Forum Replies Created
Thanks for joining in Terry and supplying good mortgage broker type advice.[
]James, ask everybody. In a booming market, such as we have had, the vendor can generally get their price the standard way, so probably would not be interested. It’s a common practice in America where they’ve had not so good times for a long time, and generally do things differently.
However, if and when things change, and the properties take much longer to sell, you might find a few willing takers. Ask private sales, real estate agents, everybody. It will take lots of no’s before you get a maybe, and probably quite a few maybe’s til you get a yes.
Then I would definitely get everything drawn up with a solicitor to cover both parties. If you are the borrower, and agree to a 1,2,3,5 year term etc., make sure you buy yourself a little time, and put an option to extend for a year for $1000 (or whatever fee you can negotiate). The last thing you want is for the payment to come due and not to have it.
Cheers
MelWersonal Banker? That doesn’t make sense[
][}]Oh dear, it’s late/early. I should go to bed.
Cheers
MelLuckyPhil, kindred spirit. That’s exactly (well, same sentiment[
]) what I said to Shaun in an email!Cheers
MelLooking to settle on an office purchase – part rental and part my own use. Rental will pay loan, my own use therefore FREE[
].Also looking to settle on one pos cashflow place that was offered and accepted waaay back in August. After that will definitely sit back and watch and wait.
Trying to add value to what I’ve got at the moment.
Cheers
MelHey C2
I think you and all the other guys have valid points. I have used that strateg before – although it was only a matter of killing time – my boss was a Navy witch (old, not highly ranked officer, bitter, a second wife, and just generally a
kind of person). I only had to wait 18 months and she moved on. At that point I was in a place where I loved what I did and the majority of the people round me. Oh yeah, the boss was not happy that I knew more than her.In the public service (I only know Defence, which I believe is a very bad example of the public service anyway), no, I’ll say in Defence, if you are a screwup, then the only way you move on is if your boss gives you a glowing recommendation/reference and you get promoted out of there.
It takes at least 6 months to sack someone, and you have to cross every t and dot every i, and even then the decision maker (who has NOTHING to do with your workplace) may just say No anyway.
I was ready to move on anyway, (and only really liked about 4 of the 30 odd who worked with me), just biding my time, when we had a new supervisor ‘appointed’ (don’t get me started on how that happened), and he got ‘in my face’ from day one. Let’s just say I got hauled in by the boss because I hung up on this turkey cos I thought that he and I had more things to worry about (while he was in Melbourne and I in Canberra) than whether or not I had filled in my list of ‘goals’ for the coming year. The big boss thought the sun shone out of this git, and it’s only now, 8 months later, that he’s even listening to the rest of the section who are telling him what I told him 8-9 months ago. I still think he’ll choose to disregard.
The most fun and the hardest I think I ever worked was when I only earnt $25K per year, but had a group of guys working with me that used to form an awesome social group outside of work as well. I really miss that, and guess that’s the other reason I’m not willing to wait out the new guy this time round. Besides, he gets paid so much for so little, that he’s got no intention of going anywhere, and Navy guys have even less idea how to get rid of a public servant than do the public servants!!
Cheers
MelHi C2
The ato will decide if the loan is tax deductible purely based on what the money is used for. If you buy a car, or a holiday, not tax deductible. If the loan is to buy a PPOR, not tax deductible.
If the loan is used to purchase investments – shares/property etc. then it is tax deductible. It does not matter that the security IS a PPOR, it’s what the money is used for.
Paul, why are you only a little fish? If we really sat down and compared numbers, we’d probably be at roughly the same equity, and your salary is almost double mine!! I would only be better off if real estate kept rising substantially, as I have more properties to grow.
As for getting you into debt – I think your plan is similar to what I would do, ie 20% deposits. However buying in NZ there isn’t the stamp duty, so you could probably get more properties for the same $ than you could in Aust.
Westan, I thought you said you were moving to Bondi? Or am I just imagining things?
I so wish I had spare cash at the moment, I’d love to buy in NZ – plus I love the place too, only been there once – 1991, but have always wanted to go back. All these people that are buying in NZ are making me even sadder that I’m not able to[
]Cheers
Mel
]
kind of person). I only had to wait 18 months and she moved on. At that point I was in a place where I loved what I did and the majority of the people round me. Oh yeah, the boss was not happy that I knew more than her.
]
