22.5 credit card debt going into that.  One thing I didn't…[Read more]

I don't see an issue with a brick finish.

Like Jac said – painted concrete can look pretty run down if it's not maintained. There's a block of apartments near an IP that I own that are painted white and it hasn't been maintained in ages – it looks terrible.

Cheers

Jamie

boshie wrote:

We have an IO loan of $559,409.00 at 5.81% variable for this property which is linked to an offset account.  We are looking at switching to a 3 year fixed interest option at 5.29%.  However locking in our interest rate for 3 years does not allow for an offset account.   We've calculated the figures and think we would need to have…[Read more]