Forum Replies Created
Not sure on the insurance side of the house but the lender if you are using one may. You may not be able to access the funds as they will only provided funds for a builder most of the time. For a big build anyway, I think there may be flexibility if funds are for a small reno.
Hi Richard thanks for those comments, of which I was unaware regarding the life of the loan comment. In saying that if I refinance that loan with the same lender to access equity after the the 3 years would that mean I need to pay complete LMI again as opposed to a top up?
Cheers
Brendon
Brunswick and Northcote are about even stevens, then Coburg, followed by the rest.
Brunswick and Northcote have great transport and cafe scenes. Great lifestyle suburbs. Coburg is not really my thing although a little bit cheaper.
CBA IPhone app is great. Give that a shot. I am sure there are alot of others out there though.
There is no magic property program to give you a strategy. You need to give yourself clear direction as to where you want to invest and go from there.
I think we all have to just hang in there.
How long was the forecast for 6 months, 12 months???
I thought the SA market was one of the markets suppose to be on the up in the not to distant future.
I think all markets are relatively flat at the moment.
Thanks Terry.
Is there any formula going around to put into an excel spreadsheet?
Hi Anthony,
I hit this wall a few years ago. I earn relatively the same as you and by the looks my outgoings would be slightly more. I also rent not PPOR.Have you consulted a Broker? They can find better finance paths and are more creative than banks. Banks will treat you like gold until you have reached your borrowing capacity then kick you to the gutter like a dog.
Also you may have a heap of equity in your property from the last 2 golden years in Melbourne. You could have a healthy deposit sitting right under your nose.
I guess you have to be comfortable in borrowing more and know yourself that you can repay it even if the money is tossed at you.
You have to make the figures work, get a bit creative. Trust me it can be done….;P
The QLD market has been flat for 4 years what are you whinging about??
Melbourne market cannot go up for ever. Property goes in cycles and yes it is flat. Vendors have fresh in their memory the Melbourne good times just like QLD buyers have the floods fresh in their minds.
I also believe the GFC is hurting us more know than during the GFC it also fear mungers as people are more cautious now.
I live in Pt Cook and invest in QLD. There are wayyyyyyyyyyyy to many houses for sale out here. Why buy a used place when you can build your own for the same. I just had a mate whos house recently settled after he bought a block and built.
Investors won’t buy in pt cook as the rental returns are junk and the capital growth is a bit average.
Is anyone able to give a total amount?
I know there is considerations ie windows etc etc. But the home is 170 SQM as a guide.
I would be grateful for a total price.
Burnzy out of interest how many deals have you completed?
Options is something I wouldn’t mind looking into.
I always get depreciation reports conducted. Even though I have a couple of semi renovated colonials in my portfolio that were built 1905 era I still got a heap back in my first year. The reports themselves are tax deductible.
What about a unit closer to the city?
That is exactly my point if you cannot afford it on your own but they assess both of you to see if you can afford it on your own it won’t work.
So how is husband and wife buying together different from two friends buying together??
Not looking to borrow with someone but just curious.
Which property is best financially when you take into consideration yield and depriecation?
Do the mortgages hurt you or do you just want to offload as it is less to worry about overseas?
I don’t know Sydney all that well and Lidcombe certainly whilst not right in the city doesn’t look to far out in the grand scheme of things… Where as Truigania is about 25km out of Melbourne and certainly on the fringes. I think Lidcombe is in a better position than Truiganina so for me all things being equal it would come down to supply and demand and god knows that around Pt Cook, Truganina, Tarneit there are many many many houses for sale and rent.
Both cities have had their little boom so its even stevens there.
Supply and demand……
Melbourne has so many options. Yes the market has stalled a little but cycles are apart of investing. If you are keen to invest in Melbourne and are after a unit why not try, Brunswick, Northcote, Footscray, Carlton and for a diamond in the rough out around Braybrook or Altona.
I think every one will agree Melbourne has had its time… for now capital gains wise. Yes there are still properties being sold for top dollar in sought after locations but alot of the people who are buying these are owner occupiers who are paying premium for lifestyle choice.
Other states have to be on the up sooner rather than later. Adelaide from the sounds of it will be one of these…. not to mention the talk of Mining that is taking off in SA.
I guess there are a number of things to look at here:
Why are you selling?;
What are the mortgage repayments?;
Rental Yield?;
Tax Benefits?:
Cycles for each property in the market;?
Buyers or Sellers Market?;
How long it may take to sell:?
Which one will give you a better sale price pound for pound?;
The areas they are located in and adding to that future infrastructure or anything that could give them a significant capital gain?;
I understand this is an older post but here is what I have encountered over the last couple of weeks.
I signed a contract in Jan on a property and subsequently valued by the bank, the property was valued at 60K more than the contract price however the bank took the contract price. There was a 60 day settlement.
Due to having another property flooded in Jan although insured it is coming time to recieve the cash settlement from the insurance compnay. To know exactly where I am at and the best course of action on all fronts I paid my bank to value it. Cost me 200. The banks policy was that the could revalue it for free but they require some form of application to do so. 200 isn’t to bad and they can’t say no they won’t do it as they outsource the val regardless.
I hope it comes up trumps find out next week.
So in essence some banks allow you to pay for your own val whenever you want it. If you find out you have made 20 – 40K after a reno and the val costs 200 which is deductible I don’t think it is to much for out.
Please… anyone… surely??
