Investing - Property/Shares
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@Catogrande said in Investing - Property/Shares:
@canefan A bank manager. A man who lends you his umbrella on a sunny day but demands it back at the first sight of rain.
Yes. Might need to see a mortgage broker. Clearly I am not asking the right questions
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@canefan said in Investing - Property/Shares:
@Catogrande said in Investing - Property/Shares:
@canefan A bank manager. A man who lends you his umbrella on a sunny day but demands it back at the first sight of rain.
Yes. Might need to see a mortgage broker. Clearly I am not asking the right questions
Know a few mortgage brokers - they usually find the sweet spots.
Maybe you're not risky enough?
The guy at the rugby club in the process of selling up his Sydney house to move into the investment up the coast was completely unaware that you get better interest rates once you have a certain level of exposure - he has had the same place for over a decade and never needed a mortgage bigger than $400K.
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@NTA said in Investing - Property/Shares:
@canefan said in Investing - Property/Shares:
@Catogrande said in Investing - Property/Shares:
@canefan A bank manager. A man who lends you his umbrella on a sunny day but demands it back at the first sight of rain.
Yes. Might need to see a mortgage broker. Clearly I am not asking the right questions
Know a few mortgage brokers - they usually find the sweet spots.
Maybe you're not risky enough?
The guy at the rugby club in the process of selling up his Sydney house to move into the investment up the coast was completely unaware that you get better interest rates once you have a certain level of exposure - he has had the same place for over a decade and never needed a mortgage bigger than $400K.
Our problem was that we stopped acquiring. You need a reassuring level of debt it would appear
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@canefan said in Investing - Property/Shares:
Our problem was that we stopped acquiring. You need a reassuring level of debt it would appear
Yeah they need to know you're serious
I ring our bank every 6 months or whenever I see a competitor offering a tasty rate. In addition to the "professional package" discount it has probably saved me a few thousand, but more importantly makes me feel good about myself.
The mortgage is still a tick over half a mill, and I know if we reapply for something after it drops below that, many institutions will not be so keen to bargain.
Right now I'm weighing up whether to fix for 4 years (P&I) at 1.99% or stay where we are at variable 2.88% - my lizard brain only remembers that every time I fixed in the past, the market dropped below that
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banks are fucking fluffybunnies. they will only lend money to those who don't really need it, or those who can barely afford it.
I have no idea how people start their own business in this country.
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@mariner4life said in Investing - Property/Shares:
I have no idea how people start their own business in this country.
Well you've got to pull yourself up by the bootstraps and WORK for it. Nobody is going to do it for you... and stop buying smashed avocado on toast you hipster fuck
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@NTA it's more like "well, we'll give you this money if you put your house and your first born up. And your line fee is high because you have no trading history"
or, alternatively
"look, you have no trading history, come see us when you have 2 years of financials. And also put your house on the line"
People shouldn't have to risk their house to try and build a business. Personal guarantees can fuck entirely off
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@canefan said in Investing - Property/Shares:
Yes. Might need to see a mortgage broker. Clearly I am not asking the right questions
Try David Windler at the Mortgage supply company.
Disclaimer - I am not endorsing him or the company but they seem to be able to organise things. -
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@mariner4life said in Investing - Property/Shares:
@NTA it's more like "well, we'll give you this money if you put your house and your first born up. And your line fee is high because you have no trading history"
or, alternatively
"look, you have no trading history, come see us when you have 2 years of financials. And also put your house on the line"
People shouldn't have to risk their house to try and build a business. Personal guarantees can fuck entirely off
Fuck yes, especially that last line.
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@Snowy said in Investing - Property/Shares:
@canefan said in Investing - Property/Shares:
You need a reassuring level of debt it would appear
That is amusing. I had more trouble raising funds once I owned things too.
My parents paid off their mortgage just after they got Caravan #1, and found it very inconvenient when they went for Caravan #2 a couple of years later
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@NTA said in Investing - Property/Shares:
@Snowy said in Investing - Property/Shares:
@canefan said in Investing - Property/Shares:
You need a reassuring level of debt it would appear
That is amusing. I had more trouble raising funds once I owned things too.
My parents paid off their mortgage just after they got Caravan #1, and found it very inconvenient when they went for Caravan #2 a couple of years later
Crazy eh? The banks are not happy when you pay off what you owe, they want to keep you perpetually in their debt. A bit like the mafia...
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@canefan said in Investing - Property/Shares:
@NTA said in Investing - Property/Shares:
@Snowy said in Investing - Property/Shares:
@canefan said in Investing - Property/Shares:
You need a reassuring level of debt it would appear
That is amusing. I had more trouble raising funds once I owned things too.
My parents paid off their mortgage just after they got Caravan #1, and found it very inconvenient when they went for Caravan #2 a couple of years later
Crazy eh? The banks are not happy when you pay off what you owe, they want to keep you perpetually in their debt. A bit like the mafia...
I mean, the clue is in the word mortgage (death debt)...
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@Godder said in Investing - Property/Shares:
@canefan said in Investing - Property/Shares:
@NTA said in Investing - Property/Shares:
@Snowy said in Investing - Property/Shares:
@canefan said in Investing - Property/Shares:
You need a reassuring level of debt it would appear
That is amusing. I had more trouble raising funds once I owned things too.
My parents paid off their mortgage just after they got Caravan #1, and found it very inconvenient when they went for Caravan #2 a couple of years later
Crazy eh? The banks are not happy when you pay off what you owe, they want to keep you perpetually in their debt. A bit like the mafia...
I mean, the clue is in the word mortgage (death debt)...
If you die in debt, you've won.
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@NTA said in Investing - Property/Shares:
@canefan said in Investing - Property/Shares:
Our problem was that we stopped acquiring. You need a reassuring level of debt it would appear
... Right now I'm weighing up whether to fix for 4 years (P&I) at 1.99% or stay where we are at variable 2.88% - my lizard brain only remembers that every time I fixed in the past, the market dropped below that
You're currently paying nearly 1% over the fixed rate. Rates would have to drop by over 1% when you take into account lenders margin before you will be out of pocket. I'd go for the fixed mate.
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@Catogrande said in Investing - Property/Shares:
@NTA said in Investing - Property/Shares:
@canefan said in Investing - Property/Shares:
Our problem was that we stopped acquiring. You need a reassuring level of debt it would appear
... Right now I'm weighing up whether to fix for 4 years (P&I) at 1.99% or stay where we are at variable 2.88% - my lizard brain only remembers that every time I fixed in the past, the market dropped below that
You're currently paying nearly 1% over the fixed rate. Rates would have to drop by over 1% when you take into account lenders margin before you will be out of pocket. I'd go for the fixed mate.
Yeah might fight the Lizard Brain on this one and ring them next week.
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@pakman said in Investing - Property/Shares:
@voodoo said in Investing - Property/Shares:
Last time I fixed rates was in 2014 when I secured the bargain rate of 4.99% for 5yrs on 50% of my mortgage.
Proper fucking clairvoyant I am.
What Investments are you selling at the mo?
