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  • Profile photo of fredo_4305fredo_4305
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    April 11, 2010 - 8:22 am

    Thanks.  So you just ask your bank or broker to organise this? 

    If it isnt a fixed rate do they make it a fixed rate for that period only?  Or are they just grateful to have the money 6 months early (which they should be grateful for)  and its calculated at the customers regular rate.

    Profile photo of fredo_4305fredo_4305
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    April 11, 2010 - 7:58 am

    I take that back I can see why an adjustment would need to be made.

    What my friend wants to achieve is to basically pay 6 months worth of repayments (then not have to worry about it monthly) for when it becomes PPOR for the 6 month period.  It will be then rent out again the next day after the 6 month period.

    Profile photo of fredo_4305fredo_4305
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    April 11, 2010 - 7:49 am

    But there wouldnt really be an adjustment being made as you wouldn't be claiming anything whilst its a PPOR. ? .

    What is the difference between prepaying interest and repayments in advance?  The loan is IO.

    Thanks

    Profile photo of fredo_4305fredo_4305
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    April 6, 2010 - 11:56 am

    I am no accountant nor an expert on the economy but it is all good and well for the RBA chief to say this as im sure his massive pay packet without investing is a comfort to go home at night….. But for us mere mortals investing is the one way to seriously get ahead and try to break the 9-5 rat race……

    Ill still take as much money as the banks are willing to give me.

    Get rich or die trying…….

    Profile photo of fredo_4305fredo_4305
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    April 1, 2010 - 9:38 pm

    Vita I think that is about the right price.  It is no where as expensive as I what I first thought it would be.  You can also just do key areas of the property if you want to save on costs.  Most packages I have seen run for between 2 weeks and a month.

    Profile photo of fredo_4305fredo_4305
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    April 1, 2010 - 6:04 am

    Anyone?

    Profile photo of fredo_4305fredo_4305
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    April 1, 2010 - 6:04 am

    Anyone?

    Profile photo of fredo_4305fredo_4305
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    March 31, 2010 - 10:45 am

    Danny,
                   I have looked in to doing this…… However my thoughts are that an agent who isn't then going to manage the property has no invested interest in it to some degree.  They could give you any tennant to get the money.  To them it doesn't matter if the tennant turns out to be no good as they are not managing it hence not really their problem.

    Is it just a matter of trust.  Have you had any bad experiences with the tennants they have passed on?

    Profile photo of fredo_4305fredo_4305
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    March 31, 2010 - 7:43 am

    Hi,
             This to is my dilemma.  I have a couple of properties I self manage and don't have any problems managing them.  My only problem is advertising.  Most people go straight to realestate.com and why wouldn't they.  It is hard to get exposure.  Even a private add in a paper and a sign don't have that much of an impact unless it is on a busy street. 

    It would be great if real estate. com had a private rental area.

    Profile photo of fredo_4305fredo_4305
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    March 31, 2010 - 6:58 am

    Insurance is like anything you get what you pay for. 

    Some of the premium companies may charge more but they can be much easier to deal with come claim time. 

    Insurance companies have taken a hit in the last year with the Bush Fires, Storms and QLD flooding x 2.  They are like any other business when times are tough they do what they have to do to save money.  They do this by tightening up on claims and make the customer jump through more hoops  produce more evidence and documentation until in their eyes hopefully the customer gives up.

    Profile photo of fredo_4305fredo_4305
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    March 30, 2010 - 11:08 pm

    There is an oversupply.  It is also a suburb that 6 months ago some banks were very iffy about.

    Have you been for a drive out there?

    Profile photo of fredo_4305fredo_4305
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    March 30, 2010 - 8:21 pm

    Hi Andy,
                         That would be great if you could let me know how you go.  In the process of building some units and very curious as to know if it is money well spent to stage a property.  I think it definately looks better but at the end of the day it is the money figure that determines whether it successful or not

    Look forward to hearing the outcome.

    Cheers

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    March 4, 2010 - 9:52 am

    I am in the process of having my broker untangle mine so I can purchase further properties.  Mine were all cross secured I had plenty of excess income to purchase another.  Bank said no.  I will now have no worries to buy more now they are broken up.  In my opinion unless there is absolutely no other way to purchase then don't cross secure.  There is no point doing it "just because the bank wants it or it saves a bit of paperwork".

    Profile photo of fredo_4305fredo_4305
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    February 19, 2010 - 5:06 am

    On the bottom of your payslip for the fornight it would be technically more so possibly more fabourable?

    Profile photo of fredo_4305fredo_4305
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    February 18, 2010 - 11:05 pm

    Maybe review the location and price range?

    I too will be interested to see more financial responses.

    Profile photo of fredo_4305fredo_4305
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    February 12, 2010 - 8:40 am

    I would get a independant valuation done and ask the valuer if I did this what would you then estimate it be worth within reason.  Kitchens are the hub of the house and can put alot of value on but it is important not to go over the top.

    The other thing to be careful of is LOC extensions and initial setup are hard to get approved at this point in time.

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    February 12, 2010 - 8:37 am

    Mike,
                I am in EXACTLY the same predicament.  Hindsight is a wonderful thing but I wish I had of structured my portfolio differently in the past and used a GOOD broker from scratch.

    You need to break up your portfolio by spreading the debt risk between a few different lenders. 

    For an example (hopefully in laymans terms) if you have 1 million with one lender and you go under that lender looses out (technically so to speak) 1 million dollars.  If you had that 1 million spread between 3 lenders 330k each and you went under each lender would (technically) loose out 330K.  So one lender would not be loosing a massive amount of cash just a portion as such the risk for each lender isn't as great.

    If the lenders risk is minimised you are able to borrow more pending your income LVR etc.  If you had 8 properties you may like to have 2 per lender or somthing to that degree.  It does seem odd due to no figures really change in the amount you owe servicablity etc but thats how it works.

    There are some brokers with fantastic information on this forum who can provide alot more advice. 

    Profile photo of fredo_4305fredo_4305
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    February 9, 2010 - 10:18 am

    Thanks Richard.  Was just curious to see if it was a marketing stunt or not.

    Profile photo of fredo_4305fredo_4305
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    February 9, 2010 - 6:45 am

    Jac I think you may have got confused or I did not pose my post correctly.  I meant Banks Affordability Rates Calculations.

    Profile photo of fredo_4305fredo_4305
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    February 9, 2010 - 4:37 am

    I may start this as another post but affordability rates are quite high at the moment.  Are they likely to come down anytime soon? 

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