Forum Replies Created
I’d pop down an outdoor rug and lounge chairs with a table – cost effective and will look good.
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]
– Firstly, is it feasible to use equity to purchase second property?– Any recommendations for type of loan for second property? e.g. line of credit / low doc, etc– Is it a good idea to put into company name so each property has its own company? Is there a typical structure that’s usually recommended for investors?
1. You can use equity to purchase a second property providing there’s enough equity to access and your borrowing capacity enables it.
2. In terms of which loan to recommend – it’s impossible without knowing the finer details of your situation which can only be done via a fact finding session
3. A typical structure for investors involves setting up a second loan/equity release against an existing property and then another (separate loan) against the IP.
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]
There was a loophole with this at the CBA where you could go P&I for initial servicing and then call up post settlement and request a 5 year IO term.
You can still covert P&I to IO via a switch form. You’ll need to explain the reason behind the IO switch.
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]
On an investment loan, can I claim break fees, providing the purpose of the loan is to refinance solely for the investment property?Has anyone had any experience with paying interest on mortgage a year in advance? Can you tell me how this went?
I’d assume it’s a deductible expense – but ask an accountant.
Interest in advance is available with quite a few lenders – you basically prepay in advance at a predetermined rate (usually a discounted rate). I’ve done this a few times for clients. Again – speak with your accountant to see if it’s beneficial.
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]
Never heard of them
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]
Calculating max borrowing is quite complex in this new post APRA world of lending – especially for those with a few IPs under their belt.
Best bet is to get a decent broker to look into it for you – Richard above would be a good start.
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]
Tread carefully.
OTP has plenty of cons. If you do some research online you’ll read all about the good/bad side of OTP investing.
Also – it’s not a good idea to invest if the primary motivator is to reduce your tax bill. It’s a flawed way of thinking – you give away $1 to get back between 30 to 50 cents.
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]
CBA, Liberty and I’m sure some others will allow high LVR against IPs still.
However – LMI is expensive!
As has been mentioned – 88% LVR is generally a good compromise. Credit scoring isn’t as harsh and LMI is not ridiculously expensive.
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]
Not enough info to make an educated guess.
Too many inputs/outputs to consider with S/E financials.
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]
An Aus bank won’t lend against a UK security- but as Jerry mentioned – try and get a UK lender to release the funds.
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]
Hiya
I don’t know of any brokers/accountants in Tassie – that’s not to say there aren’t decent ones though.
As above – plenty of brokers/accountants work with clients remotely.
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]
but the bank will only lend me 180k…..
Hiya
The best solution is to get a second opinion.
One bank can advise on their one set of policies and their one borrowing capacity calculator.
A good broker will be able to advise on dozens.
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]
Agree with Jerry – just stick to this forum and others like it and you’ll obtain a wealth of info!
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]
@Benny, @jamie, Are you investors?
Yes.
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]
I am the only one working $80k/yr with 2 kids.
Without knowing the finer details of your situation – this sentence here suggests that borrowing capacity is probably going to be quite tight.
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]
Paul Gerrard from Price Financial is very clued up.
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]
I think Jac M provides a BA service in Melb. She’s on this forum – very clued up. Worth chatting with.
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]
Agree with Terry.
You need a second loan split set up – not just an increase to your existing loan.
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]
I looked into this for a client recently – Macquarie seems to have a product specifically for this purpose (accommodation bond)
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]
Terry W from here.
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]
