Forum Replies Created
Hi Leo
Here's a sample report from corpred – http://www.corpred.com.au/files/corpred-sample-report.pdf
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Do you mind if I ask how much they charged and how much the property is insured for? I have a couple up for renewal next month so it might be time to shop around.
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
mojorising wrote:Does your property manager charge GST on top of the management fee?Yep. And a few dollars for petties, postage and other little nasties that spring up from time to time.
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
bamjitsu wrote:My partner and I have worked out that for us to buy a house in Melbourne, its going to take us at least 3 years to save enough for a deposit, and with the price of houses at the moment, we are going to be living on the very outskirts on Melbourne, which is continuing to grow further out! We are currently renting a house from my father as he lives with his partner. Its pretty cheap and flexible. (We are not eligible for first home buyer grant and the price range we are looking at in Melbourne would be about $300,000 – $340,000)Hi Bamjitsu
Welcome to the forum.
It might be possible to purchase a property within that range with a deposit of $30k.
If you took out a 95% loan with mortgage insurance added to the loan – you'd only need a $15k deposit plus completion costs (stamp duty, etc) which you could factor in another $15k. All up $30k. Is this a more manageable deposit to save?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Evernat
It's a bit cheeky on CBA's part to encourage you to stay with them – but it happens.
You can have multiple properties with CBA that aren't crossed. If you take out a LOC against property 1 and use it as a deposit towards property 2 – the securities should remain uncrossed. If you do remain with CBA for both loans, check your loan offer documents to be certain that the properties aren't crossed- their should only be one listed security.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
nzuvo09 wrote:Thanks Jamie for your valuable response.No worries, you're welcome.
nzuvo09 wrote:Just wondering though whether we should leave the current loan type when refinancing to IO, and is there any implications with the refinancing, break fees, etc, and also any tax issues?At this stage, probably not. You're LVR at present is above 80% – which indicates you've already paid LMI. If you were to refinance to another lender you'd have to fork out LMI again. Best to stick with your current lender at the moment.
nzuvo09 wrote:Also is it a good idea after opening the O/A to have all pay dropped into it and have the most of the bills if not all come from the O/A?Yep, it's quite common.
nzuvo09 wrote:P.S – Also any positives out of our proposed future IP assuming we move out and become tenants to an affordable unit/townhouse?Not quite sure what you mean with that one.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
nzuvo09 wrote:At this stage we thinking of refinancing our loan to IO and opening an 100% offset account ($10/mth acc. keeping fee)
Yep, do that.
nzuvo09 wrote:We also note that our current loan package allows IO for max of 5yrs, not sure if this is an issue.Not really, just change it back to IO when the 5 years is up.
[/quote]Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Wattoette wrote:Correct me if I am wrong but I have heard you can rent your PPOR as a property investor and the rent can be a tax deduction !! Can this please be confirmed.
Hi Wattoette, weclome to the forum. The answer to your question is no – it's not possible.
Wattoette wrote:I have also heard a lot of investors rent their PPOR as it is cheaper to rent in certain areas than buy and you can afford to live in a more prestigious house without the expense of maintaing this property. Not sure if it is a good idea or not, I guess it would come down to individual financial sitiuations.Yep, some do it. It's often a lifestyle choice – rent in the area you want to live in and invest elsewhere.
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Baybee
Lenders cannot discriminate based on age. Can your parents service the loan at present?
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
dtrump wrote:I found this website to be useful http://www.onthehouse.com.au/ – once signed up you can do a property sales report and it will tell you the price the property has sold for in the past. Very similar to what you get from RPData IMO except its free.Yep, it's quite handy. However, from memory, I think you only get 3 free reports for each email address that you sign up with right?
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi there
Welcome to the forum.
Maybe she's simply renting (as opposed to owning) the home she lives in? I have a few investor clients that do this – they rent where they want to live while owning multiple investment properties in other areas.
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
baybee wrote:However, they were told that because of their age (>60) – the only loan that can be given is a bridging loan.
Hi Baybee
Firstly, welcome to the forum
Secondly, who told your parents that?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Have you asked the electricty company what your options are? To be honest, it doesn't sound promising – it sounds like you'll have to foot the bill and do ask your mate to kindly pay you back.
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
ajayayyar wrote:hi Jamie – who are 'the professionals' – are they an acual REA?Yep – you should be able to find their details by googling. I'd call up a few REA's – ask them if they manage properties within the same area, suss out what kind of rents their getting and what their vacancy rates are like.
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
I thought this one was pretty cool – IP calculator Might be a bit more technical than you had in mind though.
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
I wouldn't recommend Ray White. I've heard the professionals are good (but haven't used them personally).
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Speak with real estate agents and property managers in the area. If you live within the area you're looking to invest, you should visit plenty of open houses/auctions – get a feel for how the market is performing at present.
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
It's definately a must. If your self managing just make sure you take out a policy that allows for it – Real Insurance and ING allow me to self manage and are both competively priced.
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Nurse
Your ANZ banker should be able to help you out with these.
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
JacM wrote:You can totally get a 4br house for that price. It is simply that the land value is lower. To build a brand new 4br house costs under $200k last time I looked…I think he was talking about the $380 p.w rent.
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
