Been looking at the Devine No Deposit, No Legals etc deals. Wondering if anyone has any opinions on this deal. I am currently looking to get out of the renting game! Thank you for you assistance.
Probably a question better aimed at help needed forum (for future reference).
My older brother purchased his first house through Devine under the same system. Its great for the first home-buyer that just wants to get out of renting and starting to own their own home, but they make a serious profit on this through the finance methods.
Their blocks are generally small, more along the lines of cottage up to villa (320 – 460m2 I would guess), roads (if they could actually be called that) are haphazard by design and narrow by nature. Also remember who would be the other people in the community who would generally not be able to afford the deposit on their first home as well.
BTW the legals are not ‘up-front’, but they will be included in the final loan amount, probably a 105%+ loan value after you take into account.
Anybody else got anything to add? I am speaking from the experience of my brother, he never could put money away…. [hmm]
I posted a comment on Devine Homes once. Try doing a search for it.
Bottom line – there ok – I know how they make there money though. They told me they increase the interest rate by about 1-2%. They make their money in the margin of interest rate that the bank provides them and what they provide you. Do your due diligence first.
Kind Regards,
George.
P.S: Why not keep renting and claim that rent as an expense to offset your tax.“If You never never ask, you’ll never never know”
Where is the property – what is the projected independant growth – what type of loan structure are you using – how quickly can you pay down the debt to create equity and relieve finiancial stress – yes get in the market but use you head not you heart – if the numbers dont work dont rework the numbers – best of luck … [email protected]
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