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Hi from the Hunter!

Discussion in 'Introductions' started by Keen novice, 17th Feb, 2016.

  1. Keen novice

    Keen novice Member

    Joined:
    15th Feb, 2016
    Posts:
    16
    Location:
    nsw
    Evening All,
    I recently attended a property seminar and it has reignited my interest in starting my investment property journey. I could not afford the $100 a week that they were asking to further my education with them... I am a complete novice so I'm very happy to have found this forum (and Somerset) to do my research. Briefly my situation is working full time mother with two young children (6 and 2), husband working full time also. I am very motivated to start a positive cash flow portfolio because I would desperately like to replace some (eventually all!) of my income so I can spend more time with my family. We are currently renting out our PPR in Darwin because of a 3 year contract we have in Newcastle, NSW. So by default I do have an investment at the moment but we may move back into that house again in a few years. Conservative equity estimate on PPR is $75k and we currently have a $10k debt we need to pay off. I'm here to learn all I can as to how to go about starting off... Any thoughts on my lending opportunities to start the ball rolling given my $$ circumstances or do you think I will need to wait till I increase equity and decrease 10k debt?
    Really looking forward to learning all that I can :)
     
    DiligentPM likes this.
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    1,169
    Location:
    Gold Coast
    Welcome

    The equity position may be affected to some extent by valuer mood on the day.

    When you bought your NT home, did you have a 20 % deposit, or did have lenders mortgage insurance cover ?

    ta
    rolf
     
  3. Keen novice

    Keen novice Member

    Joined:
    15th Feb, 2016
    Posts:
    16
    Location:
    nsw
    Thanks Rolf.

    I know what you mean about the value on the day!

    Yes we had LMO for the NT property.
     
  4. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,781
    Location:
    Perth WA
    It would be good to have a chat to a broker to find exactly what's possible for you - with equity, and I'm guessing maybe defence force housing? it could be great opportunity to get things kick started.

    Either way you'll come out of it knowing where you stand.

    Which lender is your current loan with? Some are great at pulling equity back into LMI territory, others are considerably less so. :)
     
  5. Keen novice

    Keen novice Member

    Joined:
    15th Feb, 2016
    Posts:
    16
    Location:
    nsw
    Hi Jess,
    Thanks for your reply! Not defence but it is a govt position. Current lender is Bankwest
     
  6. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,781
    Location:
    Perth WA
    Oh, yuck. That's not to say it's not possible, but BW aren't known for their cash out brilliance :)

    This will depend a lot on the strength of your servicing.
     
  7. tomlemke

    tomlemke Well-Known Member

    Joined:
    21st Jun, 2015
    Posts:
    359
    Location:
    Newcastle
    Great to see another member from Newcastle : )
     
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  8. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    Keen novice likes this.
  9. larrylarry

    larrylarry Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    3,507
    Location:
    Sydney
  10. Keen novice

    Keen novice Member

    Joined:
    15th Feb, 2016
    Posts:
    16
    Location:
    nsw
    Thanks Tom! Loving Newy so far