Sue,

That is a terrible story. I don’t know what to say to you. Sixty days is a very long settlement too.

I have heard similar stories about some of these franchised brokers or MacBrokers as I call them.

I have taken all those points on board and trust that I never put anyone in a situation remotely like that.

Thanks for sharing that with…[Read more]

Don’t do it.

Any broker here can set up an LOC. I do it for free and I am sure all the others do too.

We get paid a commission from the lender so I suspect these guys are double dipping.

Cheers,

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend…[Read more]

Patricia,

You will have deductions from commercial property. I suggest you use a Quantity Surveyor to draw you up a dep[reciation schedule and if the property is reasonable modern it might be quite good.

Remember to record all your expenses and mileage incurred as these will also help reduce the tax bill.

Perhaps a quick visit to your…[Read more]

Income is classed as income regardless of which account is goes into. Offset makes no diffeence but will reduce your interest bill – will actually raise your income!

Isn’t the aim of this forum to create cashflow?

Cheers,

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual…[Read more]

Mark,

Given your expectations I think you should consider contacting Mel on this forum. I am sure she will give what you need and more. She is in your area as well.

Whichever broker you choose remember that communications goes both ways. The broker needs to know your expectations and what you need in your finance to be able to meet your…[Read more]

Don’t borrow against it. Simply draw a 20% deposit from the mortgage and then purchase your next IP with it’s own loan. Do this as often as you can or want.

When you sell the property the bank will take enough from the settlement to payout the loan leaving you with independent lends against the subsequent properties,

Hope this makes…[Read more]

Fixed rates are going up in the next week.

This tells us that the banks don’t believe that the official rate will be coming down in the short term.

No one can really predict whether and by how much the official rate will rise but certainly sentiment seems to be that they are heading up.

If you do want to fix cheaply then get an application in…[Read more]

Maria is spot on. Mortgage Insurers are nearly always the reason why a submitted deal is rejected.

Some lenders have the responsibility for making the LMI decision up to 90%. These guys are quite accepting of nearly all postcodes up to this level.

Find the deal then get an expert like Maria to find the finance!

Simon Macks
Mortgage…[Read more]

I would suggest you get a quote to see what a local builder will charge to build something similar.

It might not be much more and you will have much less financial trouble, lower risk, better warranty and also probably a better home with better prospects for CG.

Something to think about.

Cheers,

Simon Macks
Mortgage…[Read more]

Are you asking if buying a property in a hot area for 72% of the market value is a good idea?

It puts you into an excellent position to start purchasing additional IPs – finance wise.

Cheers

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any…[Read more]

You don’t pay CGT on your home.

Cheers,

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Any night but Wed or Thu and I would be there.

How did it go tonight?

Cheers

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Provided you have the income to service the debt you can buy it now.

Rule of thumb is to allow 20% equity, so your total portfolio of $130K plus $50K will be $180K. You may have up to $144K debt against these properties.

This may be increased to $171K with the payment of mortgage insurance.

Hope this helps,

Simon Macks
Mortgage…[Read more]

A Line Of Credit is similar to a secured credit card. The loan is approved and you are able to draw on it and pay it off as you see fit. Interest rate is a little higher but it does allow a lot of flexibility.

It is not always necessary for an investor to have one in place.

Cheers,

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425…[Read more]

ANZ fixed rates are going up on Monday. 6.4% for three years.

NAB went up last week…..

Glad I fixed mine @ 5.89%!

Cheers,

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a…[Read more]

I did the TAFE course and have an altogether different opinion. The difference may well just have been my TAFE though.

Email me before you sign up for anything.

Cheers,

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial…[Read more]

Property Tracker.

It is free

http://www.otter-software.com.au

Cheers,

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

I have a furnished property. One concern was that it might attract only itinerant short term people with no furniture…

However if the property is well located you can lease it as short term corporate accomodation and make a considerably higher rental. These leases can be short as a month or can be 12 months. There will be an agent in the…[Read more]

Except that to win monopoly you need to bankrupt all of the other players!

[][]

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

It is not common here in residential investments. Having said that it is not unusual with farming properties and you may find rural people a little more receptive with the concepts along with their solicitors.

I guess it is up to your negotiating skills.

There are 100% lending products but they are a little more expensive and have some fairly…[Read more]