Hi Zoe

Ask your broker about carrying out an external refinance to a lender that allows for valuations to be ordered before an application is submitted. That way, there’s no immediate hit to your credit record and you’ll only need to proceed if the valuation comes in at the desired amount. Someone mentioned ANZ above – they are a lender that does this.

Keep in mind that there are costs involved with refinancing to another lender. Your broker should be able to outline these for you.

As Richard said though, if the property is located in a smallish place then the number of valuers may be limited and therefore your chances of having the same valuer assigned to the job is high.

Cheers

Jamie

Hi Kong

Think very carefully before fixing rates for an extended period of time. Your circumstances may change in the future and the break costs associated with a fixed rate mortgage can be quite hefty.

Cheers

Jamie

Hi Scott

I was scoping out the Logan area a year ago and noticed the same. The BC costs can be quite high – especially when theres upkeep for pools, BBQ area, etc.

With the gated complexes there generally seems to be a “lot” of townhouses within the complex (often 100+) which will likely effect CG.

Cheers

Jamie

Hi Kong

5% rates are out of the question at present. Around 7% is what’s currently on offer.

Cheers

Jamie

Hi Robbie

Your best bet is to find a broker that’s an investor themselves and understands how to structure finances accordingly.

Save yourself the effort of trying to familiarise yourself with which banks offer what. Instead, utilise the services of a professional who deals in this space – you can then focus your energy on finding properties.

All the best with your investing – I’m sure this will be the first of many.

Cheers

Jamie

Hi Luci

What’s the price difference between the two? Are you paying a much higher premium for the newish property?

With older stock you’re generally able to purchase at a lower price and add value to (something that’s usually not achievable and/or necessary with something new).

The depreciation will be better on the new property. However, you may be surprised by how much you can depreciate on the older one (particularly if you do carry out renos).

Cheers

Jamie

Hi Danviv

You could possibly save some dollars by refacing the kitchen (instead of replacing). That’s only if the carcass (such a disturbing word) is in good shape.

Some new doors and handles can make a huge difference (at a fraction of the cost).

Cheers

Jamie

Tell me about it. You don’t have to worry about tall poppy syndrome here mate. Keep up the good work.

Cheers

Jamie

Good post Nath and welcome to the darkside

Cheers

Jamie