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  • Profile photo of Julz919Julz919
    Member
    @julz919
    Join Date: 2012
    Post Count: 6
    May 9, 2013 - 4:30 am

    1. Thanks a lot. I shall arrange a building & strata inspection as soon as i can.

    2. I do not quite understand this. AGM report? Is this the annual gen meeting that would take place once a year with all the owners of the apartment block? Do i request the sinking fund + agm reports from the agent?

    3. Thanks i shall make an appointment & make a trip into the bank to let them know i've found a property and let tem know all the details to get this ready.

    4. What do you mean by rental letter? Is this an agent stating an estimate how much this property may be rented for? Because there has been no arrangments to actually rent the unit out – as of yet

    5. i don't understand what you mean by taking 105% of the purchase cost. I thought taking less percentage of a loan would put me more positive (rather than negative)

    No particular reason as to why i am going with CBA. Is there a reason i should be cautious? I just thought CBA has always been one of the major 4 banks and i had applied for a pre-approval from them previously. (Them & St George Bank)

    Profile photo of Julz919Julz919
    Member
    @julz919
    Join Date: 2012
    Post Count: 6
    November 4, 2012 - 2:36 pm

    Thanks for all the feedback guys.

    Yeh i have to live in the property for the first 6 months… i calculated as follows. The expected rental is 550 pw which in 26 weeks is 14300. (before tax – if +ve geared); seeing as the FHOG is roughly the same – 15k i was planning on putting the 15k in an offset account. and perhaps using it to aid the repayments – the same way as a rental would. Just from a different form. The grant is available for up till new properties up to 650k in NSW.

    It is not off the plan; the property is already completed and ready to move in. That still counts at brand new correct? I will have to check this with a solicitor/conveyor i think. It is a brand newly developed set of apartments. Just completed. I apologize i should have mentioned this earlier it would have made quite a difference.

    By reading your feedback it seems like it would be a better idea to have 100k as an initial deposit; and dump the other 100k in an offset account. Bring the interest down but benefit from tax. And gives me the freedom to perhaps use it on another property in the future? also that would incur more risk which i am not that comfortable with (at the moment)

    Profile photo of Julz919Julz919
    Member
    @julz919
    Join Date: 2012
    Post Count: 6
    August 23, 2012 - 5:22 am

    Hi all! New member myself! :) *wave* Pretty glad i stumbled across this site. Bound to be of use and help.

    Currently looking around the eastern suburbs of Sydney for a 1st investment property.

    Got a sizable deposit ready. Just need to find the right property (pretty scary as you can imagine being my 1st purchase)

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