What are your longer term plans with this property?

Will you want to extract equity?

If you need to maintain flexibility then I wouldn’t be locking in for a 5 year period.

Cheers

Jamie

It wouldn’t work as per Benny’s comment – high interest charges would negate the benefits.

Good thought though!

Cheers

Jamie

Asbestos is quite common.

It doesn’t sound like there’s too much of it in the property – shouldn’t be too costly to remove if you wanted/needed to.

I had a whole heap removed from wet areas of a property recently – cost around $1.5k

Cheers

Jamie

Terry W

Cheers

Jamie

Hi Corie

The bank you obtain finance with will commission their own valuation.

Best bet is to have a couple of upfront (before submitting an application) valuations done via different banks.

Cheers

Jamie

Absolutely – especially if you’re on an average income. I’m even seeing some clients on high incomes hit a borrowing capacity wall early because of these changes.

There goes one of the last remaining “generous” servicing calcs :-(

It’s becoming harder and harder to own multiple properties these days. I don’t know how it’s going to be possible when/if rates go back up.

Cheers

Jamie

Hiya

It’s impossible to answer.

Property is generally a long term wealth creation investment – so it’s the time in the market (as Richard’s example above points out) which is just as important as timing your purchase.

Cheers

Jamie

These guys have a good rep http://qura.com.au/

Cheers

Jamie

You’re right – it’s just important to not always focus on “lowest” costs. Investors get caught up in wanting the “lowest” everything and often overlook other important facets. Cheap doesn’t usually equate to best.

Cheers

Jamie

Agree with Richard – technology makes doing business soooooooo much easier these days.

Cheers

Jamie

Best to focus on getting a quality PM rather than getting the lowest cost option.

Haggling over a couple of percent will end up being a few tax deductible dollars.

Cheers

Jamie

Ditto.

Been there – done that, won’t do it again.

A “good” property manager will take care of this for you.

Cheers

Jamie

lol – some people! Probably think the owner is made of money.

Don’t over analyse to the point where you don’t do anything.

I’ve seen people “think” about investing for a number of years – during that time, they’ve missed out on the upswing of a property cycle and are now “waiting” for prices to drop.

It’s important to do your research/due diligence – etc, but at some point, you need to put that research…[Read more]

On a side note – a LOC isn’t usually required. An interest only term loan usually provides the same outcome – and often at a lower cost.

Cheers

Jamie

If you and your finance person work efficiently – settling on 18/12 is possible.

Cheers

Jamie

Personally – I think it would be a big pain. Even if the tenants agree to maintain it – there will be some costs to the landlord (repairs, etc).

Cheers

Jamie

Hi there

Welcome aboard.

Do you need face to face contact?

With email/phone/skype you can choose your mortgage broker from anywhere in the country.

You’ll find that most of the brokers on this site have plenty of Melbourne based clients – even if they aren’t in Melbourne themselves.

Cheers

Jamie

+1

Excel has served our needs from the start. It’s easy peasy to set up and maintain.

Cheers

Jamie