Forum Replies Created
Hi Cathy
Thats a fairly open question and you could get many a varied response,maybe if you defined your question down to a scenerio of sorts you might acheive what your after.
There is no best lender as it depends what best suits you
cheers
Paul
Paul Meese
Onyx Finance
[email protected]
0412 850 820I currently have interest only loans on all my properties that allow me to make extra payments and lump sun deposit with no penalty if required.
Why would consider Principle and Interest loans when you have a facility like this available to you
Cheer
Paul
I
Paul Meese
Onyx Finance
[email protected]
0412 850 820Not to state the obvious but you need to make an offer ,any offer so you have a platform to work from.
I would also suggest all offers are to be subject to finance,building and pest etc.As you generally buy property for the long term does it matter if you pay 5 or 10 % to much now in ten years it will be irrelevant as the property will have normally doubled.
Don’t pass on a property now that you like for the sake of a couple of thousand
cheers
Paul
Paul Meese
Onyx Finance
[email protected]
0412 850 820If i had a lazy $1000 an Hour i would sit with Bill Zheng, he founded his Broker business Investors direct just over 4 years ago and has grown a client list well into the thousands, not bad for a guy that couldn’t speak of word of english when he arrived in Australia.
cheers
Paul
Paul Meese
Onyx Finance
[email protected]
0412 850 820All my loans and majority of my clients have variable on both PPOR and IP loans.
Our lender gives us an interest only product that allows us to make extra payments and lump sum without penalty, why would you want a principle and interest loan when you can still pay down your loan on this type of facility
Cheers
Paul
Make your money work for you, not you work for your money
Paul Meese
Onyx Finance
[email protected]
0412 850 820Hi Guys
I have a 2 page brief that outlines the different trusts and their uses it might be of some value to some of you.
If you send an email to [email protected] i will send you a copycheers
Paul
Paul Meese
Onyx Finance
[email protected]
0412 850 820Hi Guys
To all of you who are serious about creating wealth you would know that property is great for long term wealth creation but you also need to look at ways to generate monthly cash flow.
I utilise the share market , you can generate on average 2-3% per month writing calls against shares you own or you could look at trading CFD’s where it is feasable to make 50% a month on your money, i appreciate there will be many who beleive this to be very risky,all i say to you is knowledge is power and you would be amazed at the ways you can make money in todays world.
Educating yourself is the best advice i can give you
If you would like some more info drop me a line i’m happy to pass on websites etc for you to look at
cheers
paul
Paul Meese
Onyx Finance
[email protected]
0412 850 820Thats understandable you might disagree and promote your own company, i am merley offering some insight to the readers in to what many of my current clients have acheived and have a proven track record doing and increased their wealth significantly over the past few years
I to have a healthy client list of whom 80% are active investors and as a rule Financial planners don’t rate highly on their list of recommendations.
But each to their own Richard i don’t beleive this is the place to compete for business i’m sure the readers will make up their own mindPaul Meese
Onyx Finance
[email protected]
0412 850 820Hi Guys
As a Finance consultant and investor in both property and the share market myself you could talk to 20 people and get 20 answers.
For anyone who is starting in this game i beleive you should spend sometime attending a few wealth creation seminars that currently do the circuit, these seminars have created the foundation for many succesful investors over the years, myself included.
The initial seminar is usaully free and they are enticing you to purchase a 2 or 3 day course generally for a cost of around $3000
These courses if applied as taught will give you a platform to start your wealth creation and will help develope the mindset you will need to make this happen.Do your home work if you plan to select a broker as the majority can get you going but generally only a small portion can keep you going
It is always worth asking them how many investments they have themselves.
Do you home work and ask lots of questions
cheers
Paul
Paul Meese
Onyx Finance
[email protected]
0412 850 820Do you know what it is valued at today
Paul Meese
Onyx Finance
[email protected]
0412 850 820i have been told by others that Bank west will do serviced apartments.
Paul Meese
Onyx Finance
[email protected]
0412 850 820The horse is named Friday
Paul Meese
Onyx Finance
[email protected]
0412 850 820You have $50 – $90k worth of equity depending on if you wish to utilise mortgage insurance plus they will take the expected rental as income.
You need to find out what your lending capacity will be so you can determine what price range to you are looking at.Ring a broker and have them do the numbers for you, it’s free and they should be able to answer all your questions
[grad]
Paul Meese
Onyx Finance
[email protected]
0412 850 820What you need to consider with valuations is that they generally are valuing based on what they presume you can sell that property for with in 30 days if required and they will look at what has been sold in that area over the last 12 months.
As far as valutions go we conduct pre application valuations for our clients prior to submitting an application so we know what price we are working with.
Some times it pays to do more than 1 valaution to get the best result.The valuation remains current for 3 months and we can then use that valuation for the lender we submit the deal through.
It is normally a cheaper option than arranging valuations yourself as most banks will always want order there own valution anywayPaul Meese
Onyx Finance
[email protected]
0412 850 820It depends how you veiw it,a P/I loan will be a higher repayment which means more cash out of your pocket and you can’t claim any of the principle anyway
For eg a $300,000 loan on P/I @ 7.5% will cost $2097 per month and on interest only will cost $1875 per month so you are paying an extra $222 per month or $2664 per year.(not deductible).
Your property is (Historically) growing by 10% or $30,000 per year so your question is ,is it a worthwhile exercise to pay $2664 a year in principle off it when on paper it is growing that much.
Why not ask your lender if you can make extra payments off your current interest only loan,if they won’t do that there are lenders that are more than happy for you to make extra payments on your interest only loan without penalty.
The worst scenerio is they say noPaul Meese
Onyx Finance
[email protected]
0412 850 820Hi Boatie
Just out of curiosity why are you looking to sell when you could look at refinancing those properties for minimal cost(as opposed to selling costs and capital gains)draw down on the equity release which you could then use to service the current shortfall in repayments and possibly buy more properties and be well on the way to building a substantial property portfolio.
Paul Meese
Onyx Finance
[email protected]
0412 850 820capital gains is all ways an issue if property is sold within 12 months,but i guess thats just part of the game.
I do beleive we paid stamps as wellPaul Meese
Onyx Finance
[email protected]
0412 850 820such a shame to have all that equity lazing around not working harder for you,have a look in to the share market and writing covered calls there are broking houses averaging 3% a month and better on your portfolio’s and they can margin on your money by 50% to give you more exposure.
For those who are risk adverse you are able to simply cover yourself with insurance against any downturn in the market.[thumbsupanim]Paul Meese
Onyx Finance
[email protected]
0412 850 820This is unfortunately one of the pit falls of borrowing 100%,you might need to hold on until the equity has a chance to grow as most lenders will look at a 90% refinance or possibly even a 95% if it is a single debt refinance.
Paul Meese
Onyx Finance
[email protected]
0412 850 820Hi to all
I attended a seminar recently for a prominent property developer/investorgroup and they offered us the following advice in regards to the property cycle and where we are at the present
Uptrend Brisbane,Melbourne
at peak West Australia , Darwin
Down trend Canberra,Adelaide
at the bottom Sydney
They beleive we can expect another property surge in late 2007/2008 and then we should not expect to see another growth phase for a substantial period.
As we well know the media is very good at being pesimistic with the market which means more options for the savy investorsPaul Meese
Onyx Finance
[email protected]
0412 850 820
