It will affect the unconditional approval; but that doesn’t mean it’s the end- some changes are still within the banks standard.
1. Depend what the change is?
2. Which bank

Regards
Michael

48 squ meter’s is a different ball game…it’s pretty much 50- and the bank will not have a problem financing this what so ever!
So expect to pay $390-420…if it has it’s own parking and it’s new then mid- high $400-480

Normally prices drops a lot when it’s hard to finance = hard to sell….But on 48; easy peasy.

If it fits 2-7….especially…[Read more]

luke86 wrote:
Yep, I think it all depends in location. I have recently refinanced a smallish 1 bedroom apartment in Petersham with no worries. A family member recently refinanced a 3 bedroom house in Karratha, WA and had to jump through hoops and order a full valuation in order to release funds. Both deals were with the same bank. So I think…[Read more]

stu_macca wrote:
Hi,Thanks for the extra comment.  The debate continues…It's in Forest Lodge (adjacent to Glebe).A few of you have said location is the driver, but also referred to "CBD" which I guess Forest Lodge is not.

Forest lodge is not CBD, but it brings and attracts part of the CBD demographic as it’s only a 3-5min bus ride…[Read more]

Hi Oz-
Yes the bank treats equity like cash; but make sure they do NOT x-cross your loan unless you really need to; so
1. Draw the equity and covert it into cash ( placed into a separate account/mortgage as a redraw or offset)

Use this 10% cash as per normal…

Regarding rent; most lenders will only take in 80% …some banks like ANZ will go off…[Read more]

Also who are these ppl? and HOW do they “predict” these changes. need to know their method and data source to make a judgement.

Regards
Michael

stu_macca wrote:
Hi,I have found out today that the big four banks will not lend if the property foot print is less than 50 square meters.  The rationale being there will be gaps in rent due to the types of tenants attracted.I could proceed with another financial institution, but wonder if this might cause problems when it comes time to…[Read more]

Ossi89 wrote:
Hi, this is my first post on this site (I only joined 30 minutes ago). I am 21 years old, live in Sydney and have just bought my first investment property in Orange, NSW. I keep hearing stories about people under 30 on average incomes who have over 30 investment properties. My property in Orange essentially pays for itself so I…[Read more]

Pogita wrote:
Thanks Richard and Micheal,

I read the ACL application guide, it said the responsible manager need to be competent, and according to R206 competent mean I have to have at lease 2 years experience. If no one gonna take me on as their Credit Rep even if i offer fees and spilt, how am I suppose to have the experience in being a…[Read more]

another solution- is to invest your money into a well established company that does private lending;
If your interested let me know ill send you the contracts to some of the private lenders – average return is 11%– but having said that it still comes with it’s associated risk!

Regards
Michael

Yep i agree with Richard – especially if your starting off “small” the risk is to high for them to take you on their books + they don’t know you.

The only way around this is for your to APPLY for your own Credit License via ASIC – as the Credit License are NOT just for brokers….to take up your own it’s gonna cost a bit + time.,

Regards
Michael

hawko79 wrote:
Hi everyone,Thanks for your help. I've just got myself a job (started this week), wages aren't great ($45k) but its a start as I was teaching English overseas for the last 2 years.Been reading API and almost finished "0 to 130 properties" by Steve McKnight. I'm nearing the end of the book, but I found an interesting part that said…[Read more]

Portfolio PI wrote:
I’m going to pose a question to brokers here…would buying a property with some of the 500k outright work which you would then receive rent from. Question is, would the rent then be counted as income given employment? In my situation i know it is so I would assume that would be the case here.

So depending on Caleb’s…[Read more]

amsaini15 wrote:
Thanks Michael.. This is bit confusing for the beginners I was under the impression once money has been paid off into loan (either in P&I loan or into Redraw), I have loss tax deductibility on the amount forever. But now I understand that by refinancing and topping up loan to 80% or 90% LVR (whatever required), we can create new…[Read more]

Speak to Paul Dobson who post on this forum on a regular basis; his knowledgeable in the world of vendor finance.

I dont have any relationship with Paul…just seen him post very high quality information.

Paul Dobson – Vendor Financier – http://www.negative2positive.com.au
Ph: 0447 973 235 -…[Read more]

You solved your own question

Ur set up is fine.
1. Separate account for the 25K
2. the funds to go into a offset account ( make sure you have a separate offset account for this IP loan,,,, adding this top up cash to your current PPOR offset could be seen as tax evasion- transferring deducible debt to non-deducible one)

Regards
Michael

ahha fair enough.

realcommercial and commercialrealestate are really the only 2 website i trust for Commercial deal search; you get a few buyers agent who will find deal you dont find on these sites but trust as you mentioned is an issue.

Regards
Michael

just_sammy wrote:
Hi guys,I've invested in a few residential properties and am looking for some commercial to add to the portfolio.Are the commercial websites – realcommercial and commercialrealestate – the only two portals into the world of commercial RE?Looking to invest about 1.5-3m initially and have scanned the online ads but haven't found…[Read more]

Ferdinand – im not registered to advice on REST product…and to be honest i dont know much about what REST offer.

However being “student” financial planer in training i do know you can get a lot of these “life” insurance via your super- so give REST a call and see what the offer is…yes you can simple increase the limit as you wish; it’s…[Read more]

ferdinandch wrote:
Guys,

I am considering to get a life insurance, trauma insurance and income protection insurance. Do you know how much I have to pay in premium for a decent cover?

Recommended Cover Details
Term Life Cover : $ 700,000
Income Protection : $ 3,000
Trauma Cover : $ 150,000

I got this from iSelect SOA. But they didnt give…[Read more]