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  • Profile photo of Jamie MooreJamie Moore
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    @jamie-m
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    November 15, 2011 - 9:18 am
    Shape wrote:
    In 2 years time…go to Doman.com.au and i can be 100% sure if it's a massive development ( over 40 units) then there will be at least 3 up for sale! 3 month before completion and after…and it may be cheaper too ! lol Regards Michael

    Yep, that's when it's time to snag a bargain :)

    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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    November 15, 2011 - 9:14 am

    Totally agree on the strata report. Spend some time going through the minutes, repairs invoices, correspondence, etc. The last time I looked through strata docs for a NSW purchase it only cost $40 and I spent an hour in their office going over everything in detail…..problem is I should have spent only 30 minutes because during that time an offer was received and accepted on the 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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    November 14, 2011 - 9:04 am

    You might find that affordable and savvy are a tradeoff…..

    House of Wealth are reported to be pretty good. Not sure where abouts in Melbourne they are located though.

    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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    November 14, 2011 - 9:02 am
    joeandchels wrote:
    will the pre approval last from now until settlement in 2013, or will we need to do another pre approval 3 months or so before exchange,

    Correct. You won't be able to obtain formal approval until closer to settlement – generally 3 months out.

    joeandchels wrote:
    – How does guarantor work, if we used parents equity $650k property nothing owing how can we use this to our advantage. –

    Your parents (if willing) could guarantee a portion of the loan (say 25% to cover deposit and costs). You won't have to pay LMI but  you will still need to be able to demonstrate that you can service the loan.

    joeandchels wrote:
    How does mortgage insurance come into play, is it another 5% which you basically never see the money again? – Is there anything I am missing in this situation which should be considered, extra cash I need etc? Aside from of course stamp duty? Sorry if this is stuff straight from investing 101, but its causing me a bit of stress and just trying to toss up if we should just keep trying to save when we get home and then be able to buy a house there (expensive town) instead of this off the plan scenario?

    You generally pay LMI if your deposit is less than 20%. You can usually add it to the loan (so don't have to use your own cash). If the OTP property is going to become an IP then the LMI will be a deductible expense.

    Tread carefully with OTP – do your research and be reasonably confident that you can arrange finance when the time comes. Because if you can't, you run the risk of relinquishing your deposit.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    November 14, 2011 - 6:14 am

    I'm not aware of the company or how they operate.

    If you have the time and willingness to learn about property investing then you can probably do without these "paid" services.

    This will sound bias – but utilising a decent IP savvy broker and accountant might help with answering most of the questions that you're paying the IP consultant guys for.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    November 13, 2011 - 10:01 am
    Jameswood wrote:

    From my understanding he has been advised to buy brand new property by custodian wealth builders  ( I can only assume for tax benefits and it being "safe" with a builders warranty)….

    ……probably because there's money in selling properties.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    November 11, 2011 - 9:39 am
    Derek wrote:
    I reckon I'd be knocking on Terry's door.

    Same – the guy clearly knows his stuff.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    November 10, 2011 - 10:05 am
    Shape wrote:
    For a simple question + request as yours i would say it is… It's not like it;s a complex question. But my feeling is the Fin adviser don;t see the $$$ benefit in doing this deal so he/she is dragging it along till he has nothing else better to do ( as they make more money from advising and selling life insurance and super products lol) , Not morally or professionally the right thing to do! but we do live in a cruel world! To be honest Peter; if all you want to know is how much you can afford financially because you want to upgrade your PPOR; then any good broker would be able to work this out with you. it's a question we Brokers get ask all the time " can i afford to buy this place/upgrade?" Because really you know how much your outgoing is, you know what you spend your money on and how your lifestyle is like…so with a bit of common sense + planning and number crunching and advice from a banker/broker/Fin planer or accountant ; you will get there. Regards Michael

    Good post – nailed it in one. The MB probably won't charge you either!

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    November 10, 2011 - 10:04 am

    Principle Place of Residency (your home)

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    November 10, 2011 - 9:56 am

    I agree with Richard – Ron's left me a little baffled 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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    November 10, 2011 - 9:54 am
    Tim@Tick wrote:

    ING can be a little anal at times. However on borrowings of $750k, the potential LMI savings for the customer might be  too significant to ignore.

    Tim could use his Offset account cash for a deposit (negotiate with real estate agent for <10% deposit), provide a Contract of Sale to ING and all would be good.

    Tim McGrath
    Tick Mortgage Solutions
    [email protected] | (03) 9877-7077

    If the aim of the game is to reduce LMI on an 85% lend then why not just use Citibank who won't charge any LMI at all….

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    November 9, 2011 - 11:48 am

    Not sure if I'd be refinancing to ING – accessing equity can be a painful exercise….that's just me 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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    November 9, 2011 - 11:38 am

    95% lends never really left.

    As Richard said though – they are scrutinized a lot more heavier.

    Being an existing client with a good banking history can help quite a bit with 95% lends.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    November 8, 2011 - 9:28 pm

    Hi Tim

    No – what you've described sounds good.

    Keep in mind, you could stick with STG and still keep both properties uncrossed.

    It's when you get to around the $1 million mark with one lender it's time to start diversifying. I think a couple of uncrossed properties with one lender doesn't normally cause any dramas – and is a good way to organise a decrease on the rate across your total borrowings.

    Having said that though, STG can start acting a little funny once your total borrowings hit $750k such as refusing to capitalise LMI so it might not be a bad idea to look elsewhere. I'd speak with a good broker about your options.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    November 8, 2011 - 11:09 am

    You would need to pay for Microsoft Office.

    But you can download "open office" for free – it's a similar spreadsheet so will do the trick 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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    November 8, 2011 - 11:06 am

    Real insurance, Terri Scheer, Onepath….there's heaps. Get a few quotes and make sure that they cover what you need.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    November 8, 2011 - 11:05 am

    No worries at all – I'm sure they'll be plenty available next year 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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    November 8, 2011 - 11:04 am

    I must admit, I haven't sussed out the competition but I couldn't imagine life without my iPhone and iPad – especially for business. I'm heading into Optus tomorrow to pick up a 4S – I might have to check out the Galaxy while I'm there.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    November 8, 2011 - 10:59 am

    Which lender are you going with? If they allow the broker to order valuations upfront then that can speed the process up. As soon as your offer is accepted – they can hit submit on the val order.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    November 7, 2011 - 9:37 pm

    Hi ZXTC

    You will be able to claim interest on the $160k loan because it's the loan attached to your IP.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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