Hi Fablan, can you expand on who does fully disclosed finance for wraps ?
Do you mean homeside?

Agree with earlier sentiments. But query the broker as well. If as you say, you were intending to tap the equity and the broker was aware of this, then it sounds like he has put you into the wrong product.

I have used homeside (last year). We got a no frills P&I homeloan ( no penalties, etc) but wanted to demolish and develop.
Their policy was that they don’t do construction finance, but they will for existing customers.
Was a bit messy, but we completed the project OK,

I would agree with earlier suggestions to put something to them in writing. I found they were reasonable to deal with once you got to the right person.
Give it a go before you refinance…..it will be cheaper.
But bear in mind that another finance provider would only be too happy to take over the loan and would more than likely make it attractive for you to roll over.
Good Luck !!

KP

Hi Marisa,
There is a group called the Landlords Advisory Service based in Applecross. They have a website and from what I read look to be very good.
I believe you would have access the the database of blacklisted tenants, etc,and also, you can perform credit checks , etc.
Worth getting in touch with them…

KP

Thanks Terry & Jo,
Just after some comparativre rates before querying the PMs’ over here why there are so many add ons to their charges.

THanks
KP

Hi Marisa,
So if prices of similar props have soared, has the price of yours also soared ??
Sounds like a happy ending story to me.

Heres my happy ending story…
Completed 2x 3bed 2 bath units April last year. Sold one straight away for full asking price $299k
Sold the second one last week (rented for 15 months) for $305k.
Conclusion from this: buyers are a lot thinner on the ground but they are still out there, and at this stage prices are holding up…no correction yet.

KP

Anita,
Good idea with the direct debit from the creditcard…

I called the bank to cancel a direct debit from my card to an insurance company….their response, they can’t cancel a direct debit on a creditcard, it has to be cancelled by the service provider.
I had to contact the insurance company and request they stop direct debiting from my creditcard.
My card and I got no control over it !!

Same should apply with the tenant landlord situation I would think..but only from a creditcard account.
Direct debit from a savings account can be cancelled by the account holder…

KP

Hi Jo,
I know I have asked the question before, but can you clarify that the fee you quote includes:
a Property Condition Report when the tenant first moves in, and the ongoing quarterly inspection fee (if applicable), and the annual statement ?
ie…no other costs to you apart from the 5% management fee plus 1 weeks rent as a letting fee for new tenancy ?

Thanks,
KP

Hi Wayne,
Excuse the tongue in cheek reply earlier.
Seems like you have had plenty of response anyway.
As mentioned already, the evap systems tend to lose their effectiveness once humidity goes beyond 80% and also once temp goes above approx 35 degrees.
Hence no evap systems installed in places like Kalgoorlie and up north..only refrigerated.

The evap system is cheaper to install for a whole house, and is very much cheaper to run.

However, you can normally get away with maybe two splits, one in the common kitchen, meals, family room ( if this is the layout of the home) and one in the master bedroom, so it should cost you less in total if you do this.

Maybe even install just one in the living area, this is what I am planning for the rentals currently under construction.

Sounds like quite an unusual design in the house with the ceiling to floor windows, and as you said, this may restrict the choice especially with regard to the splits.

My experience to date includes a ducted evap in the house in Perth which becomes ineffective once temp and humidity climbs too high, a ducted refrigerated in the house up north which was quiet, but expensive to run, and a set of splits (6 in total, which replaced the refrigerated system when it broke down) which are cheaper to run but much noisier in the rooms.

All the same, I am sure you will come up with an answer once you get an expert in to advise and quote on the house.

All the best,

KP

Wow !!
How good was that reply ?
I suppose that story is applicable to any inner city apartment development in any Aust city as well ?

KP

OMG !!!
Don’t do it Wayne !!
You’re adding one more air cond that Western Power can’t cope with before summer.
Blackouts in Feb for sure.
And with a state election due around the same time, your air cond could be the straw that breaks the camels back, and causes a change of govt..can you live with that on your conscience ???

KP

WOW !!
This is really a “how long is a piece of string” question.
Your best bet would be to enquire with some local builders for a price range.

HINT…also, its better to run the plusses and minuses on paper or a spreadsheet and not in your head.
Also, keep in mind that you make your profit going in (when you purchase) not at the other end. Make sure all the profit is not capitalised into the asking price since there is a DA in place…

KP