Agree with Terry – use a property lawyer from the state the property is located in.

The process of buying property in different states is slightly different – your lawyer needs to be familiar with the nuances of the state you are buying in.

Look for someone who specialises in property.

Not sure how property transactions are handled in SA but in…[Read more]

Hi Mattsta,

Not all new properties have warranty.

From memory NSW warranty does not apply to buildings higher than 3 storeys with underground carpark. I am sure this is what Scott's link was to. Been a while since I had an understanding of NSW building warranties so double check.

All buyers should check that the building they are buying has any…[Read more]

hi Scott,

Gee that is an interesting extension of issues with builders warranties.

Have NSW government made any efforts to address this matter?

This ruling could have, if it hasn't already, a knock-on effect to other states.

You meet them in all walks of life – it is a people thing.

Hi Loren,

Not sure if you have seen the list in this thread.

https://www.propertyinvesting.com/forums/community/heads-up/6845

Might be something there that is of interest to you.

Nothing in your post surprises me.

Regularly hear of owners of heritage property owners having to jump through all sorts of hoops. I would suggest the 'heritage'rating' of the property would determine how much approval you need and whether or not approvals are required for any internal work.

Most states have a website explaining the rules as…[Read more]

1.what kind of insurance should i be looking at

If the property is a house then you will need building and contents insurance. If the property is strata titled then building may be covered, depending on the strata type, I would also add landlords coverage to your insurance policy.

2.how much would it cost me

Landlords is about $240 ish…[Read more]

Try http://www.nrashousing.com.au/national-rental-affordability-scheme-nras-developers

Market still patchy at the moment mattsta.

We are no-where near being at the stage when everything purchased turned to gold as it did in 2006.

We have noticed development blocks were are buying for our clients have increased slightly in the areas we are focussing. Competition for these sorts of blocks has increased in last 6 months.

Could be an…[Read more]

Hi Rob,

Did some work with a single mum a few years back.

She was keen to get ahead. Spent some time talking through a range of issues, finding out whether she really wanted to invest (or just thought it a good idea at the time), her current financial situation, plans for the future and so on. She was late forties at the time.

Ended up she…[Read more]

I don't have the full picture so some of my interpretations may be incorrect.

I am going to be one of your siblings for a moment – be fortunate I aren't in real life.

If I was one of your siblings I would be interrogating this proposal with a fine tooth comb.

For example – why are you 'deposit poor?'
What is the likelihood of your fulfilling…[Read more]

Bugger – seems I spoke too soon.

My other puter got the same error message today while I was using Mozilla.

Hi Dazed,

As an extension to DWolfe's response – tenants need to take out their own contents insurance.

Might be an opportune time to remind them of this. Sounds like they got off lightly this time.

Despite what they say banks are not about looking after your interests Their primary responsibility is to their shareholders and to reduce their risk exposure they have.

The more they lock you up AKA cross collateralise loans the more secure THEY are.

Four brokers have responded to your question – you could do damn site worse than with one of…[Read more]

Ha – I didn't differentiate the build and own property previously hint.

Congrats on moving up the salary scale – that will make it easier to service loans.

Do you have any equity in your property? When a bank assesses your borrowing capacity they will look at your income levels and your nett asset base. As I said in my earlier post grab yourself…[Read more]

Hi Rob,

At 39 you have the potential to be well and truly in the game.

If you plan on retiring at 60 (for example) you have 21 years of investment fund in front of you. This is about the same amount of time you have spent in the workforce (allowing a bit of wriggle room for higher studies etc). This means you have as much of your working life in…[Read more]

Hi Sam,

Sounds OK – don't forget to consider the mortgage repayments on your new property when doing your calculations.

sdrake wrote:
a total of $345,000 in equity which isn't a small chunk of change and could go a long way to reducing a non-tax deductible primary residence loan.

This comment implies you are considering using the equity available in your current properties to reduce the loan required on your new home. Is this correct?

If this is the case then…[Read more]

Gee sounds like I missed a terrific edition of ACA.

Hi SDrake,

While you have looked very carefully at the equity side of your equation have you also considered the cashflow side of your current situation?

What rent are you receiving on your current property?
What rent would you receive on your unit if it was rented? and
Finally does your income sustain additional PPOR borrowings – if so, at what…[Read more]