Forum Replies Created
Another way you could have achieved this is with a deposit guarantee. It only costs a small fee and they guarantee the deposit to the vendor. There is no security used for the guarantee, but you will have to pay if you do not follow through
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!This is not advice just a similar alternative to those suggested. You could set yourself a reasonable price and then your minimum, appoach him with your offer of course the higher amount first. The reason I suggest to have your lower amount identified is so that he does not bartter you down beyond what is reasonable.
If he does not take it then you have the option to put it to market, remember though then there maybe extra expenses incurred for the sale
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!have spoken to the surveyor, the council, the solicitor and the designer and from what i can gather we have to get the survey plan into council first and then start meeting the criteria of the approvals – the solicitor says we can’t buy the neighbours land until the survey plan is signed by council but i don’t think they do this until the whole project is complete!I know nothing about this sort of thing however looking from my logic, the solicirtor has said you need to organise the survey plan of the land for sale from your neighbour. This may not be the plan for the whole project. as I would think you would be pretty game to commence anything on a verbal agreement. In other words is the Solicitor suggesting buy the land first, but you will need to have the surveyancing done to show which part of the block is his and which is yours. Check with our solicitor if this is what is meant
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!Predicting interest rates is a tough call for anyone at the moment. Some expect it to rise further others say because of the draught, interest rates next year may soften. Whom really knows, if you lock in you are stuck at a higher price if falls, if you dont you get left behind if a rise.
Hedging your bets as you have suggested is one way. Lock in part and leaving part on the table. It was interesting to see that after the last rise, although most lenders initially increased the rates it did not take long for the fixed rates to drop back to where they started before the rise.
They may have done this due to their long term forcast eg potential for drop; or maybe just to propt a slowing market.
You are right I havent really given an answer as it all boils down to personal opinion and what you are comfortable with.
If you are concerned that if there is a rise you may strugle with payments, this could influence your decision for fixed. If a little fluctuation in what you pay does not matter then you may choose variable.
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!Well I guess the council part is pretty easy look them up in the white pages and ask them what their protocols are? as they vary from one to the next that would be the only way to find out that I would know of.
You would need to do research in the area to find out what other properties have sold for in the area. This can be done by asking the local realestate agent whom may or may not be obliging. Or there are sites that have limited information re recent sales such as realestate.com.au and domain.com etc or others that you can pay for the information
http://homepriceguide.com.au/ have no idea what they are like just did a google search and the first one that came up.
Approach one of the local agents seem interested in a similar property and find out if such improvements would add value or be insignificant. This would vary somewhat from one area to another, speak to a couple of the neighbours may get some tips there as well.
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!Not sure why the theme is go to a bank, I guess I am a little biast but my suggestion is go to a broker. Make sure you pick a good one though, ensure he/she is MIAA accredited and a member, ensure they have completed Cert IV in mortgage broking.
When the introduce you to the loans ensure they offer you a selection and ask if they are paid any extra from a particular lender. Some such as myself get paid the same no matter which lender.If you go to a bank they usually do not spend much time helping you identify what your needs are. A good broker will assist you in identifying the features of a loan that will accomodate your needs. Interest rate is only a small part of a loan. A good broker will not only assist you with lodging your application but follow it through the process providing a clear explaination of what is happening. Tell me the last time a bank manage gave you five minutes after signing you up.
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!Hi I have an ebook that can flick across to you in an email on negotiating skills if you like just send me your email. It is free and I gather the author wont mind as has their details in it. Written by a buying agent
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!Realestate agents will suggest a price way over the top to get your listing, you will have a slightly more realistic approach but have some emotion attached, the bank will be ever so conservative. Especially with a unit or appartment as the price can fluctuate quite a lot as in comparison to something with land value.
Oh I forgot the tax man will see it as a mansion worth millions as they want a cut.
I guess you could always try another lender and hope that you get a more realistic valuation.
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!Yes you do need to live in it within the first twelve months and for a minimum period. The option you may have is to buy a first property as an investment, someone could be helping you to pay it off. However it also may be a bit of a draw back when applying for your own property due to being able to service both loans on a low income. This would not necessarily be the case if you had a positively geared place.
As per Broken Hill it was not all that many years ago that if I remember right the town was in big trouble I guess since the mining boom that has changed? If so what happens when the mining boom cools off if it does.
I believe you can purchase an investment property and although you would not be entitled to the first home owners grant for that property; it does not exempt you from applying later for your own home. Note you can not have lived in the investment property for a period of greater than six months and must have been purchased after the year 200 which would not apply to you
http://www.osr.nsw.gov.au/portal/page?_pageid=33,63440&_dad=portal&_schema=OSRPTLTWayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!From what I can see you have done all the research, is there any reason you have not applied for Australian Citizenship or permanent residency? I am not sure what is involved in this. I think getting married is a bit drastic, which country are you from?
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!Code:I bought thru them and they didnt pass on all info from the agent, and I bought a lemon. Its the worst property in my portfolio, and I will probably need to sell, though Im more determined to turn it around.Not sure why you would recommend a business that you say organised a lemon for you however guess you did advise to be particular in whom you used within the business.
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!My husband and I owe 290,000 on our house and 83000 on a block of land of which we have approx 40000 tied up. We are in a dilemma as to whether to sell the block or spend 12 months building ending up with a break even income property. Do we build, sell the block and try and buy an already established house?Is the block of land valued at 83k or is this the loan?? as you then go on to say you have 40k tied up. Yes the big delima build or buy not sure all the hassle that goes with building is worth it, unless you are clever enough to do a lot of it yourself. I suppose the advanatages can be you choose everything but is this necessary with an investment property?
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!The UCCC as many have said are not involved with loans that are more than 50% for business or investment purposes. They are for loans that are mainly for personal use
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!Ah Terry the reason I have been charged break costs is because the two loans were originally with a mortgage manager! my broker took them from the mortgage manager and placed them directly with the bank.
So you are saying you have changed from one lender to another without knowing? or did the Mortgage manager have you in the Adelaide bank?
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!There are a lot of products out there, I am not sure if you are refering to something like a deposit guarantee. This product you buy and the vender is promised the deposit if not settled. You pay a fee to purchase the guarantee and if you do not settle the company that has provided the guarantee for you, will then pay the seller the deposit and claim the deposit back from you
This is not a recomendation; I am just letting you know there is such a product. You need to be sure that you are going ahead or you will loose the initial fee you pay for the guarantee which is something like 1.2% of the deposit amount and then they will be after you for the deposit.
It means however you do not need the cash up front. Further the money is not secured but you do need a significant amount of equity for them to agree to provide the Guarantee
Hope that make sense its late and I am a bit tired
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!Sorry when reading your letter I became a little confused, it seems you want to purchase more investment properties however struggling with the one you have.
If this is correct then you are looking for cash flow positive properties?? I am not too sure there are many around.
Then you make mention of selling the I.P. or your own home, is this due to not being able to afford making up the difference on the investment property? I do not see why you would sell your own home unless you did not want to live there anymore. I am not sure if I have just miss understood everything or not
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!I was just looking at your rent figures $310 sounds pretty cheap in this day and age. I am not sure if it is in the city or where its location is, but have you had the rent reviewed recently? I know in Brisbane would get a lot more than that so surely Sydney would. I guess it is all about location and access with units
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!Good to see some good feed back comming in and yes you are right the UCCC would not be involved due to being investment properties. My suggestion for the MIAA was more to find what direction to take and I am sure they would have refered on to the Ombudsman and thanks for adding that. I am sure that if the person is an MIAA member their could be implications such as some formal discipline or at least an enquiry
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!As you would be aware I have provided you with options in an email and I hope this helps.
When choosing a broker always make sure they belong to a governing body such as the MIAA. This body is there to investigate any unproffessional behaviour and can take disciplinary action if necessary.
Ask what training they have and if you can see their certificates this is not too much to ask as you will be putting a lot of trust in them. Certificate 4 in Mortgage Broking is hopefully what they will have
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!I am from Adelaide initially, how did you choose your location to build ? was there a demand for rental property when you initially built? If I remember correctly Tailem Bend is approx 50km from adelaide is this right?
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!
