Mario i am not saying it is easy and things have changed considerably since i set up my portfolio.If you have the API magasine read the article i did in the August edition.Email me if you dont buy API and I can send it to you.CheersYours in Finance

Just ring Lee Doyle at LJ Hooker Narangba 3385 6200 and tell him i sent you up.He knows me better from a company called City Body Corporate which i also own but mention my name and he will give you some good honest advice.I have referred a number of Forum clients to him recently and every deal we have financed on one of his sales has proved to be…[Read more]

Hi pentiDont think your in a bad position and structured correctly no reason why you cant achieve your goal.Your Bank are right you cant claim the interest on a redraw. Suprised to be honest most Bankers say you can and then the clients only find out at tax time that they cant when their Accountant disallows the deduction.Course by then the loans…[Read more]

Did CBA tell you that their MISA account is not a fully transactional offset account.Remember not all lenders calculate their offset accounts the same especially on interest only loans (The Dragon is another with a few funny quirks for investors) so probably whey your figures dont vary.I cant see too much benefit in their Wealth Package.Hate to…[Read more]

Oh i think all 3 other majors will follow suit in some form or shape and really just didnt want to be the first to make the leap.The fact that CBA came out and did it so quickly makes you think that it was a pre-decided that if the RBA went they would increase immediately and didnt need another excuse.Of course we all understand the reasons why b…[Read more]

And rubbing their hands with glee.25bps from the Reserve means 40 bps from the majors.Sorry scrub that CBA up 45 bps wow nothing a cash grab when you can.CheersYours in Finance

Wow CBA didnt waste time they have increased their interest rates already.CheersYours in Finance

Must admit i cant recommend a decent Buyers Agent but you mentioned North Lakes (which by the way i like as an area) and i can certainly recommend and excellent Real Estate Agent in the area.Let me know if you want the details and I shoot them over.CheersYours in Finance

Hi AlexNot sure if Mike is still on the forum offering it but if not you are more than welcome to email me and i can send you a report for any property in Australia.I subscriped to the Australia Wide report as i am buying properties inter state and it helps me with my due diligence but have unlimited report access and never use it all each…[Read more]

Interestingly enough the RBA had increased the official Cash Rate in the December meeting 2 out of the last 3 years so no Christmas cheers here.Whilst i dont think we will see a rate increase tomorrow i wouldnt put it past the Big 4 Banks to raise their variable rate within the next 30 days. These higher funding costs are killing their profits…[Read more]

MavRather than confuse you with technical reasoning you might want to have a look at an article on just such a strategy on Bantics website http://www.bantics.com.au "How not to be a Property Developer".CheersYours in Finance

I guess everyone is looking for the same thing however if it is any use to you i have financed dozens of properties for forum investors in Melton this year and not aware of anyone who has had any issues.If you locate a property and want to email me the street address i am happy to run off and email to you a Residex report which might aid the due…[Read more]

Hi SriFirstly welcome to the forum and I hope you enjoy your time with is.One thing to bear in mind with the small units is that maximum lvr that is available to you.Probably not an issue on a 1 bedroom unit but if studio and less than 40 square metres lenders are going to get a wee bit nervous and ask you to put in a greater deposit.If you are…[Read more]

As the boys have mentioned as long as you can back up the information with documentation to support the numbers then 95% + LMI is available.Couple of lenders waiving their application / valuation costs so this is a savings in your favour.CheersYours in Finance 

MarioThe NCCP (new credit legislation) which came into effect July 1 2010 places total emphasis on the ability to repay the loan and not recommend a loan that is unsuitable.I am fortunate enough to have rental income on all of my properties that serviceability is not a problem but i can understand your frustration. In saying this hiding behind a…[Read more]

MarioI think Steve has now qualified this statement further as all lenders ask you to disclose any loans which you Guarantee and as a Trustee you need to provide a guarantee.These days buying in Trust will not increase your borrowing capacity.CheersYours in Finance

What Jac has described is what we did.We purchased a block of 6 units in line in a separate Family Trust with the 3 children as beneficiaries.We have renovated the whole block and will retain 3 and will allocate 1 to each child when they turn 21.Course consideration needs to be given over the CGT and Stamp Duty implications but that is fairly easy…[Read more]

Oneworld, well if you have a LOC set up on the equity in your current property you can draw on this to fund the deposit or associated costs of undertaking the project.With only 1 income is going to be difficult to finance the actual project itself so a LOC / cash is probably the only way you are going to be able to move forward with such…[Read more]

Hi ScottNo real benefit there unless you have more in the savings offset account than you do have owing on the loan account.CheersYours in Finance

Personally i wouldnt use your own funds i would put them in the offset account for flexibility.Yes the Trust Deed needs to be dated prior to the Contract being signed.CheersYours in Finance