A few properties do we sell or manage somehow?

Discussion in 'Loans & Mortgage Brokers' started by Samantha, 11th Sep, 2017.

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  1. Samantha

    Samantha New Member

    Joined:
    11th Sep, 2017
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    Location:
    Sydney
    hi guys I'm after some feedback of who I should talk to ie. mortgage broker/financial planner?

    We have one property to which we have approx 400k equity in. We are in the process of building a duplex that will end up with approx 300k equity.

    We have just placed a deposit on 5 acres of land that is settling in six months time. This is a vacant block to which we will have to build a house on.

    The issue I have is obviously if we could keep all that would be great. Yes I can afford to pay the large mortgage on the 5 acres as the other properties will cover there repayments with rental income but our initial thought was we should really be selling one property if not a duplex on top of that to put towards the 5 acres.

    I guess we just want to do what is smartest investment wise and obviously what the bank will lend us. Given we don't have much experience we obviously don't know how to work it.
     
  2. Jess Peletier

    Jess Peletier Mortgages, Finance & Property Strategy Aust Wide Business Member

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    Perth WA
    A mortgage broker would be best for this - a financial planner won't be able to work out your borrowing capacity unless they are a broker as well.
    It would be beneficial to go through your plans with someone who has all the info as it's pretty hard to give any advice on this without a much better understanding of your bigger picture.

    Once you know what you can borrow your broker can chat with you about the cashflow side of things and make sure you can manage IO expiries and so on, and if it's looking tight make a plan so that you can manage it as best possible.
     
  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    14th Jun, 2015
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    Gold Coast
    Hi Sam

    Welcome to the zoo

    yes chat with a broker, but also a financial planner that works in active debt recycling,because it looks like you will have a bunch if new non deductible debt to work on.

    ta

    rolf
     
  4. Paul@PAS

    [email protected] Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Knowing the tax issues would be aadvised. Thats tax advice.Financial planners dont typically give that type of advice. They sell fianncial products and financial advice about REGULATED products

    IMO would get tax and mortgage advice first