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Yep, landlord insurance is important for any IP. If you do a quick search on the forum you'll find heaps of posts with some recommendations.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Have a read of the Margaret Lomas book called 20 must ask questions. It has some good ideas for honing in on an area to invest in.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Terryw wrote:+1
cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Thanks for the heads up Scott.
You're not based in QBN are you?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Corie
Sounds like you're after the PAYG withholding variation form.
http://www.ato.gov.au/individuals/content.aspx?doc=/content/00188348.htm
Your deductions should work out the same – but instead of a lump sum return at the end of the financial year, you pay less tax throughout the year (which can help with immediate cashflow).
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
I'd just keep it informal and ask the owners if they're still interested in selling – and from that conversation, you'll find out whether or not the agency still has the rights to the listing. Just go with your gut.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Long leases can be prohibitive for the owner. There's been a few posts on the topic that should reveal some pros/cons.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Sounds like a dud banker. They can order the val upfront before you commit to an application (it may just be a desktop) – you shouldn't be up for a new LMI premium if the value comes in lower, only a minor adjustment to your existing premium.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
wilko1 wrote:I reckon this is one of those situations were being patient pays off. I think it's more prudent to be patient then to be enthusiastic about the next deal.Wait until your land is at least unconditional under contract. You can know how much you'll be getting back and what you can afford. Don't want to put your 4k down as a deposit and then have your sale for your land fall over, which you were relying on finance for the next deal.
I think that's a prudent approach – and it's not like this will be the last opportunity that will ever pop up.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi there
Which lender is this?
Did you pay LMI previously?
Why are they telling you LMI is payable if they haven't seen a valuation on the property? Are they basing this off what you've estimated the property to be worth?
If worse comes to worse, you could get a broker to order a couple of upfront valuations with different lenders and if they come in higher (so your LVR is kept below 80) you could refinance and save the LMI fee. There's a few things to consider here but it could be a good option.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Kat
That's property for you – it's not made up of one market but thousands of smaller ones across the country. So whilst one area might be in decline – another close by might be on the increase. There's plenty of reasons for it – some suburbs experience gentrification, some receive a boost in infrastructure, the list goes on.
HTW produce a report each month which does a pretty good job of tracking market movements across the country – it's available here
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Ryan_vs wrote:Roberto, it's actually quite possible that the agent is being honest in this case. It's not uncommon for a high offer to be put forward that the owner accepts, only for the sale to fall through. From the owners perspective they think, it's obviously worth what they're asking,True the agent may be trying to justify in your mind that the asking price is worth it due to a previous offer, but that's the Agents job. That said, the way you worded the above is that the vendor wants that price, and the agent is simply following instructions.
If it is a ploy, it's not a very good one anyway.
As mentioned by previous members, do your research, and offer what you feel it is worth. If the owner doesn't budge, move on.
That's fine – they can give you any number of reasons why they feel the listing price is justified. If you don't think the property is worth what they believe it is – than just move onto the next one. No point in wasting time on a dud deal.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Chances are the agent has a contract in place to sell the property within a stipulated timeframe – so if sold directly to you, they're probably still entitled to a commission. Any particular reason why you're trying to cut out the agent?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Agree with S Roberts – I wouldn't want an agent trying to sell one of my properties while being remunerated by the hour! It would end up costing more.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
If you like golf it would be a great spot
I would be more worried about flying golf balls then the smell of chemicals. A friend lived on a golf course and I can't remember there being a chemical smell.
2.4km away from a tip seems like a decent distance – could you smell anything?
Have you had a read of the strata minutes? They might disclose some of these issues if they exist.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
tom123 wrote:what is the difference in closing costs from A ppor / ip?also my boss said that PPOR you don't have to pay stamp duty on it and that its only on IP that you do.
i think he doesn't know what he's talking about but thought i'd ask just to be safe.
and are their any discounts from buying an PPOR rather then a IP?
Your boss may have confused CGT with stamp duty.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
I'm not sure about the Logan area at present. I kept an eye on the market 3 or 4 years ago and it looks like prices have dropped since then.
There's also the socioeconomic stigma of the area – which may have an impact on the quality of tenant that you attract. That's just a generalisation though.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
There's 101 tricks/tactics that are used by agents – the problem is, it's not always possible to catch them out on it. All you can do is carry out your due diligence – work out how much you're willing to pay for the property and kick off negotiations.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
I'm not a huge fan – often overpriced and valuations come in low too often.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi HF
Welcome aboard.
A big thing to consider here is your ages. Given that you've got a relatively small deposit – any purchase you make will involve Lenders Mortgage Insurance (LMI) – as you'll have less than 20% to put towards the deal.
The lender (and the LMI provider if it needs to be signed off by them) will want to see that there's an exit strategy in place for this purchase – ie. what's going to happen when you reach retirement age? Given that it's going to be an IP purchase – that's usually a good enough reason as it can be sold and the loan paid out. HOWEVER, if the bank suspects that you plan on making the property your primary residence down the track, they will probably have objections – even if you explain to them that you plan on paying it off before moving in.
Not saying it isn't possible – just have to be careful how you go about it. Make sure your banker/broker also explains the impact the GFC had on your finances.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
