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Yes I saw that article. Looked into it, but haven’t gone further.
That would defeat the purpose of the scheme if the banks wont finance it.My brother relocated to Melbourne to build a new house and take advantage of the generous grants they were offering. He told me around $32k for first home owners. I haven’t checked it up though.
If we had a crystal ball, that would help.
Supposedly that would increase demand for newer properties. The govt is throwing money left right and centre at, to stimulate the building sector. Even now you don’t need to be a first home buyer to get the exemption for new properties. Developers will be singing.
I have been to a few. There is a lot of atmosphere, and sometimes they do get a little crowded. Some people attend for market research rather than to do any bidding.
For some buyers, they may be interested in more than one property. If they miss out on one, they can bid in the next one. I have bought one that way.
You might get more bidders than at a standalone on site auction, where people have to race between different sites. If they arent too interested, then may may not attend the next site.
Hawk,
Sounds like you will need to treat it as a business enterprise.
Whether you do it as a partnership, or through some company, you will need to have clear guidelines and parameters on how the investment will be managed. Each member really should have an independent lawyer, accountant and other advisers.You may also want to speak with a broker on how the financing works, and whether a purchase as a group would be ideal? Of course you would be able to bigger investments. However, the whole of the loan may be apportioned to individual members, hence restricting future borrowings.
Good luck.
Not sure how much you will get with 60k? Did you mean 600k?
Huh, Burlesque. Didn't like the movie.
As if someone would pay millions of dollars on the last minute, to save a theatre.
not really believable.AGe old question. I didn't buy my first property until quite recently. I travelled a bit, and enjoyed it.
Really it is what your circumstances are at the moment. I always admired some youngish early 20s person that had their own property, but later realised a lot of the times it was mum and dad looking for a way to invest and make the most of the 1st home owners grant, hence they would lend the deposit to their son/ daughter and use that to buy the property. Nothing wrong with that, but some of us weren't quite as fortunate.
Anyway, 100k in savings is a good sum, and good on ya. gotta remember that a 300k loan is over 2k a month, so will this affect your current lifestyle? If so, dont rush in.What other forumites should also be aware of though is that unlike Dulwich Hil or other areas, Liverpool has one of the highest population growth anywhere in Australia. At one stage something like 20% growth.
Add on top of this the development of Liverpool hospital as one of the major hospitals in the Southern hemisphere, and the city being earmarked as a regional city, then the price can only go up. There will only be a certain amount of land close to Liverpool CBD, and that is one of the main reasons why a lot of high rises are going up. Everything is there and a lot of development and infrastructure being put in. e.g. the South West rail Link, then there is a reason for all this. Keep in mind also that the new release blocks further South in Edmondson Park is around the 300k mark for a block of land. You had to get a lottery just to get a chance to buy a block, so there surely is demand out there.
Just do the sums….Andrea,
That's fine. Feel free to field any general queries.Terryw Thanks for the thumbs up.
Scotty, You mean a "short stay" motel? Funny they don't have too many of them here.
Minimum is half a day, and only about $20 less than a full day.A client of mine owns a motel, and he says he only gets the cleaners in at the morning, so I guess you can't have a cleaner on call unless u r real busy.
Ahhh good ol negative gearing. If evry1 was negative gearing the govt would be broke.
I wish my tax bill was 100k. That means I am making loads.Young man, go out and enjoy life. Plenty of time ahead of ya. Just buy one prop mayb around 500k, and go from there.
See the world!Nine bedrooms sound great. But 9 students are a lot harder to manage than one or two families.
An alternative is to get a house that has a granny flat. they tend to be +ve cashflow.
You can get 2 rental incomes.Andrea,
To clearly achieve your goals, it would be wise to see a family law lawyer.
Who is doing the conveyancing for you? A conveyancer or a lawyer?
As Terry mentioned there are significant disadvantages by going on the loan.
I would have thought that the bank would require your name to be on title if you are also on the loan.
And yes, caveats seem to be glamorised a lot more than what they are worth. It is no more than a temporary lock on the title.My enquiry for a client,
We only require an external schedule. 2 of the properties are identical and next to each other.
We can also supply photos of the internals.
Someone mentioned around $220. Is that the case?Response from Qauntity surveyors
An on-site inspection is required under ATO guidelines.
We have discounted in light of the circumstances you describe, but to have this done properly costs more than you have been advised.
Ahhh should have bought the last 2 props alone. Then she can buy some more on her own.
I've checked with Wash Brown, pretty much same quote. I guess the fact that identical, does not affect the fee too much
Hi Startxing,
Like Michael,I have not been much of a fan of OTP. My colleague however, has bought a number of units OTP and she seems quite happy with the investments.
I won't say whetehr or not it is too expensive what you are paying, as I am not sure what quality the inclusions are.
In any case, if you are ready to purchase, have a look around and you will probably be able to get a 3 bed townhouse for less than your proposed purchase. If there is growth, you will probably get more on the a bigger property, rather than a 2 bed unit.Yes, it is good to hear the story from a happy customer.
As with some banks however, you could be requesting them the same thing 5 times and they still pretend they "didn't receive it".
One bank even took some details off their letterhead, so that you had to call them "waiting for up to 45 mins" just to get their postal or fax details.Hi Fredo,
Yes usually if you borrow with another party, it will be jointly and severally, meaning that each of you will be liable for the full amount of the loan.
Whoever are on the documents will have a "black mark' if there is a default.
You would only buy with another party if you have good reasons, such as you cannot borrow on your own; or between husband and wife. Remember too many cooks spoil the food.
People have differing opinions, and one might want to sell and the other not.
You should also consult a good broker, to get the run down on what the bank will look at. There are a few contributors on this site you should speak with.
