Hi DC

If your SMSF owns the property outright, meaning your fund has not borrowed to buy the property, you can renovate or improve the property. However, if your fund has borrowed to buy the property ( referred to as a limited recourse borrowing arrangement) and the loan is still in place, you can only make improvements or renovations which do…[Read more]

Hate to say wearing my Buyers Agent hat for a second we wouldn’t buy in West Toowoomba at the moment.

We are still buying in the City for forum members but other parts of Toowoomba are proving more attractive and produce solid rental demand.

I know this doesn’t help you but would suggest you focus on the matter in hand.

Look at dropping the…[Read more]

Hi Lee

Yes it is a strategy both Jacqui and myself spend most of our working days establishing for forum members as cross collateralising securities can cause more problems down the track.

Of course your lender will give you a 101 reasons why they think it is a good idea but trust me in the main the only winner is the lender.

Just make sure…[Read more]

Hi Ranger

Firstly welcome to the forum and I hope you enjoy your time with us.

Yes your theory is correct and I assume your existing loan on the Melbourne property is interest only.
Ensure the equity release is a separate loan and not an increase to the existing investment loan.

Keep the loans separate and ideally with different lenders.

At…[Read more]

Hi Ranger

Firstly welcome to the forum and I hope you enjoy your time with us.

Yes your theory is correct and I assume your existing loan on the Melbourne property is interest only.
Ensure the equity release is a separate loan and not an increase to the existing investment loan.

Keep the loans separate and ideally with different lenders.

At…[Read more]

Allow 30K per block + Professional costs of the required work.

Cheers

Yours in Finance
0-40 Properties in a decade. Email me for a copy of my API interview.

Hi Dave

Firstly congratulations on starting to plan for your first IP certainly exciting times.

Yes a 95% lvr on an investment loan is available but i have to say it is very unlikely you would qualify as this loan would be credit scored and without owing other property it is doubtful you would be accepted.

In addition you need to understand…[Read more]

Emily, very unlikely that a Developer will deal with you directly unless of course he has surplus stock to offload.

Then of course you have to realise that buying new comes with it’s own issues.

A buyers agent especially one with an investment background will know an area inside out and will certainly assist with the strategic planning in…[Read more]

Poor advice from your Broker / Conveyancer as there are a couple of ways around it.

Hate to say too late now.

Cheers

Yours in Finance
0-40 properties in a decade. Email me for a copy of my API interview.

Hi Marcus

Yes interstate and worldwide.

I am currently over in the UK seeing some a number of our forum clients and have visited many of our clients in Singapore & Dubai.

I regularly visit clients in VIC & NSW although i do have a partner in Melbourne.

Can’t comment which is the best State to operate in as i have always lived in QLD since i…[Read more]

Very much doubt you will get 95% lvr and it is NAB it will be 90%.

LMI is deductible over 5 years or the term of the loan whichever is the shorter.

Premium proportionalised in Year 1.

Cheers

Yours in Finance
0-40 Properties in a decade. Email me for a copy of my API interview.

Switching lenders won’t get round the valuation issue.

Your new lender will want a copy of the contract of sale showing the amended purchase price and will pass this onto the valuer.

Only reason you would look at switching lenders is if your current lender doesn’t meet your objectives.

Cheers

Yours in Finance
0-40 Properties in a decade.…[Read more]

Hate to say we are seeing real issues with valuations on OTP properties which are coming in at a lot less than purchase price.

Good luck with the sale.

Cheers

Yours in Finance
0-40 Properties in a decade. Email me for a copy of your API interview.

Hi Lisette

Hard to help formulate a plan for you without knowing what your goals and objectives are.

We assist forum clients build their property portfolios regularly but each investor has different requirements.

Email me an I can send you a copy of my API interview in which i discuss how i build my property portfolio.
Might give you some…[Read more]

Hi Newstart

Firstly welcome to the forum and I hope you enjoy your time with us.

Age is certainly no barrier to borrowing as long as we can show that you can support the repayments once you have retired.

Actually did a loan for forum member last month in a very similar position to yourself.

Going to need a deposit and sufficient funds to cover…[Read more]

No not at all lenders lend against purchase price or valuation whichever is the lower and the valuer will want to revise his valuation once they are away the contract price has been amended.

Cheers

Yours in Finance
0-40 Properties in a decade. Email me for a copy of my API interview.

Hi Newbie

Firstly welcome to the forum and I hope you enjoy your time with us.

I will assume the reason why your funds are in the offset account linked to your current investment property rather than your PPOR are they are family funds. Certainly would be of more benefit to you if you could switch these funds to your PPOR offset account.

In…[Read more]

Obviously not sure what your budget is but you also need to think about the ease of obtaining finance for the acquisition.

Even being a local your lvr will be limited.

The attached link might be useful.

http://www.rbnz.govt.nz/financial_stability/macro-prudential_policy/5393159.html

Still constraints in Australia but 90% is still achievable…[Read more]