I think you will be hard pressed getting any capital growth on those units in Brisbane by 2006. I will be very surprised if they even value up at the purchase price you signed for.

I hope I am totally wrong for your sake.

Robert Bou-Hamdan
Mortgage Adviser

http://www.mortgagepackaging.com.au

Investor Links

Thanks for the link surrey… good stuff!

Robert Bou-Hamdan
Mortgage Adviser

http://www.mortgagepackaging.com.au

Investor Links

Originally posted by majoh3:
Im looking at buying a property for around 100k with 30k down for deposit and closing costs.

I would only put 20k down and borrow 80% of the purchase price. This would avoid mortgage insurance and require less deposit.

Using a interest only loan with an Offset Account would let you put the extra funds into the…[Read more]

Loads of tools and calculators…

http://www.mortgagepackaging.com.au/index_files/tools_calculators.htm

I personally would not be looking at the Gold Coast for a positive cashflow property. I would also stay away from units. The Gold Coast is a very transient tourist area with high vacancy rates at most times of the year.

Robert…[Read more]

You can always borrow money when you have a job. Unfortunately, you may find what you earn is not enough. A permanent job would also serve you much better. $200 per week is not much and most lenders would not let you borrow anything at all because your income would be eaten up on living expenses.

How about the cost of uni?

I would start learning…[Read more]

I would suggest sitting down with some experts before making any decision. Get some different ideas and options and make an informed decision instead of one you may regret. You might find you can keep your home and purchase an investment property.

Regarding buying houses, I don’t think you can go wrong buying the right house. There is always…[Read more]

If you find a good one, let me know.

I think in most States, as is required in NSW, you need a property contract prepared prior to offering a property for sale. The first think a potential buyer will ask for is a copy of the contract. I think a solicitor will be needed to prepare this for you.

Robert Bou-Hamdan
Mortgage…[Read more]

I would not touch most of the Queensland property market with a ten foot pool. I think those who purchased UNITS around Brisbane or the Gold Coast will be in for a huge shock in the coming years. Many other areas in Queensland have also seen the same type of over-developing as has gone on around Brisbane.

For those who purchased Torrens Title…[Read more]

Originally posted by brahms:
equity has to be paid for if you use it, it’s not some sort of manna from heaven.

The only exception to this is where family gives you the money as gift and do not want to be repaid. Unfortunately, not many people are so fortunate.

Rod,

Not everyone can make money from day one. Some people do not have the credit…[Read more]

Before focusing on the cost of LMI, a lot of other things have to be considered. Look at your interest rate for example. You might find that your LMI premium was a little on the high side compared to other lenders but your interest rate was on the low side.

I for one would rather pay a higher LMI premium as a once of payment today instead of a…[Read more]

Nothing is impossible. You just need the right support and information to achieve some of your harder goals. Just make those goals realistic and achieveable or you will be quickly disheartened if you never reach them. As you get better at what you want to do, set harder goals.

Robert Bou-Hamdan
Mortgage…[Read more]

Thanks red… will do.

Robert Bou-Hamdan
Mortgage Adviser

http://www.mortgagepackaging.com.au

Investor Links

Good work!!!

Good luck with it all.

Robert Bou-Hamdan
Mortgage Adviser

http://www.mortgagepackaging.com.au

Investor Links

Another good thing to look for is no restrictions on extra repayments. If you know you will have extra funds to put into your loan, it might be better to pay a little bit more in the interest rate to have the benefit of being able to reduce the loan amount as much as you want without penalty.

Having said that, many lenders will let you put in up…[Read more]

I think we were talking about capitalising interest on an investment property. This is not legal. Do you have an example of when it is legal because that would be valuable information?

Robert Bou-Hamdan
Mortgage Adviser

http://www.mortgagepackaging.com.au

Investor Links

Your credit history can be obtained from Baycorp Advantage. Here is the link:

http://www.baycorpadvantage.com.au/personal_information/order_my_credit_file.asp?CountryID=1&UserTypeID=1

You can obtain your file for free but it will take up to ten days. If you want it within 24 hours, it will cost you $23.00.

I would bet that what you receive is…[Read more]

Firstly, I would suggest using a broker but it seems you prefer doing it yourself.

Regarding your question, the repayments will only reduce if the loan is set up as interest only. If the loan is set up as principal and interest, the loan term will reduce but the repayments will only change if interest rates change.

Robert Bou-Hamdan
Mortgage…[Read more]

Originally posted by Terryw:
But in one of your examples, you had the clients drawing down a loan at settlement and then putting the money in the offset account. The net interest bill will be initially nil, as they are balance. But if money is taken out for say a deposit on an investment proeprty, this is where things could go wrong.

The interest…[Read more]

Originally posted by Terryw:
Rob

Capitalising interest can help you pay off a home loan faster! Despite what you may think, if done properly interest is claimable.

Of course it will help you pay off a home loan faster but it will also take you much longer to pay off your investment loan and also reduce the return on your investment as more…[Read more]

I think you will find that people cannot borrow that much without a job and only $20,000 cash unless they lie on their application or get help from someone else.

I would guess your friend is getting help from family or somewhere else to do what he is doing.

Robert Bou-Hamdan
Mortgage Adviser

http://www.mortgagepackaging.com.au

Investor Links