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I'd rather run with knives in the kitchen than fall onto that.
If you pay, you receive the file within 24 or 48 hrs (can't remember which one.) If you choose the free option, it only takes a couple of days. This was the case in August. Just have a good look through the website and you should have some success. Best of luck.
As Richard posted.
I recently applied for mine. It only took a couple of days when choosing the free option.
If you want to buy hassle free, overpriced property then they offer the product that you're after.
I recently had an appointment to find out about their NRAS products as I couldn't get any info without an appointment.
I appreciated the efforts that their staff made to enable the appointment but they squirmed when I had a few questions for them.
You should have seen the staff member's reaction when I told them that if i did intent to attend their 4 hr assessment session (which you have to pay for) that I would not be buying on the day and would perform my own due dilligence once they provide me with all the details (I couldn't get any info about any of their properties during this first appointment)The staff member seemed shocked that I would compare their prices to its true market value. I was presented with three "thank you Park Trent" letters to assure me of the sale prices. I explained to the staff member that if I offered them a dwelling for sale, they would assess its value and compare it to the asking price.
I feel for the staff member who attended as they seemed genuine and made a lot of effort to visit me but unfortunately a lot of questions went unanswered and I have not received any follow up phone calls about any of their NRAS properties.
It was probably a waste of everyone's time in the end. Best of luck.
G'day Tugger.
You are correct. Richard is the man.
Richard is correct. My dealings with CBA indicated that the loan would have to be refinanced to receive a partial refund. They wouldn't recognise the money in a 100% offset account or a lump sum repayment on the loan. I didn't ask any questions about re evaluations but I think you may be out of luck.
Best of luck mate. Give em a go though, you've got to ask the question.
I'd buy from you Karenday.
But I don't know how may bargains would slip through your fingers.
G'day Terry,
From memory (while ago now) the Acts Interpretation Act and Duties Act could not assist me any further with definitions. I don't believe there were any Revenue Rulings of assistance either.
PTW,
You had better treat her good or she might not be keen to give you another go. It takes a special kind of woman to want to get dviorced for future financial gain.Best of luck mate.
(a) after the transfer, the residential land will be owned by the parties as joint tenants or tenants in common in equal shares; and
(b) the residence will be the principal residence of the parties.
I have previously contacted the QLD OSR in relation to the definition of WILL be the principal place of residence. They passed me around without really giving me an answer to rely upon.
From memory the Macquarie dictionary also defines WILL as intent. I intend to move into the residence in 10 years time.
G'day all,
I had an impromptu discussion with the local CBA branch manager whilst at the food court today.
Neither of us had all our questions and answers with us but it went a something like this.
At 80% LVR for the individual property "it was a sure thing" that the loan security could be removed and the property could stand alone. I was told that this was common practice when removing a guarantor from the loan (i.e mum and dad previously providing security to a child's house.)The bank may allow greater than 80% LVR on the stand alone properties, but this will depend on whether any LMI has been paid on the total LVR of the portfolio. If not previously paid, LMI may become applicable to the loans which become stand alone.
As expected, the CBA will not take into consideration the 100% offset money when it comes to attempting to get LMI below the 80% for a partial refund of previously paid monies. (For example; if you paid LMI on 82% LVR and you paid out this loan within 12 months, you would receive a partial LMI refund. However, if you place $100,000 into your offset account, the bank won't recognise this reduced LVR as this provides no security to the bank. Therefore no LMI refund if the loan still exists.)We didn’t have time to discuss costs etc. The conversation was quite quick, so I might not have heard all the answers correctly but it all seemed quite fair and reasonable There is light at the end of the tunnel. I intend on borrowing again before these ones get down to 80% LVR though.
Thanks for your help everyone.
I gave the Comm Bank over the phone lenders a call today. Unfortunately she didn't have a clue about any policy, procedures, or reasons why I would make such a request.
As per her advice, I'll go in and have a talk to the lenders at the local branch.
Will keep you posted if I get some rough guidelines.
G'day Russco,
Unless the FHOG Act has changed recently, it is a lawful application. Just delay getting engaged for a while.
Just remember that the OSR also has it's own guidelines and legislaiton in relation to the applicable transaction duties.
Banks would no laugh. If they laugh, walk out the door laughing and give your money to another lender.
Best of luck.
G'day Enaaja,
The primary purpose would be to try and hurdle the wall that Comm Bank may put up when I wish to purchase again. While Comm bank is willing to lend me money, I have no dilemmas with the structure. As soon as they won't fund a purchase, my options may become quite restrictive. I'd like to keep my refinancing costs to a minimum. I can also imagine that Comm bank may slug me valuation fees each time on the properties.
Thanks enaaja,
The 80% LVR seems reasonable to me. I am now hoping to call them early next week to obtain a summary from them. Ideally the funds that we have in a 100% offset would be taken into consideration when assessing our risk. Ideally, and reality, are two different things though.
Thanks for your input Holdandrefinance,
I'll try and give them a call later this week to try and get a rough guideline of their policy. It will be a while though before we are at 80% LVR on the IPs. We would have to manipulate the PPOR offset money to bring the LVR down which is not a best case scenario for us. I think we'll just have to wait for some growth in the properties. It's encouraging to hear that they were willing to budge.
If I get a response from CBA, I'll try to add a summary to this post.
Thanks for your replies.
I just remembered the CBA lender making reference to "when the LVR becomes 90% on these two we'll be able to have these ones stand alone." Something along those lines. I might be off the mark though.
In hindsight, I should have prodded a bit better and tried to negotiate some answers at the time. I just didn't know that there were any other options.
Renegotiating will cost us a few deferred establishment fees + a few $ in the short term. Our LVR is under the 80% when including the PPOR 100% offset building up offsettting the PPOR loan.
We would like to buy again in the short term and will engage the assistance of a skilled broker next time (I was naive to think that I'd get a better deal by dealing with the bank directly.)
Thanks for your thoughts.
G'day Karenday
Spoke to local floor installers/polishers.
If they pull up carpet (don't know about other surfaces) $8 per sqm
Timber prep and polishing $30 to $36 + GST per sqm depending on quality of polish.Best of luck with the renos
Yes, definitely subscribe and claim it on tax. I think it just cost me $89 for a yearly subscription. I seem to get mine a little before the newsagents get theirs.
Great reference to case law Linar. I'll try and have a read if I get a chance.
Best of luck griffs. Keep us posted.
Thanks Joseph12
Fantastic link. It works a treat.
Just a bump on this post.
The title of the post has been changed because it was not interesting enough to read.
Does anyone have any clauses that they have used effectively?
Has anyone had any good/bad experiences with specific clauses?
I have not had any dramas but I am keen to hear from those that have.
Cheers
Marc
