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kelvin

2 years ago

Thanks Attila, I was able to get one new property to service, purchase $400k + costs using 5% rent return. Interest rate 4.14% and there may be other options. Note : I have serviced the loans based on no other liabilities (inc credit cards). I have used IO rates and will enter the P&I repayments once known.

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Attila

2 years ago

Hi Kevin, the interest rates are 4.44% for properties 1&3 , 6% for property 5, 4.54% for property 2 . The only thing is $300k borrowing will only allow me to buy in a regional area , which the rental return may be great, but so good on growth. Regards attila

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kelvin

2 years ago

Thanks Attila -I have worked on refinancing one loan for equity (20%+costs) and then purchasing another say $300k property with 5.5% rental return. This seems to service well - but I would need to know the interest rates as Im looking at adding back the deductible interest. Thanks

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Geoff

2 years ago

just thought it worth mentioning Attila refinancing your personal debt into investment debt is not something that is allowable and suggest you consult your tax accountant for confirmation ...unless you have incurred that debt for investment property or investment purposes...I started my business in property investment in 2004 with Destiny Financial Solutions helping numerous clients with investment property structures and loan facilities ...

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Andrew

2 years ago

Thank you Attila for the information. I would be happy arrange for up-dated valuations on your portfolio to determine your total equity position. This in conjunction with copies of the latest loan statements and rental statements will determine if you have sufficient equity and serviceability to proceed. Please contact me if you are serious about purchasing additional properties and want clear options that would be available to you.

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Attila

2 years ago

Properties- 1) principal place is valued at $539 to $595k owe $182,5002) house valued at $485k owe $402k rented at $410pw3) apartment 1 bedroom valued at $259 to $275k owe $196k rented at $360pw4) apartment valued at $320 to $365k own outright rented at $390pw5) apartment valued at $259 to $275k owe $53k rented at $355pw6) townhouse valued at $295 to $320k own outright rented at $360pw7) apartment valued at $120 to $160 own outright rented at $190pwI am paying principal and interest on these loans.

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Geoff

2 years ago

Hi Atilla thanks for the update if you look up the Hashching site and find my name i can do some calculations for you tonight and then give you some options that may be available ...f****.from me or the other brokers Geoff Blethyn

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Guido

2 years ago

Hi, Attila Thank you for your question. Can you please confirm or correct my summary? You and your partner owning 7 properties in the value of approximate 2.4 M, mortgaged with 830K form from 4 different lenders, and you par 6 668 per month in mortgage repayments.You also quoting 182K as mortgage on your residential property. Are this 182K included in the 830k? I think you should look first, into a refinance, paying out the loan you have on your residential property (the one you and your partner is living in) to have this property freehold.The other properties should be refinanced by 1 lender offering you the best deal.However; as you most likely know by borrowing the numbers have to be right, to establish if you can borrow more to purchase 2 additional investment properties and of course the price of the 2 to be purchased properties, your financial affairs have to be establish, this includes your personal living expenses, taxable income, and so on this are important point to establish your borrowing capacity, there are a lot of questions to be answered. Based on your question and details is it not possible to give you an exact answerI would recommend you filling in the enquiry from on (HashChing) webpage and an assigned broker living close to you, will contact you she or he can the answer your question correctly

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Joe

2 years ago

Hi Attila, Based on the information you have provided serviceability is not evident.Therefore we would need to ascertain a) Are you receiving Superannuation benefits?, b)we need to know the actual loan repayments set by the bank, as you are paying additional payments to the loans, c) Clarification the breakup between the investment loan and the home loan amounts.The exit strategy will need to be addressed, however as you own 7 properties this will not be an issue to justify to the lender.Also lenders assess income for rental properties at 80% of the gross rental which has a major impact on the available income to service the loans. Are current loans Interest only or Principal and Interest?To progress further and give you a more detailed assessment it would need to be discussed by at least telephone contact.

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Attila

2 years ago

I am 45 years old and partner 69years old. I would like to borrow from the equity I have and keep investing without having to go back to work. But I have thought about going back in July 2017. The reason for this is I sold 2 properties this year and to minimise my CGT & decided to take a break from work. I could go back, but wanted to know if I can still invest without having to a slave to work. I do not have any credit cards, my partner has one with $10k limit, but will reduce down to $1,000 limit. We own our car valued at $18k and I have $206k in super and partner only $2k. My exit strategy is 65. I am looking at properties around $550k with a return of $450 to $550.

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kelvin

2 years ago

Good question. I assume you looking at equity from one of the investment properties to purchase more? We would normally look at 20% + costs and keep the new loan at 80% and free from LMI. What potential purchase price did you have in mind and what rental return - 5% ?Note - For the investment properties, what are they worth in total with the $648k loans. Also - there are OO + INV options so what is the value of your property ?

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Geoff

2 years ago

Hi Attila i would need to know your date of birth and partner date of birth as well as it may be possible ..Would also need some other information from you however we recently settled a second home for a mother retired and daughter {self employed} joint purchase which others said could not be done due to the limited working life of the mother at age 86!...g****.geoff blethyn

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Andrew

2 years ago

Hi Attila, it will ultimately come down to your exit strategy as you have indicated that you are retired. i am happy to discuss further your requirements and provide options for your consideration.

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