Hi and welcome to the forums.
I congratulate you on starting so young.
Equity growth in property is an awesome way for you to leverage and build you property portfolio.

You plan sounds like a great idea you have and I would say go for it.

Chris

All post are IMHO.

I was there 2 weeks ago as a tourist from a cruise and I agree that some of the buildings I would not go into as I think they where a bit shoddy.

So others where quite good and some of the bars where nice places to drink!

Chris

All post are IMHO.

Speak to one of the brokers here to get some more information but it is usually having a deposit and showing that you can service the loan thru your own funds and rental income (if using borrowings for an investment loan).

Chris

All post are IMHO.

Capital Gains Tax from the ATO

http://www.ato.gov.au/individuals/content.asp?doc=/content/43486.htm

Here is the Tax Office information

This is the way I think it works

Sell $220 000

Less Purchase price $180 000
Less buying costs $25 000
Less Selling costs $7 000 ($5500 commission + $1500 for legals and aadvertising)

Total Costs $212…[Read more]

But what is the cost for the professional package?

CBA has a smilar thing but cost $495 pa

Chris

All post are IMHO.

Diannec,

I can simpat with your on redundancy. I was with the Commonwealth bacnk for close to 15 years. They had just put me thru training to support the new stuff coming out and then out of the blue my position was made redundant. Emoitions come and go while dealing with this event in your life. Support from Family and friends is good.

I went…[Read more]

You can do that here is Australia. As you said it needs enough money to buy the house.

It’s a pitty that a DIY Super cannot borrow morney otherwise I would have a DIY super and it would buy my house and I would rent the house from my super fund so there fore paying extra to my super fund.

Chris

All post are IMHO.

Sounds like a good idea but remember you have to take in Captail Gains Tax when you sell.

If you sell and what left after REA, Legal and TAX is going to pay off the holiday home sounds good.

Chris

All post are IMHO.

I got this investment loan last year

CBA
1 Year Guaranteed Rate 5.99%
Standard Variable Rate 7.07%

Then you can as get the Wealth Package where can lots of discounts inculding no fees and discount on the standard rate from 0.4% to 0.7% depending on the amount.

Check out the website.

Chris

All post are IMHO.

Gonnaberich,

I can only talk from personal eexperience when I refinance back in early 04.

It was very simple in that I put in my application with the new bank and they then had my properties valued.
From this they advised how much I could borrow based on my serviceability and the valuations.
I only wanted to payout the old loans and so gave them…[Read more]

I don’t think it is the bottom yet but it is at a plateu at the the moment. Could continue to stagnate or go down at any minute.

Chris

All post are IMHO.

At what age did you start investing in property?
29 (Now 35)

What difficulties did you have in doing this?
Organising finance, showing a deposit and proving that you could service the loan.

Was your first property an IP or PPOR?
PPOR in Padstow, Sydney 3b House. $285k (Valued $550k)

How long did it take you to back up your first purchase with…[Read more]

What do you mean pro-active?

Chris

All post are IMHO.

A tool to help you try and sell is the via radio transmitter in the house to people driving by. Check out this post

https://www.propertyinvesting.com/forum/topic/14434.html

Chris

All post are IMHO.

I was watching TV late one night and saw this.

I think it would be awesome if you wanted to sell the house yourself. Put up your own signs and put this in, some advertising in the papers should be a good thing.

Chris

All post are IMHO.

Have you got any outstanding non-investment debt? If so I suggest you pay this debt of first. Any repayments you have for that once paid off continue to put into an account for a deposit.

With most lenders you need to show savings and with buying a property it runs about 5% of purchase price for costs so you need some money behind you.

Start…[Read more]

Hi Pete and welcome.

Good to see your taking an active roll in your own future as some people just let it go with their super which may not be enough.

Some very good comments from Derek. I will just add that if you can clear all your personal debt first it helps a lot.

Most of this is reading and and putting it into practice. I think the best…[Read more]

If you search the forums at Richdad.com you find a few people in each state that play the game. You don’t even have to buy it yourself to learn how to play with others.

Where are you located? If in Sydney I have the game and maybe able to arrange a time to play

Chris

All post are IMHO.

I would like to get involved in a investment club in Queensland. I live in Sydney but it is good to invest in other states that don’t have so many taxes!

Chris

All post are IMHO.

Brady we need some more information.

Where are you looking to buy?
Do you have equity in another property?
Most lenders will lend on 80-95% of the property. You will have to pay costs as well.
With loans now days you can keep re-financing and always have time to pay it back.

Chris

All post are IMHO.