ANZ One Direct tell me that I'll only get up to 40% of the LMI back.
But I'd have to refinance to another bank and then I'd have to pay the break costs.
It's certainly not looking like an option!
Might have to put this one down to experience.
I recently took out an equity loan with ANZ One Direct. It was drawn down last Friday including an LMI component.
As part of searching for an IP loan we got our PPOR valued by the CBA. The valuation came in this week and is considerably more than what ANZ One Direct were basing...
We're buying alright...but we want to make $40k immediately when we buy...not wait 10 years to realise the capital growth!
I think the REA have a lot to answer to with the 'rising market'. Had they not talked up the price to both bidders saying low $400s, someone could have walked away with...
The REA told us today there was only one other offer of $420k.
So they paid $40k over the asking price for no reason other than to 'secure the property'. Buying with their hearts and not their heads.
I sure hope they didn't purchase it as an IP!
Well the unit sold for close to $420k!
I'm now interested to see how many other offers were put in....if there was only one other offer it means they paid $40k over the asking price because they 'really wanted it!'
A house (also 3 bed) on a large block in the same street sold last week for $386k but was asking $340k.
In our opinion, a unit although newer shouldn't be worth more than a house a few doors down on a 3rd of the land.
At the end of the day it's worth whatever the highest bidder is willing...
I think this is the same REA that I'm dealing with in the same locality.
This particular REA told me that they've abolished the 380k+ (plus) method and advertise properties for say $380k, meaning if only one person makes an offer for $380k they will sell. Of course if there are...
I understand that my issue is that 2006/07 was the first tax return where I did the split. Prior to that I was receiving 100%.
So I would have to wait for 2 years with the split before it was not a problem.
KrisK - its not Freelance, but a similar crew.
I am effectively self employed and operate through a contractor management company and get paid 'trust distributions' gross, and pay my own tax. I legally income split through this structure to minimize tax.
We're finding it very difficult to obtain an investment loan due to this...
For me 'best investment' means I don't spend hours and hours each weekend attempting to fix things in a Windows environment, whether it be OS related or hardware related (albeit my PCs were spec built from the local computer parts shop and not DELL/HP etc built).
It just works...and it keeps on...
Macs are awesome...I switched a few years ago and have never looked back.
MS Office is available for the MAC.. iWork is good also.
I have both an iMac and Macbook....best investment I ever made in terms of computers.
Plus you can also run Windows using either Bootcamp, Parallels or...
Sorry Alex, what I meant was that I don't have to pay the 9% super payments or the additional ones I'm making since I'm self employed. I could just take that as taxable income and direct that cash into property rather than into Super.
Thanks Alex, Lee
I'm 34. The managed fund is in my wife's name as she doesn't work. The managed fund was about 'doing something' from the day our daughter was born. Otherwise she'd be 15 before we got around to it!
Super certainly is something I have control over and could divert some...
First post...so here goes. I've been lurking on these forums for a little while now, reading, learning, being encouraged by all the generous members ideas thoughts and comments. Thank you.
A bit of background. Just over a year ago when our first daughter was born (second due...