Hi DaveCall the RE Institute in the state where you want to buy.  I know that sometimes the agents want a bank cheque for a deposit.  If the auction is on a Saturday afternoon, obviously it is impossible to know how much the property is going to sell for and therefore impossible to have a bank cheque for a 10% deposit.Depending on where you are a…[Read more]

Hi mixedupTry putting a post in the developments forum asking for building costs in the area you want to build.  Costs vary widely around Australia.CheersK

Specialised Business Solutions.  07 3221 1100.  They are in central Brisbane.  I use Timothy Munro and Susan Banks and they are excellent.  They are one step ahead of what we want to do.CheersK

Hi SalilYou can ask the agent whatever you want.  However, I doubt that the agent will answer!In theory RE agents act for the vendor, that is, that their job is to get the best possible sale price for the vendor.  In my experience, most agents act for themselves.  They get the highest price they can for the vendor while ensuring the least work fo…[Read more]

I think the stand alone is the best choice.A few years ago I bought a unit in a block of flats in Darwin.  It was one of about 16 and mine was a ground floor unit.  There was also a stand alone unit in the block that was for sale for about $5000 more than mine.  The people who ended up buying the stand alone unit did some very clever la…[Read more]

Hi trakkaIf you don't mind my asking, where do you get your income from?  Also, what is your portfolio?  Positively geared, neutrally geared, residential, commercial, developments etc?Who knows, the next question I may ask is the name of your mortgage broker!!K

No, my faultOften things that sound so good in my head don't  translate all that well to the written word!

Hi trakkaI guess that comment was a bit more subtle than it was meant to be.  What I meant by that was that I have gone with these mortgage brokers who, when it comes to the crunch, all say, sorry we can't help you out.  There is ALWAYS a "technical hitch" somewhere along the way or "something peculiar about my situation" which means that I c…[Read more]

Hi WezwazThis exact issue is a continual problem for me – how to increase wealth without having an "income" as such.  I have found that getting finance for deals is the single biggest impediment to me increasing my net worth.My husband and I started out 4 years ago buying cashflow positive properties in Darwin.  We then set up a company so that we…[Read more]

Hi cu@thetopThe solicitors who drew up the contracts were the vendors solicitorsThey are a medium-large developer.  That is, they are not an individual or just a couple of people.  They are a company with substantial developing experience.  They are one of the largest developers in this particular city.As to the price the blocks range between $6…[Read more]

Hi Ian and trakkaA developer buys and sells property as a business.  It is something that he would have done thousands of times before.  The fact that he didn't check the contracts before he signed them (but instead relied upon the fact that his solicitor would have looked over them) is a business mistake.  He should have known to check the cont…[Read more]

Hi againI have just had a look at the legislation, "The First Home Owner Grant Act 2000" of NSW.  Section 8 states very plainly that the applicant must be a natural person.  A trust is not a natural person.CheersK

Hi umeI have just had a look on the NSW FHOG website and looked at the application form.  It states quite clearly that applicants must "be a natural person (ie not applying as a company or trust), at least 18 years of age and whose interest in the property is not held subject to a trust".To my mind, that makes it quite clear that you cannot use…[Read more]

What state do you want to buy in?

Hi Ian and trakkaYou make very valid points and I am inclined to agree with you.  However, I do think there is a difference between a small property investor and a large scale developer.  One is clearly a business dealing by an experienced person who knows the world of business and the other (elderly parents) are just people who don't have the e…[Read more]

Hi MadProperty

My family discretionary trust owns a property that we live in and pay rent for.  We have no PPOR.  We are, however, in a unique situation and this arrangement benefits us for the following reasons:

1.  The property is on 46 acres.  The CGT exemption for PPOR applies to the house and surrounding 2 hectares (or acres, I'm not sur…[Read more]

Hi MadProperty

My family discretionary trust owns a property that we live in and pay rent for.  We have no PPOR.  We are, however, in a unique situation and this arrangement benefits us for the following reasons:

1.  The property is on 46 acres.  The CGT exemption for PPOR applies to the house and surrounding 2 hectares (or acres, I'm not sur…[Read more]

Hi MadProperty

My family discretionary trust owns a property that we live in and pay rent for.  We have no PPOR.  We are, however, in a unique situation and this arrangement benefits us for the following reasons:

1.  The property is on 46 acres.  The CGT exemption for PPOR applies to the house and surrounding 2 hectares (or acres, I'm not sur…[Read more]

Hi MadPropertyMy family discretionary trust owns a property that we live in and pay rent for.  We have no PPOR.  We are, however, in a unique situation and this arrangement benefits us for the following reasons:1.  The property is on 46 acres.  The CGT exemption for PPOR applies to the house and surrounding 2 hectares (or acres, I'm not sure whi…[Read more]

It all depends on what state you are in.  Terms of rescission are written into the contract.  In South Australia the purchaser has to issue a notice to remedy the breach (failure to settle) and the vendor then has 3 days AFTER RECEIPT OF THE NOTICE to settle.  If the vendor can't settle within that time the purchaser can terminate the co…[Read more]