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CastleDreamer
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@castledreamer
Join Date: 2003
Post Count: 288
March 23, 2004 - 4:55 am
Hi again,
I have decided to lend only 20% to my trust and borrow the rest in NZ – precisely for reasons Mini stated – hedging against currency fluctuations – I prefer the idea of having my lending in the same currency as the property owned.
Hi Matt, what sort of interest rates are you getting – I’ve got option of 6.79% in NZ lending for a property I just went unconditional on – and I can lend 5 years interest only repayments with or without LOC option then. (I want IO loans at this stage as I have a PPOR to pay off).
CastleDreamer
CastleDreamer
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@castledreamer
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Post Count: 288
March 22, 2004 - 12:35 pm
No other answers, so will give my two cents worth. I have a LOC with a couple of properties through Westpac – they have a professional package you can check up on on their web site. I stay with Westpac at the moment due to my excellent manager. She is creative and makes the figures work – keeps within the boundaries, but gets what I want to achieve my goals.
CD
Castle Dreamer
(You’ll never go wrong if you never go anywhere – have a go!”
CastleDreamer
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@castledreamer
Join Date: 2003
Post Count: 288
March 22, 2004 - 11:49 am
Hi,
why don’t you try an internet search for brokers in the US, and then contact them to see what they say about OS investors in the US?
CD
Castle Dreamer
(You’ll never go wrong if you never go anywhere – have a go!”
CastleDreamer
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@castledreamer
Join Date: 2003
Post Count: 288
March 22, 2004 - 11:46 am
Everyone is always touting that NZ is stamp duty and CGT free. Very true, but for new investors enquiries, I think it only fair to say that you may pay no CGT in NZ when you do your NZ tax return, but the ATO will sure as eggs get the CGT here in Australia when you do your Aussie return. Some of us are purchasing in trusts thats true, BUT using a trust DOES NOT avoid tax in Australia, it simply means that the tax return is done for the trust in Australia, instead of in your personal name. I am sure that that’s what people are describing here, but it is not clear to someone who is not familiar with NZ investing.
Regarding finance, yep, some of the brokers on the forum are offering Aus based finance secured against NZ properties. The other way to go is simply put down the 20% deposit (most NZ lenders will require that of you as Aussie) from your Aust base, and lend the 80% remainder in NZ with an NZ bank. Very easy to organise lending in NZ over the internet/email/phone, once you identify a bank there you want to deal with.
Cheers
CD
Castle Dreamer
(You’ll never go wrong if you never go anywhere – have a go!”
CastleDreamer
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@castledreamer
Join Date: 2003
Post Count: 288
March 22, 2004 - 11:34 am
HI Amit,
this whole site is dedicated to Positive Cash Flow property. Run some searches using your questions to chase down some good information.
Cheers
CD
Castle Dreamer
(You’ll never go wrong if you never go anywhere – have a go!”
CastleDreamer
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@castledreamer
Join Date: 2003
Post Count: 288
March 21, 2004 - 5:39 am
where is westan anyway???
Castle Dreamer
(You’ll never go wrong if you never go anywhere – have a go!”
CastleDreamer
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@castledreamer
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Post Count: 288
March 20, 2004 - 3:10 pm
It could be possible to access the equity in your own home to raise the deposit for investment property. You very much sound as though you would then need to buy cash flow positive property. The equity would provide the deposit to get into the investment and the investment would help boost your weekly income if you bought right – there would be no need to dip into your disposable income – although sounds like you don’t have a lot/if any disposable income with six kids to manage!!
Castle Dreamer
(You’ll never go wrong if you never go anywhere – have a go!”
CastleDreamer
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@castledreamer
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Post Count: 288
March 20, 2004 - 2:53 pm
Hey Minimogul. How do you keep getting the money together for deposits to keep going?
Castle Dreamer
(You’ll never go wrong if you never go anywhere – have a go!”
CastleDreamer
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@castledreamer
Join Date: 2003
Post Count: 288
March 17, 2004 - 9:05 am
Hi there,
I once had an application for a car loan rejected by ANZ Aust because I had too many credit file application/checks!!! In other words, I had been busy investing making money to be able to do the things I wanted to, and ANZ thought I must have been doing to much!!!! If this happens to you, ask to get the copy of you file, and then calmly (irately with a smile!!!) explain what each enquiry on your file meant – I hate banks sometimes!!!
Castle Dreamer
(You’ll never go wrong if you never go anywhere – have a go!”
CastleDreamer
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@castledreamer
Join Date: 2003
Post Count: 288
March 16, 2004 - 3:02 pm
HI georgisj
I recently sorted finance out with ANZ and Westpac in NZ. ANZ specifically requested a certified copy of my credit file. They stated that they do not have access to it, so require a copy from me.
I went to baycorp.com.au and ordered my credit file over the internet. I then had a JP certify it and gave it to ANZ NZ. No probs, no worries, I therefore assume that they don’t see it, and that they don’t apply against it or appear on it.
Cheers
Castle Dreamer
(You’ll never go wrong if you never go anywhere – have a go!”
CastleDreamer
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@castledreamer
Join Date: 2003
Post Count: 288
March 16, 2004 - 2:53 pm
Hi Judi,
I have property in NZ.
I have chosen to lend an amount of money to my trust. the trust then uses this as deposits on the properties, and I borrow the balance in NZ. The majority of debt (80% initially of purchase price) is in NZ where the property is – thereby minimising my exposure to currency fluctuations.
Lending in Australia may also potentially take longer to get approval for finance when you purchase a property – allow two weeks finance clause in your contracts – in some areas, valuers have a long lag time to get to you as they are so busy.
Cheers
Castle Dreamer
(You’ll never go wrong if you never go anywhere – have a go!”
CastleDreamer
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@castledreamer
Join Date: 2003
Post Count: 288
March 16, 2004 - 2:44 pm
Hi to all the mortgage brokers. Question on behalf of a friend: who will lend lodoc to refinance a home loan and credit card, using about 60% equity on home value, with no proof of income?
Castle Dreamer
(You’ll never go wrong if you never go anywhere – have a go!”
CastleDreamer
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@castledreamer
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Post Count: 288
March 11, 2004 - 8:49 am
Logan, Ipswich, Deception Bay, Inala – all have under 200K properties. need to decide where you want to live… Logan – newer brick places available (by that I mean 80’s on – I grew up there: Ipswich has a train line direct to Brisbane CBD (40mins tops): Inala is Brisbane 14-18ks from CBD: Deception bay is north of Brisvegas by about 25-30 Ks but is on the bay side – lot’s of choices!!!!!!
YOu could also probably rent the place out for up to 11 months, move in for six (within twelve months of buying) and then rent it out again – I think you would then qualify for FHOG!
Cheers[]
Castle Dreamer
(You’ll never go wrong if you never go anywhere – have a go!”
CastleDreamer
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@castledreamer
Join Date: 2003
Post Count: 288
March 11, 2004 - 8:40 am
Valuers can be difficult people. I prefer to add my equity by renovating – from a simple lick of paint to a new kitchen, replumb, rewire, whatever – consider what will improve the rent and what will look more valuable than it cost you – that’s how to increase equity without the market itself moving. Don’t ever trust a valuer!!!!(tongue in cheek!!!)
Castle Dreamer
(You’ll never go wrong if you never go anywhere – have a go!”
CastleDreamer
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@castledreamer
Join Date: 2003
Post Count: 288
March 5, 2004 - 12:10 am
Hi,
Qld007 offers a service to find or wrap property
Castle Dreamer
(You’ll never go wrong if you never go anywhere – have a go!”
CastleDreamer
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@castledreamer
Join Date: 2003
Post Count: 288
March 2, 2004 - 12:23 pm
Benevolent society???? Do I sense some sarcasm there!!! I made no reference to premiums or rates. However if you purchase in QLD, then there are only two insurers that I am aware of that offer flood cover – so the premiums may be a little higher, but Tony was asking about flood areas not the rates at westpac!!
Castle Dreamer
(You’ll never go wrong if you never go anywhere – have a go!”
CastleDreamer
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@castledreamer
Join Date: 2003
Post Count: 288
March 2, 2004 - 10:39 am
Have a really good think about it. If you do go ahead, consider Westpac Insurance. I understand they offer flood cover for no additional premium – provided you are honest upfront about the history.
Also, have you checked the local council history – what have they done for flood mitigation etc?
Cheers
Lisa R
Castle Dreamer
(You’ll never go wrong if you never go anywhere – have a go!”
CastleDreamer
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@castledreamer
Join Date: 2003
Post Count: 288
March 1, 2004 - 12:15 pm
Greedy is evil – rich isn’t
Castle Dreamer
(You’ll never go wrong if you never go anywhere – have a go!”
CastleDreamer
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@castledreamer
Join Date: 2003
Post Count: 288
February 28, 2004 - 1:58 am
Hi,
there are a few previous strings on these – use the search key to help you find them.
I recall talking with someone previously about car spaces, you would need to check the running costs of the car park thoroughly – the return may look good until you take out all of the operating costs.
Cheers
Castle Dreamer
(You’ll never go wrong if you never go anywhere – have a go!”
CastleDreamer
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@castledreamer
Join Date: 2003
Post Count: 288
February 27, 2004 - 1:30 pm
Quicker than what?
You can try the realestate.com site, and other similar – property.com, domain.com and all of the realestate agency sites.
Type in your price range and then browse around. Will need to look at the rental section as well to get a feel for what rents in the area you are looking – try contacting the local agents and enquiring about rentals in their area.
Cheers
Castle Dreamer
(You’ll never go wrong if you never go anywhere – have a go!”