Escal8 wrote:
Happy New Year! I feel this year speeding up very fast…!

Only about 6.5% of it has already gone

Cheers

Jamie

Hi Jotham

It's quite easy to buy interstate. 

There's a couple of main options. You either do it yourself or use a buyers agent.

With doing it yourself you'd carry out the same due diligence as you would if buying locally. Hone in on particular suburbs and do your research. You can learn lots remotely via the net and the odd phone call. Once…[Read more]

Hiya

You won't get "formal" finance approval until you've had an offer accepted on the property and your broker arranges a loan for the particular property you're purchasing. 

Like DK said – you'll need to make your offer subject to finance and your broker will then arrange your loan after your offer has been accepted.

LMI is triggered when you…[Read more]

Depreciator seem to get a good wrap on on the forums – maybe worth giving them a shot.

Cheers

Jamie

Hi Brendan

Self managing isn't for everyone – it can be tough at times. You need to be proactive and up to speed with tenancy legislation in your state.

Having said that, if you've got good tenants it can be quite easy too.

Perhaps consider using an agency for the fist 6 to 12 months and then decide whether you'd like to have a go at self…[Read more]

Agree with the others – time to try another lender and two weeks is going to be tight.

Best off getting an upfront valuation or two carried out before submitting the application.

Cheers

Jamie

Best to use offset then – it avoids the risk of contaminating the loan.

Cheers

Jamie

Yep, it's been insane start to January!

The phone hasn't stopped since the 6th of Jan.

Cheers

Jamie

Is it an IP or a PPOR loan?

Either way – offset will prob be best. 

If it's an IP – there's taxation implications with redrawing the funds out later.

You won't have the same issue with an offset account.

Cheers

Jamie

Hi Mark

Personally I haven't come across a new property that looked like an appealing investment and they don't work with my strategy of buy, reno and hold.

I'm sure there's some good ones out there where the numbers stack up – but I've also seen plenty of spruikers making $20k+ commissions from acting as a middle men in the transaction.…[Read more]

Hi there

There's heaps of Quantity Surveyor companies out there. Just do a google search for one in your local area and take your pick.

There are quite a few national franchises as well as smaller companies. 

Expect to pay anywhere between $400 – $700

Cheers

Jamie

Hi Rinji

What are you doing with this property? Is it an owner occupied property that you're about to rent out?

Cheers

Jamie

Hiya

Prob better off ordering another upfront val with a different lender rather than waiting for Heritage to give you an answer. They're not the easiest lender to deal with at the best of times.

Cheers

Jamie

Hi Ajay

It's not easy to source properties outside of the normal avenues such as the large property search sites.

You really need to be in the know within the area – which means building solid relationships with local estate agents. Good BA's do this – they build up a good rapport with local agents and have buyers ready to snap up properties…[Read more]

Darryl is a solid contributor to the forum – you'll be in good hands.

Cheers

Jamie

Hiya and welcome aboard.

Which bank are you with? You might be able to get a free upfront val done via a broker.

Cheers

Jamie

Hi there

welcome aboard.

The short answer is that it's not possible.

To fund a property purchase you'll need to contribute at least a 5% deposit and enough funds to cover costs. If it goes up in value in the future you might be able to access equity and pay out your personal loan – that could take a while though.

Cheers

Jamie

If it's a small town there's great chance they will send out the same valuer.

It's not always easy reallocating the valuation once it's been randomly assigned  – the broker will need a compelling reason.

Cheers

Jamie

Wow – that's incredible that someone would act like that. 

What were they planning on giving you in return for $7k!

These sort of spruikers need to be stopped – it's a joke.

Cheers

Jamie

I really don’t have too many dramas with them – even post settlement. Maybe I’m just lucky – touch wood.

Cheers

Jamie