It also must be remembered that home loan interest is added and compounded DAILY.  Is a savings account compounding daily?  Cheers![/quote] Sorry JacM – Isnt home loan interest calculated daily and charged monthly which is the same as most savings account calculating the interest daily but not paying until 1st business day of every month or qu…[Read more]

Hi Andrew,Thanks for your post.When I have more news on the progress I will update the thread. I have found a builder who can either manage the whole project or just do odd handyman jobs I need. I will get some quotes on both options before I make any decisions. One benefit of him managing the whole reno as it will likely mean more convenience as…[Read more]

Quick Update…Building & Pest are fine.Negotiated a new offer of $200k with a 40 day settlement and early access. Previously was $210k and 52 day settlement. I have offered to pay for his legals as he cant afford it and this help with me getting a lower sale price. Overall, very happy with the outcome. Looking forward to starting the reno's!!

Hi JSR,I live in Wagga and have 1 IP and another offer on an IP in Wagga accepted . Lived here my whole life so know the area well. Happy to help if I can. PM me your questions Jac

Hi Television,Just in relation to a couple of your questions.I self manage 1 of my IP's and you CAN actually qualify for Land Lord Insurance. I use EBM Insurance Brokers and they are very cost effective and offer comprehensive cover.Also in relation to the FHOGs. You need to live in the property for at least 6 months of the first 12 months of…[Read more]

I will speak to a builder and hopefully I can knock out the wall. I dont see the point in paying money to renovate the kitchen and tile the area if I then decide to knock out the wall and I would be left with a small kitchen and then the area needs retiling etc.I have checked out the floor boards under the carpet and it is in very ordinary c…[Read more]

Hi Cataylst Did you mean to say you *wouldnt look at the wall being removed?  My main concerns are there are 3 bedrooms – 2 with built ins however one is really small but has buit in robe. What minimum size can a bedroom normally be?The kitchen and dining area are really small where the loungeroom is quite large so I thought it might be good to o…[Read more]

Thanks Graeme, Its seemed like a good place to start for a renovation as I know the area well and half the work is already done.  Estimate on rent is $320 – $330 p/w post reno and would appeal to a family. I will speak to a builder on Monday to ask about the wall. I first have to get pest report and building report done so I will try not to get…[Read more]

Mick,I just checked out your site and did a few searches and it did not come up with any properties? I probably wouldnt be promoting it until it is ready.

Good point Banker.Similar to gearing with a Managed Fund.. I have a margin loan attached and when the market is on the rise so is the value of my managed fund but when the market takes a dive, the value of the fund sure takes a hit.I would think when your portfolio grows it would get too risky to rely on approval from Mortgage Insurers as they…[Read more]

Thanks Terryw/Jamie, I will probably go with the 10% deposit capitalised onto the loan. I dont intend to use any of our own cash savings, will be drawing all costs from LOC. I'm keen to accumulate IP's within a short timeframe so I think its beneficial to pay the LMI.Appreciate your help guys!Jac

Thanks Jamie and fredo_4305 for your comments.I have paid LMI on my first property as i did not have the 20% however what your saying Jamie is that it is worthwhile to use it in the early days to get ahead quicker? When I have enough equity to be drawing 20% deposits + stamp duty for IP's is that the way to go as it minimises your risk? I have…[Read more]

Hi Jamie,What is the companies name? I can look into it.If you can email the disc voucher that would be great. Appreciate you offering.Jacqui

Is it worth paying for a QS if my unit is older than 1985 but the internal has all been renovated? Its a 2 bdroom unit and I need to arrange it ASAP as I have a tenant moving in in 2 weeks time. I dont mind forking out the funds for a QS report if it will be worth it for my tax.Cheers,Jacqui

Sorry if thats hard to read, I didnt know how to copy in Quotes properly!

marsmac wrote:
Hi all,Apart from the HC suburbs, what do people think about Lake Albert?My parents own a 4 bdrm brick home with views of the lake, nice area mainly consists of familys. I'm looking at a fibro 4 br house near the lake and the shops. It's on a big piece of land….something like 800sqm but then again most of the properties in the…[Read more]

Sorry that was meant to read home loan AND LOC for investment purposes against the same security

Hi Garry,

When you say must not be linked do you mean they have to be separate loan facilities or not crossed collaterised?

Eg. I have homeloan with LOC both with the same security but have IO investment loan another bank? Would that be suitable if I applied for a ruling?

Can the wages/rent just credit the home loan offset account and not get…[Read more]

Hey,Can anyone provide any information on other property search engines/software that is more reasonably priced which offers similar options as real estate investar? I have checked out their membership fees and they are pretty pricey.realestate.com and domain can do my head in as I feel I waste alot of time looking at properties which not match my…[Read more]

rachelthelegend, Do you mind advising which insurance provider is your preferred? Regards,Jacqui