Hello everyone
Can anyone recommend who I can contact to borrow some quick cash, $4500.00, to secure my first investment property.[
] I have received confirmation that my deposit bond has been approved which I now need to pay this amount and yes this is an OTP investment, anybody???any ideas? I live in Sydney, cheers!.A credit card might be the easiest option.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
A credit card may be easy, but don’t you incur the high interest charges on the amount as soon as you make the cash advance withdrawal.. Maybe you have a family member that may be willing to lend you the money… Or borrow from people and pay them a rate of interest for using their funds, lets say 10-20% pa (which is higher than a bank) interest only monthly payments until you have the cash to pay back the $4500. Am i making sense… I dont even understand myself sometimes…[
]Cheers,
Jay
**********************************
You must stay pOsitive
…then the cAsHfl0w will come!
**********************************How bad do you want it ??
Cash in long service or annual leave, sell your car / boat / whatever, or beg borrow steal from family and friends…
Credit cards are a pain in the butt, too easy to buy things you don’t really need with one so stay away from a card unless you have to… [
]Cheers,
Paul…I would just use a credit card. Short term finance is usually at a rate of around 10% per month.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
G’day…
Are you saying that you are commited to an IP and you need the $4,500 to pay for the Deposit Bond,
that is used to initially cover the 10% deposit that you will have to come up with on settlement.But your gunna sell it before then aren’t you?
Or have I missed something?
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]We used credit card to purchase our Deposit Bonds early last year. I think that’s the easiest. If you have a card now, with good payment history etc., ask your bank to raise the limit. Then start to pay it back as soon as you can.
Cheers
MelHi ye all
Looks like I have to beg and borrow funds from family/friends and pay int of 10-20%, billfromoz your rite my plan is to on sell as the time nears to completion 2006 and yes this is to pay for deposit bond. Got no credit card, not very good credit history at the mo, paying off debts one more year to go, doesn’t sound very good does it? But I’m positive I can achieve my goal for the future. Hey fatboy, as for long service dont you have to be at your current job for 10 years or more before you can cash in? only been employed with same company for four and half years.
Got a car still paying that off, got a house in NZ but got no boats etc. I’m really happy to hear all your comments and advice, keep them rollin inClownsta.
Clownsta
10-20% interest on $4500 is only $450-900 in a year. Presumably you’re going to make a deal more than this when you sell it, so I wouldn’t worry about that. We paid family and friends 50% interest on up to $30K borrowed to make the deal work, and still walked away with more cash than that.
Good luck with the debt reduction.
Cheers
Melclownsta: I’m not sure how it works, i’ve been with the same employer in various positions for nearly 14 years… [
]
I hoped you might have had the same sort of benefits i used to do some investing a few years back that’s all… []Cheers,
Paul…“The only thing you get from looking backwards is a sore neck…”
This is an dangerous strategy right now. Many think that the property market has peaked. And you don’t seem to be in a good fiancial position as it is. Just be very careful and don’t believe anything the real estate agent is telling you without doing your own checks.
Just this week I had a client that had purchased off the plan 2 years ago using a deposit bond. The person does not earn a good income and has a very small deposit and the FHOG. In addition the property is located in an area where LMI won’t touch. The value came in less than the contract price, and due to the low growth and low income that person cannot get finance. They are now going to probably be sued by the developer.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
] I have received confirmation that my deposit bond has been approved which I now need to pay this amount and yes this is an OTP investment, anybody???any ideas? I live in Sydney, cheers!.
]
]
]You must be logged in to reply to this topic. If you don't have an account, you can register here.
