Forum Replies Created
Wow I have got 57 posts listed. I must have my forums mixed up!
I have been reading the post on the forum for over six months and I am not sure if I have ever replied before.
I began purchasing investment properties about just over 12mths ago. My sister was being moved from one place after another and she was very unhappy so I got over my nerves bought a house she now rents. I did know at the time I had bought a positive cashflow property. Then I convinced the other half of the benefits of doing this and with my partners help we found this website.
We then took the plunge again in February 2003 and then again in March 2003 and again just two weeks ago. So we now have four investment properties and they all have enjoyed huge capital gain and all are positive cashflow. (the rent covers all costs inl rates and ins). We are looking at repeating our success here in NZ but seems a little harder to get finance in NZ.
Anyway we will get over that. We are very happy with the results the capital growth was an unexpected bonus just went for the income.
Anyway that’s our story.
Bruce you sound like a geniune Australian wanker! You very sarcastically put down the ideas and opinions of others on this forum and stand back with a superior attitude. I am a government worker who runs cabs on the side therefore I must be better than someone who got their idea money making idea from a book.
The people on this forum have chosen property as their preferred way to make money. Good luck to them (most Aussies sit on their bums and do nothing at all!) You have chosen to run cabs while working for the government. That is your choice.
My question is are you basically sitting there getting your jollies by being a sarcastic bastard? Because it does not sound like you have any interest in property investing!
So maybe you should spend more time concentrating on running your cab business!
davo70
Give us a few details and we might be able to access the best way to help you. Things like the estimated value of your home, how much to do you owe on it. What sort of income do you get and how much. What debts do you have now.(personal loans, car loans, credit cards etc)
What areas are you thinking of buying in and at what price.
This will give us somewhere to start.
Davo70
Mini are you talking in Australia or in NZ?
Davo70
Mini I have a quick question. As an Aussie buying in NZ there are two things I only just thought of. Do they have landlords insurance in the same format they do here (I assume they do but am not sure).
Secondly the risk of Earthquake is much higher in NZ than Australia. What are the risks with home insurance in that regard. If my house is flatten by a big quake will it be rebuilt, will I get lost rent etc.
I know these seem like silly questions but I a little panic attack last night.
Thanks
DavidI think that despite the decrease in the size of the family that larger homes will always be popular. Lets face it the rich love large spacious homes even there is only one or two people living there.
People will convert the extra unused rooms to other purposes and this will give them scope to do so where as it is much more expensive to add a room to a small house or duplex.
Anyway just a thought!
davo70
Melanie is correct they do offer interest only to ten years. It is on their a fixed rate and they will only allow to 80%.
Loanstar who I only just found out about offer I/O ten years on both fixed and variable rates. Although they also will only go to 80% of the property value.
Hope this helps.
davo70Loanstar in Qld offer a 10 year Interest only loan and I believe the ANZ Bank also offer a 7 year interest only loan.
I will check and get back to you guys.
David
Michael I am not sure if I understand your question. I am tired from lack of sleep.
Sorry.
Davo70Mel can you explain the voucher scheme a little more does it relate to all states? I have two centrelink receiptents in my investment properties and had a several time where I have had to chase up the money.
This may make life a little easier.
Davo70
If you are looking at Rocky you have been get a wriggle on as the prices have already begun to skyrocket. Austrlian Bureau of Stats site is also good for information.
Rocky is currently experiencing slow population decline and weak economy and no future major developments noted. Kingaroy is a major town in the southeast corner with strong reliance on agriculture little industry.
Gladstone is an economic powerhouse of central qld, good population growth and rapidly rising housing prices.
Hope this helps.
DavidWhere do you get your figure that loan repayments are 33% below rent?
The average rent in Brisbane for example is about $250pw in the average 10km radius suburbs.
The average purchase price is around $300,000 in the same areas if you had a loan of $225,000 over 25yrs then your payments would be $1,529pm
This equals about $350pw plus rates plus insurance and property maintenance.
So for most average income earners it is still cheaper to rent than buy.
The question is almost why buy when you can rent.
davo70
Can I ask a question. I did a lot of research on Rocky about three months ago and decided not to buy there. The population of Rocky has been in decline for eight years and the economy is not looking good, unemployment highest in the major regional towns and the town has poor infastructure etc.
Will this not affect the rents and capital growth in the long term? The houses look ok in a few areas but most are in poor condition becuase of the tenants rather than poor maintenance by landlords.
I decided not to buy in Rocky for these reasons. Have I missed something or is everyone simply after cheap property regardless of the long term prospects of the town they buy in.
I noted the Qld government has no projects in place for Rocky in the next five to ten years, whereas Gladstone, Mackay, Townsville, Cairns and Bundaberg all have projects and infrastructure projects to be build and approved for funding.
Thanks
Davo70I feel slightly better having sold shares last year to get into the property market. Plus I live in Brisbane so feel even better.
Thanks Crashy!
Everywhere in Brisbane is booming. Forest Lake is about 18km South East of the CBD and is Qld’s largest planned estate. It has very large lake and I go there a lot for walks and coffee. We are even considering buying there. You can still get properties in the $200k price range but these are basic houses away from the lake. Not that there is anything wrong with that.
Anyway just my two cents worth.
I have done some research and found that the properties in the Wairoa area near Napier and Hastings seem well priced. Does anyone know much more about these areas. Economy seems strong, unemployment not too high (higher than Aust but no bad for NZ).
Just after some opinions from our Kiwi friends.
Let face it boys and girls this one comes down to what you are comfortable doing. I really see no problem with 100% offset or LOC. So do some investigating with the banks and find out the fees and charges associated with each type and then make a decision from there.
As a broker I always let the customer decide I just tell them what the loan does and how much it costs. It is not my job to sell a product but a service to allow them to make an informed decision.
I am a Broker and it is very understandable that you should be upset. The broker should have been following this up on a regular basis. I never let more than a week go by before following up a deal.
I always phone the customer to keep them informed of what is happening. If your broker can’t give you straight answers look for another one immediately and make sure you get back all the paperwork you gave the last one.
Brokers are not paid to sit back and do nothing they work for you. You are their customer not the bank!
The St George portfolio loan has been named best line of credit loan for many years and I have two.
It is a very good product. If you borrow more than $150,000 you are entitled to fee and interest rate discounts and the annual fee charged by the bank is much lower than ANZ, CBA and Westpac’s equivalent.
I also find the St George staff a little easy to talk to than the big four. But that is just my opinion.
Go get your paperwork from this broker and get another one and hound them if need be to get the respone you deserve.
Sorry to get on my high horse just idiots like that gives the rest of us a bad name.
