Hi Mick

Sorry to hear – it must have been very frustrating.

I'm not sure on the legalities, a legal eagle like Terry W will be able to correct me – but I'd assume your solicitor would issue a notice to complete which gives them a certain amount of time to complete settlement. If they don't complete on time, there should be some penalty interest payable to you.

Also, the property should be in the same condition as when you first agreed to the purchase. Therefore, it sounds like some cleaning up is in order from them.

Cheers

Jamie

Not all of them. Some are moving to a fee for service model.

What sort of independent financial advice are you after?

Cheers

Jamie

Hi Kara

Welcome aboard.

With short term deposit bonds (less than 6 months to settlement) you generally have to be able to show some form of finance approval (or approval subject to valuation).

If it were a long term bond (longer than 6 months) then you need to be able to show that you have a certain amount of equity in residential property elsewhere.

Your last post is correct – the full balance would be expected at settlement.

Cheers

Jamie

Hi Rosebud

Welcome aboard.

In order to get finance you need to put up a deposit or equity in another property.

You also need to be able to show the lender that you can repay the liability based on your income/expenses.

Given that you don't have a cash deposit and as a first home owner you wouldn't have equity – another option is to use a guarantor who will put up some of the equity in their property so you can purchase yours.

This comes with it's own risks and is something that would need to be carefully considered before proceeding with.

You can use a broker anywhere in the country.

Cheers

Jamie

Hi Radley

Like Derek said – technology makes life easy. Today I wrote loans for forum clients in FNQ, Syd and WA. 

Having said that, if you need the comfort of face to face, I can recommend a great broker in Melbourne.

For an accountant, James from House of Wealth has a good reputation and is in Melbourne.

p.s – I received your email and will respond tomorrow.

Cheers

Jamie

That shouldn't matter.

If the deal can be done with the loans crossed then it can normally be done without them being crossed as well.

Cross coll is generally the result of either a lazy banker/broker or one that doesn't know any different – or a combination of both.

Cheers

Jamie

It's a hard industry to crack.

The good ones do well – and there's a whole lot of others that struggle.

Personally, I wouldn't become a real estate agent so I can get a better understanding of property markets.

That's something that can be achieved irrespective of what your day job is.

If you know you'll be good at sales and are willing to back yourself – give it a go. 

Cheers

Jamie

Correct.

Cheers

Jamie

May need to notify the state revenue office if land tax is payable.

Cheers

Jamie

Hi Matt

Welcome aboard.

Sounds like you're off to a good start on the IP education front.

Now it's just about receiving an income so you can show a lender that you can service a debt. Depending on the anticipated purchase price of your first property, you may need to also save some more cash for the deposit/costs.

In the mean time, I'd continue to read widely and get amongst forums like this one. I'd also start to look at properties so you can get a feel for what to look for when you're ready to take the leap and purchase your first one.

Cheers

Jamie