Giday Tass,
if you rent interstate then you have no Loans to worry about. Your PPOR (current) will then not be encumbered with a mortgage for a new house and you get to keep it. Once you’ve settled in your new job (you haven’t specified if with the same company or new company) you can then revisit the idea of purchasing a new PPOR or other IP’s.
Sorry but from what you’ve given us, short of some one giving you a house or letting you live in theirs free, there aren’t too many alternatives. Unless, of corse, you don’t go!

Cheers

C@34

Cheers Redwing,

I have found most banks like to see a builder involved at that price as well. Unless I chose to go for a personal loan, at which time they only cared that I can repay the money.

Cheers

C@34

I like “The Richest Man in Babylon”; point of order though, it speaks of living off 70% of your income, putting 10% towards investments, 10% towards ADDITIONAL debt reduction and the final 10% into charitable giving.
The last point scares a lot of people I have spoken to, “why should I give away my hard earned cash?”, simple give and it will be given unto you! And it seems to work very well! My wife and I had 4 credit cards (believe it or not) three personal loans and car finance two years ago. Using the principles in TRMiB, we have one credit card, one personal loan, one interest free loan with a Retailer (grumblegrumble!) and soon our first mortgage (hiphip-hooray).
TRMiB will address your financial sins and help you overcome!
IMHO.

Cheers

C@34

Claire, have you asked your parents if they’d move in with you if you bought a house? Essentially you’d be in the same boat as now EXCEPT that you are providing a future for yourself in that you build equity and THEN buy an investment. If you choose well, the mortgage repayments could be less than their current rent, saving every-one a few bob. Down the line you can reduce or remove any rental obligations towards your parents (should you choose to); would be a good win-win situation! You get the Gov. assistance AND your first IP (well kinda!) and your parents help you get ahead with your future and pay the same or less rent. Just seems to make sense to start off using the Gov. support, otherwise you’d miss out!
In a few years you have equity and can ‘leap-frog’ onto the next property……

My thoughts……[cigar]

Cheers

C@34

Talking about offers,
what is the general feeling on “low-balling”? I am in the process of finalising the purchase on my home and I offered $16k under the asking price. Fortunately for me, the valuation came in at $15k under the asking price.
As a vendor I’d hate to be ‘low-balled’, but I am looking at this from a business point of view and buying an IP at discount is offten the difference between +ve and -ve cashflow.

Your thoughts (my appologies to the REA’s up front)

Cheers

C@34

Hi all,
I used to work in a bank (don’t hold it against me!). The one thing they used to drum into our heads all the time is that there is :”only one wat to do banking, and that is the Banks way!”. WHich is code for if you stuff up and you can show you followed procedure then they’ll back you up, if not …. you, the teller, are on your own!
Having said that, though, we were required to do daily/weekly and monthly training on every service our Bank provided and you weren’t allowed to do that function if you didn’t do the training before hand. No Buts. I know it doesn’t help you right now, but not all bankers are cold heartles fish. Don’t forget the lesson! I do hope your luck picks up (the good kind any way!)

Cheers

C@34

Good post Waynel2,
I personally use Georgina from VIP Settlements, 9321 1010.

They too have saved me from falling into a financial black-hole and have giuded me, as far as they were allowed. I believe these people are working hard and deserve our support more.
just my oppinion.

Cheers

C@34

Jhopper,
in a word “BULL”, I have had a loan with one of the four big Banks pre-approved to a LVR of 95%. You are limited, though, the the four Big Banks and Bank West is also in town.
I don’t know about regional/rural areas, but the CG/CL (capital Loss) of this kind is typical in Hedland! In a down cycle people can’t sell brick houses for $120K (reasonable condition) but in an up cycle they’ll sell for twice that. It all depends on the local Mining industry and whether there are any new developments comming.

Cheers

C@34

bnr,
What?

Sorry, trying to read your post I needed to stop myself for a breath.
1.Why are you selling?
2.Why can’t you draw on equity?
3.Why is it so urgent?
4.Why (if investing the money) can’t you do a wrap style purchase?
I don’t mean to be slow, but some more info would probably make the advice more suitable to your situation….. just a thought.

Cheers

C@34

Hi all,
just to throw the cat amongst the pigeons, lets consider this lovely old lady sells the house at full market value, gets cut off from the pension (boohoo) has one hell of a good time for however long it takes to spend the sales profit (which would be all the $$ less commissions and taxes) and at the end comes back to earth to join up for the pension again.
Flamin heck, I’d hate to have that problem!
Hawaii here I’d come,…. I’ve been interested in the South of France,…. Bon Jour….

Frivolity asside, I like Marcs sugestion best. Sounds like he knows what he’s on about. This lady needs the right guidance. If she has family, then a win-win situation would also include them, wouldn’t it?
Even if you don’t get the house, you will be blessed by helping her out! Betcha.

Cheers

C@34