Yes and no….If it’s with the same LMI provider and your LVR is dropping ( risk level is lower) and you have good payment history and CR file. then a request can be made to transfer the LMI amount over…

Most of the time LMI are not transferable because most ppl ask for a higher LVR ( increase risk) or they have some sort of default on…[Read more]

No you dont! plenty of banks will take in consideration deductibility of interest and add back depreciation..

Regards
Michael

OK.
If you can provide the rest of the below information, either me or Richard will be able to give you with an more accurate answer about your exact “borrowing limits/ amount” – Do you want me to post it here, or PMS/email you the answer/limit? ( likewise, you can PMS/email me or Richard the answers if you prefer)

Questions applys too both…[Read more]

Ferdinand- i did quick calculation – yup your fine with serviceability** at 10k CC – Lowering your cc limit is a good thing in general but also may not the the best thing if your JUST abt to apply for a loan- The lender will ask for 3 month CC statements…and if they see different limits JUST before you apply for a loan it may not be to your…[Read more]

Swampy30 – with $150k income …and positive geared rental places- you shouldn’t have any problem with borrowing ..BUT to know how much..we really need to know a LOT more details then the above ahha

So i say- either go to the bank and speak to the lending manger or have a chat with an broker. ..their both free so why not?. But i will add that…[Read more]

You can claim the interest for repairs, maintenance and improvements as long as the home was rented out for a “period of time” and remains as your IP.

** im guessing your getting confused about claiming for the cost of the job itself..ie If you JUST bought the place and it was never rented out and you do the above job then you wont be able to…[Read more]

1. No you cant have private contract to say the title is 50% under your name….you be overriding the title deed law…it be the same as selling the home to see ( see above)

2. Depending how close you guys are, she can just give you any $$ that was gained from the property during this time once she does sell it- might be able to get a written…[Read more]

The first home saver account is only good if your confident your going to buy a place within 4 years…ie dont do it if your still at uni.- only consider once your in a relatively safe job for at-least 1 year…

Any amount in the first home saver account will go to your super IF:
1. you dont buy within 4 years
2. You cancel

Richard is right,…[Read more]

even if its worth more after a subdivide ( most of the time it does) it won’t have any effect on the serviceability …it will only change the LVR.

If they can only afford to service a loan of $500,000…having your PPOR or IP go up in value…it doesn’t mean you gained any extra income to increase serviceability

Regards
Michael

Cashbond – pretty much a standard Bond…but there are many different types.-

Learnings- Yes cashbond are fine…but it depends which type of cashbond you hold and is it an Australian cashbond ?
Just a few points;

1. ” upto 20k private finance “?? so are you getting a loan for a private fund for the subdivision??? – why dont you just borrow it…[Read more]

1. You will NOT be able to get the FHOG with ANY states sorry to say – one of their condition can not be related purchase.
2. 50% stamp duty payable –
3. She will have to pay “capital gain tax”

The question is…BESIDE wanting extra “expendable income ” do you guys have any other reason to go ahead with this split??? because in the short term…[Read more]

NSW- i’ll keep this post short- since you probably have plenty of information to process already ( 33 post wow!)

– Bankwest Prem home Loan is a good completive product and for your needs PPOR- > IP it’s perfect
– They are slow for self employed loans i find…for a straight 80% LVR, PAYG you wont have a lot of problems.
– There pre-approval is…[Read more]

Forgot to add: Depending on what your purpose is: ie build and sell? or rent out- it’s an good idea to speak to your tax accountant first if your planning on adopting the build and sell strategy as CGT would be potential be in play and if done correctly you could save thousands on CGT

Lastly either way make sure the new loan you apply for is a…[Read more]

Hi, welcome to the exciting world of development!

You got two options:

1. Subdivide first

*If you do subdivide the bank will issue a new loan for each subdivision, ie if you have 3 titles = 3 separate mortgage/loans, all done within it’s own merits ( own LVR, valuation )
* If you go down this way, you can stay with the same lender or If you…[Read more]

$6,500 as entry cost, they buy the land to lower stamp duty then make you buy it off them?? ( stamp duty will still be payable at the market rate or selling rate, which ever is higher!)

It sounds like a scam….
Click on contact page, and if it’s an Nigeria address RUN ahahah

My advice, if you have to “question ” how a company works or…[Read more]

Hi,

I’m slightly confused…are we talking about a standard credit card here? or some sort of LOC ( line of credit?)
From your post it sounds like your not your friend is not an Australian, am i right? sounds like a US loan….

Regards
Michael

ohh im pretty sure the residex report’s data is the same as RPdata.

If it’s any help, i have Pricefinder….the data sources is different.

Regards
Michael

Send Richard the email, the residex reports are sometimes quite useful.

My top tip would be to speak to shop owners and the neighbours- as local knowledge is very important.
Drop by the local coffee shop and have a chat with the shop owner – Free and no harm done.

Regards
Michael

I done something similar – for a Unit i have in the CBD

Converted a laundry into a room, and the bathroom ( only bathroom by the way) into a combine bathroom and laundry.

Strata approval with DA – $900 ( in your case, since it;s a house…im guessing you wont need a DA or approval etc – unless it’s a kitche your adding in )
Cost of renovations-…[Read more]

I done something similar – for a Unit i have in the CBD

Converted a laundry into a room, and the bathroom ( only bathroom by the way) into a combine bathroom and laundry.

Strata approval with DA – $900 ( in your case, since it;s a house…im guessing you wont need a DA or approval etc – unless it’s a kitche your adding in )
Cost of renovations-…[Read more]