Thanks Go Go Girl and Shaztaz, for your support along with some of the New Zealand jokes I’ve heard I also enjoy Irish jokes, male jokes, Scottish jokes, female jokes, animal jokes etc,etc, etc,.[biggrin][biggrin]

Martin

Hi Torachan,
This was not intended as a racist slur. I am a New Zealander and I have heard all the jokes and dont take offence to the majority of them, I didnt believe this was inflammatory. I have also heard the jokes New Zealanders make about Aussies.Plenty of my friends are also Maori.So sorry you take everything so seriously.

Martin

Hi Quiggles,
Thanks for your response.What sort of set up do you require for asset protection and purchasing over in USA.Thanks Martin

Martin

Hi Betterbiz,
You are right caught me on a typo. The figures however are still correct. On a $270000 interest only loan at 6.5% the repayments will be $337.50 per week.[biggrin][biggrin]

Martin

Hi All,
I’m from Bendigo, Victoria.[biggrin]

Martin

Hi Serf,
Based on your figures and my assumptions.If you purchase a property for $360000 and borrow the whole lot including costs you would need to borrow approx $370000. At 6.5% interest only you repayments would be $337.50. Management fees in Rocky are approx 8.5% so management fees will cost you approx $33 pw.Rates are approx $2400($46 p.w.),…[Read more]

Hi Mark and Dot,
If you have a mortgage of $290000 and are the properties are returning you $460 pw less costs the properties are returning you $100 pw positive based on interest of 6.5% interest only. This is not including associated costs like rates, insurance,management fees etc.So it should be almost cash flow neutral. I would keep the…[Read more]

Hi,
I have a defence force property okay the positive points 1.They always pay on time in fact in most cases a few days early.
2.The tenants have been fantastic. They take good care of the property.
3. Never have too worry about the minor stuff as they do the repairs of that sort of thing.
4. In the 18 months weve owned it never had not so much as…[Read more]

Hello Gabbo,
If you have the property over 12 months you could use this example.
Bought 2002 for $125000 stamp duty $6000 capital improvements $10000 legal fees $1000.

Sold 2004 for $225000, agents fees $9000 solicitor cost $800.
Therefore first add all costs together which adds up to $26800.Add this onto the $125000 and this adds up to $151800.…[Read more]

Hello Kate,
My suggestion is to keep the PPOR that you have worked so hard for, sell either 1 or both of the IPs, hopefully you have made some capital gain put the money into the PPOR to reduce your mortgage. By doing this you will pay less on your mortgage and also save money by not losing money on your IPs. Hopefully this will enable you to…[Read more]

No problem Kylie,
We certainly sleep better knowing we have reduced our debt a fair bit and now have a bit of a buffer. The banks certainly like to have themselves in a win win situation so the way they check servicability is stringent. There are many strategies out there pick the one that is most comfortable for you. Its always good to know you…[Read more]

Hi Kylie,
Just my 2 cents. We had the same problem with an amazing gain in equity but problems with the bank regarding serviceability. We had huge debt,including our PPOR.What we decided and this is purely our choice was to sell one of our properties to reduce debt on our PPOR. Of course you will have to pay capital gains at tax time.This freed up…[Read more]

Merry xmas everyone,
2004- Added extension to our PPOR and re-painted inside, carpeted,lino , new kitchen and bathroom.Love the extra room but took a whole lot longer than expected.
-Eldest child to prep. has done well.
-Sold two properties, having difficulty settling one of them as couple who bought separated. The other one should settle in Jan…[Read more]

Hi Robert,
The solicitor acknowledged to me that they had a close working relationship and that he had no problem with me seeing another solicitor to deal with them. At present concentrating on the purchasers and then will look at the other parties involved. Just had news today that the husband is still keen on the property and may still try to…[Read more]

Hi all,
Back again. The solicitor I am presently using was able to obtain from the real estate agent a blow by blow account from the agent what he did in response to trying to obtain the deposit from the broker. Dating from approx. 12 Nov to settlement day 17 Dec. His account of his attempts to get the deposit bond after the agreed extension to…[Read more]

Hi All,
Had solicitors appointment yesterday, the solicitor has drafted a letter I think it is a recession notice that gives the purhasers 2 weeks to settle the property of course as each day passes the are being fined due to late settlement. Once the 2 weeks is up my wife and I have to decide whether we will keep the property or sell it again.If…[Read more]

Hi all,
10% deposit was what was offered by the purchaser and what was agreed to by us. There is no hard fast rule what deposit you leave it merely has to be agreed to by the seller.

Martin

Thanks for your help,
I indicated to the conveyancer this am that I would seek legal advice about this matter, I found it a little strange that she organised the appointment for me with their solicitor, Monday 2.00 pm without me asking her to. I thought she was acting in my best interests and she justified it as she could forwrad the file to him…[Read more]

Thanks Brahms,
I just have to clear up one point the person who was handling sale was a property conveyancer. I’ve never dealt with deposit bonds before whenever I have purchased a property I have used cash and given it to the agent. Thanks for your advice. The conveyancer has very close ties to the solicitor(I think the solicitors are the…[Read more]

Thanks Robert and Brahms,
I have an appointment with a solicitor on Monday, definately not happy with the agent as she should have been chasing the bond hard. Have had some advice. My sales contract with the couple is fairly easy to claim as they will be in breach of their contract. This I can accept as noone can forecast a separation my beef is…[Read more]