s0805 wrote:

Jamie M wrote:
Just had ANZ do 5.44% on similar numbers.

Cheers

Jamie

Hi Jamie,

No luck with the negotiation. ANZ advised unless if I increase my lending to 700K they can't consider any discount.

Any other suggestions guys…..

Cheers

What rates do your currently have?

Have you factored in all the costs of…[Read more]

xkfalcon wrote:
Hi,
         Does anybody read the magazine "Smart Property Investment Magazine"  if so what are there thoughts on it. ( I am thinking about subscribing that  is why i ask only $9 for 3 months)
Paul.

You can't go wrong for $9 – if you learn a few new things great, if you don't – then you've lost nothing. 

Personally, I prefer…[Read more]

Hi Tim

Some lenders allow you take the loan up to 90% of the properties value. So in this instance, if the property is worth $300k – you take the loan up to 90% which is $270k.

This $270k minus the current loan of $240k gives you an equity release of $30k

There are certain lenders that will do an equity release up to 95% but they are tough…[Read more]

Hiya

Welcome aboard.

Something to consider is that you'll all be liable for the entire debt – despite owning a third of the property. 

Another option could be to have your older siblings "gift" you the deposit – that's if they'd prefer to avoid taking on the liability of the investment loan.

If all three of you are happy to take out the loan,…[Read more]

Hi Jason

Your loan repayments are based on the actual loan amount – not the value of the property.

In theory, if the bank believed your property was worth more less than the loan amount, then they'd want you to pay down some of the loan to bring the LVR within their required threshold. In reality, I don't know of it happening.

Cheers

Jamie

Interesting article – thanks for sharing.

Granny flats do seem to be all the rage right now! Especially in West Syd.

Cheers

Jamie

Hi Jason

Welcome aboard.

I'm not an accountant and would always recommend seeking professional assistance on such matters.

1 – Yep, should be fine. Offset accounts are treated different to "redrawing" money from the loan. Same applies if you have $50k in the offset (the amount doesn't matter).

2 – Most of my clients have an offset set up…[Read more]

Hi Sayan

Personally, I wouldn't arrange anything until you've actually settled on the property.

Cheers

Jamie

Hi Dodo

The property should be in the same condition at settlement as it was when you signed the contract.

Just let the potential tenants know that the lawns will be tidied up prior to their lease commencing. Not sure if you can get the current owners to sort it out prior to settlement – and it's nice that they're allowing you to show people the…[Read more]

Fixing is good if you need to know what your monthly repayments will be each month – so for budgeting purposes it can be helpful.

In general, fixed rate loans aren't very flexible and not many of them allow for an offset to be linked. We can get around this by keeping a portion of the loan variable.

All in all, I wouldn't fix in an attempt to…[Read more]

dj_siek wrote:
Hey Jamie, 

Thanks so much for the reply. 

I didn't pay LMI on my apartment. My folks were nice and setup a loan on their own house to help out. But that has all been closed now so I can't access it again. 

How does the 80k loan work? Would that go through bankwest if i stay with them to get that loan against the apartment?…[Read more]

lsta5487 wrote:
Thanks everyone for giving me advises! I love this forum Ok from what i gathered i should consult with an lawyer or accountant regards to setting up trust. Any recommendations??

Terry W. 

Cheers

Jamie

Hiya Joel

You could keep things simple and simply access equity in your current property which will be used to cover the deposit/costs on your next property.

If your property was valued at $360k, you could take your current borrowings up to 90% of the properties value which will give you around $80k to play with.

This $80k would need to be set…[Read more]

@sydney wrote:
It's with CBA.  Personally I like to keep property account separately but if it's going to affect my credit profile. This is not a good way. 

You'd need to submit a new app to split out the LOC. I don't think it's worth the time/effort and the credit file hit. It shouldn't be too hard to apportion the interest applicable to…[Read more]

If the LOC has been used exclusively for IP purposes then I wouldn't bother splitting. It will involve a new application – so an unnecessary hit to your credit file.

Cheers

Jamie

Hi Rulership

You won't find better than Richard in Rockhampton – I'd be giving him a buzz.

Cheers

Jamie

Sounds to me like your self employed.

Cheers

Jamie

icecric wrote:
Why don't you mention interest rates % to ANZ…some examples…pick one:

CBA/BoM are doing around 5.5% on their packages with an annual fee and $700 switching credit
Loans.com.au is 5.24%
UBank is 5.12%

Also if you walk into a branch – no need to "apply" for their loans as others have rightly said that it will affect your…[Read more]

Geeze Edwin – you need to do something with your avatar. I almost had a seizure!

Cheers

Jamie

mcho7688 wrote:
Hi all,

Please give some enlightenment about property refinance as I am still trying to understand how it works. Assuming an investor signs a contract with the seller at a certain purchase price, allowed to have renovation done on the property, got it refinanced with the bank before settlement, and after that settled the…[Read more]