It doesn’t hurt to speak to a broker- as most are free. Most of the time if your current lender is offering a good rate or we could negotiate one that is close enough to the lowest market rate; we would suggest you stay with your lender UNLESS;

1. Your not happy with them?
2. Rate is above the market average
3. Condition of the loan does not work…[Read more]

LMI is not the end of the world- it can work to your financial advantage in the long term if structure correctly and done with the right lenders + good balance of % and deposit bwt the 2 places.

Ideally you want to push the LMI towards the IP, but not to much as there are different level of cost when you go over a certain %. Also 2 another…[Read more]

You know you can arrange with the agent to have some of your builders/ tradesmen ( find them in the yellow pages) come out and quote for the job- before you sign the contract. That way you have a fixed quote for that EXACT job.

Regards
Michael

Von Krumm wrote:
Wow. Everyone so negative? The days of owner builder are gone… what a load of crap.

Not negative- cautious.

And none of the post are suggesting owners builders are gone; in fact they are saying it’s good IF your in the trade or have some basic experience, time, good management and don’t get to attached…[Read more]

It’s like me posting a picture of my car and asking you how much is it worth; without telling you the make, model, year, km etc..

Regards
Michael

1. it be hard to geared the amount your after if it’s paid in full – as it wont be considered a “purchase” or a “STRIGHT refin”it be considered as cash out…
2. Can be tax deductible as long as it’s a IP to start off with and doesn’t change during the transition period.
3. Lenders do accept power of attorney- just a matter of speaking to the…[Read more]

Unsecured personal loan is not cheap. unless you can bring in NET return of 14% as a Min i can’t see how your going to make money from this. Just my personal thought/

Better way would be to borrow from one of your family and friend; if they have “equity” in their property- they could borrow and draw on the equity from the bank a rate of 6.5%…[Read more]

Our company in association with Salvation army and two of the biggest tax agency will be running a free property investing seminar in the Gong next year- no set date yet but it’s around Sept for the Gong.

Regards
Michael

Housing fanatic wrote:

The question im posing is how beneficial is to seek advice from financial advisors, morgage brokers etc in respect to investing in property. I am keen to learn all about finance, loans and finance, correct property management etc and trying to find the best way to go about this.

Cheers Paul

Comes down to personal…[Read more]

Yep 2nd Jamie. – he should be able to get you in contact with accountants and conveyancer if required.

Jamie
Pass Go Home Loans Pty Ltd – Australia wide Mortgage Broker
http://www.passgo.com.au | info@passgo.com.au | p. 1300 656 299 | PO Box 286 Woden, Canberra ACT 2606
Expand your due diligence – “like” Pass Go on FACEBOOK and get up-to-date IP info w…[Read more]

Qlds007 wrote:
Hate to disagree for once with Terry and Michael.

All good- that’s what a open forum is for- honest opinion and everyone have different experience even if it’s for a simliar story/subject- alwasy good to hear both sides…+ you def have a lot more exp then me Richard, so i always got my leaning hat on when i read your post

Ql…[Read more]

With only $95,000 in SMSF, it may not be “financially worth it”…. the fees etc will eat up any returns you expect to achieve,

Speak to a Financial adviser or do a bit more research; and you will find the running cost on a SMSF can be hefty for such a small amount.

Regards
Michael

It’s very common to see ppl spend say 100k on renovations and see the it increase the value by only 50-70% of that 100k…

1. they do the wrong type of ” investors” renovations – the type that adds NO value to the place…instead it’s more a personal preference – ie having a diff colur roof, changing the roof type having a full alarm system,…[Read more]

Quote:
The first thing that comes to mind is my loan structure.  Should I be trying to swap over to another bank to have an IO loan with an offset account before I start to consider buying another house?

You don;t need to if;
1. You dont want to
2 . Your current bank will lend you the money/amount your after ( new place)

End of the day…[Read more]

This could easily be a yes or no answer- and both answers would be right

As you mentioned ” it will vary on the town; riskier or safer depending on what commodity they are related to, how many mines they service, life span of current mines within range, new projects opening etc.”

My personal thought;

When you BUY something with high returns =…[Read more]

Dreaming Big wrote:
Hi All,Can anybody recommend a good mortgage broker with lots of property investing experience and knowledge in the Melbourne area? We are hoping to buy our first investment property early to mid 2012 and need someone who can help us structure everything right from the beginning.

Give Richard ( Replied to your post above) a…[Read more]

Says who??

Regards
Michael

Hi,

Lawyer / Simple deals + more complex deals and trust etc…

http://www.mcbhm.com.au/ – Ask for Peter Mcbride ( the principle)

Conveyancer – Straight forward purchases

http://www.murphycosolicitors.com.au/ – Collin Murphy.

Note; Collin is not the most “talkative” guy – but he gets the job done efficient, quickly and with detail. ( he…[Read more]

Fair enough then.

Regards
Michael

abcd1 wrote:
the problem is the lending manager seems to think Moranbah willl get thousands of homes built soon.
We were told they don’t believe we would get 2k+ a week for a 4 bedder in Moranbah although the contract was subject to a lease agreement.

We are just going to sit on our hands until we can sell our PPOR and get cash in the bank and…[Read more]