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  • Profile photo of Jamie MooreJamie Moore
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    December 29, 2013 - 8:10 pm
    CanD wrote:
    That's a lot of great information, thank you Richard and Jamie.

    So, then it means the whole buying process, from mortgage application to closing can be done from outside the country, right?

    Would it be more advisable to be present for some of the stages, though?

    Correct – you can be outside of the country for the entire process :-)

    I just arranged a loan for an Aussie living/working in the middle east earning USD. He appointed one of his parents as POA. Everything was pretty smooth sailing.

    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 28, 2013 - 8:11 pm

    Happy belated Merry Christmas forum folk.

    I hope everyone had a great day and avoiding logging in to post on the forum :-)

    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 28, 2013 - 8:08 pm
    dublingirl wrote:

    I suppose the question is how do I get into the 2nd property and how much $$$ do I need upfront?  To cover deposit, fees etc…   I hear stories of people borrowing money against their properties.  I suppose I just want the easiest way to buy 2nd property.  Any advice?  

    Easy peasy.

    Have the first property valued – and if there's equity available, tap into it.

    That equity will then be used to cover the deposit and purchase costs on your next property.

    You then take out a third loan to cover the remaining balance on the next 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 28, 2013 - 8:06 pm
    ChristineNurse wrote:
    Good Morning all,

    Would like your advice on the following. I currently have 4 properties  (3 investment + 1 residence). All my investments properties are currently fixed for 3 years, interest only loans. I wish to purchase Property investment 4 next year using equity from the other IP. However, because it is interest only, can I get equity. I only have about $10K cash. Will the banks lend me $$. How does this equity work? I heard that if you have an interest only loan, i cannot use the equity.

    Can anyone shed some light on how to move forward with finance?

    Thanks

    Christine

    Fixed and interest only doesn't necessarily present an issue when releasing equity.

    What are the values and loan amounts for each property and which lenders are they with? 

    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 28, 2013 - 8:02 pm
    ChristineNurse wrote:
    Terry / Richard,

    With all the experience and learning lessons you both had, have you considered writing a book or better still, coming up with a online education course thingy? We freshies (new investors) can learn from you.

    That's what this forums for :-) Plenty of content from both of the guys is online here.

    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 28, 2013 - 8:01 pm

    Hi Paul

    What state was the purchase made in?

    Do you think you'll ever purchase another owner occupied home?

    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 28, 2013 - 7:59 pm

    1. Continue growing the business and recruit additional staff

    2. Purchase another couple of IPs

    3. Complete renos on PPOR (almost 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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    December 28, 2013 - 7:58 pm

    Hi there

    By property sourcer are you referring to a buyers agent?

    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 27, 2013 - 5:56 am

    If you appoint a POA in Australia that should speed things up.

    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 26, 2013 - 1:39 am

    I've been told Kevin Zani is pretty good – http://www.beaumarisbusiness.com.au/

    I don't have any first hand experience and the recommendation was from another broker.

    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 26, 2013 - 1:37 am

    Nope – you don't need to be in the country to apply for 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 24, 2013 - 1:26 am
    wilko1 wrote:

    when it goes to shit, they drop rates

    when it runs well they rise rates. 

    lol – why didn't the lecturer just say that during my semester on monetary policy 10 years ago at Uni…..would saved us all a whole lot of time :-)

    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 23, 2013 - 10:26 pm
    ryan mclean wrote:
    Hey Jamie,

    I would also like to ask the same question as Hari?

    I have heard others say that they are expecting rates to go down again as well. Do you think this is true?

    It's a tough one to answer – and it's a question I get all the time. I prefer to sit on the fence when it comes to discussions about rates – unless you've got a crystal ball it's tough to determine….plus I'd rather let my clients decide on whether they'd like to go fixed/variable or a combination of both. I just spell out the pros/cons of each and let them make an informed decision. 

    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 23, 2013 - 10:19 pm

    Without getting into an in-depth post it's just monetary policy – they increase rates to slow down the economy and reduce rates to stimulate it. http://www.rba.gov.au/monetary-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 21, 2013 - 1:21 am
    yellina wrote:
    Dear All, 

    Looks like I got the best deal, with the Interest rate. 

    No one wants to discuss Interest rates here. 

    Thank you

    Hari Yellina

    If we're playing that game – Richard's 1.3% discount is much lower.

    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 21, 2013 - 1:19 am

    Nice work Darryl :-)

    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 20, 2013 - 3:39 am

    All I know is that I always seem to negotiate much lower rates for my clients portfolios than I've been able to arrange for my own.

    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 19, 2013 - 6:56 pm

    Hi and welcome aboard

    Purchasing multiple IPs in a short period of time is possible – I've had quite a few clients do it.

    Two things that help a lot are access to a large chunk of equity/cash and good borrowing capacity.

    Without sounding biased – a good finance person will also be a handy person to have on board. They'll structure your finances correctly and select the right lender at the right time which can assist with avoiding a hit to the borrowing capacity wall too early.

    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 19, 2013 - 7:21 am

    Valuers will only do a desktop val if instructed to do so. For a full valuation – they'll always inspect the property.

    Desktop vals are usually restricted to sub 80% (sometimes 90%) deals – usually in metro locations.

    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 19, 2013 - 7:19 am

    Hiya

    Lenders will go off whatever the lower amount is between the valuation and the purchase price.

    This exception is when the contract is older than 12 months – then we may be able to get them to consider the val over purchase price.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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