Forum Replies Created
Thanks phana007, as you might have gathered that I have so many basic questions. Can you list name of companies/brokers that finance low doc loans in Melbourne?
Thanks Trakka for the welcome. Australia is a great country and it is a priviledge to be here.
djacHi Kum Yin lau
Thanks for sharing your first PI case and thanks for the caveat.
Some clarification questions:
1. I assume that you borrowed from the private lender against the property to the amount of 60% LVR at higher interest rate . Did you borrow Before finding the job or After?
If Before, why could not you finance the property directly with the private lender in the first place?
If After, why did not you approach the main stream banks for lower rate?
2. With hindsight to this deal, what will you differently?
3. Is your private lender 'really' private or open for public financing/borrowing with higher charges? Which one do you recommend?
Regards
djacHi LA Aussie,
South Africa is not a safe place where you can bring up your children. When applying for jobs back from my country of birth, I was told that I must be in Australia for any prospective employer to seriously consider my application. These 2 factors led me to resign without securing a new employment. Now that I am here, I get told that I do not have local experience and hence my inability to secure employment within the past 8 weeks. It is not all doom. I am still collecting the rental incomes from 4 international properties through my property managers in 2 different countries. But as I said in my opening script, the local banks are not interested in my overseas credit history.
In your answer, you refered to me to BM's. Who is that? What does it stand for? Where can I contact them?
As for the worst scenario, it is defintely high on my agenda to buy properties as soon as I have an employment. But my thinking is that I have some time now while I am still looking to be econonmically active, so why not to use to buy Property Investments.
Regards
djac
Hi Nucopia,
Excuse my ignorance, but I do not understand the jargon. What do you mean by I.P. and P.M?
Regards
Hi Trakka,
Teaming up is definitely is an option that I will be exploring… My personal challenge with this option is that I am new and I do not have friends or family to team up with. As for teaming up with other investors & property owners, I'd rather take over existing repayement with the original loan remaining with the current owner/investor , in other words, I need to explore low doc opportunities. Any ideas on how I can go about digging for these low doc opportunities.
Is it acceptable in Australia to place in an ad in the local newspaper soliciting for such opportunities? Any help with the wording will be appreciated.
Regards
Thanks Tracey for your insight into this topic of renting vs ownership. I will be renting. However, as a new comer to Australia without employment technically ,what are my options for property investment?
For example, yesterday while i was hunting for a rental property, I checked a house for sale:
Asking price : $300,000
Stamp duty : $11,800 (according to the agent)
Conveyor: $450
Rennovation and touching : $500
Are there any hidden costs? What about municipals fees? Are they paid by the owner or tenant?According to the agent, expected weekly rental is $250-260.
Is this a good investment? I can afford to make a large deposit if required. Once again, what are financing options?
Regards
Joseph
Thanks Marc,
From property ownership and investment perspectives, is Vermont the best/good location in the east? Does this suburb present growth potential? If not, what areas do you recommend in the outer/easter part of Melbourne?
Regards
Joseph
