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  • Profile photo of cinooocinooo
    Participant
    @cinooo
    Join Date: 2009
    Post Count: 11
    May 17, 2010 - 4:09 am

    Good post wezwaz, you are spot on.

    What is a bailout you ask? A bailout in todays terms simply means printing more money using the printing press. With the collapse of Greeces economy and the actions of the european central bank the message they are essentially giving out is that they will fund any euro related country by printing more money and thus creating money out of thin air as you say. This is what the US has done to get themselves out of the GFC trouble and this is the same path that Europe has been following.

    But the question is are they really out of trouble? The answer is no. They are only postponing and creating even more of an imbalance in the economy so that they can sustain their current economy without going into a proper recession. Instead of cutting spending they are instead increasing spending and increasing their debt – debt which they can not pay back.  Even though the DOW today has gained back much towards its previous levels, it is nowhere near the same value as it was before as the USD is also no where near the value it was before. The USD will continue to devalue due to the debt they are taking on and inflation they are creating. How do you think they are paying off their debt? By printing more money of course and thus further debt is created and cycle is repeated only the effects are worse each time.

    If we have Europe becoming a net borrower then we will have both a devalued Euro and devalued USD. This may push the creditor countries (China) to the brink sooner than we may think.

    Profile photo of cinooocinooo
    Participant
    @cinooo
    Join Date: 2009
    Post Count: 11
    April 22, 2010 - 5:13 am

    Hi all, thanks for the many replies regarding home loan & insurance, much appreciated.

    Just to give an update, the ING loan is going well but as I was not feeling very secure with my mortgage broker who was handling the deal (very inefficient and lacked communication) I ended up searching around and am well into the process with NAB, which turns out to be an even better deal. So I'm feeling safe at the moment as if one or the other fails I still have a back up.

    Thanks again to all that contributed! =)

    Profile photo of cinooocinooo
    Participant
    @cinooo
    Join Date: 2009
    Post Count: 11
    April 13, 2010 - 3:55 am

    Hi EvaCD, it's been a bit frustrating for me as I am going through a (very bad) mortgage broker who was referred by a friend and they are doing the application on my behalf.

    I am not sure of the reason for the hold-up, all my broker has said so far is that I will find out for sure on Thursday. I received conditional approval (according to my broker) on 31st March so its taken substantially longer compared to your case! I think I could have done a quicker and better job had I applied by myself rather than through the broker!

    Profile photo of cinooocinooo
    Participant
    @cinooo
    Join Date: 2009
    Post Count: 11
    April 13, 2010 - 3:43 am

    JacM: Thanks I'll look into AAMi!

    basbog: no I didn't sign with subject to finance.. in your opinion do you think I have enough time to sort out finance with another bank if I wait to find out on Thursday (or should I start the process with another one just in case for backup right now)?

    Profile photo of cinooocinooo
    Participant
    @cinooo
    Join Date: 2009
    Post Count: 11
    March 29, 2010 - 11:58 pm

    Thanks for the speedy replies and yes Richard is right as confirmed by a reply from the OSR, here is an excerpt from their reply:

    If an applicant and their spouse/de facto partner has purchased an investment property after 1 July 2000 in any State or Territory in Australia and has not lived in it for more than 6 months, they may be eligible for the grant under the First Home Owner Grant Scheme on the purchase of their first owner occupied property providing they meet all other criteria.

    If the investment property was purchased before 1 July 2000, the applicant and their spouse/ de facto partner would not meet criteria under the First Home Owner Grant Scheme.

    Applicants or their spouse/ de facto partner can not have owned any property previously to be eligible to receive exemption or concessions on their stamp duty under First Home Plus. To further clarify this point, if you decide down the track to buy an owner occupied property you will be liable to pay stamp duty.

    Thanks for helping me out ! =)

    Profile photo of cinooocinooo
    Participant
    @cinooo
    Join Date: 2009
    Post Count: 11
    March 29, 2010 - 6:42 am

    My query is for the state of NSW:

    The eligibility requirements are stated here:
    http://www.osr.nsw.gov.au/benefits/first_home/general/eligibility/

    The way I interpret it, it seems that since I am not residing in it as my PPOR and it is purely as an investment, I should still be eligible for the FHOG when I make another purchase at a later stage for the purpose of making it my PPOR. My solicitor is adivising I will not be eligible however..

    Profile photo of cinooocinooo
    Participant
    @cinooo
    Join Date: 2009
    Post Count: 11
    September 8, 2009 - 12:35 pm

    Many thanks for the replies sootyss and duckster

    Can I ask you both.. What was the first investment property you ever purchased, and how long did you wait to make that purchase (e.g. research, planning, etc) and finally, how long was it till you made your next investment purchase?

    Cino

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