Yes i believe you can have purchased a second property if the loan has been structured correctly.

A lot of it boils down to choice of lender and then individual structuring.

Cheers

Yours in Finance

Hi Chris

Is there a reason why you want to buy an IP first prior to buying your own home.

Depending in which State you are you in and where you purchase the IP you might end up shooting yourself in the foot when it comes to Stamp duty concessions etc

There are a couple of ways of buying an IP without actually putting down any deposit and…[Read more]

Belinda i can point you in the direction there when we get together.

Cheers

Yours in Finance

Hi Bonham

Not sure where you read that but that is not correct.

Your taxable income is based on your adjusted income after deduction of both cash and non cash deductions.

Cheers

Yours in Finance

Regretfully i hate to say it sounds to me like you haven’t structured the initial PPOR loan correctly from day 1 as otherwise subject to serviceability i think you would have been able to go ahead now.

Cheers

Yours in Finance

No there won’t be any tears he will tell you can afford it and direct you straight back to Investors Choice.

Also remember he is not a Financial Adviser unless he is licences. Big difference between a Financial Adviser / Planner and a Mortgage Broker.

Who is it you are seeing?

Cheers

Yours in Finance

Hi Magic

As Jamie mentioned both commission and bonuses can be considered in assessing serviceability however realistically you probably need 12 months track record.

Many lenders will want to see it over a longer period but there are the odd or two who will be satisfied with a single Tax Return.

Cheers

Yours in Finance

If it the same Investors Choice as the one based at Logan and on the Gold Coast then it appears they make their money by receiving hefty referral fees from developer, builders etc.

As 37PG mentioned finding out how an organisation works and who pays them is important.

For example we don’t hide behind the fact that for Sourcing a property for a…[Read more]

There are a number of reasons why you would consider buying or not buying in Trust and these will depend on your personal circumstances and longer term goals.

As far as financing a deal in Trust many lenders will have no issue and offer the same rate / application charges etc as they would if you were buying in your own personal name whilst…[Read more]

Keren you say he hasn’t earned a cent from the property but CGT is not based on the rental income received but on the increase in value between the net sale price or current market value and the original purchase price less adjustment.

As Terry mentioned would suggest he definitely seek some specialist advice.

Cheers

Yours in Finance

Hi Ky

No you won’t be able to use a guarantor to increase your borrowing.

Varying the Contract may have other implications in regards to Stamp duty get some legal advice before changing the Contract.

Ran some quick numbers and there are a couple of lending options i can think of which might work.

Cheers

Yours in Finance

I agree. If what they have to offer is that good they would have no need to be cold calling.

We have never cold called a client in our lives as all our property sourcing business is from client referral.

Be afraid be very afraid and don’t part with your credit card details.

Cheers

Yours in Finance

Hi mudg

Who has imposed the maximum loan on you? Your Bank or yourself.

Us 50k all you wanted to put in or the limit of your savings.

We are just buying a property for a forum member this week which is a newish brick property and we paid 184k for it so good deals are certainly out there

Personally I wouldn’t touch anything but brick as the…[Read more]

Hi Ky

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

Sorry to hear about the relationship split there is a never a good time for this occur.

When you say you have recently signed a contract to build i am assuming that you already own the land ?

If this is the case then i am assuming that both of your names are on the Title…[Read more]

I agree you could be sitting on the sidelines for the next couple of years waiting.

In 1996 I had been in Australia for a year when a friend of mine said to me he thought Brisbane house prices were likely to correct in price over the next 12 months so he sat on the sideline.

Since then i have purchased and paid down 43 properties. He and his…[Read more]

Hi again Eljay

Yes hate to say Anz are not the investor lenders friend when you are looking to expand your portfolio.

We do a lot of P & I / IO splits for forum clients who are looking to protect their portfolio but also pay down their debt.
Nothing magic just a matter of working the structure correctly.

Some investors like to have fixed and…[Read more]

Hi eljay

First welcome to the forum and hope you enjoy your time with is.

Congratulations on achieving what you have to date.

Trust me buying property is addictive. I intended to stop at 10 but then 34 more i am still buying, trading and flipping properties and love every minute of it.

I like you made a conscious decision to pay down all of…[Read more]

Yes both new potential income from the property to be purchased as well as an existing income from other rental properties and your own person exertion income.

Cheers

Yours in Finance

Yes the Dept of Nat Resources issue a Land Tax assessment notice to each owner in the block on an annualised basis.

Cheers

Yours in Finance

Yes that is better but even at 5.1% I wouldn’t touch it.

Just make sure whichever property you go for you don’t have a single loan over the 2 properties which is something your Bank will encourage.

Loan structure is paramount especially if you are trying to build a long term income and most Bankers have no idea.

Cheers

Yours in Finance