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  1. #1

    Default any advice please

    we are new to this, we purchased a property in march of last year, for 122,000 the gv valuation then was 165,000. I know it would be worth more at the moment with sales all around us selling very well.
    I really want to know how to use the equity in this house to invest in another, we do have a bit of debt which we are slowley sorting, we are also running another business but i desprately want to get into investing

    any advice would be greatly valued

    thanks

  2. #2
    Join Date
    Feb 2004
    Location
    North Waikato
    Posts
    651

    Default

    If you go back to the same lender, then they will look at your total income, investment income and the total loan to value ratio and would lend accordingly (perhaps 100% of the next property).

    If you want to use a different lender, or want to keep seperate loans for each property, then you could refinance your existing property up to 80% of the new valuation and then use the extra money as your deposit on your next property.

    John

  3. #3

    Default this might be a silly question but

    if i wanted to keep seperate accounts how could we refinance with someone else, could you recommend anyone, we are having no luck with the main banks

  4. #4
    Join Date
    Sep 2003
    Location
    High up above and deep down under
    Posts
    10,915

    Default

    Hi Mixedarts

    Go and talk to a mortgage broker. They should be able to advise you accordingly.

    Regards
    "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx

  5. #5
    Join Date
    Jun 2004
    Posts
    1,327

    Default

    Hi there, Visit my website www.propertywealth.co.nz I have an ebook there that I wrote as I had the same problem when I started. It goes into this as well as heaps of other tips. The website is having some work done on it but should be back up and running by Tuesday 8th Mar.

  6. #6
    Join Date
    Feb 2005
    Location
    Tokyo
    Posts
    132

    Default

    Hi Tucker, regarding your ebook, when was it first released?

    Also I have a challenge for you (well not really a challenge) but if your willing to email me a copy of your book I'll write a good, fair, completely impartial, unopinionated review of the book and post it on this forum. If its good, I'll say its good and why, if its not so good I'll say why etc etc. Either way it will be totally fair and accurate with all things considered, target audience etc.

    No matter what you read on someoneís website its impossible to know if it measures up without a third party review.

    If your interested email me at: [email protected]

  7. #7
    Join Date
    Jun 2005
    Location
    Nelson NZ
    Posts
    3,864

    Default

    Hi there mixedarts

    Muppet has said it all.

    I and many others have been down that road a few times.
    Until you can gather a bit of weight behind you (call that equity) it is a bit hard sometimes.
    So yes go see a mortgage broker,
    they have the ability to fit you into the various slots that the various banks and other lenders have to make life difficult.

    It is not uncommon to not be able to see the wood from the trees when looking at your own affairs and having that third person in the equation between you and the banks always helps.

    In my early investing days back in the late 80's early 90's I had to swop banks and totally refinace a couple of times. This cost me but that is what it took those days.
    Funny really but every year the rules change a bit and only those in the swim everyday like the brokers can keep up with it on a day to day basis.
    Glenn

  8. #8
    Join Date
    Feb 2005
    Location
    Tokyo
    Posts
    132

    Default Broker

    BTW can anyone recommend me a good mortgage broker in Auckland? I looked in the referrals but there wasn't much. I talked to a couple and they said because Iím abroad I will probably have to pay a 20% deposit. I really don't want to send back that much cash at the moment because of the exchange rate so I need a good broker who's prepared to negotiate.

    Thanks

  9. #9
    Join Date
    Aug 2003
    Location
    auckland
    Posts
    413

    Default

    Hi Robot

    I use Mike Kingston at Mike Pero Mortgages, see referals. He has told me that we may be able to get away with less than 20% deposit. This of course comes on consideration of income, type of property to be purchased.

    I suggest that you contact him. He is very good with at returning email too which helps when you are offshore.

    Hope this helps

    Tamara

  10. #10
    Join Date
    Jun 2005
    Location
    Auckland
    Posts
    925

    Default

    Quote Originally Posted by tamara
    I use Mike Kingston at Mike Pero Mortgages
    I have also used Mike Kingston and have found him to be very good. He knew what he was doing and talking about.


 

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