Chan, you solve the flood control by not posting quite so quickly. If you wait a minute between posts, you’ll be right.

Cheers
Mel

Congrats SIS. Although I see Chan$ is making a huge attempt to catch you and PG now. Many many jokes I see from him in the last few days.

By the way, I had a piece of cake for you all on my birthday on Wednesday![]

Cheers
Mel

Peterk, yes, your mum is definitely asset rich, and you could both help each other if you can source the positive cashflow deals. However, before rushing into purchasing, talk to a finance broker, and probably a good accountant to work out your best structure – taking into account the goals that you each have.

Cheers
Mel

Absolutely agree with Del here. I cringed when I read that your wife doesn’t want to lose the benefit.

However, I realise you do need to convince her, and show her the benefits. Perhaps see if you can go to the Centrelink office, and discuss with them the effects on that payment if you were to buy an IP – either negative or positive, depending on which way you really want to go.

Only when your wife sees some figures in black and white will she be convinced I think. I mean, if she loses say $1 for every $2 extra that you earn, then you could earn $100, she would lose $50, but you would still be up by $50.

Cheers
Mel

I agree with what Kaloni said. Although I found the tenant, but I paid a PM to sign them up, do the inventory, and do the initial inspection.

Absolutely worth it.

Also, check out Suzi Bilosh’s book Aust Landlords Handbook – or something similar.

Cheers
Mel

Lucifer, it is my understanding that there isn’t mcuh difference these days between investment and owner occupier loans.

Also, the bank should be more than happy to see written down anything about extra income to support the payments. It may help the loan across the line.

Banks still do accept guarantors, but they will assess the income of the guarantors. Unless there is none, they probably will still let the deal across.

50/50 is not an option if the FHOG is available, as it won’t be paid cos Ma and Pa own their house. If the house is bought for IP only, and not lived in by owner, then the FHOG is still available when a PPOR is purchased.

Redwing, valid point as to whether or not your sister is interested in purchasing a house. Personally I think it’s a better option than blowing the money on a car or whatever. If she is interested, and your parents are willing, go for it, and get them to discuss between themselves what they think would be fair – noting that your parents may not ‘see’ anything for a few years.

Cheers
Mel

That depends on whether or not you guys are compatible in terms of investing. You should probably sit down and talk about your individual goals. If they conflict, then get him to work for you, but if they gel, you could probably come to an arrangement to invest together.

I would look at setting up some sort of trust to invest though, as it will make it easier if either of you want to get out in the future, and the other would like to hold on etc. etc.

Good legal, financial advice is always recommended.

Cheers
Mel

Yes Penguin, you are basically assessed by most deposit bond lenders as if you were applying for the loan. If approved, they will ‘promise’ the vendor that they will pay up if you abscond/default on the contract.

THEN, they come after you to get their money back.

Cheers
Mel

Kenshin, author is Jim McKnight, and yes available at ‘all good bookstores’.

Cheers
Mel