Forum Replies Created
Hi Gengis
Congratulations on the first place.[
][] I was in a similar boat 4 Months ago when I bought my first place at the age of 22. I had no idea about anything and the bank stuffed up my 7k FHOG and told me 2 hours before settlement that I had to come up with 6k for my legals and other cost. I was a very angry man. Lucky for me Dad helped me out…but it was a big drama and my stress levels went up 400% in a matter of seconds. I only received the FHOG 2 weeks after settlement, apparently they lost my papers somehow and then magically found them again and fixed it up. All I can say is keep believing and work hard and your dreams will come true if it doesn’t work out the first time try again and make it work.Cornel
Hope you all had a good weekend[
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Well the unit was originally painted in yellow…very yuck. All the rooms are painted white now. I regrouted the tiles in the shower and around the basin it’s all nice and white now. The living room’s walls was just plain brick and they just painted over it with the yuck yellow so I plastered it all up and you can’t see the bricks anymore and I will paint that sometime soon I hope. Then I have to repaint the floor tiles in the kitchen and the bathroom with the special tile paint stuff….can anyone tell me if that stuff is good or not. I heard it’s good but the last thing I want is to paint the tiles and then it’s starts to chip…..Thanks
I have one more question on my loan I have at the moment. I am paying interest only for one year so that I can do my renovations..once the place becomes a investment property what should I change it to? Also I heard that there is some sort of tax reduction form that I can get from the ATO as soon as you have a investment property so that you get taxed less from you work pay. Can anyone shed some light on this please..
Thanks[
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][]Thanks for all the info, it’s all very new to me esp all the terminology and structuring of deals etc etc. Okay it does look like I won’t get in trouble if I move out before one year is up and rent the place out as soon as I move out. At the moment I have a friend that lives with me that pays me rent, but it’s cash in hand sort of thing. When I apply for loans will I be able to put that down as income or not…I don’t think that I will be able to because I am not paying tax on that…am I right to say that..will I be better to keep that to myself, any suggestions? I guess now I will have to go and talk to the banks and see what sort of loans they can offer me. I spoke to St-George today and they do 100% loans but you have to have more than 175k in net assets and I don’t even come close to that with the mortgage on the unit and a car loan and a low income…so I am a bit screwed I think. Can someone please give me a couple of good banks to deal with, I am with ANZ at the moment. Also is it better to go into a branch or just do it over the internet or phone….? Maybe if I go into a branch with all the paperwork from valuations etc they might take me serious
Talk soon[
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CornelI have heard that there is allot of people that just take the risk and just write the 7k FOG from the start and if they get away with it then it’s a bonus. My plan is to stay in the place and serve my 1 year term and then get out…but hopefully I can pick a couple of properties up in that time and borrow against that unit…will this work?[
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] I was in a similar boat 4 Months ago when I bought my first place at the age of 22. I had no idea about anything and the bank stuffed up my 7k FHOG and told me 2 hours before settlement that I had to come up with 6k for my legals and other cost. I was a very angry man. Lucky for me Dad helped me out…but it was a big drama and my stress levels went up 400% in a matter of seconds. I only received the FHOG 2 weeks after settlement, apparently they lost my papers somehow and then magically found them again and fixed it up. All I can say is keep believing and work hard and your dreams will come true if it doesn’t work out the first time try again and make it work.
