@Jamie…..for us being overseas and not residents of Australia St George are requiring us to have 30% equity in our investment properties :)

I’m ok with that because this helps them be closer to cash flow neutral but my point is banks insisting on 20% equity……I’ve got no problems with that.

Hi Terry

The St George portfolio loan is only being used for property purchases and each property is being handled by a sub account.

It does have the issue of all the loans being cross collateralized but as I’ve discussed before, I don’t have an issue with this in our personal situation.

Thanks for your advice though, always appreciated.

don’t worry I found the answer

– http://www.osr.nsw.gov.au/taxes/mortgage/about

Exemptions and concessions

Are there any mortgages exempt from mortgage duty?

Mortgages exempt from mortgage duty include:
◾mortgages for the purpose of owner occupied housing, including: ◾financing the purchase of a residence
◾financing the construction of a res…[Read more]

@Terry, so the St George portfolio loan doesn’t attract stamp duty on mortgages for IP?

ha ha…..ooops.

must go to bed (im in NY on a different time zone), thanks, and yes….. read that wrong. goes away in 1 year and 13 days …..not 13 days from now.

ha ha…..ooops.

must go to bed (im in NY on a different time zone), thanks, and yes….. read that wrong. goes away in 1 year and 13 days …..not 13 days from now.

ha ha…..ooops.

must go to bed, thanks, and yes….. read that wrong.

buy some books off amazon or borrow from the library, at the end of the days its about “living within your means” and stockpiling cash/equity into IP’s and letting renters service the debt……while government induced inflation takes care of the rest.

what would you like to know Andrew? the costs for management or what to expect from a property manager?

To be honest I’m ok with that.

As long as 20% deposit applies to both home owners AND investors I’m fine with any rule they want to implement INCLUDING raising deposits to 30% (or even 40%) for Sydney properties AS LONG AS it applies to both occupiers AND investors…….

Would be good for people to reign in their spending a little bit.

They’d be nuts if they did. Sydney property is on fire right now.

Going to be some massive bargains in 2018 when rates go back up to 5-6%.

Just got off the phone with a broker on an apartment I was interested in to find out the vendor wanted $680k for a 2br/1bth/1pk…..the same apartment next door sold for $570k last year (albeit about 15m2…[Read more]

Hi Catalyst, looks great, did you need to replace plumbing or wiring after the fire?

So is this going to be enough to take the steam out of the Sydney market?

Based on this weekends auctions I’d say not but as I’m just about to buy next IP …would prefer not to be buying he month before everyone decides yeh we are over paying….

so what was your final outcome…..after speaking to the broker?

decided to keep it. for less than $4.99….not worth the effort of mailing……and that folks is what makes a market :)

Hi Jamie,

For me personally its a “premium” that enables me to sleep at night, there is no way ANYONE should be buying and selling within 5 years. the entry/exit costs are just too high, go buy equities instead.