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  • Profile photo of Jamie MooreJamie Moore
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    December 11, 2011 - 12:48 am

    We used Dulux elastomeric paint on a rendered property. It's a bit more expensive but definitely worth it. What sort of surface are you painting?

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
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    Profile photo of Jamie MooreJamie Moore
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    December 11, 2011 - 12:46 am
    gibboau wrote:

    Does anyone know how to check the tenancy database without going through a real estate?

    TICA will allow you to pay for a subscription that allows a certain amount of inquiries p.a. I think you can also pay for a one off inquiry.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    December 9, 2011 - 10:04 pm

    I have interest only loans on all properties – IP and PPOR.

    Have one offset account set up against PPOR.

    Get rent paid into offset and expenses paid out of offset. It's essentially the account for all property related income/expenses.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    December 9, 2011 - 10:02 pm
    propertyboy wrote:
    I am with commonwealth bank. The variable mortgage rate is 7.31 and I get a 1% discount. Now I am wondering, how often does this rate change and how do I check it? Does this only change generally in line with the RBA's announcements on the cash rate or can CBA change it whenever it wants? How often is it updated?

    I read NAB's variable rate is 7.22, does that mean I could get an interest rate of 6.22 with nab? Or does that just mean nab would not provide a 1% discount? Instead they might only provide a 92 basis point discount resulting in the effective rate to be the same as my current cba interest rate?

    Why do different banks have different variable rates and how do they calculate it?

    Generally speaking it moves in line with the RBA (that's generally speaking and due to funding coming from various sources is not always the case). However, as Richard mentioned, ANZ have publicly announced that they will internally decide on their Standard Variable Rate movements – will be interesting to see if the others follow suite.

    Your discount of the SVR should remain intact for the life of the loan.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    December 9, 2011 - 9:58 pm
    brmiau wrote:
    Thanks for all the responses peeps.

    I dont know what a CF+ house is but I think we'll prob just concentrate on paying of the mortgage quickly, then keep paying $1000 a week into the bank and retire at 55 with $1,200,000 in the bank and earning around $80k a year interest off that.

    Hopefully.

    CF+ means cashflow positive – basically a property that leaves you with cash in your pocket after ALL expenses are paid.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    December 8, 2011 - 9:13 am
    Andrew_A wrote:
    Canberra is the best performer at -0.68%

    Good old Canberra :)

    Things seem to have picked up a little recently  – I'm sure a couple of rate cuts will help as well.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    December 8, 2011 - 9:10 am
    nguli wrote:

    If you buy or create a CF+ house then you could pay your loan off in less then 7 years AND have an investment property!

    There you go – that's one way to have your cake and eat it too! CF+ will be a little easier to achieve these days as well with falling rates  – particularly the low fixed rates currently on offer.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    December 7, 2011 - 11:09 am

    Hi Michael

    I’d refer to Richards post above re the purpose test and if you have any doubts about whether the loan will be deductible then best to seek advice from a qualified 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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    December 7, 2011 - 11:04 am

    I’m not sure if Terry W does conveyancing but if so i’d use him in a heart beat. If not, Terry or Mick will prob have some good recommendations.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    December 6, 2011 - 11:13 am
    Shape wrote:
    Every bank has their problems…

    So true. Just when you think you're having a good run with one bank, something will happen that just leaves you shaking your head and muttering to yourself "really?"

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    December 6, 2011 - 11:11 am

    Hi brmiau

    Welcome to the forum.

    No one can really answer this question for you. You really need to work out what you want to achieve over the next 15 to 20 years and devise a strategy to meet those goals.

    Some people take comfort from paying down their PPOR and enjoy the additional disposable income once the mortgage is paid off whilst others aim to achieve wealth via property investing and leave the 9 to 5 grind earlier than anticipated.

    Being a property investing forum – I'm sure most people will tell you to grab your first investment property.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    December 5, 2011 - 10:30 am

    Hmmm….the link seems to be broken. This one should work.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    December 5, 2011 - 10:26 am
    AdisKay wrote:
    the US market might change and I'llbe too late to grab any of these deals people are getting now. ?

    Hi and welcome to the forum

    To be honest, I'm not overly familiar with the US market. However, from what I've been hearing – there will be cheap properties for quite some time….cheap not necessarily equating to good. Like any investment, do your homework and balance the risks with the benefits.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    December 4, 2011 - 7:28 am
    Jins13 wrote:
    Welcome to the forum.

    One of my advice which I would like to offer to you, is keep it secret in the workplace or family members as sometimes they will drag you down and possibly could affect your judgment. Also, my boss one day saw me reading the "Property Investing" Magazine and she told me me that perhaps I was getting paid too much!!!

    Wait until the day when she sees you reading an API magazine that has a feature article on you :)

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    December 3, 2011 - 11:11 pm
    redleaves wrote:
    I have an investment property worth around $355000 and has $282000 owing. I'd like to withdraw $20000 in equity – is this possible? and if so, it is possible to do it without having to take out more LMI? thanks RL

    Should probably be doable – depends on your lender. LMI is generally payable when going over 80% (not all the time depending on the lender) – if you've already paid LMI then it will be a top up on your existing premium (which will be far less than a new LMI policy).

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    December 2, 2011 - 10:23 pm
    ledgend80 wrote:
    i am confused time to talk to the accountant again

    Hi ledgend80

    Whilst not directly related – I wrote an article for Australian Property Magazine recently on a similar concept here

    Hope that helps.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    December 1, 2011 - 9:21 pm

    Hi Daniel

    Welcome to the forum.

    It's an exciting time. I'd continue to learn – read books and frequent free forums like this one.

    Who's providing the professional advice about your first purchase?

    Personally, I have a preference towards buying the first property as an owner occupied. That way, you get to take advantage of the Government incentives. Also, if you purchase a property that's in need of basic, cosmetic renovations then you can start working on your new home while living in it. Once completed, have it revalued and hopefully you'll have some new equity to tap into and purchase your first IP.

    I also wouldn't wait around saving a 20% deposit to avoid LMI. I write about using LMI to your advantage here

    Just my two cents – hope it helps.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    December 1, 2011 - 9:17 pm
    ledgend80 wrote:
    i thought this is what i was meant to do. so when changing your PPOR to IP i thought I was meant to set it up as interest only with an offset account. is this not the case. I may have not made myself 100% clear as we will not be buying another PPOR straight away could be 6 months down the track.

    That's all good then. Use the offset account for the next 6 months until you purchase your PPOR. Once you purchase your PPOR move all of the funds from the IP offset onto the PPOR (which can also be an offset account).

    No need to switch – just convert to IO.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    December 1, 2011 - 10:25 am
    ledgend80 wrote:
    i know our broker will get a kick back from the lender for the life of the loan for writing the loan but does he get more of a kick back for getting us to refinance to a bigger loan.

    Yeah he does – but $20k wouldn't be much more, so I doubt (and sincerely hope) that is the reason behind the suggestion.

    I agree with Richard – only consider an external refi if the numbers work out and/or it's required to meet your objectives.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    December 1, 2011 - 10:20 am
    purpleairplane wrote:
    I've never posted here before and have been a member for about a week. I found this great website and the book "From 0 to 130 properties in 3.5 years" about 10 days ago and I'm loving what I'm reading. I always promised myself that I'd have a home or investment property/mortgage under my belt before I turned 40, and yes I can hear the collective groan 'ooh he's a late bloomer'! Unfortunately due to spending money on all manner of things which did NOT produce income over the years, I have yet to fulfill that promise and 40 is just around the corner. Frustratingly, I am absolutely busting out of my skin to get onto the investing ladder so that my partner and I can stop working earlier than 65! So with a measly $1k in the bank, a good well paying job which I've had for over 11 years, a joint income, and very little personal debt, I am reading and saving like mad to get to the point where we can take the first leap of faith. You may read this and ask why the hell is he posting this? I don't know why, but I think it's perhaps that I'm so excited by the prospects of finding an investment strategy which I really like and seems to make great sense, uncovering resources like these forums and this site, and Steve's fantastic book.

    Hi and welcome to the forum.

    I know the feeling – it's the same feeling I had when starting out. I couldn't learn quickly enough – I read every book I could get my hands on and frequented forums like this.

    A well paying job and little debt is a good starting platform. Save like crazy and purchase your first. If possible, aim for something that you can add value to via basic renovations. From there, you may be able to tap into equity and move onto your second purchase.

    Best of luck :)

    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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