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Ailime
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@ailime
Join Date: 2008
Post Count: 28
November 1, 2012 - 1:47 am
From memory, we saw a solicitor who found some problems with the contract. The property was advertised as located in the more sought after suburb, but other documents within the contract showed that it was actually in the cheaper suburb right next to it. The solicitor terminated the contract on our behalf but we still lost the money because we signed the contract.
Ailime
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@ailime
Join Date: 2008
Post Count: 28
November 1, 2012 - 1:15 am
When my husband to be and I lost our 0.25% deposit that was because the REA told us that to show our serious interest, we need to sign the contract on the spot. We were still very new and fully trusted the REA.
An expensive but valuable lesson for us.
Ailime
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@ailime
Join Date: 2008
Post Count: 28
October 23, 2012 - 12:34 pm
Thank you so much, Richard.
Do I understand you correctly : a home owner can access the equity in his/her PPOR, even though it has been paid off and the loan has been 'closed'?
Is it correct to assume the home owner needs to apply for a new loan (for the deposit of the IP) using the existing PPOR as the collateral, and another new loan is for the rest (say, 80%) using the IP itself as the collateral?
May I get a copy of your API interview, please? Thanks again, Richard.
Coota/Michael:
My apologies for 'hijacking' your thread.
Cheers
Ailime
Ailime
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@ailime
Join Date: 2008
Post Count: 28
October 23, 2012 - 6:49 am
JamieM, I like your suggestion above.
May I ask what if the PPOR has been paid off… is there a way to access the equity of the PPOR for deposit purpose?
Cheers,
Ailime
Ailime
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@ailime
Join Date: 2008
Post Count: 28
February 27, 2010 - 12:38 pm
I don't think I am qualified to give any advice/suggestion, but I think your idea on buying a house + granny flat then rent out the house sounds great.
We purchased our PPOR first a few years back. While we don't regret it, I sometimes wonder what if we did it the other way around (ie. IP first).
Ailime
Participant
@ailime
Join Date: 2008
Post Count: 28
February 27, 2010 - 12:19 pm
What a great opportunity for me to write my first post.
I joined this forum a while ago, but hadn't had the chance to pay a proper visit . When I come back, the subject of this thread caught my eyes (as it is not very common investing discussion ).
Congratulations Ben & Nicky on the pregnancy!
I hope the pregnancy goes really smooth and your baby is delivered safe and sound around its due date.
BTW, the guide on what to expect when raising children that you just posted is very entertaining. I can see a lot of truth in it – especially the very last bit about singing "wake up Jeff"! Several parents I know have done and admitted to do it.
PS. I watched your proposal video and I think it is awesome!