Apartments in this price range are usualy Student Accomodation or Serviced Apartments and over the last number of years (like almost forever) apartments in this category have shown very little Capital Growth.

The quoted price of $770 sonds usual for the whole Sec 32, and arranging & attending settlement etc, otherwise very expensive just for a Sec 32. Could also try shopping around and would suggest Conveyancers rather than solicitors.Do you intend to deal with the settlement etc yourself once the property has been sold? You will need to liaise with p…[Read more]

Difficult to tell not knowing the property or the extend of the work required and/or what the quote does cover.Edit: just seen your last post $30k doesn't sound to far off, can depend on your areaAs a guide my GF did a similar exercise about 4 years ago and that cost about $60k including bathroom fixtures & plumbing etc. This did include better…[Read more]

Looks more like annual fees to me. How many apartments are in the complex?If 3 days a week caretaking is $20,000 per month, I'll do it for $10,000 per month !!I assume that this would be for cleaning/vacuuming common areas (Corridors etc) & garden maintenance etcPower Bill of $13,000 per quarter sounds ridiculous even annually its a lot even with…[Read more]

Your unit may have increased in value sufficiently that the Guarantee is now not required and therefore your parents can sell the property without any problemsBest to call and speak to your lender/bank and ask what their requirements are, they will probably wish to undertake another valuation to establish if you now have enough equity/security i…[Read more]

Qlds007 wrote:
Sorry i hate to disagree with Marjac but certainly the names on the Title and the loan can be totally different.As long as you can persuade your lender there is some Financial Benefit for your mother to be a co borrower or Guarantor there is NO need for her to be on the Title.They may suggest or insist that she gets independant…[Read more]

May depend on which State you're in but if you end up owning both properties you should be able to join them by knocking a doorway/corridor through, maintaining the structural integrity of course. You should also be able to consolidate the title into one in need.Talk to your local Council for any planning restrictions etc

Most lenders will require all borrowers to be on the title and yes you can change the names on the Title/Loan later but may incurr Tax AND Stamp Duty implications

rich_99 wrote:
Thanks Dan and Luke – I own a number of IP's in the UK and just moved to Oz so wondering about claiming 1 trip per year back to the UK to perform annual maintenance/inspections on the properties I own plus buy an additional one or two properties each trip…….I guess I can deduct against the properties I already have which means…[Read more]

I believe 99% & 1% maybe the realistic percentages

I assume your looking at buying a property in Victoria as a Section 32 relates to VictoriaNormal process is that the Vendors Conveyancer/Solicitor prepares the Sec 32 'Vendors Statement' this is a standard form and should include:Services that are connected or available ie: Gas, Water, Power etcAmount of Annual Rates and/or Body Corportate Fees -…[Read more]

Scott No Mates wrote:
you may also look at getting a depreciation schedule prepared by a quantity surveyor. This gives rise to you claiming depreciables at tax time.

I don't wish to highjack this thread however I'm also about to rent out what was my PPOR which is also a flatBefore I place on rental market I intend to repaint & re-carpet (both…[Read more]

With your voting power it may depend on which State and/or the Body Corporate rules etc as in VIC you will actually need 75% of the vote and not just a simple majority to instigate some changes and for most 'major' works/renovations 100% is required (other than necessary repairs etc). I don't think you'll have much of an issue with practical…[Read more]

Not sure how single parent entitlements work theses days however you may also need to consider that Centerlink will consider any rental received as income and therefore may reduce your entitlement

keiko wrote:
So how will fixed loans workIf we fix for say 3 years and decide we want out in 1 year, then is there no exit fees?if this is the case we miles well all fix for 5 years knowing we have the ability to exit anytime

Exit Fees and Fixed Rate Break Costs are not the same thing. If you wish to exit/refinance a Fixed Rate Loan you will…[Read more]

First of all LMI doesn't really have any influence over your loan (except in a default situation), you've already paid the premium which covers the Bank for the term of the loanThe loan is already over 2 years old so little possibility of any partial refund of the premium paid, refunds are usually (depending on insurer and Bank) are only paid…[Read more]

You don't need to instruct or engage a solicitor or conveyancer until your offer has been accepted so should only pay these legal costs for the property purchase you are proceeding with. The legal costs are usually paid for at settlement and are often part of the disbursements/settlement funds

Depending on which State your in $1,200 does sound a bit expensive, unfortunitely I haven't dealt with ACT much so don't know the situation there, perhaps someone else may have more experience with the ACTIn Victoria you would expect a Solicitor to charge around $600 plus disbursements (approx $200) a Conveyancing agent maybe a little cheaper at…[Read more]

You indicated that you don't have enough equity in your property as yet for INGIf your LVR (Loan Value Ratio) is greater than 80% you will probably have to pay Lenders Mortgage Insurance (LMI) again so insure that you factor that premium into your refinance costsYou may or may not (depending on lender) receive a rebate if you have paid LMI…[Read more]

paulashorse wrote:
G'day I am an American who has been living in Australia for the last 15 years.  I am thinking about trying to buy  a bank owned or foreclosed home in the USA as an investment. I rang our bank to ask them if they had any other clients that invested in overseas properties but they told me NO, that THEY DON'T HOLD SECURITIES ON A…[Read more]