Hmm, I didn’t realise that I could combine the reno loan and the IP loan together.
I’ve spoken to my bank this afternoon, and the outcome is I’m not able to refinance due to my current LVR.
I borrowed at 95% LVR, and the bank has advised that due to their policies they need a maximum of 90% LVR for the new loan. It means that my property would…[Read more]

Jamie – Thanks for the advice. I'll speak to my accountant and work out what I could do and what the most beneficial choice would be.
Richard – Thanks for the advice as well. That was my original idea, as I thought I could just add an extra amount onto the loan at the cheaper rate. However, I was advised by my mortgage broker that it's better to…[Read more]

Hi rumrunner,

Thanks for the advice. I guess there's no point in going over what you believe is a good price, even if the vendor doesn't. Looks like you got lucky as the vendor changed their mind!

I was told the other day that the vendor had rejected my second offer with no counter offer. I told the agent that was as high as I'd go. So I'll see…[Read more]

Hi Jamie,

Thanks for the response. I thought that 280k would be an appropriate offer to start with, it's only a 10% discount from the asking price and there's always room for negotiation.

I'll see what happens with this one though.

Thanks

Thanks for the tips everyone! I've started looking up places that meet my criteria and I'll be heading along to my first weekend of inspections (and auctions soon after) to see how it works. I've got a checklist for inspections so I'll take some of those along.

Cattleya wrote:
Emails can be changed, for example you can make changes before you forward / print it. Email address can also be fake and some email addresses are from free accounts like hotmail, etc. If it is on paper, you have address, name and signature. Plus nobody can make changes without somehow damaging / leaving marks on it. This is also…[Read more]