I think your approaching the banks in the wrong way, something doesn't sound rite, even if your property is only worth $1.7m and its freehold then I can't see why they will not loan a misreable $300k, maybe appoach a broker, or work out what your saying wrong to the banks

euro73 wrote:

keiko wrote:
Bloody valuers, I would Keep it with the same agent, she sounds like she will work hard for you to get this sold, the agent may be able to make the change to the other properties that she sold by logging onto RPData and making the changes, that is as long as they have sold and are not still under contract, (I think…[Read more]

ozforex or hifx

Bloody valuers, I would Keep it with the same agent, she sounds like she will work hard for you to get this sold, the agent may be able to make the change to the other properties that she sold by logging onto RPData and making the changes, that is as long as they have sold and are not still under contract, (I think this is possible but not 100%…[Read more]

Linar wrote:
I have just had a bank valuation done on a subdivision that I am doing and the total value was reduced by the GST that I would be deemed to pay.  That is, each block was valued at 10% less than the actual value.  Has anyone heard of this before?  It seems a bit odd to me because I would only have to pay GST the financial quarter af…[Read more]

Okay, so which of the major banks have the lowest LMI?Which of the odd major would possibly wave the LMI on a 5%-10% deposit?So if LMI is added to the loan then lets say I buy a house for $500,000 and the LMI is $7,000, then how much will I need to put down on a 5% deposit?    $25,000? or $32,000?Cheers

Hi RobbieI Know what you are saying, I also come across deals just like what you find,And the banks would rather loan money on the lower value, which to me makes sense in one way but not in others, Using your figures as an example, I have found a property that I can buy for $300,000 and the bank wants 20% deposit without Lenders mortgage in…[Read more]

Banker wrote:
My post won’t be popular. I’ve read most his books and seen him speak. Banjo is correct he made no money from his own teachings: – his money has been made from writing books and public speaking :- ) He has lost a lot of credibility in recent years due to 'rich dad' being based on fictional characters and his involvement in network…[Read more]

I would have paid it, But I would be looking at my solicitor very closely, espeically seen as you had mentioned you think you should be paying more, solicitor should have had a closer look,If I was the seller, I would fire that lawyer, there is no room for mistakes, I have had 4 lawyers work for me over time but I have probabaly approached 8,…[Read more]

tonyf387 wrote:
thats sucks sammmee, im in the same situation except i found a unit in the block next door with a fully renovated kitchen and bathroom jsut like the one i was looking at and it was 200k+ the one next door sold for 190k so i put in an offer of183k havent got a response from the real estate agent yet and its being over a…[Read more]

JamesSampson wrote:
yes it was possible in the past to find great properties close to our cities that provided a positive cash flow. This all seemed to dry up by 2006. Positive geared properties today are usually found in the morgage belt or in regional areas. Areas where i dont personally invest.Because the majority of quality property is now…[Read more]

Qlds007 wrote:
Yes have done 3 or 4 of them in the last couple of months alone.

Cool thanks. when the second mortgage is lodged will the first mortgagee find out about this?My lawyer seemed to think that most banks have it in there contract where it says you must notify them before doing the second mortgage?  my lawyer said if i dont make t…[Read more]

Qlds007 wrote:
Hi JasonIt all depends on the State and the regulation within that State. For example in Qld up until recently you need 1st mortgagee consent to register a 2nd mortgage but those days have now gone and no consent is required.No other way as 2nd mortgagee is going to want some security.I assume you cant borrow it from your c…[Read more]

best to check with another accountant

yes they want a 2nd mortgage, so if the contract is drawn up showing sale price and then in special conditions it has something like vendor finance $xxx. and obviously with a whole lot more detail will the banks loan on this even if I do not put any money into the deal and they no the vendor is leaving in the moneyor do I need to structure it…[Read more]

yes they want a 2nd mortgage, so if the contract is drawn up showing sale price and then in special conditions it has something like vendor finance $xxx. and obviously with a whole lot more detail will the banks loan on this even if I do not put any money into the deal and they no the vendor is leaving in the moneyor do I need to structure it…[Read more]

what is the best way to draw up the contract?

commercial

hakbm wrote:
shab008We are currently (painfully) building with Dixon homes.  My simple answer would be 'run the other way'.  However I do understand they have franchise offices so not sure which one you are with. If you have to deal with their head office off Ipswich Motorway then don't bother.  Office staff are great, but really they never te…[Read more]

A small deposit doesn't mean they havn't any money, A smart operator will put down a small deposit for a few reasons, why give someone else your money to hold onto, because if something happens and you can't get the funds well you may only loose a few thousand or if the agent goes broke then you will struggle to get your cash back and if you do it…[Read more]