MissiMoo wrote:
Hello all, I'm new to this forum and really came here looking for advice or ideas. I'll give you a bit of the background story first. My husband and I bought a studio in Sydney (Chippendale) two years ago for $240,000 to live in. We didn't have enough of a deposit for the banks being the studio is 32 sqm. My parents went g…[Read more]

mwenborn wrote:
I am interested to hear whether anyone has information regarding how NRAS properties are being revalued. I recently had my NRAS property revalued with the intention of releasing equity only to be informed by the bank that due to it being NRAS, it cannot be valued against all similar properties, but only against comparable NRAS…[Read more]

siraitken wrote:
Shape,In this example is the interest on Loan 2 tax deductible?If not, what alternative solution would you recommend if you still needed the $100k for a IP deposit?Regards,Dave

It is.
There are many ways to achieve a similar outcome- it all depends on your overall LONG term goal and objectives ie planning a construction?…[Read more]

luke86 wrote:
Michael- I thought it depended largely on what your occupation is (i.e. whether it is a stable industry with a skills shortage or an industry with an oversupply of workers) or am I wrong???Cheers,Luke

Luke- your right to a point…ie if your a Nurse or in an IT related field..you normally “contract” and this will be a…[Read more]

Buddy you chosen the right lender then.
NAB will not have a problem with your job change over.- but my suggestion is to leave it as it is….if they do a 2nd check then you take the next step to resolve.

If the branch staff/loan manager is telling you another-wise…shoot me an email and ill have a chat with them.

Regards
Michael

aprateek – Your LVR is good; no insurance involved; now the main question which bank??

Regards
Michael

or your another option is to delay the start date…im sure if they really want you they would understand.

But really as part of responsible lending; you should let the lender know…but it may be a catch 22- you die if you dont…you die if you do.

Regards
Michael

Normally a lot of banks will say no- because
1. you be on probation
2. No job stability
3. They “may” do a final check before settlement – you dont want to risk it…as they have the right to pull out.

Some banks are ok with probation; so Which bank is your unconditional with? also what is your LVR?
Worst comes to worst; you will have to find…[Read more]

Anrobel wrote:
Hi Guys,Wondering if anyone has had any dealings with Andrew McBay director of The Money Room, he markets himself as a debt portfolio manager, charges a one off fee of $5,000 then $98/month to manage all incoming and out going monies and provide monthly statements and offers advice – primarily property investment? Cheers

WTH…[Read more]

Terryw wrote:
Friggen helll! $500,000 cash.I would immediately take some legal advice on asset protection. Possibly gift it to a discretionary trust and then take a loan back from the trust to invest the money, or buy a PPOR etc.Later on if you were to get sued, for eg, then the money would be still repayable to the trust.This would also help…[Read more]

hawko79 wrote:
Hi Shape,Thanks for your response. If I decide to buy a house I'd want to try and get the FHOG. I'd live in it for 6 months then rent it out. Therefore it would be best if I could get a loan for most of the purchase price so I can claim the interest deductions instead of using my own cash to purchase it.Sorry if I am stating the…[Read more]

Get job first then buy..that why u can lavage more from the bank; rather then using all ur cash.

In regards to the rual VS inner—it’s a personal choice and depends on your overall financial “plan”…i have personal have only invested in Inner city and have 6 good foundation property all with good capital growth ( all within 1-30km of CBD)…VS…[Read more]

Agree with xdrew here…with no job- you best to go for IP first — produce rent ie around $15k-20k per year..and can be used as ur “job income” for your next purchase the PPOR OR IP 2…

Regards
Michael

ferdinandch wrote:
Hi Michael and Terry,

Thanks for replying

There was no problem with the loan. Tomorrow, my broker said, bank will give unconditional approval. Bank also values the property as very low risk property.

I read the sale contract again and all the descriptions from the council, nothing is worrying. Not affected by any hazard…[Read more]

Terryw wrote:
Thats the trouble with using a cheap solicitor. high risk for the client and themselves.

I would say that’s what happen when you use a “Money driven” and greedy solicitor- you get the service you pay for

ferdinandch wrote:
Guys, will appreciate a lot if someone can give an answer to my questions
1. My solicitor did not tell that I should order building report prior to paying10% deposit (expiration of cooling off period),is it normal? I decided to get it ordered tomorrow.

2. My solicitor said will do the title search later near settlement day,…[Read more]

Terryw wrote:
You would probably be able to claim a deduction based on the rate for the engine size x KM travelled for IP related matters

Terry- Good point – can def claim petrol and travel expense; but you rekon they can claim for the purchase it self + depreciation etc ?

Regards
Michael

amsaini15 wrote:

Shape wrote:
https://www.loans.com.au/Pages/Home.aspx Ummm did loans.com.au just increase it's rate from 6.59- too 6.69 ??? without RBA movement, or was it a special rate etc??? and it looks like they changed the "5 years RBA linkage" down to 3 years..wonder what else has changed?

Michael, As per their press release on…[Read more]

I will use round figures.

Home worth $500,000
Current loan is $300,000 — LVR 60% — lets call this Loan 1 ( can be PPOR or Invest)

In the above question by slowachiever she/he mentioned a LOC to obtain the deposit ; the another option is a standard basic equity release.

1. Refinacne with a cash out or top up the loan to a 80% LVR (…[Read more]

Im not questioning your use…i believe u WILL use it for investment…But
when u lodge a tax return, ur accountant is going to ask to prove it’s for investment..as ATO requires paper trail proof; i was able to claim my 4×4 drie under investment but my situation is slightly diff in that i bought it under a company name and the company was a…[Read more]