Hello All
First time I've posted here but have been reading for years, glad to be finally in a position to contribute. A brief rundown on what myself and my investment partner own, and then onto the fun stuff.
Prop 1: Val 550k, Owe 440k (80%), With Wesrtpac
Prop 2: Val 630k, Owe 500k (79.4%), Westpac
Prop 3: Val 420k, Owe 365k (87%), CBA
Have been on fixed rates with Westpac for the past 3 years at 7.09% (yes, it hurt!). Now looking at options to move the Westpac loans and hopefully draw up a bit if possible.
We have applied with Westpac to draw their 2 loans up to 85% as we have originally LMI'd both, so its cheap to top up. They've said a blanket no, due to the fact that they do not wish to loan us over 1m (the reason prop 3 is with CBA).
I've calculated that LMI to move / draw the first 2 props to 85% is circa 13k (5 & 7 respectively).
Combined incomes are 150k before tax, ex super, ex work cars / other perks. From what I've been told the serviceability is no issue, as we're getting good rent for all 3 properties and have little to no expenses.
I cannot express how disappointed and let down I've been by Westpac during our stay, having been a loyal customer for the past 10 years I would expect more. Both of us are 24.
We have the capability to put away 75 - 90k per annum combined (including tax returns, though we do have PAYG variations).
What we're after is a bank that is happy to lend and will not shy off once we start hitting higher numbers, I do not plan to stop at 3 or 4 properties but envision being able to achieve 5m+ portfolio in the next 5 - 10 years, ambitious perhaps but I do not want to get stuck with a bank who is not willing to come to the party.
Is the best option to have securities held with different institutions or is there someone to support us under the one roof?
Spare cash is being put into shares at present - but tossing up whether to sit in our offset account. Prop 3 we used 55k cash to purchase, but this time around I would consider 95% LVR inc capitalised LMI.
Any ideas on what the next step is? At the moment we are both feeling a little disheartened and lost as to the right move.
Many thanks in advance, if I've left any important details please let me know.
Chris.
First time I've posted here but have been reading for years, glad to be finally in a position to contribute. A brief rundown on what myself and my investment partner own, and then onto the fun stuff.
Prop 1: Val 550k, Owe 440k (80%), With Wesrtpac
Prop 2: Val 630k, Owe 500k (79.4%), Westpac
Prop 3: Val 420k, Owe 365k (87%), CBA
Have been on fixed rates with Westpac for the past 3 years at 7.09% (yes, it hurt!). Now looking at options to move the Westpac loans and hopefully draw up a bit if possible.
We have applied with Westpac to draw their 2 loans up to 85% as we have originally LMI'd both, so its cheap to top up. They've said a blanket no, due to the fact that they do not wish to loan us over 1m (the reason prop 3 is with CBA).
I've calculated that LMI to move / draw the first 2 props to 85% is circa 13k (5 & 7 respectively).
Combined incomes are 150k before tax, ex super, ex work cars / other perks. From what I've been told the serviceability is no issue, as we're getting good rent for all 3 properties and have little to no expenses.
I cannot express how disappointed and let down I've been by Westpac during our stay, having been a loyal customer for the past 10 years I would expect more. Both of us are 24.
We have the capability to put away 75 - 90k per annum combined (including tax returns, though we do have PAYG variations).
What we're after is a bank that is happy to lend and will not shy off once we start hitting higher numbers, I do not plan to stop at 3 or 4 properties but envision being able to achieve 5m+ portfolio in the next 5 - 10 years, ambitious perhaps but I do not want to get stuck with a bank who is not willing to come to the party.
Is the best option to have securities held with different institutions or is there someone to support us under the one roof?
Spare cash is being put into shares at present - but tossing up whether to sit in our offset account. Prop 3 we used 55k cash to purchase, but this time around I would consider 95% LVR inc capitalised LMI.
Any ideas on what the next step is? At the moment we are both feeling a little disheartened and lost as to the right move.
Many thanks in advance, if I've left any important details please let me know.
Chris.