For those that are interested in what I spoke about last night, an editor for Property Observer came along (JennD) and wrote an article on a few points I spoke about.
Check it out here.
Jake touched on the state of the current Australian Market, and how Melbourne's coming back from the oversupply of properties being constructed after the GFC.
His recommendation for the safest and best performing investments are 1 or 2 bedroom units that cost between $428,500 and $571,000 in Bayside, Kingston and Maroondah.
His other suburbs to watch include -
Bayside (1 & 2 bed apartment/ 2 bed villa),
Kingston ( 2 bed villa),
Monash (1 & 2 bed apartment),
Maribyrnong (2 bed villas, 2 bed apartment),
Yarra (2 bed apartment).
Also remember before jumping into investing to have your structure correct, and finance lined up.
That's where Jo comes in...
Jo spoke about some common mistakes that she sees when trying to get finance over the line for her clients, these include -
Mixing Good & Bad debt
Turning current home into an IP*
Paying P &I repayments on investment loan*
Using one bank for all lending
Not getting a Pre Approval
Not having a strategy
Not knowing the correct structure
Buying with a 3rd party with no JV
Jo mentioned that turning your PPOR to an IP and paying P&I isn't necessarily a mistake, but to speak to a good broker before making a decision so the structure is right from the start.
Also, good news for investors is some current interest rates are below 5%, so you might consider fixing your rates. Before you do fix, make sure you consider the restrictions, costs involved (such as a holding cost at pre-approval), what term you will fix at and break costs.
Good ways to increase your borrowing compacity is to reduce CC limits, speak to your broker before taking out any personal loans and plan ahead for your purchase.
I hope this gives a good break down on what was missed by those that couldn't attend, and if you want further advice Jo, Jake and myself love to talk (sorry it went overtime!).
Sam
Check it out here.
Jake touched on the state of the current Australian Market, and how Melbourne's coming back from the oversupply of properties being constructed after the GFC.
His recommendation for the safest and best performing investments are 1 or 2 bedroom units that cost between $428,500 and $571,000 in Bayside, Kingston and Maroondah.
His other suburbs to watch include -
Bayside (1 & 2 bed apartment/ 2 bed villa),
Kingston ( 2 bed villa),
Monash (1 & 2 bed apartment),
Maribyrnong (2 bed villas, 2 bed apartment),
Yarra (2 bed apartment).
Also remember before jumping into investing to have your structure correct, and finance lined up.
That's where Jo comes in...
Jo spoke about some common mistakes that she sees when trying to get finance over the line for her clients, these include -
Mixing Good & Bad debt
Turning current home into an IP*
Paying P &I repayments on investment loan*
Using one bank for all lending
Not getting a Pre Approval
Not having a strategy
Not knowing the correct structure
Buying with a 3rd party with no JV
Jo mentioned that turning your PPOR to an IP and paying P&I isn't necessarily a mistake, but to speak to a good broker before making a decision so the structure is right from the start.
Also, good news for investors is some current interest rates are below 5%, so you might consider fixing your rates. Before you do fix, make sure you consider the restrictions, costs involved (such as a holding cost at pre-approval), what term you will fix at and break costs.
Good ways to increase your borrowing compacity is to reduce CC limits, speak to your broker before taking out any personal loans and plan ahead for your purchase.
I hope this gives a good break down on what was missed by those that couldn't attend, and if you want further advice Jo, Jake and myself love to talk (sorry it went overtime!).
Sam
