FW your post

The problem with cross collateralising, brahms, is that if you want to sell off one property, you usually then have to pay more fees to get your loan redone, …

quite true, an alternative way to view this would be that the initial loan was effected at a discount as opposed to setting up two separate loans (LOC against existing…[Read more]

alf, NAB will cross collateralise your cat if they can – its their policy. its your choice to stay – you haven’t said why xcoll is a bad thing for you, plenty of xcoll properties out there that have no problems what so ever – whats the real problem?

cheers

brahms

If you don’t ask, the answer is no!!

Well done Patrick, love to hear the car story going on the fridge story.

I’ve never been a fan of lay-by until i realised it is ‘off’ credit report (and doesn’t incur interest). so for items which you would normally save for and purchase, it is ideal particularly when you an item on sale or significantly reduced.

cheers

brahms

If you don’t…[Read more]

IMHO size matters, the bigger the better. i would be cautious of those offering 100% – i’m not convinced they will be around as long as you are – and then you have the hassle and risk of what happens then.
PM or email if you wish to discuss further off line.

cheers

brahms

If you don’t ask, the answer is no!!

for your record MA, we don’t have problems in Qld with our ‘subject to’ contracts. the complete process from signing the contract conditional on ‘subject to….’ and settlement is 30 days.

and as the purchaser and vendor have agreed to the terms and conditions of contract (subject to or not) there is no gazumping. unlike nsw – where you have to…[Read more]

basically yes, for instance you may refinance up to 80% on an investment property when the actual debt may only be 65%-the surplus you wish to park for future inv use, ie. deposit plus costs on next ip purchase. Either as an LOC or left in the loan to ‘redraw’ as required.

once the money is there, what you do with it is up to you as a consenting…[Read more]

if alf is refinancing one assumes it is to a different lender than the current. hence transfer of stamps (this was the impression i got from his first post)

if alf is simply looking to re val and reduce exposure on paper to effect stand alone facilities, then this is a simple variation of existing – with the catch that he started with one loan…[Read more]

james,

i’m finding no probs with vals as the market evidence is plentiful, databases have caught up, and prices have flattened out.

i’ve also had some bank request additional info re ‘cash out’ purposes or line of credit applications for open policy lending – 12 months ago this wasn’t required.

PMI mortgage insurance has capped ‘cash outs’ to…[Read more]

alf, never assume you can transfer your stamp duty, either in part or in full.

state policy and lender policy may not allow full or even part transfer of stamps.

you have to determine this thru your broker or bank, and your solicitor.

cheers

brahms

If you don’t ask, the answer is no!!

hi jo, thats great, i’ve always used whereis.com but i think this one is better. amazing what you find on the net…. cheers brahms

If a purchaser was unwilling or unable to pay mortgage insurance and had no deposit, the last thing i’d be doing is handing over the title and retaining a second mortgage.

Most vendors don’t like finance clauses let alone not accessing their money, I’d feel this is a very unattractive offer to the vast majority of sellers.

MA

my particular dislike (not exclusive to jenman) is more to do with how he puts others down to promote himself and his ‘system’. if the ‘system’ is so good it should support itself with quality organic growth.

his business platform is built on negativities.

pumpkin

if you buy for $200 000 and sell it under 12 months from the date of contract, for say $300 000 – then you will pay cgt on the full $100 000 (100%)of capital gains. If you held the property for more than 12 months, and the same purchase and sale figures apply, then you only pay cgt on $50 000 (which is then 50%).

How it works out with…[Read more]

irregular is only a problem when it restricts what can be built on it. there was a 2.3m (or thereabouts) wide laneway for sale or sold in sydney recently, now that is restrictive, yours i’d think not so at all.

cheers

brahms

If you don’t ask, the answer is no!!

not very promising is it? is the property in a metro area? is the property in qld? i see your in qld, this forum can get conflicting info due to differing state proceedures

you’ll be able to settle in 7 working days in qld so long as their finance doesn’t include a refinance of another lender.

i hope this doesn’t go belly up for you, but i too…[Read more]

the article states this group purchased 30 properties for an average of $20772 and re sold them for an average of $48433.

i didn’t see any mention of the time frame nor does it state the current value of the property. these omissions may distort the reality (the property may be worth $75000 today!!).

kay, at what time in history has paying twice…[Read more]

a true win win outcome…

gross stupidity wins twice

the real victim is commerce – and now its legislated that profit can be too much….

i’m not condoning the sharks in any way shape or form – but i do believe in an economy that allows trade and profit at whatever the sustainable level may be.

also, as the purchase was in 2001, does anyone…[Read more]

so long as income is fully verifed, generally,you won’t be restricted – if you are planning to self certify or use low doc options, yes, some lenders will only consider applications from individuals – so some choices will be removed.

i don’t know how you could ‘sell’ the structure any other way than it is – the entitiy is the entity – if i’ve…[Read more]

market is certainly no longer frantic, however at auction yesterday – property sold very well for 5-6% above my humble expectations (and the expectations of a valuer mate who lived next door to the auction property)

had clients successfuly purchase at auction last weekend, they were highest bidder on another property the weekend before where we…[Read more]

Geronimo, i believe credit reporting is reciprocal to nz’ers and aus’ers – does this impact on borrowing capacity when applying in nz for instance? (i’ve had nz applicants with credit issues ‘queried’ here in aus)

cheers

brahms

If you don’t ask, the answer is no!!