Recent content by ando

G'day everyone After quite some time I have finally got finance to purchase my first Investment Property or part of it for now anyway. It is a house/land package and I have a loan approved for for the land component which should settle in a couple of weeks. But I am not in a position to...

Homeside Lending

Apparently it is to do with the income which I imagine then has to do with the servicing of the loan "Due to servicing only use 60% of proposed rental income maximum loan to be considered is xxxxxxx for refinance, land purchase and construction "

Cash Bond? How does that work

Income is around $64K Aprrox Rent $290 - $310 No other debt Interest Rate on current LOC is 6.2 I was wanting to use the equity in my PPOR.

G'day People I am need of some advice. I have been looking at purchasing my first IP and have had my finance knocked back by 2 lenders. My broker gave me me the impression that finance would be ok and gave me figures of how much certain lenders were willing to allow me to borrow and it...

Cheers, Thanks Propertunity !

G'day I have just taken the plunge and bought my first IP. It is a House Land Package and I have progress payments to make as the building stages progress. As I will not be drawing down my entire IP Loan at once but only what is needed for the payments and therefore the interest will only...

Thanks Rob and Rolf, I now have a much better understanding of the whole process. Greatly Appreciated.

Rob, I have a Line of Credit for my PPOR so there is no offset account for that. I would like to hear your thought's on how to best set this up though. Cheers

Should I then have an offset account attached to the IP Loan and pay all the outgoings etc from there?

Thanks for the advise again Rolf, I was looking at only getting deposit and costs from my PPOR via a separate loan. Is it then possible to get a loan secured only to the IP ?

Hey Everyone Can a financial guru explain to me what the dangers could be in using the equity in my PPOR (about $100K) to borrow for an IP. My wife is on the conservative side and is very cautious of putting our house up as security to borrow against. If worst comes to worst and the IP...

Rolf, thanks for the great advice. Would there be any disadvantage to me if I do not decide to rent it out and having an IO loan for my PPOR? (Sorry I am very new to this and I want to make the right decision from the outset) Cheers

farmilor, I only have 1 loan on my PPOR and that is the Line Of Credit and it is the only debt on it, I am using the equity to borrow for my IP. Rolf - I am not sure whether to rent it out and buy another PPOR or to just sell it.