Mike,
hmmm, i dont think i want to go thru the process of building the house, which is so much hassle. And i really dont think i can get the loan for the construction now. I would really rather selll it at a profit and then use the money to invest somewhere.

The settlement date is next year Feb. NOw i have already paid the deposit. And i am…[Read more]

Terry,
so when do i really own the property? u mean after settlement u mean?
oh no, then since my settlement is on 1st July, does that mean i can claim anything (petrol, phone calls, fax, etc) this financial year???

oZbroker,

i called my broker and he said it was actually HOmeside didnt even know what products they can give me with the 90% loan. It seemed that the Mortgage Insurance company called Homeseide and told them they cant do it for IO Fixed Rate. And homeside apologised to my broker about it, cos they actualy approved the loan on the 16th May and 2…[Read more]

oooooh guys,
it tihnk i wont have the time to get another lender other than homeside, which is waiting for me to choose P&I loan at Fixed rate, OR IO loan variable at 6.11% (with $200 discharge fee). Bascially they have approved the property and everything, just waiting for me to choose which plan.

Should i go fot the IO variable now, and then…[Read more]

terryw,
eh what is a CRAA?[]
I tried ING but they dont do in Churchill which is a countrytown.

ok so what will happen if i dun get the finance approived and the contract goes ‘unconditional’? what does that mean?[!]

the discharge fee for the 5 year Variable interest only is $200. Is that expensive?
the var rate is 6.11%, the fixed was 6.4%

or should i go for HOMEPATH which FIxed Rate Variable is only 5.65%???

ok, really, which bank gives the best rate for Interest Only Loans FIxed Rate with no monthly fees??
Anyone got any good recomendations?

hmmm, yeah i got this free appraisal thingy too!
So u were saying they dont tell u anything useful about your financial situation in this free appraisal?
DOes Philco sell you properties?

can he really just get enough cashflow from peoperty investing? I thought most people say, to get cashflow do business, to let it grow, keep it in property.
How can he and his wife get 200k EACH per year? from rent??? He rents to Bill Gates or something?

where in Victoria can i find such property? 75,000 with $155 per week?

i think there are more of these types in Qld isnt it?
I tried Morwell, Traralgon, Sale, etc, cant find anything with such high rent and low purchase price./

David U,

where can you find positive Properties with views to seaside like you said?

whoa!
does that mean when i m buying land in Victoria, there is land tax as well??????!!!
how much is it? counted at %??

i bought this land at $102,000 which is due to settle next year.
Damn stupid government only wants money![!]

SPARKLy,

do these banks u mention have branches in Melbourne? I think i emailed Australian Central and they said they dun have a branch here, but they can insure for VIctoria locations.. i just thought it was a bit of a hassel if they are so far away..

David U,
did you do any reno work on the properties? how many bedrooms?
i did buy at those places too, but i paid a little more for them compared to you. That was just in April.

I just got a quote from CGU for my insurance for my positive cashflow property. My property was purchased at $83,000, with rent per week $120.
After September i will increase rent to $130.

Here is the insurance quote:

Cover Sum Insured BasicPremium

1Building 150,000 204.93
1Contents 7000…[Read more]

i tried to do this once with a 2 bedroom that is selling for about $65,000. I was asking around and most builders say $700 per sqm, and he quoted me $10,000 to build the new room! and a 3bd house in that area sells for about $85,000. less the purchase cost and maybe selling cost, there aint much profit left.

i am still a bit blur over this company/trust thingy.
Ok, my tax rate is 30%, and i am starting to buy Positive Cashflow Properties, and i will be buying more of these to support my ability to have a Negative Gearing property. As Brad Sugars says it should be about 4 PI and 1 Neg Gear in one wealth Wheel.

1)So , should i be better off with a…[Read more]

One thing you could do is, turn your house into a Quick Cash deal. Do some reno on your existing house (if it needs it) and sell it off at good price.
Make a good profit out of it.
And then, maybe you can have the cashflow to buy positive income properties or some wraps.
What do u think?

Spark,

u mean we need to become a member to get the insurance from them? Does CGU require membership?

And how much do we need to pay per year for the membership so we can save $59?