Recent content by nico76

No def not Masonite. It's more a papery, felt like substance.

Hi all. I've pulled up some old lino floors in a house I just purchased & the backing is a reddish compressed paper / cardboard like substance. Is this asbestos? And if so, how dangerous is it in this form? It doesnlt crumble when crushed o gove off any visible airborne particles...

Thanks guys. Looks like as soon as the plans are complete I'll have my broker order a new valuation based on the proposed works. Should I build some fat into this quote? Ideally we will have the bank finance 100% of the works.

Thanks guys. How does hybid cash out work? Property only settled last week on a 90% lend ($750k / $835k purchase). Ideally I will stay below 80%, but this is wholly dependent on the valuation based on the builders quote. Assuming a valuation of $1m, this only gives me $50k cash out at 80%...

Hi Guys, Another one for the finance Brains Trust in here... So we've settled just last week on a new (100yo!) property, wth the intenson of extending our loan to cover some much needed renos & extension. At original valuation, the property was valued at it's purchase price ($835k) & I'm...

Hi Guys, I have just refinanced to upgrade home @ 90% + LMI, however the lender is considering the $12k LMI as part of the LVR pushing me to 92% LVR. Problem is, this lender has breaks in ther rates <80% >80% up to and including 90% >90% As you can see, including the LMI in the LVR...

Thanks or the reply Jamie / Peter Yes, the loan is approved by Bankwest (I got this answer Friday). Broker says as of this morning it is "in the queue" with the Mortage Insurers & he should have an answer this afternoon.

Hi All, I am currently going through the refinance / purchase process.. Current property refinance Valuation: $600k Refinance: 90% inc. LMI (Approx $530k + $10k LMI) Current loan: $400k on this property Cashout: $130k ($40k costs / $90k deposit to new property) I have Macquarie...

Please explain how I could do this. The original loan was $418, over the pas 3 years I've deposited / withdrawn around $200k in additional funds. The loan now sits at $400k. The property is now values at $600k so if I was to refinance to 90% ($540k) & convert to interest only / IP & use...

But what is the impact in relation to deductions?

But what if I'd over the life of the loan I'd redrawn $50k, but paid in an additional $100k?

This is my biggest concern as I've been using the redraw as my main bank account for the past 3 years! Can you pelase explain what you mean by "a new set of headaches"? Thanks =)

I'm looking into doing something very similar myself - keep current PPOR as IP & purchase new PPOR - so just want to check how your currently structured as I have P&I / redraw on my current loan & some people have indicated I may have problems as this has greatly reduced my tax deductability on...

Thanks for all the replies! Yes, I agree that the valuation is always an unknown qty. However the apartment that sold last week is the only one that has been re-sold in the block since they were sold off the plan in '09. Our incomes are approx. $150k combined & the properties are in NSW...

Hi All, Long time lurker first time poster. I have a question regarding property investing I'd love some input on... We own (are paying off) an apartment (our residence) we bought off the plan in Sydneys Inner West in 2009. An identical one in the block just sold for $600k & we owe about...