Recent content by Pesty

Too right natedog. I'd love to be 8 years into our investing, well done! Yes malau, that's the version I've heard a few times. There'll always be a deal for us when the time is right for our budget. :)

Good luck to uou too Paulf, sounds like you are on the right track. MTR, we have been looking at SE QLD ( a bit too 'hot' there right now though) and also large regional towns in a few states as well as the outer Sydney areas. We are considering using a certain BA for at least one purchase who...

I'm glad that worked out well for you Singo, sometimes it's a better option to rent out PPOR or maybe swap your PPOR for another. In our case, our PPOR wouldn't make a good IP as it's in a price bracket way above the median and may not tenant so well if the rental market is soft or lean times...

Yes he does and it hasn't done him any harm has it? Much the opposite, just call me George Costanza then :D

Maybe a few too many questions in there but in a nutshell: Are we likely to still enter the market in the low $200ks in 18 months (we will be more financially stable then) or should we just do our DD, cough up LMI and higher LVR and just start sooner? I think it's best to wait, just looking...

We are currently at 81% LVR on our PPOR and we'll be on fixed rates of 5.99 and 4.99 for another 17 months. Last val was $585k in August. We were originally going to buy an IP in the new year (around $200k pricepoint) but we'd have to have high LVRs to do it (not to mention LMI) Now...

Ok so I have an answer now that makes sense! As Tobe mention, we have paid a fee of $600 and stamp duty of $54 = $654 for the extra $40,654 2 year fixed loan. The Westpac LMI calculator comes to $3300 for the ENTIRE borrowings, so we actually have (LMI already paid) credit per say to use for...

Thanks Tobe, PT and guys, yep the risk has paid off for us, but you can't have the rewards of property without risk eh? Yes I get what you're saying, we did pay LMI on the increased amount at the new LVR based on the new val. Fair enough. What I find hard to swallow is: LMI paid for...

How much was the extra LMI you were charged? A: $654

Thanks for the advice guys! Yeah geoffw I wish we had of been in the position to close the gap with a CC but servicability wouldn't allow us to have a CC let alone have some $$$ on it unfortunately. Thanks PT, I'll shoot Tobes a PM :-)

Hi FMS, before we took out any mortgages in 2010 I spoke to two brokers and 3 banks individually. I tried! RAMS were the only ones who said they were willing to take a risk on us. We were only in our newly established (from scratch) business for 2 years then. We were seen as too risky having...

Yep too right PT, that's why we're trying to get away from them when it's feasable. The only way they'd lend to us 9self employed and all) was to fix for 3 years at 5.99 on the original loan, then at 2 years fixed with the additional $40 k loan. A lot can happen in two years and we'd like to...

No that's pretty much the case ipinvestor. However, we had previously paid $6k+ for a 90% lend. We are now at an 81% lend due to a much higher current val. Logic says you will pay more LMI for a 90% lend than 81% lend and RAMS did originally tell us as long as we stayed under 90% (regardless...

I am guessing RAMS forgot to mention to Genworth that you already paid LMI? Wouldn't Genworth know that we had paid it as they were the original LMI providers used and it's the same property? I kept asking RAMS why we had to pay more money and quoted figures from Genworth's own calculator...

Hi all. My question is simply: Can a lender charge you LMI on the same property twice even though a new valuation is higher and therefore your LVR reduced? We got a mortgage with RAMS for a 90% lend on our land and construction valued at $495k on completion. We also put in an extra $27k of...