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  • Profile photo of goatusgoatus
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    @goatus
    Join Date: 2012
    Post Count: 7
    January 15, 2013 - 3:05 am

    No dramas, you have been very helpful. Cheers.

    Profile photo of goatusgoatus
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    @goatus
    Join Date: 2012
    Post Count: 7
    January 15, 2013 - 2:58 am

    Thanks again all – very useful info.

    The properties are 2×1 units / villas in Westminster and Osborne Park respectively – within 5km of each other. 9 – 12km from Perth city.

    Good to hear things seem to be selling quickly. Will interview a few agents and see how it feels.

    Profile photo of goatusgoatus
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    @goatus
    Join Date: 2012
    Post Count: 7
    January 15, 2013 - 12:38 am

    Thanks gents – so should 3.3% be the standard rate and I should be able to negotiate them down from there, or any decent agent will be charging at least 3.3%?

    Is there a good way to determine an agents worth/performance other than taking their word for it? Any advice on what to ask them to help make a decision on who to go with?

    Thanks again, this is a great resource.

    Profile photo of goatusgoatus
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    @goatus
    Join Date: 2012
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    September 13, 2012 - 11:09 pm

    Thanks Tom, that totally makes more sense to me now =)

    Just so i make sure I now understand the concept, if I were required to put a $50k deposit down for the new home, I could effectively put $40k down in cash, and the additional $10k from the equity?

    Profile photo of goatusgoatus
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    @goatus
    Join Date: 2012
    Post Count: 7
    September 13, 2012 - 12:27 pm

    Thanks all, some great info here.

    @thefinanceshop: Im calculating the equity:

    Property 1 – Worth ~$300k, owe $260k on it = $40k

    Property 2 – Worth about $320k, owe $300k on it. = $20k

    = $60k equity correct?

    From what i have read banks will let me use 90% of that? So is that a straight $54k I can knock off a required deposit for the new home?

    @jamie – we expect to live in the new house long term, i dont think it would be an IP at any point. 

    So the best bet would be to get a separate IO loan on the two current properties (can that be on the same loan, or do I get two seperate ones?) Then get a separate $500k loan for example to buy the new place on P+I?

    @derek – I estimated $8k each… but i was overestimating all my costs to be safe. So prices on average (we expect this to be long term -I realise it might move the wrong way in the short term) would have to go up around 2.5% a year to break even. Is that reasonable from your experience?

    Thanks all for your help

     

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