Forum Replies Created
Hi Rob,
Is it possible to look at a list available properties now or do we need to wait for the website?
Thanks
Gary
Hi,
Try Michael Ramsay, buyers agent in Melbourne…
Hi Brett.. I don’t know how to PM either
I have seen other similar information about properties & companies posted in public here so I believe it would be ok.
Gary
Hi BrettJD,
Don’t know the answers to the lending questions – if you’re using a mortgage broker I’m sure they could find out for you. One thing they should be aware of is that you can withdraw from NRAS at any time (though you may lose some of that year’s tax incentive), unlike Defence Housing where the property is locked in the scheme for the duration. That might make a difference.
If you don’t mind I’d be interested to hear about the NRAS opportunity in SA, I haven’t come across any of those as yet.
Cheers, Gary
Hey JPS,
Thanks for posting – I have seen the letter, the NRAS people I’m talking to sent it to me.
I hope your finance works out ok, A couple of other Forumites have bought NRAS & said they had no trouble getting finance, & at least one was with one of the main banks. I believe lenders were a bit wary early on, due to a fair bit of misinformation about how NRAS works, but hopefully it’s better now.
I’m looking at buying a town house in Carseldine myself, will just make sure the contract is Subject to Finance.
Cheers, Gary
Hi JPS,
Hope it gets sorted okay – let me know how it goes.
Other than the leasing issue, how was the buying process for you? Any problems getting finance etc?
Also interested to know where you bought & which consortium – am looking at buying soon myself but still not sure where.
Cheers, Gary
Hi JPS,
I posted this on another NRAS thread – might help. Cheers, Gary
I had the same concern as I found that ruling as well. However, there is more information on the general ATO website. The key issue is that the individual dwelling owner needs to enter into the lease directly with the tenants, not the property manager (i.e. the community housing agency). The agency can act as the property manager though. See this page on the website:
http://www.ato.gov.au/businesses/content.asp?doc=/content/00225605.htm&page=23&H23
Hopefully someone currently in the scheme can further reassure us.
Hi Goosehead,
I had the same concern as I found that ruling as well. However, there is more information on the general ATO website. The key issue is that the individual dwelling owner needs to enter into the lease directly with the tenants, not the property manager (i.e. the community housing agency). The agency can act as the property manager though. See this page on the website:
http://www.ato.gov.au/businesses/content.asp?doc=/content/00225605.htm&page=23&H23
Hopefully someone currently in the scheme can further reassure us.
Cheers
Gary
Thanks Kane. My broker is suggesting NAB anyway so sounds like it will be ok.
Cheers, Gary
Hi Again Kane,
I’m leaning towards going ahead with an NRAS purchase as well. You mentioned issues with banks. My mortgage broker has already suggested it’ll be hard to find a lender for NRAS. Could you advise what the main issues were from the lenders & how you resolved them? Was it one of the main banks you went with in the end?
Thanks
Gary
Thanks Kane, glad to hear it is working out well so far.
Was it Paramount that you are with in Tas? I’ve seen their website & they seem to have a few still on the go.
Wondering who the ones are that you say you wouldn’t touch – happy for a PM if you’d rather not post publicly.
Gary
Hi Wuzziemoo,
Just wondering how your NRAS property has worked out so far – tenant quality, property managers etc. Do you feel the purchase price was reasonable in hindsight?
Reading this & other posts there seems to be a lot of misinformation & confusion about NRAS so any direct experience you can share would be most helpful.
Cheers
Gary
Thanks everyone for the very helpful comments.
The mortgage broker isn’t a family friend, just someone that a family member uses & is happy with, so no personal connection. I’d be just as happy to use Terry or Richard, having read many of your sensible comments on here.
Sonya, agree that service doesn’t need to be face-to-face, my first PPOR mortgage was all done online/telephone & it was easy.
I’m hoping to see an accountant (also a referral & does property) in the next couple of weeks (he’s on holidays until next week). Does it matter who I talk to first – accountant or mortgage broker?
Gary
Thanks Terryw, got it now. I won’t pay interest on a $1 balance but will have immediate access to funds when needed.
Have been reading more forums on here & wondering if I’d be better off exiting the credit union altogether due to lack of flexibility. If I refinance with my bank & use the offset etc the interest rate differential will be less important. I know I need to avoid cross-collaterisation, so I could refinance with the bank for the $140k plus extra as a LOC, then use another bank for an IP. Am I on the right track?
Gary
Hi Terryw,
My current loan does have free redraw, but I’m only 20k ahead on my repayments (this was my second PPOR & I had a good lot of equity when I started this loan). I’m hoping to access the 100k plus in equity.
I’m not sure I’ve grasped what your suggesting.
Cheers, Gary
