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It comes down to the reason I guess. If it wasn't your fault then you could try and contest it. I doubt it's possible though, it's quite a large default.
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]
JacM wrote:Freckle darling I demand you tell us what you are "out" from ?Must admit – I've mumbled the letters W and T and F a few times looking at this thread.
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]
Hello and welcome aboard
I've personally never heard of them – but then again, I'm sure there's thousands of property management companies in the country.
If you start a new thread asking for recommendations for property managers in your particular area – you might get some good responses that you can follow up on.
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 agree with scottyboy – that's a reasonable approach to take. Best to get rid of your current unpaid debt before embarking on taking out more.
With $2k spare per month, you'll knock it on the head quickly.
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]
90% LVR, unpaid $10k credit card default – do you want it financed under a hybrid trust too
I'm just joking – but this is a tough 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]
thebigo wrote:Due to being in my work for only 3 months (got a promotion of sorts to a new company), the only lender that would lend 10% interest only of the big banks with a reasonable rate was CBA.
I wouldn't worry about rate here – it should be the least of your concerns.
If you're in a position whereby you have to purchase this property (which I'm not sure if you are or aren't) then simply getting a lender to formally approve the loan should be your biggest priority, which may involve using a different lender.
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]
NowCautious wrote:I have a similar problem. Instead of working in a job, I want to buy houses and add value and sell, to make income. Got lots of assets from saving/investing while running my own business but now that I've sold the business, I cant borrow with low income. It's silly really! I'm thinking of renting out my house for $800p/w and moving into one for $400 just to get $400 more income to convince the bank to lend me more money! All I need is $250,000 more, which would be repaid in a year or so.It wasn't that long ago, they were throwing money at me – I should have taken it!
Perhaps you should get a second opinion on your borrowing capacity. At the very least, you will receive some advice on how to improve your situation if you can't borrow now.
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 fan of the GC either.
I also kept my eye on the Logan market for a while back in 2010 and it doesn't look like properties have moved since, a quick search shows similar listing prices to that a few years back.
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 Big O
In regards to the valuation, I'd tackle it in two ways.
Firstly, find three comparable sales within the last 6 months that support your argument and have your banker/broker use these to contest the valuation.
Secondly, order an upfront valuations via a different lender. Hopefully a different valuer is appointed and the result changes. If using a broker – they can arrange this for you.
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 Brenden
Welcome aboard.
Theres been heaps of posts on NRAS – if you do a quick search you'll find loads of info.
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]
jcz wrote:In a market like we have now, you are able to pick up a similar established property for much less than one that is OTP. However, not everyone has the financial capacity to come up with the initial 20% and stamp duties..
you don't need 20% to purchase a property – a 5% deposit can get it done for some.
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]
We have a facebook page to keep clients up to date with investing info and product offerings – it's a great way to stay connected and reach out to a large audience. I would only use a facebook as part of a broader marketing strategy though – and not rely solely on it.
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've never seen a depreciation schedule that hasn't paid for itself within the first year or two – even for older properties.
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]
You'll need to get a quantity surveyor to prepare a report – that's the only way you'll get an accurate record of depreciation.
There's some online calculators that you can use – but they aren't very accurate.
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]
ksun1985 wrote:Thanks for your advice. Yes the legal part will be something we need to look into if we go ahead with it.Hi there
Where are you located? You might be able to get some recommendations for good legal people in your area.
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]
Don't forget a lawyer as well.
Trusts have their pros and cons – make sure you consult decent professionals who will provide impartial advice on what's right for you.
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 legal professionals but accountants and brokers (well most that I know of) will take on interstate clients.
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]
dgirl – if you're in Sydney, give Terry a buzz to see if he can set it up for you.
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 Emil
Must say – I haven't seen many OTP properties sell for significantly less than established properties of a similar nature.
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]
bella84 wrote:Thanks for your input Jamie, those are great suggestions too. I definitely need to do a bit of work to build my case. It's an IP and currently vacant so I'm guessing they'll want a quick settlement – i'll be proposing 60 days though as our first baby is due in 3 weeks so we'll be a bit preoccupied!Exciting times! My wife and I are only three weeks behind you.
Best of luck with the offer.
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]
