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  • Profile photo of jezza1jezza1
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    @jezza1
    Join Date: 2008
    Post Count: 17

    I was told i have unconditional approval i just needed the titles?

    Profile photo of jezza1jezza1
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    @jezza1
    Join Date: 2008
    Post Count: 17

    90 days it is actually… shyzen… i assumed 6 months… good thing you brought that to my attention! that means i have 1 month :s

    OK now im starting to worry.. these titles better be ready asap

    Profile photo of jezza1jezza1
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    @jezza1
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    Post Count: 17

    yeh sorry homeside lending.. Yeh i think i should be fine… the pre-approval is valid for 6 months… and its only been about 2 months… I just need these titles! plus i guess i have some time to save surplus cash before the drawdown is at its maximum!

    It aint easy being 22 and trying to do all this with no assets and saving every penny!

    Profile photo of jezza1jezza1
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    @jezza1
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    lvr is good, valuation for the 3 sites has come back at $420K each… land mortgage is currently @ $365K, and building costs are $487K… All subdivision and associated costs have been paid and im waiting on titles now. Ive been pre-approved with ANZ homeside lending… But i am getting a little worried about serviceing because at full draw down, i will be at around $5,500 in repayments and i only earn around $6,200 a month in hand.. i have very little expenses…

    My thinking behind this is because i have no cash available or line of credit… what happens if something was too arise and i cant get the cash? I guess this is the risk with this kind of investment? lol

    Profile photo of jezza1jezza1
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    @jezza1
    Join Date: 2008
    Post Count: 17

    Richard i understand where you are coming from and serviceability was what you were emphasizing i think.

    My wage at the moment is around $120k with no dependents.. no other expenses other than board and i have a savings account of around $30k. I have also have a great credit rating with previous debts being payed off in full before the due dates etc etc.

    Surly that would count to the loan?

    I was told about 3 months ago by my bank manager that if i can guarantee a % of the loan, i can borrow to whatever i can afford to service.

    But yes you are right, to have a guarantee is another kettle of fish.

    Profile photo of jezza1jezza1
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    @jezza1
    Join Date: 2008
    Post Count: 17

    wat about if i get a garantor for the loan?

    Profile photo of jezza1jezza1
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    @jezza1
    Join Date: 2008
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    find a good sudivision deal, or duplex potential property… put it in front of investors with a lot of money and no time to look for these kind of deal… then use their money to go ahead with the project. You could walk away with 50k-100k after its finished which then would help you get into your next property.

    Profile photo of jezza1jezza1
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    @jezza1
    Join Date: 2008
    Post Count: 17

    Just got a voice message from the Real Estate agent and he told me the plans have been approved by the council to build.. does that mean its all been approved of is that just the start of the process….

    Profile photo of jezza1jezza1
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    @jezza1
    Join Date: 2008
    Post Count: 17

    hey ten, thanks for the welcoming.

    yes thats what ive been thinking about.

    This is what ive got in my head atm, can this work… i buy an investment property in a trust under a company structure. i still can claim intrest paid against my income cant I?

    Also by buying it in a trust, cause its a standalone enity, does that still mean it qualifies me for my no stamp duty etc?

    i'm really wanting to try and hold that no stamp duty claim. but i do know that it may be more benificial to buy and hold an investment property over the long term than worry about the no stamp duty for my PPOR.

    I know that buying a IP and renting my own place is probally the best option (as your circumstance ten).

    Ive been told by some people to buy my own house, put as much money in it as possible to gain equity and wait for capital growth, then consider a IP.

    but i personally think that i can create wealth a lot faster by buying IP's.

    Profile photo of jezza1jezza1
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    @jezza1
    Join Date: 2008
    Post Count: 17
    gibbo1 wrote:
    Another option since you spend so much time away, and to still benefit from the FHOG and SD free purchase, is to buy a PPOR and lease a room or two out.  This way you get the financial benefits of a PPOR, your house wont be empty for 3 weeks/month – (hopefully if you find a trusted friend or gf they will take care of the place while you are away).  This will also provide some additionl income coming in.  With the income from leasing rooms out and your high wages you will be able to build up some equity quite fast.  Once you have that equity built up look at an IP

    Thanks for the input gibbo, i've actually been told exactly that by a property / finance strategist. He said rent the other available rooms out acquiring income from them and pay no tax, thus creating more equity alot quicker.

    Qlds007 wrote:

    Again sorry but this is clearly incorrect again. If you purchase the PPOR as a IO loan and then down the track decide to rent out the property you will be able to claim the interest on the loan as a decuction. You will not have to set up a Trust as the property can be held in your own name and will not incur additional SD or transfer fees.

    So if i buy my own house straight up with a IO loan, say in 1 years time i can then leave the house and turn it into a investment property while still taking full advantage of the tax benifits? including keeping the no stamp duty etc…

    Profile photo of jezza1jezza1
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    @jezza1
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    bacon wrote:

    Hey,
    Just wondering so you are working on the mines I am guessing to be making that kind of money?
    It would be common sense to just tell you, save the money instead of wasting it on "junk" as you say.
    When you have learned how to save then property should be your next goal. Your first goal needs to be learning to save. Especially when you are making that kind of money.

    Cheers

    Saving is not a problem. I managed to save $35,000 last year to travel europe and asia for 6 months. I agree with your idea on saving being the first thing one must learn, but i came here for guidence in property investing.

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