Forum Replies Created
And yes if I move in it after settlement for 12 months it’s seen as my ppor and I prove this then I can sell in 6 years without CGT but Thats not part of my plan at all
I’m not telling the ato anything I’m applying for first home owners grant because I’m eligible just because I purchase a investment property dosnt mean I can’t change my mind and decide to live in it hence why I can grant and stamp duty reduction.
Thanks terry I’ll do that
And Richard in terms of your question I can’t service the loan hence using investment loan to increase borrowing capacity and once ive settled I’m moving into it and applying for first home owners grant
He’s got around 120k available as a redraw can he access those funds even though he’s used that in congonjuction with the value of the property as security after the loan is settled?
Because if yes I will give him 20k so it increases his equity and I will not contribute anything to the house
I don’t really know how else to explain it,
I can’t afford to service the loan myself so we are going with an investment loan and using a Garentor because 20k isn’t enough for the deposit.
This property will eventually be an investment property after I live in it for a year so a 100% loan would be ideal and bring the lvr down using property growth eventually removing my dad as GarentorApparently there’s isn’t enough equity
At this state we are completely seperate no joint accounts addresses are seperate. We both live with our parents. So we should be fine in that sense we are located in Melbourne.
If I went on the loan then yes we are ineligibleI’ve talked to many brokers just needing some direction from experienced members
We were told to do and investment loan and take the money from the parents to pay the higher deposit then apply for the first home owners grant after 11 months and live with her parents till then Which again I don’t really want to do I don’t want to bring up a baby in the parents house.
I could just move into one of my investment properties once the lease is up but I feel like that’s a bad move in the long run because they have amazing tenants and everything is going greatWow I don’t know what to say please don’t apologise I’m shocked at how much time you have taken to give me some advise. What I have found in this industry is there are not many people willing to give advise without some angle but you seem to be the very few that is genuine thank you so much I’m happy to take advise and learn from people such as yourself.
You have given me a lot to think about before I make my next move but knowledge is power and I’m always willing to learn.
Honestly thank you so much for your response
Ps I might be annoying you with a few direct messages now and then I hope you won’t mind haha
My dream job is to become a property developer so I’m trying my best to know all aspects but it’s a long road ahead
Thank you so much for taking the time to respond
Firstly I must add I have tried my best to research as much as possible before making decisions.
I have been looking at sunshine for a while and also I work in the area so I have been seeing first hand the infrastructure and growth taking place it’s close to the cbd being just 10 mins away has good growth over the last 10 years averaging to 6 % annually.
My strategy at the Moment is more about building equity as I have no issues with cashflow I live at home don’t pay rent don’t pay board have not personal debt no credit cards.
My current property is about 40 mins from the cbd and average growth is about 2.1% annually it’s experienced a boom but that’s from a bit of development around the area but it has seemed to drop of. I bought the house when all I knew was “get in the market” mindset not really researching properly.
Now I’m questioning whether I keep this property and not buy in Queensland but instead buy in sunshine.
I just feel sunshine has so much potiential and I can see it as a good investment growth and yeild.It was more for piece of mind but I’m open to the idea depending on how good the broker is
Okay awesome cheers for the response so can the bank reject the offer for a full valuation ?
Yeah I realize that I know the bank isn’t going to give you money for free haha. That will be the challenge, finding a strong yield along with good growth which I guess is what everyone is looking for
I try to network as much as I can just trying to focus on a good strategy.
I’m 21 at the moment I work as an electrician. I have bought a house 6 months ago in which I’m currently fixing up. And on the side of that I’m saving another cash deposit which I’m about couple months away from having. I’m going to refinance and use the equity along with the cash I have saved up to purchase 2 properties with good growth and cash-flow. And my plan was to continue to compound on these investments. What do you think of this strategy anything I’m missing ?I’m located in dandenong area , victoria
Thanks for the information guys I will be planning on staying on the townhouse
So you believe that I could have purchased the second property now if I structured the ppor loan properly ?
And to answer your question Corey I will be investing with my partner.
would be awesome to meet some fellow investors I am young and inexperienced but definitely keen to learn only issue is i live in south east
Ahh thanks so much for the replys cleared up alot of questions
