The other issue you need to bear in mind is a lot of Brokers will provide a Quote for their work performed upfront and sent this out with their Credit Proposal Disclosure.

You may find you get an invoice from the broker even if you decided to proceed with the other Broker who got your deal over the line first.

Totally agree with Corey. If i am…[Read more]

Hi Kim

Welcome to the forum and home you enjoy your time with us.

Your loan serviceability will be based around your own PAYG income together with the potential rent on the property you are looking at less an allowance for your living expenses, monthly percentage based on your credit card limits, other loans etc.

Then you have the maximum lvr…[Read more]

If the furniture package is included in the purchase price the valuer will have factored this into his valuation and you will need to pay for this from your own savings or equity elsewhere.

Why not look at buying an established unit and borrowing 90% and then talking to a local property manager and see what furniture if any you would need to put…[Read more]

Hi Amanda

Yes certainly possible to start your investment portfolio on a fairly low income however understand that just because you believe you can afford the repayment doesn’t necessarily mean a lender will agree.

Most lenders have a pre-set scale of expenses they factor in to your affordability including such items as a living allowance,…[Read more]

Hi Amanda

Yes certainly possible to start your investment portfolio on a fairly low income however understand that just because you believe you can afford the repayment doesn’t necessarily mean a lender will agree.

Most lenders have a pre-set scale of expenses they factor in to your affordability including such items as a living allowance,…[Read more]

Yes use a lender that assesses 50% of the rental income and 50% of the loan commitment.

Cheers

Yours in Finance

Oh ok all noted.

Cheers

Yours in Finance

There will be a difference in the amount of Stamp Duty charged on the transaction and in the case you sell the property at a profit less costs you will pay CGT on the difference.

If you took the loan over say a 25 year term and were only paying the rent received and a top up out of your own pocket to cover the repayments you certainly won’t be…[Read more]

Hi Catherine

If you will go as far as the Gold Coast you can go past Steve Hodgkinson who is a partner at the Gold Business Group.

Steve has been my Accountant for 20 years and is an expert on property investment.

He is a member of the forum but is a bit busy to post much these days.

His email address is…[Read more]

Hi Steve

Every investors strategy for wealth creation is different and if you are comfortable with that approach is sounds good.

Many investors prefer merely to pay the interest on their loans and keep the surplus funds in an offset account in case their strategy decision changes or circumstances dictate and they decide not to sell the property…[Read more]

Hi Trish

Yes you will need to notify the lender and also sign a Discharge authority.

Some lenders may require 3 weeks notice so i would do it soon as possible.

You might find your lender allows a security substitution but more likely you will have to discharge the loan in full and then make a totally separate application for the new funds.…[Read more]

As Benny said although you would be surprised in certain areas how every agent is now charging 3% + GST.

Cheers

Yours in Finance

No not hungry Corey as thankfully we have more Private lending business than we can poke a stick at but merely pointing out it can be done quickly.

Settled a first mortgage same day on Monday although admittedly it was a low lvr and the client was in Sydney where i Solicitors are based and could sign loan docs.

Yes a lot of the smaller private…[Read more]

If the deal is right we can settle in 48 hours.

Cheers

Yours in Finance

What Lvr ?

Cheers

Yours in Finance

Agree Terry certainly would not suggest anyone ever withdrew the funds and placed them in a savings account.

So important for investors need professional advice.

Cheers

Yours in Finance

As Terry says.

IMO i don’t see the needs to be paying a premium rate for a LOC product when an IO loan with redraw does exactly the same thing.

Certainly horses for course but a mix of both seems to suit most.

Cheers

Yours in Finance

No hate to say most don’t.

Spend a lot of time trying to correct structures where a previous banker or broker has set up the loans incorrectly for a client however as i say i usually recommend we carry out a loan review of a clients set up every 3 years or so.

Ideal time to see what else is out there and get it done properly.

Cheers

Richard