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  • Profile photo of Jamie MooreJamie Moore
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    @jamie-m
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    Hi there

    It's hard to comment on why they are only offering such a low LVR – are you PAYG employees or self employed?

    What's the location of the property and what type of property is it?

    Different banks have different policies so while one bank may restrict you to a 70% LVR – another may go higher.

    A decent broker will advise.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    jagsingh wrote:
    You can work with more than one broker and see who can get you a better valuation and better intrest rates deals. 

    Don't do that.

    Feel free to find a broker you're comfortable in dealing with but don't use two at the same time. It's a waste of time for all involved and can end up worse off for the borrower if multiple applications are submitted by different brokers.

    If I had someone tell me that they were using another broker at the same time as using me – I'd pass on the business. I'd rather spend time/energy focusing on clients who are dealing exclusively with me rather than spending time on someone who's actively using multiple brokers/bankers.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    Depending on the circumstances, I don't see a problem with fixing some or all of a loan at present – particularly if the loan is securing a set and forget type IP that the owner doesn't intend on selling or releasing equity from (which isn't necessarily an issue with fixed loans) during the fixed period.

    I've personally locked in a couple of fixed rates against a couple of IPs recently.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    +1 for House of Wealth. Have had mutual clients and all have been satisfied with the service.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    You don't necessarily have to pay a premium – Adelaide's one year fixed start at 5.29% with a full offset.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    Youtube – you'll learn how to do everything!

    It sounds sarcastic but when renovating our first IP a number of years back – I used youtube to learn how to tile, render, rip up flooring, etc. I don't have as much time these days so prefer to fork out the money to let the pros take care of it.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    Depends on which loan the offset is linked to.

    I'd link it to the variable – there's not many lenders that allow for a full offset against a fixed loan.

    Make sure that $50k is enough – if you think you can save more than this during the fixed period than I'd look to increase the variable portion.

    Is this property an IP or PPOR?

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    Hi Yen and welcome aboard.

    This is a copy and paste from another forum where I responded to your thread.


    I'm all for allowing pets in IPs and have generally had good experiences with tenants who have had dogs or cats.

    Can't you filter searches on realestate.com and the other larger property search sites to find rentals that allow pets? If so, you're coming up against massive competition for your website listings as I'd assume that the majority of PMs would look to list their rentals here first.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    Nice analogy as always :-)

    Which city are you in Neil, you need to speak to a good accountant.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    Hi Prudence

    There's a heap to choose from on this thread – https://www.propertyinvesting.com/forums/community/heads-up/6845

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    You need to assess whether it's got the attributes to make a good investment.

    What's the market like for selling at the moment in your area? If things are moving slowly and prices are being discounted by a fair bit than I'd consider holding until the market improves.

    As mentioned above, have a valuation carried out on the property so you can accurately determine your CGT costs if/when you sell.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    ^^^ 

    What Catalyst said.

    From memory, there's some ok tile paints out there – it would be the most cost effective and efficient way of getting it done, that's for sure.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    Fixing loans doesn't usually hurt servicing – it can actually improve it because the bank may use a lower assessment rate (ie. the inflated rate that they apply to your repayments to see if you can still meet your liability in the event that rates go up).

    There's a lot to consider before fixing though.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    ING just passed it all on. 

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    Hi there

    If you do a search on this forum and others you should be able to find a heap of info about them.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    From my end – the challenge for some people can be overcoming paralysis analysis.

    We get the odd client who is overloaded with too much information that they spend way too much time looking for the "right" property and never end up making a decision.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    Hi Matt

    The extra $20 can't hurt – and I assume it's only an example because if we're talking about $20 being a deal breaker in terms of your borrowing capacity then it might not be worth pursuing.

    Different lenders have different ways of working out your borrowing capacity – some use 100% of rental income while the majority use somewhere between 75% to 80%

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    Hi Maverick

    Just to clarify – what do you mean by the "real estate" side? 

    Are you looking for a broker that finances residential property? If so, that's the domain of most brokers in Oz – not sure if all  have had experience dealing with expats though.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    Down, down – rates are going down :-)

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    Hi Pru

    95% lends are possible for an IP – meaning you only need a 5% deposit and enough to cover costs such as stamp duty and legal fees.

    We've managed to get a few 95% IP lends for forum clients over the line recently. 

    Check out this article I wrote on using a smaller deposit and leveraging LMI to grow the portfolio quicker.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
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    Mortgage Broker assisting clients Australia wide Email: [email protected]

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