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  • Profile photo of bmudiebmudie
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    @bmudie
    Join Date: 2002
    Post Count: 13
    February 2, 2010 - 9:54 am

    I understand Richard. So do you have a solution? If so I’d love to catch up.
    I’ve also seen mortgage documents that require the lenders consent to simply rent a property – how crazy is that!

    This thread has gone off topic, so i’ll leave it with the thought of how nice life would be if you didn’t need bank finance to begin with!! ;-)

    Profile photo of bmudiebmudie
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    @bmudie
    Join Date: 2002
    Post Count: 13
    February 2, 2010 - 7:48 am

    Hi guys,

    In a way, it’s a good thing that the lenders are cautious as a rule… Although in the past I’ve found that employing the right people often means that there is someone willing to use their discretion and common sense.

    If all else fails, there are many more ways to put transactions together. I prefer to fit the right tool to each situation.

    Cheers,
    Brett

    Profile photo of bmudiebmudie
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    @bmudie
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    Post Count: 13
    February 1, 2010 - 12:27 pm

    Hi Mattnz,

    Yeah I remember that, it was a great deal for everyone!
    I suppose the definition of “expensive” will be different for everyone… For me, it was far more expensive not knowing this stuff earlier. The money I’ve saved (not including the profit made!) in just one deal alone would pay for this course 5 times over!!

    Cheers,
    Brett

    Profile photo of bmudiebmudie
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    @bmudie
    Join Date: 2002
    Post Count: 13
    February 29, 2008 - 6:21 am

    Hi Gav,

    Looks like it could be a great deal!
    I've sent you a PM with some info..

    Cheers,
    Brett

    Profile photo of bmudiebmudie
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    @bmudie
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    Post Count: 13
    July 2, 2007 - 11:05 pm

    Thanks guys, appreciate your comments. I find that ruling quite unfair for 1st home buyers, meaning they cannot use the FHOG to pay down principle and gain equity like any other mortgagee… Ah well… Them's the breaks I s'pose…

    Happy FY08 to all! 
    Cheers,
    Brett

    Profile photo of bmudiebmudie
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    @bmudie
    Join Date: 2002
    Post Count: 13
    July 2, 2007 - 12:09 pm

    Thanks Paul..

    Just to clarify… Do all conditions have to be met?

    IE – Does this mean that after 12 months, on a $300k property they have to have paid off $30k of the principle before they can receive it? I just can't work this out… On normal sort of loan terms, you'd only pay a few grand off in principle over the first year.

    To my reckoning [and i'd very happily be wrong here!] this would mean that QLD wrap buyers can pretty much forget about using the FHOG in paying down equity until they're basically in a position to refinance out anyway….??

    Thanks again,
    Brett

Viewing 6 posts - 1 through 6 (of 6 total)