If you take all loanss to just over 90% LVR you should scrape through.

What is your serviceability like? If it is marginal we might need to identify a new lender to take one, two or all the properties.

Cheers,

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
simon@mortgagehunter.com.au
0425 228 985

Comments…[Read more]

Floorboards look hot but deteriote if a soft timber.

Cheap sisal carpet looks OK and wears well.

For renting I would go either way. For selling I would go the polished timber.

Cheers,

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
simon@mortgagehunter.com.au
0425 228 985

Comments may not be relevant to…[Read more]

Ask yourself:

Is this a charity or a business?

Then you will know the answer.

If you want the tenant out ASAP then instruct the PM to do so. They will know what can and can’t be done and your best course of action.

All the best,

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70%…[Read more]

I can only suggest you refinance with a lender who will go to a higher LVR and capitalise the LMI.

How much is the new property?

Cheers,

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
simon@mortgagehunter.com.au
0425 228 985

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

Originally posted by john_preacher:
Thanks for baring with me. This is new to me.
If you rely on drawing from the equity of your house in the years of your retirement then that house must still have a loan tied to it. Is this correct? Because it’s the bank that will be giving you that money.
If your in the stage of paying off your loans and then…[Read more]

Most lenders offer IO period for 5-10 years as standard. Usually no problems renegotiating it at that stage. Or start paying the P.

I don’t really understand the last part of your question.

Can you expand a little.

Cheers,

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
simon@mortgagehunter.com.au
0425…[Read more]

Originally posted by john_preacher:
Just on the topic of IO loans. I understand the tax benefits of this type of loan but what happens when you get to the point in your life where you want to retire off the equity in your portfolio where the bank says it’s time to pay off the loan. Do you sell 2 of your 10 property portfolio to pay off the…[Read more]

If your contract says you can withhold payment then remind them of this.

Downside is that if you do withhold it will probably hold things up for ages.

I would ring the council inspector and find out exactly what the problem is then communicate it to the framer.

If it is serious you may need to involve your solicitor.

Keep us posted.

Simon…[Read more]

Originally posted by Top Bloke:
Great post Simon!!

Thats the sort of stuff that should be taught in schools these days i say!!
Could expand it out a lil more and have a few examples people could work through with there own figures involved (like a debt clearing calculator) and then present it to the education dept for study

…as great a idea i…[Read more]

You would do it through your local council.

They will be able to advise you if you cal land ask to speak to the Town Planner or his staff.

Biggest advantage is that each property can be sold individually and you may find they are worth more each.

Disadvantage is cost, effort and you will get four sets of rates…..

Cheers,

Simon…[Read more]

Either of those guys above will be able to give you sterling advice.

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
simon@mortgagehunter.com.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]

My wrap clients nearly all use:

http://www.loanalert.com.au/

Cheers,

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
simon@mortgagehunter.com.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]

Can I just ask:

What is a scubs walkers?

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
simon@mortgagehunter.com.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.

As Jarrah says they are tools for you to edit or delete your own post.

They are appear on everyone’s own posts.

Enough with the paranoia[fear]

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
simon@mortgagehunter.com.au
0425 228 985

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

Originally posted by tbsuper2:
Thanks Terry.

What if I have two properties that are cross collaterised and each has a market value of $100,000 and each experiences an increase in equity of $10,000, Under cross collaterisation, I now have total equity of $20,000 to leverage against as opposed to seperate equity of $10,000 under seperate loans with…[Read more]

Welcome back Chefman. Love your posts and hope you have some time to post some more.

Let me know when you are ready for a half share in a pub up my way [biggrin]

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
simon@mortgagehunter.com.au
0425 228 985

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

Two choices.

Link the new property with the first property and borrow 100% plus costs. Downside is the fact they are linked.

Alternatively borrow 20% plus costs against the firsat place then get a seperate 80% loan for the new IP. Downside is the added work and fees. Also is a little less tidy when presenting records to your…[Read more]

Would you buy the house at todays price or walk past it thinking it is a dog?

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
simon@mortgagehunter.com.au
0425 228 985

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

What is your situation?

Maybe we can help here?

Cheers,

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
simon@mortgagehunter.com.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.

Ideally you will go in with a 20% deposit. If less you will need LMI. At 5% deposit this comes to about $3700. At 10% deposit it is about $2500. At 20% deposit it is $0.

Stamp Duty comes in at around $6000 depending upon your state.

Legals will be about $1500 – 2000.

Inspections about $600

There may be other minor costs associated with the…[Read more]