Total Members: 158,560

Terryw

  • Terryw replied to the topic 7%+ yielding properties in the forum Help Needed! 2 years, 8 months ago

    That is true, there are many advantages with cheaper properties, others include being able to sell and minimise CGT as you can sell one property per year and spread the gain.

     

    I think the name of the game is to make as much money as you can rather than make a job. Expensive ones might have low yields bu they can result in more money. One of my…[Read more]

  • Terryw replied to the topic Investment Income outweighs Salary in the forum Finance 2 years, 8 months ago

    The first thing to do would be to try a different lender.

  • Terryw replied to the topic 7%+ yielding properties in the forum Help Needed! 2 years, 8 months ago

    You have to consider whether such a property is a good investment. Just because it is high yield it doesn’t mean it is good.

    It will still tie up serviceability and equity and you could be investing in something else with higher returns – there is an opportunity cost.

    Regional areas do seem to be growing though so there may be some capital…[Read more]

  • Terryw replied to the topic Thoughts on Co-ownership in the forum Help Needed! 2 years, 8 months ago

    disagreements, affect on serviceability, one wanting to sell, being liable for the whole debt, death, stamp duty if one wants out, family law disputs etc.

  • Terryw replied to the topic Wondering if you can get a home loan with a bad credit score? in the forum Commercial Property 2 years, 8 months ago

    Yes its possible

  • Terryw replied to the topic proof of income for mortgage in the forum Finance 2 years, 8 months ago

    It is possible to borrow money with bad credit

  • This is not true.

  • Terryw replied to the topic Purchasing multiple properties in the forum Finance 2 years, 9 months ago

    Its a bit more complex than this but very rough this is the case. Lender calculations are hidden behind the scenes though. They will also use living expenses worked out on the higher of what you are spending or one of the spending indexes.

    In most cases borrowing capacity is only 6 to 8 times the borrowers pretax annual income. If you earn…[Read more]

  • Terryw replied to the topic Purchasing multiple properties in the forum Finance 2 years, 9 months ago

    If you don’t qualify to borrow then you won’t qualify to guarantee…

  • Terryw replied to the topic Purchasing multiple properties in the forum Finance 2 years, 9 months ago

    Don’t believe everything you hear is the first thing.

    Second thing is that lending tightened up significantly in 2009 when the NCCP Act came in and again in around 2017 when APRA started trying to cool the market down by curbing lenders. So ask the people when they acquirered their properties.

    If you have already tapped out it might be too late,…[Read more]

  • Terryw replied to the topic proof of income for mortgage in the forum Finance 2 years, 9 months ago

    With low doc loans you will need some sort of proof such as bank account statements or BAS.

  • Terryw replied to the topic proof of income for mortgage in the forum Finance 2 years, 9 months ago

    This is a bit out of the box thinking – you could get a job!

  • Terryw replied to the topic Home Loan Borrowing using Trust in the forum Finance 2 years, 9 months ago

    what do you mean? The borrower is first asked to repay the loan with the guarantor only liable if the borrower doesn’t.

  • Terryw replied to the topic Lending leniency in the forum Finance 2 years, 9 months ago

    There are low docs still out there, but you will need to declare an income still – and pass serviceability. If the income is too low you will still not service. You will also have to supply limited evidence of the income which might be bank statements, bas or accountant letter or a combo

     

     

  • Terryw replied to the topic Lending leniency in the forum Finance 2 years, 9 months ago

    Yes you would be borrowing $500k in that instance.

  • Terryw replied to the topic Loan serviceability in the forum Finance 2 years, 9 months ago

    Yes

  • Terryw replied to the topic Lending leniency in the forum Finance 2 years, 9 months ago

    That means you are borrowing the deposit

  • Terryw replied to the topic Loan serviceability in the forum Finance 2 years, 9 months ago

    There are hundreds of ways to improve serviceability. You should speak to a broker aboutt specific things that might work for you.

    One simple one is to go PI on all loans and extend back to 30 year terms.

  • Terryw replied to the topic Lending leniency in the forum Finance 2 years, 9 months ago

    the less you borrow the easier it will be, but it depends on where you are getting the deposit money from

  • Terryw replied to the topic Loan serviceability in the forum Finance 2 years, 9 months ago

    Not really. They will have a complex calculator which takes into account a percentage of your salary income and generally 70% to 80% of the rent.

     

    These days I don’t think any will take into account depreciation, but some will take into account interest being deductible.

     

    You coudn’t keep borrowing to buy similar properties because you…[Read more]

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Terryw

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