Browse Forums Home Finance 1 Apr 19, 2013 4:23 pm Settlement: 10.02.13 Slab: 06.03.13 Frame: 08.03.13 Lock-up: 05.04.13 Handover: 03.06.13 Build thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=59555 Brisbane Photography Re: Investment property questions 3Apr 20, 2013 8:16 am Foremost Building Expert in Australia,assisting with building problems/disputes, building stage inspections,pre-contract review advice for peace of mind 200 blogs http://www.buildingexpert.net.au/blog Re: Investment property questions 4Apr 20, 2013 9:46 am Settlement: 10.02.13 Slab: 06.03.13 Frame: 08.03.13 Lock-up: 05.04.13 Handover: 03.06.13 Build thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=59555 Brisbane Photography Re: Investment property questions 6Apr 20, 2013 5:27 pm Settlement: 10.02.13 Slab: 06.03.13 Frame: 08.03.13 Lock-up: 05.04.13 Handover: 03.06.13 Build thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=59555 Brisbane Photography Re: Investment property questions 7Apr 21, 2013 11:05 am Following the NAB calculator is closer to what were talking about, there are other genuine savings calculators out there if you keep looking. You have a combination of both that will help. As long as you have enough equity and deposit it is possible to move forward. Of course i have not gone through the rest of your situation to give a better assessment. Re: Investment property questions 8Apr 21, 2013 11:21 am Thank you so much for your help, jb! I really appreciate it! Settlement: 10.02.13 Slab: 06.03.13 Frame: 08.03.13 Lock-up: 05.04.13 Handover: 03.06.13 Build thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=59555 Brisbane Photography Re: Investment property questions 10Apr 22, 2013 8:14 pm MalinViktoria Thanks, jb_money! Out of curiosity, I just went onto Westpac's website and used their equity calculator, and it tells me I have no equity. I don't get it. Only when I plug in fictional numbers that equates to the loan amount being 20% less than the house value does it start giving me equity. Can you use equity AND new genuine savings as a deposit? ETA: Just tried the NAB calculator, and it's giving me better numbers, more in line with that you said, jb. I put in value of the house at $390,000, and loan at $360,000, and it tells me I have $30,000 equity. Have to say both those calculators are wrong in their own way. The Westpac one only takes into account equity up to 80% LVR as you found out but they will allow up to 90% for equity access with the use of LMI. The NAB calculator does show you the actual equity but there is a difference between actual equity and usable equity, which once again would be a maximum of 90% of the value of the property. So if your property is worth $390,000, then the usable equity (if you wanted to pull funds out for any purpose) cannot exceed $360K x 0.9 = $351K. Therefore if your current loan is $360K, you aren't able to top up your loan as it is excess of the maximum allowed amount. LMI is not such a bad thing with an investment property as it is with an owner occupied property because the LMI amount is tax deductible over 5 years or the life of the loan (whatever comes first). There are also other little tips and tricks that you can engage to pay down you owner occupied property faster while at the same time maximising your tax deductibility through the investment loan. Cheers Tom You might be able to apply to divert the sewer at your expense. In NSW you would contact a Water services co-ordinator and they would give you advice as to whether or not… 1 17491 Ask for some kickplate to be added and also for tradies to be requested to use lanyards on tools on that side of the building. Be respectful and have the discussion… 1 2018 The setback from the kerb is 4m. It is council land to provide an area for services like sewer main, gas mains, water mains, underground power or poles for overhead power,… 4 2742 |