Sorry Sasha , I didn’t realize I was responding in forum . My apologizes , I have sent you private msg .

Hi Sasha , what’s your mobile number ?

Dear all, I am doing a reno deal to my rundown granny flat in ringwood east. The house is a 111 sqm weatherboard granny flat with 2 bedroom and 1 bathroom . However , I want to extend the house sideways (already spoken with council and I have enough space to extend sideways without breaching the Private open space requirement) and convert the…[Read more]

Thanks Chris and Benny for the suggestion. Yes, my approach now is to whack it on my overseas credit card (whilst I have started the loan approach with a private lender which will take about 3 to 4 weeks to disburse and then payback the overseas credit card). The work should be done in 10 days (fingers cross) and then the tenant will then move in…[Read more]

Dear Benny, much appreciated.

Dear Steve,

The landlord insurance is in my trust name (which owns the property) but my property manager says the landlord insurance company (Terri Scheer) says that even there is $60K building coverage under the landlord insurance, it ONLY covers “damages to the building caused by the tenant and given that the cause of the water leakage which…[Read more]

Thanks all for your feedback.

Thanks Colin, I have just sent you a private message regarding my current situation.

Hi Colin,

The net surplus should also minus the existing loan repayments right? Secondly, are you saying that with AMP, they will add a 3% buffer to the current variable rate to calculate serviceability? Cheers John

I just have done some quick calculation, my rental income constitutes about 35% of total income but AMP, through my mortgage broker, is saying that I have serviceability issue, which i don’t understand. In total, my IPs are yielding at average 7.5% gross and they are located in metropolitan/regional cities and none of them are in mining towns.…[Read more]

Thanks all for your help. In a nutshell, I should be speaking with more mortgage brokers but from reading the post, it seems NAB and Macquarie might be my better options at this stage. Cheers John

This might sound like a silly question but what is a DUA and how does it apply to me? Thanks

Thanks for the feedback. I have a couple of follow up questions:
1) RMB income – I remember speaking with a mortgage broker in mid-2013 and told them that my income is denominated in RMB and their reply was that no bank will accept RMB salary. Hence, I didn’t bother to explore other lenders cos I thought RMB denominated income is not welcome by…[Read more]

Hi Shahin, I am currently working for a logistic developer in China and the company is listed in Singaporean Exchange. My salary is denominated in RMB. The issue i have with Westpac and other lenders is that they completely disregard my overseas salary cos they don’t take into consideration RMB denominated income, which absolutely kills my…[Read more]