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Earlier in the month - the Reserve Bank of Australia announced that it would be reducing the official cash rate by 25 basis points to 1.75% Below is a list of some lenders who have announced the rate cut that they will be passing on. We are still waiting to hear from others. The Big 4 - with the exception of ANZ - have passed on the full 25 basis point cut. ME Bank has passed on the lowest cut at 5 basis points. As always - if you need any advice in regards to your home loan/loan structure or have any questions at all - please get in touch. Lender Owner occupied Investor Effective date Commonwealth 0.25 0.25 20/05/2016…
Mortgage brokers offer variety – banks are limited to their own products When you walk into a bank – they are limited to providing advice on their own products. They aren’t able, or willing to tell you, that there could be a better offer down the road with their competitor. On the other hand – most brokers typically have a large number of lenders they are accredited with. For instance – at Pass Go we currently deal with 20+ lenders including all the Big 4 banks – so we have access to hundreds of different loan products. At Pass Go - we also get preferential treatment with some lenders due to the high volumes of business we do. This often…
We are closing in on the last months of the Financial Year – and in preparation - Damian Toms from Mint Financial Advice, my own personal Financial Planner, has prepared a list of his top tips for reducing your tax burden prior to June 30. While it’s not a post directly related to property investing/home loans – I thought it was worth sharing. As always, I recommend seeking personal advice for any strategies you may be considering, as strict limits apply to contributions to super and tax penalties can be large for any mistakes. So please contact Damian if you need any assistance, advice or have questionshttp://www.mintfin.com.au/contact Please also note that I’m not a Financial Planner – and the content…
Steve and Sarah purchased an investment property in Canberra - it was a 2 bedroom unit for $300k on the north side of Canberra. They decided on this particular investment property because it was in a growing area of Canberra and there was potential to add value through cosmetic renovations. They spoke with their Canberra mortgage broker who assessed their borrowing capacity. They had a modest amount of savings but it was enough to be given the green light on finance for the investment property. At first glance, the unit was hideous. It was owned by an interstate property investor who wanted to sell up - he had a bad experience with the previous tenant and decided to give up…
Someone in Canberra recently asked me what the secret to property investing is. The truth is - there is no secret. It’s possible to buy an investment property without using any of your own money. In fact, that’s how we help most customers enter the world of property investing. If you’re currently a home owner, chances are that your property is worth more now then what you paid for it. This means you have some equity. The equity in your house might be enough for a deposit on an investment property. It might also be enough to pay all of the purchasing costs associated with buying an investment property such as stamp duty and legal fees – meaning you don’t…
In general, if you are borrowing more than 80% of the value of a property you may be required to pay Lenders Mortgage Insurance (LMI). LMI is an insurance that protects the lender in the event that you default on your mortgage repayments. The cost of the LMI premium is dependent on how much you need to borrow (for instance it’s higher on a 95% loan compared to an 85% loan) and the value of the loan. Is LMI a bad thing? While no one likes to pay for an insurance that protects the bank, LMI doesn’t necessarily have to be viewed as a bad thing. In fact, we believe it can be a handy tool for leveraging in the…
Negative Gearing The term negative gearing is thrown around quite a bit in the world of property investing. So what does it actually mean? Put simply, negative gearing means that the cost of holding the investment property is greater than the income (rent) the property receives. It is this loss that you can claim to lower your taxable income (and therefore reduce the tax that you pay). As an example, John has an investment property in Canberra and the cost of holding the property is $2000 each month which comprises of: Interest repayment on the loan $1500 Property management fees $100 Insurance $50 Rates $100 Maintenance $50 Depreciation $200 Total costs per month = $2000 John also collects $1500 per…
Monday, 18 April 2016 10:55

About the owner

Jamie Moore is the owner of Pass Go Home Loans Pty Ltd, a Canberra mortgage broker firm which specialises in sourcing and correctly structuring finances for property investors. Whilst Jamie is based in Canberra, his professional services are offered Australia wide - with his clients spread across each state and territory as well as overseas. Jamie is a platinum achiever in the mortgage broking industry and also an active property investor – appearing in both the Australian Property Investor and Your Investment Property magazines. It was Jamie’s passion for property investing that caused him to make the transition into mortgage broking and establishing Pass Go Home Loans. As a property investor himself, Jamie is able to offer his clients more…
Why the exit fee ban hasn't changed a thing - an article by Jamie Moore which featured in the Australian Property Investor magazine newsletter - the online version is available here It's basically been business as usual in the mortgage broking world since the removal of exit fees, according to Jamie Moore of Pass Go Home Loans. While the ban on exit fees was a welcome move by some and it provided rosy prospects for borrowers, Moore says in reality the only consumers that might benefit from the abolishment of Deferred Establishment Fees (DEF) are those with non-fixed loans, those with loan-to-value ratios of less than 80 per cent and those who took out a loan after the policy was…
We see it every day. Clients who pay down a large portion of the loan on their Principle Place of Residency (PPOR) and are now looking to upgrade to a larger house while keeping their current property as an Investment Property (IP). So what's wrong with this picture? In short, when their current property turns into an IP, the loan against this property is generally quite small (as they've paid down a considerable amount of the principle) - which means they can only claim a small amount of interest. The good news is that there's a way around this - but it's important that it's set up correctly from the start! Let's look at an example. The not so ideal…
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