Sorry – I meant to borrow the 20% deposit plus money for purchase costs from the IP loan. Ensure you have a split loan showing the two different amounts as the loan for the home wont be deductible.

Cheers,

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

Comments may…[Read more]

You have a lot of equity and in the absence of any other info I would suggest you keep the IP as the cashflow is handy and you can use the equity..

There are a lot more variables that you haven’t given us so the advice is very general.

I would draw the IP loan up to provide a 20% deposit plus costs for the PPOR.

Is it a long term PPOR? ie your…[Read more]

I wouldn’t be too dsesperate if I was you.

It may lead you into accepting terms that aren’t in your best interests

It may lead you into paying too much when an agent detects that desperation and

There is no need to be too concerned. Average house prices are not rising at the moment so you have some time to start working on that deposit and…[Read more]

Let me tell you what they will do for your $400.

They will write a plan as a result of putting your figures into their software.

They will then advise you to refinance into a LOC and direct all income into it. Live off your credit card as frugally as possible and sweep funds from the LOC onto the card every month before the interest free period…[Read more]

You will find it a truism that high returns and low risk rarely go hand in hand.

Obviously they cannot get the funds cheaper – so ask yourself why? Banks are fighting to give money away to quality borrowers.

All the best,

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
simon@mortgagehunter.com.au
0425 228…[Read more]

Originally posted by mkc:
Think l have an idea – all feedback welcome .
What about buying an industrial building , they sell very cheap but they rent out for top dollar – l think !!!!
Atleast my brother owns a factory [ just a big shed really ] in Melbourne and said he can get $700 pw for it . He only paid around $ 250 . Seems like a pretty good…[Read more]

I stand corrected.

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.

You can buy a lease kit from a newsagent for about $7. It has everything you need in it.

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…[Read more]

Alistair is right as always. But there are a few little strategies one can employ to get the best of both worlds.

If the property is tenanted then you can allow that tenancy to finish. The bank will take the rent into account. But if you then change your mind and move in within the first 12 months then it is now a home and you can apply for…[Read more]

Well you are doing the right thing in looking for a new accountant.

There are also some great books you can read as well as this forum.

There are also investing groups in Melb that you can join. They are generally like minded individuals sharing info. Don’t go to any run by property marketing groups as they are onbviously just trying to sell…[Read more]

The best way is to ask friends and family for a referral to someone they trusted and were impressed with. There are some cowboys in this industry and others with little real knowledge of the industry.

If you have trouble I can suggest one in your area that I have known for a long time.

Cheers,

Simon Macks
Residential and Commercial Finance…[Read more]

I know both MY and PA and would be happy to recoomend them to my clients unreservedly. They both know their biz back to front and I have no doubt their clients are very satisfied with the results and the fees charged.

All the best,

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

Susan,

These properties appeal to the inexperienced because the numbers are good.

In general I would advise caution. APerry has some great points however the key is resale. You will have to sell to another investor and generally growth on these isn’t good.

Whereas a unit or house can be sold to the homeowner as well and demand is always…[Read more]

Focus your research on the long term prospects for population growth in the town. This is what will drive prices up.

Also find out about industry and the rental demand.

When you have done enough research your answer will be clear.

But basically try to reason why rents are high in relation to property prices. Is all about supply and…[Read more]

Originally posted by ozsparky200319117:
Just another recommendation for Richard he has performed very large miracles for us over the last few months!

Sparky

You can’t ask for better than that!

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

Comments may not be…[Read more]

Why don’t you talk to Michael Yardney on this forum. They have a Melbourne PM service and I hear it is very good. I am sure that, if he doesn’t cover your area, he will be able to suggest someone.

Cheers,

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

Comments may…[Read more]

You can access the equity without selling.

My regret over an investing life is that I have sold properties.

If I had never sold I would be better off now and quite significantly so.

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…[Read more]

Hernus,

What she has told you is all true enough but I question the need to spend $500K. You could do the same with a cheaper home and buy the IP’s sooner.

You can buy an IP and not lose everything. Whilst you will lose the SD exemption the FHOG will still be available when you do buy a home.

If you use ANZ then I recommend the Break Free…[Read more]

Originally posted by amerc79:

Probably the best in Australia I feel would be Allan Faint from Wizard in Tasmania. Very good.

I am sure that Allan is a wizard chap (pardon the pun) but as a Wizard franchisee/employee/agent I think you will find he is not a broker and can only suggest solutions from the Wizard range of product.

You will find…[Read more]

Rolf is probably the second best Mortgage Broker I know. You cannot go wrong with him. [biggrin]

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…[Read more]