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Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of AdoubleUAdoubleU
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    @adoubleu
    Join Date: 2008
    Post Count: 9
    February 4, 2008 - 11:39 pm

    Thanks Paul for your info, much appreciated.

    Cheers for the link I'm checking it out now. :)

    cheers

    AW

    Profile photo of AdoubleUAdoubleU
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    @adoubleu
    Join Date: 2008
    Post Count: 9
    February 2, 2008 - 2:00 pm

    MrFairGo,

    Brilliant post, that actually helps me out a lot. Thanks so much. I'm in WA and while its legal, there doesn't seem to be a lot of it going on (this could work in my favor) so I'm very thankful for someone who has been through it with the banks already. As I assumed, it gets easier as it goes along, good to hear.

    cheers :)

    Profile photo of AdoubleUAdoubleU
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    @adoubleu
    Join Date: 2008
    Post Count: 9
    January 31, 2008 - 12:27 am

    Ok so what I've gathered so far is:

    Lenders generally don't favor wraps…
    Yet the lender will need to approve the wrap during application for finance for the property I intend to wrap….
    So not telling them is out of the question…
    as a wrap can't be performed down the track because the mortgage agreement will most likely prohibit it without their permission.

    Its legal in most states yet probably not the most ethical and the lender wont make it easy…but it CAN and IS done because its a fairly common practice from what I have seen.

    Is it the sort of thing where once you have wrapped once successfully, the lenders are more likely to permit others?

    Profile photo of AdoubleUAdoubleU
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    @adoubleu
    Join Date: 2008
    Post Count: 9
    January 30, 2008 - 10:47 pm

    scott,

    so your not a fan of wraps?

    Thanks all  for the info… sounds like if I want to wrap I should not do it straight away, that way the bank don't get the option to not approve the loan based on their disapproval to wraps.

    Profile photo of AdoubleUAdoubleU
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    @adoubleu
    Join Date: 2008
    Post Count: 9
    January 30, 2008 - 1:44 pm

    V8ghia,
    thanks for the advice… and cheers for the welcome, I'm learning so much here its great! I've been looking around rural WA but the rent scene seems to be almost non existent (or maybe just not listed online) unless its a mining town and yeah, not payin 800K for a 3 bed weather board shoe box… and most of WA is a ming town these days! lol

    Do you have experience with rural Vic? I'll do some research tomorrow first thing.

    Thanks again

    Profile photo of AdoubleUAdoubleU
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    @adoubleu
    Join Date: 2008
    Post Count: 9
    January 30, 2008 - 1:29 pm

    Thanks for the reply.

    So really it's just going to be an IP as far as they are concerned?  Would I need to disclose this information at all?

    cheers anyone who can help.

    A.W

    Profile photo of AdoubleUAdoubleU
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    @adoubleu
    Join Date: 2008
    Post Count: 9
    January 29, 2008 - 1:01 pm

    Thanks for your response.

    Well you didn't just give me a flat out NO CHANCE!  lol … thats a start

    Yes, the property is intended to be an investment property.

    I was thinking, would it be a better idea if I partner up with somebody? To gain access to another income or even equity in an existing property to use as a deposit. Servicing the mortgage would be split in 2 as well as the cost, fees etc. and of course any profits realized either through cap gains or cash flow?

    Otherwise I'm goin gto have to be patient and pay off my debt before I get started… how boring!

    cheers

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