Forum Replies Created
Hi Renovata.
I'm happy to have a quick chat over the phone / online / in-person to discuss what you are looking to do, and where I may or may not be able to help.
As with most mortgage brokers I am pretty much a mobile service, but I'm based in Coburg – if that is more convenient for you.
Cheers,
MikeAlex Barton wrote:Hi, is this offer still open?Hi Alex – happy to help where possible, just let me know the details of the property you are interested in finding a bit more about. Cheers, Mike
Hello to all. Well it finally happened, my 120 report subscription with Residex wasn't enough to handle the volume of reports that people requested in September. Unfortunately this hasn't allowed me to do as much local marketing, using the reports, as I would have liked to. With this in mind I am going to have to withdraw the offer for NSW reports from the post, so I don't get any new requests – but I am more than happy to run reports for people that I have already dealt with inter state. Have a prosperous and happy end to the year. Warm regards,
Thank you all for your kind words and encoragement – I'm really glad to hear that people are getting benefit from my Residex subscription. I still have spare capacity on a monthly basis, so please feel free to spread the word. Cheers,
GOOD MORNING. Since putting up my original post I have had a good chance to gauge the uptake of my offer of a COMPLIMENTARY RESIDEX PROPERTY REPORT for people with property in VICTORIA, and I feel confident to be able to EXTEND the offer to people who own property in NEW SOUTH WALES. So if you know of anyone who owns property in NSW, and who could benefit from a complimentary report(s) for it, please feel free to pass on my details to them. Enjoy the week ahead. Warm regards,
Good evening,
I was just checking out my Residex property report subscription usage for the past few months, and although I’ve come pretty close to using it completely a couple of times, there is definitely more reports that can be run on a monthly basis. So if your friends, family and colleagues who own VICTORIAN property could benefit by having a complimentary property report run, just let them know. Although best used by people entering a buying situation (auction or private sale), they can also be very useful when contemplating accessing equity in a property, or refinancing – so spread the word. Have a great end to the week. Cheers, MikeHi Jack,
In situation 1, where you live in the house and rent out rooms, there shouldn't be any issues with you claiming the FHOG. Issues will arise when/if you try to claim the interest as a tax deduction – any mortgage you take out is for owner occupied purposes, and is therefore (technically) non tax deductible. You also will not be able to use the income that you derive from renting out the two bedrooms to assist you in satisfying the banks servicing criteria – you will need to be able to do that based off your own salary and other income.
In situation 2, where you take over a month to month tenancy, you could get the FHOG if you intend to live in the property for a continuous period of 6 months within the first 12 months. With the tenants being on a month to month tenancy you are able to request that they go on to a periodic (i.e. 12 month) tenancy at any time – if they choose not to, then maybe look at getting it re-tenanted – there are costs involved with this.
I hope this helps.
Warm regards,
MikeHi Graham – I have received the follwoing reply from Residex in reply to your question:
"In an instance where a property hasn't been sold for a long time, it is unlikely that we will have collected attribute data on that particular property. In this situation we apply attribute data based on what is most likely for the area. For this reason, and the fact that we can not possibly be aware of when renovations are undertaken, we now allow you to specify the bedroom count etc for a property when you are generating a report. This information is then considered in producing an accurate estimate and ensures your clients receive the highest quality and most accurate report. Being able to provide the user (you) with the facility to update these details and for it to be immediately considered in the report is a unique feature to Residex and one which sets us apart from the competition."
I hope that answers your question. Warm regards, Mike
HELLO – I would suggest that you look at student towns like Dunedin, where the population is 120,000, of which 20,000 are uni students. Buy something that will allow to add more bedrooms quite cheaply, and get a good person to manage it for you. You can quite reasonably expect $150 per room per week. Ski town like Wanaka and Queenstown have been quite badly effected by recent global events – they might be ok over time, so it depends what your motives are. As I'm from the South Island I can't really comment with any degree of authority on the North. Cheers.
Hi All. Due to the ongoing demand for these complimentary Residex reports I’ve been offering, I'm unfortunately going to have to limit them once more to VICTORIAN properties only – I know this will not suit everyone, but it is what I have to do – SORRY. Ciao for now, Mike
Hi aaabbbccc, In response to your questions I offer the following: (1) A lender may or may not perform a valuation when you apply for a loan. Often they will work off the Contract of Sale, or if it is a refinance they may rely on a drive by or electronic valuation, depending on the location and Loan to Value Ratio. (2) The banks will vary rarely release their valuations, as they are done for mortgage purposes only. Usually the only time they do is when you are appealing a valuation. (3) The banks have a panel of valuer’s, so if you got a valuation done outside of that panel they will not accept it. A bank will never take a valuation that is higher than the purchase price – that just doesn’t happen. (4) Quite a few of the electronic valuations offered nowadays can be quite accurate. I use Residex to provide my clients complimentary reports. Cheers, Mike
Hi June2009, I can help you with your queries on Sunbury, as I have dealt with a lot of clients out there, from both an owner occupied and investor point of view. If you would like I can provide you with a property report for any property you are interested in, and I can email that across to you – just let me know your email address. Cheers, Mike
Thank you all for your feedback, and ongoing support – I really appreciate it. It is certainly an interesting time in the property market right now, and the mortgage industry is no different – the lender's credit criteria is constantly changing, they have implemented more stringent serviceability standards, and reduced their LVR’s. If you, or anyone you know, is facing these issues, let me know as I may be able to help.
Cheers,
MikeI believe Residex think they are more often than not within + or – 10% of the actual price of the property.
Again this will depend on the number of properties sold in the area – smaller and regional towns seem to have more variance.
The other thing these reports can not take in to account is if any renovations have been done on the property since it was last sold.
Personally I think any buyign decision shold be based off the comparable sales, as they are actual sales.
Cheers, MikeHi Nit,
Here's the link to the QLD FHOG form:http://www.osr.qld.gov.au/forms/fhog-forms/form-fhog-application-kit.pdf The exact wording from the form is:“ensure all applicants will reside in the home as their principal place of residence for a continuous period of at least 6 months commencing within 12 months of completion of the eligible transaction” http://www.osr.qld.gov.au/client-group/first-home-buyer/index.shtml Cheers,Mike
Hi Nit,
I agree with tonyf387's comments.
If you use a mortgage broker they "should" complete the FHOG forms with you (inc the bonus) and lodge them with a lender. The lender will process it with the appropriate state dept, and the funds are made available at settlement.
If you applied for a $300k loan with a lender, they would take from that figure the applicable stamp duty (say $15k), and then add add back the applicable FHOG (say $14k – depending on where you are). So at settlement a loan of $299k would be available for your solicitor/conveyancer to use.
That's how it works in VIC, and it's probably reasonably similar in other states – I haven't dealt with first home buyers interstate, so I am happy to be corrected.
Cheers, MikeIt ended up going for $605,000 in the end – which is probably pretty good value. Decided not to put my hand up, as with the Business 1 Zoning you'd be looking at a maximum 70% LVR, plus stamp duty and GST. I would need to sell a property in NZ to settle on it, and the NZ market isn't exactly bomming right now. So best to wait and see what comes up later in the year.
Good morning,
Just a quick note to say many thanks to all of you for the great feedback, I appreciate it a lot.Recently I upgraded my Residex subscription so I can now run more reports and “all over” Australia, not just in Victoria as was previously the case. So if you know of others who could benefit from the offer, please feel free to spread the word.Happy house hunting – I’m off to an auction soon, and I’m still a little unsure on whether to put my hand up. It would make a great shop front for my business, and has three bedrooms and large living spaces out the back – http://www.tre.com.au/property.cfm?propertyID=1055451&realestate=477_Lygon_Street_BRUNSWICK_EAST_VIC_3057&menuItemID=45070.Warm regards,Mike
Thanks everyone – I have now upgraded my subscription to cope with the number of requests coming in. Happy investing.
Hi Andy. I downloaded a copy of how each lender on my panel assess this criteria – I'm happy to send that across to you – just shoot me an email. Cheers, Mike
