Forum Replies Created

Viewing 20 posts - 901 through 920 (of 5,005 total)
1 … 42 43 44 45 46 47 48 49 50 … 251
  • Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    February 13, 2014 - 10:51 pm

    Hi there

    Do you need face to face or are you comfortable with dealing via phone/email? If the latter – then you have the whole country to choose your professionals from.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    February 13, 2014 - 9:31 am
    Vincent8 wrote:
    Hi all,

    Many thanks for your helpful replies – I appreciate it. I did double check this with my mortgage broker today and you are all right, he was trying to cross collateralise.

    I told him I didn't want this, so he will get back to me with other products where this can be avoided. However, he did advise that I may lose out in some tax benefits and also may end up having to pay mortgage insurance if I do not cross collateralise.

    Tom, that is interesting that you think I could avoid mortgage insurance here. When I get the full figures from my broker tomorrow, I'll let you guys know. Will definitely be borrowing IO for the IP.

    With thanks.

    Hmmmm……time to get another broker.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    February 13, 2014 - 3:21 am

    Hi Cheryl

    Welcome aboard.

    You won't be able to fund the renos out of the same loan if you're only using the property you're purchasing as security.

    If you have another property with equity, you could borrow against that equity to cover the deposit/costs/renos on your IP.

    Does that make sense?

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    February 12, 2014 - 11:46 pm

    Their broker division, Homeside, has better fixed rates across all years and lower ongoing fees.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    February 12, 2014 - 9:54 pm

    Hi Crest

    I'm not sure if it helps or not but those rates aren't particularly special when it comes to 1, 2 and 3 year fixed rates.

    There are others doing sharper rates across the board. One of them is even providing a $1250 cashback to refinance to them.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    February 12, 2014 - 9:51 pm

    Hi John

    AMP is one of the most generous lenders – so it's usually best to save them up until last, that way you wouldn't have maxed out as quickly. Of course, there might be a good reason why you've placed all of your loans with them.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    February 12, 2014 - 9:49 pm
    Vincent8 wrote:

    I realise I sound like a complete amateur when I post this, but I am new to this and my mortgage broker sounds like he is speaking another language.

    Nothing wrong with that at all.

    At least you've gone out and searched for additional information so you'll know whether your broker is structuring your finances correctly…or will at least suspect if something doesn't sound right.

    Let us know how you go.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    February 12, 2014 - 9:46 pm

    I also don't charge a fee – but it's becoming more common these days.

    If you don't feel comfortable with the MB you're dealing with then talk with another one. Trust is important.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    February 12, 2014 - 3:33 am

    lol – good point. I doubt I even knew what a mortgage was at 13.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    February 12, 2014 - 3:32 am

    Hiya and welcome aboard.

    It's always great to see another Canberran on the forum :-)

    Pesonally, I wouldn't bother with purchasing new in the ACT – the concessions look attractive but I doubt you'll gain much growth from the property in the short to medium term due to the abundance of new stock on the market.

    A lot of my clients do both – that is, they purchase a PPOR and then use it to leverage into purchasing IPs.

    Some do it by purchasing an established property, carrying out cosmetic renos – have it revalued and access the newly created equity to fund an IP purchase or two.

    With your $100k – you could potentially spread that over a couple of purchases.

    Anyways – I'm just typing out aloud. It's food for thought.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    February 11, 2014 - 10:40 pm
    kateej03 wrote:
    time goes so quickly and you will be 30 before you know it!

    Kate :)

    Come on Kate! Now you're making me feel old!

    ….off to book a place at the retirement home.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    February 11, 2014 - 10:39 pm

    From memory both claims were made under building insurance.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    February 11, 2014 - 5:39 am

    I've made a couple of claims with YOUI of late – the first one caused some headaches….the second one was very smooth sailing. 

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    February 11, 2014 - 12:17 am

    Hi Jate

    Provide your accountant with everything – including the loan offer document for your IP which outlines all of the fees/charges and your rental statements from your PM. A good accountant will capture everything – but it also helps to be organised.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    February 10, 2014 - 2:02 am

    Catalyst is spot on – you're looking at fixed rates. 

    Variable rates don't vary depending on years – they fluctuate in line with RBA rate movements (well generally speaking anyway – some lenders will change them outside of RBA decisions too).

    cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    February 9, 2014 - 11:47 pm

    Agree with the others – not usually an issue providing you haven't lived in any one of the IPs.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    February 9, 2014 - 11:45 pm

    Hi Preethy

    What's the purpose for the valuations? Are you looking to access equity?

    If so, the bank will want to order their own valuation. Often these can be ordered upfront by a broker. 

    Which bank(s) are the loans with?

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    February 9, 2014 - 11:43 pm

    hi jer

    you might have issues releasing such a large chunk of equity for that purpose.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    February 7, 2014 - 6:41 am

    Hi Mick

    As others have said – it looks like you'll be able to purchase an IP. There might be some add-backs from your business that can improve your overall borrowing capacity too.

    I just set up an equity release and IP purchase for a fellow forum member in a very similar situation to yourself in terms of employment type, income and available equity – so it is possible.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    February 5, 2014 - 10:29 am
    alexandra.v wrote:

    Ok, so you're saying that one way to do it would be to put the 20k towards the mortgage – then loan it out again for tax benefits… and use that as the deposit still (but that it probably won't be quite enough… depending on the IP we buy & other costs)??

    Yep spot on – but you're probably best off waiting a few more months until you've got a larger sum of cash to inject into the loan and reborrow because at present it doesn't look like you'll be able to buy much.

    Why are you aiming for an 80% lend? Is it simply to avoid LMI? If so – that's not always a great decision. 

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

Viewing 20 posts - 901 through 920 (of 5,005 total)
1 … 42 43 44 45 46 47 48 49 50 … 251