It’s under Consumer Credit Information.

Keep smiling
Felicity

NAT AUST BANK VIC & TAS made an enquiry on 25/2/2003 in reference to an application for a Real Property Mortgage account where you applied as Guarantor for the amount of $xxx,xxx.

This is a direct quote from my husband’s credit file, from when we applied for our first loan using the company/trust structure, with ourselves as guarantors.

Keep…[Read more]

Hi Terry
I did basically mean what you want on to say, which is that my information is that when you’re a guarantor for a company loan, your credit history will be marked. My broker had added, too, that since the collapse of the MI market, the remaining two were being a lot more careful and pedantic about the scenario Steve has outlined.
Perhaps…[Read more]

I buy with and/or nominee in Victoria all the time, but then again I also then transfer the contract to my company (most times). So because there is a connection there’s no double stamp duty.
Not so sure how it works if you transfer the contract to an unrelated party.

Keep smiling
Felicity

What state are you referring to Mathew? These sorts of laws vary from state to state. In Victoria it’s not illegal, but you do have an obligation to maintain the first mortgage at a lower level than the wrap buyer’s mortgage. I’m not sure how enshrined in legalities that is though!

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Felicity

Hi Andrew
Another possibility would be to buy a house using a vendor finance arrangement. This would mean that you could put down $10k upfront to buy, keep the other $20k for when you’re ready to start buying IPs, and in the meantime you have a place to live.
I wrap houses in the Cranbourne area usually, where the weekly payment is about $100pw…[Read more]

I thought his explanation of why using negative gearing as your only investing strategy was a big mistake and very risky was excellent.
Must practice that and repeat it to a few friends of mine… []

Keep smiling
Felicity

Sooshie
It’s rare indeed that I end up buying stuff at an intro seminar when I have no real prior knowledge of the speaker or his credentials.
I figure, for free, I can handle only walking away with one or two little bits of useful information.
Mind you, it’s not really free, the logistical exercise of me being there is enormous!!

Keep smiling
Felicity

I’ll say hi if I bump into you there Steve! []

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Felicity

Hi Vincent
It depends on how you think it should work!
The 11 second solution is not a guide to what your existing rental property should be paying, it’s purely a quick formula you can do in your head to determine if a property has a good chance of being cash flow positive.
Reality is that very few properties in capital cities have fitted this…[Read more]

Hi sooshie
no, it’s got nothing to do with the family going into hibernation – apart from anything else, my nephew has grown out of his asperger’s to some extent (and controls it better now he’s older).
They just don’t like our approach to life! Mind you, there’s a history of this – this is the 3rd time the in laws have disowned us, although up…[Read more]

Sooshie
good on you for learning more and moving on in life! That’s the sign of someone destined for success.
About our nephew, well, I don’t actually know how he is any more, hubby’s family (parents and sister) have disowned us, we haven’t seen them in a lot of months now. Apparently they don’t like the fact that we think differently – we seem…[Read more]

So were you involved in obstetrics and gynaecology Sooshie?

Keep smiling
Felicity

I have the one from Creative Real Estate and it’s fabulous!
You enter 3 variables ie loan amount, interest rate and loan period (ie 30 years) and it will calculate the 4th (ie loan payment – can choose weekly, fortnightly etc).
Incredibly simple and no need to remember formulae!

Keep smiling
Felicity

And remember that legislation varies from state to state!
As a rule of thumb, you should always ensure that your loan is less than your wrap buyer’s. That way no matter when their contract is completed, you can always pay off your loan.
Personally I use IO loans at the moment because I want to maximise my cashflow to continue doing more deals.…[Read more]

Glad you’re back on deck Sooshie!
I agree, the regional areas of Victoria have skyrocketed in the last 6-12 months. I have only watched larger towns (ie 10,000+) but have been stunned by the growth. Even some of the poorer performers have had substantial growth. So much for the concept that if you accept good yields you forfeit growth!
In…[Read more]

Congratulations Quasimodo! [] []
Although I feel I must point out that in fact Quasimodo doesn’t end up with Esmeralda…. But I think in Hunchback of Notre Dame II he does get the girl – haven’t seen that one yet.
I only had kids to pretend that we have all our Disney videos for them…. []

Keep smiling
Felicity

Well, thanks to the wrap properties I’ve established, I no longer need to work. They give me the cashflow that our buy and hold properties didn’t (negative gearing – small positive cashflow after tax deductions).
So I guess that means I’ve “retired” to be a full time investor and mum.
Next step is to “retire” hubby, at this stage by the end of…[Read more]

Steve
I have a suspicion the same person is doing the rounds of a number of property investing boards under different names.
so don’t take it personally!

Keep smiling
Felicity

Hi Terry
It may be worth contacting Prushka, they’re based in Mitcham, in Melbourne.
I’ve used them for our preschool collections, they take a chunk out of monies collected, but once you had the information over that’s all you do. It can take a while, too, but it’s better than never getting the money at all.
They don’t mind if you’re a small…[Read more]