Superted:

I am not well travelled but one comparable example (as Mini mentioned) could be NZ. I do not know for sure as I have only ever briefly visited this country.

On the surface it seems that the population in NZ is more integrated than in Australia and that the country has gone ahead and dealt with land rights issues in a fair and mature…[Read more]

Point taken LifeX.

However with a comment like:

“Being poor must sux (yes i can spell) because their attitude is always “money isn’t every thing” well my question is, why are you on this site finding out how to build wealth ”

…I would think resiwealth was looking for reactions. That is precisely what he got.

Kind Regards,
Tim

No matter…[Read more]

CD:

I agree with you about a wider due dillegence clause being needed to get out of unforseen circumstances eg. bad area.

The problem I see with this blank get out clause is that it would not (putting my vendors shoes on) instill a great deal of confidence in me about your commitment. Also if there were two offers of an equal price i would take…[Read more]

Rob:

A quick one b/c I am short of time

I agree with most of what you say.

Having a property subject to building inspection wshould always give u an out of the contract if the building is 20+ years old. This is because a good building report should list all repairs, minor and major and one cannot possibly be aware of them all when you bid;…[Read more]

I could be wrong but just putting ‘Due Dillegence’ seems a bit vague to put in a conditional contract. Things like LIM, Building Report, Finance are part of due dillegence.

I think that if you put conditions of finance and building report that should cover most things.

Regards,
Tim

Good examples Mini. Samll baby steps is all it takes to start with.

And I absolutely agree with you about racism existing everywhere and that it much worse in other countries than Australia. On the other side of the coin there are most probably a lot of countries much more tolerant than Australia.

Regards,
Tim

Woodend:

Not sure about all your questions but as to regards a NZ bank a/c for rents. I highly recommend this for the following reasons:

1. You may be charged for for property managers to put your rents into an aussie a/c
2. If you are using an aussie a/c you are continually exposing yourself to the foreighn exchange rate on a monthly basis.
3.…[Read more]

thanks Steve and Rod. That is just the info I need. Also thank you for your suggestion about paying for stats steve. I have purchased a residex report on the area and am waiting for the email.

Kind Regards,
Tim.

I have emailed Jo/Monopoly and we have agreed that this thread has gotten a little out of hand and off topic. I would like to say that I fundamentally agree with Jo’s position of racism existing in Australia in addition to other types of discrimination.

I also agree with other posters that racism in Australia is not as bad as other…[Read more]

Superted:

Here we go again bash australia from within. Maybe to put your comments into context you should travel overseas and see how racist Australia really isnt.

Are you asserting that Australia has no racism in it whatsoever?

And if you are not how is what we are discussing bashing Australia?

Jess:

i know how you feel. Sometimes I feel the same as you for a variety of reasons. Can’t we just all get along?[strum]

in answer to your question: Yes racism still exists in Australia. However things are better than they were say 40 years ago. Did you know that it is only since 1967 that Aboriginees were counted on the census (population…[Read more]

[thumbsupanim]

Seriously you have time on your side. Unless you can borrow some money somehow you first need to save. Now I realise that you might only be able to earn about $10 an hour but at your age most of that will go into your pocket. Not on mortgage, car repayments, food, insurance, rent etc. Save as much as you can. Perhaps open an…[Read more]

For my first property i put down a 20% cash deposit for a NZ ANZ loan which only amounted to $15000 Australian. They offered me $500 rebate on my legals, no application fee and 7.75% 3 yr fixed (IR are higher in NZ). For subsequent properties in NZ I will use a line of credit from my homeloan (LOC is 6.67%) for the 20% deposits. I am only…[Read more]

In Sydney the median house price is about 500 k. If prices were continue to double every 10 yrsthen in 20 years the average price for 3 b/r cottage in the suburbs would be 2 million dollars.

I wonder about the feasibility of this and whether residential property does get to point of simply being overpriced or at a stagnated price.

I don’t know…[Read more]

Amit,

From the little I know of NZ RE I would agree with you. Perhaps Peter could arrange a joint venture with someone?

Regrads,
Tim.

I think you will find that most Christians believe the earth is a lot older than 12000 years. I am a Christian and think the earth is millions of years old.

I know one benefit for me with an Australian loan for a NZ property is that in Australia I can get 6.67% whereas I have just fixed a NZ bank loan for 3 years at 7.75%,

The disadvantage of the Australian loan is that to service my debt I need rent payments from NZ. This will most probably mean doing a small international transfer from NZ to OZ…[Read more]

This is very different to the numbers given in the first post Mischief. If I was in ur situation I would seriously do some independant research (outside of the selling agent).

The figure of 120 vs 145 is a massive difference in percentage terms.

It would certainly press a few warning buttons in my mind.

Regards,
Tim

Hi,

I am in a similar situation. I am in the process of buying my 1st IP in NZ which I did with a NZ loan with 20% cash deposit.

I amcurrently researching tapping into 200k equity on my owner occupied Sydney mortgage. St George have said I can do this with a line of credit (LOC). Set up fees would be about $300 + mortage stamp duty of about…[Read more]

I agree Trisha. Being financially independant allows u to make choices.

I also believe that money/material wealth will not bring happiness or fulfillment.

I believe the real danger in just having financial goals is that what happens when u achieve them. Sure u may say travel, nice car, harbourside mansion. But are these lifelong fulfulling…[Read more]