Not enough info.

What price will you sell the property to them at?

How much does she earn and any deposit?

Will she get the FHOG?

Being casual makes it harder.

Simon Macks
Mortgage Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

I have heard of entrepreneurs buying up company title apartments in Sydney, strata’ing them and reselling at profit.

I think there are some building issues to consider such as fire protection.

Can be done.

Cheers

Simon Macks
Mortgage Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Company title is an old style system where a company was formed to own a building. To purchase an apartment one had to buy the corresponding amount of company shares. There were shareholder meetings and these meetings would approve sales etc

So the company can restrict sales and must approve whom you can sell too. I think there are some other limitations in there too.

Strata is the more modern method whereby a owners corporation owns the land and the structure and each owner then owns the airspace within their apartment – or the thickness of the interior paint and inwards as was described to me once. Strata ownership can be freely bought and sold.

Some banks will lend less as they perceive a higher risk. Some banks don’t discriminate on this basis and will lend as per normal. Your broker will help you here.

hope this helps,

Simon Macks
Mortgage Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

She should be OK for the FHOG then. The issue is if she is on title and lived in the home then it would be her home. At this point she should be able to call it an investment property.

Be aware that the ownership of an investment property prior to 1 July 2000 will also remove a FHOG entitlement so this is an inportant date for her.

Cheers,

Simon Macks
Mortgage Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Does your cousin live in the mothers property? If so she may not be entitled to the FHOG.

When was she put on title? This may also affect her FHOG entitlement.

Rent payment is not savings. Banks that need 5% genuine savings will not consider rent.

She may be able to lend against the mother’s property – in this case she will not need to show genuine savings.

She needs to find a reliable broker to go through all of this with her – I feel there might be a need for some education before she jumps into anything too quickly. Now that the market appears to be settling a little there isn’t so much urgency anymore and she can take the time to learn the ropes.

Cheers,

Simon Macks
Mortgage Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

For a straightforward refinance there is no need for a conveyancer or solicitor unless you need someone to go over the mortgage documents with you. This will be an advisory service and you can pay by the hour.

Are you sure refinancing is the best solution – beware the brokers who push refinancing. Sometimes it is in their best interest!

Cheers,

Simon Macks
Mortgage Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

White Knight tile paint is fantastic for a quick bathroom reno. The can says not to use it on floor tiles however I do know someone who did and they dragged paint tins and ladders over it without damaging it.

Cheers,

Simon Macks
Mortgage Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

You are right Mel, it is not over yet as they will be appealing at the High Court.

I wouldn’t rush into setting anything like this up as yet.

Cheers,

Simon Macks
Mortgage Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

As Bryce says a Professional Package is effective where the loan size warrants. If the half % discount is higher than the $300 annual fee then it is easy to do – there are other benefits too.

I normally advocate against fixed rates. I meet more people who regret the choice than I do those who are happy. But I just fixed a property which settled last wednesday for 5.89% over three years and I doubt I will regret that choice.

Cheers folks,

Simon Macks
Mortgage Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

One idea is to consider a Pro Pack that will take 0.5% of the rate straight away.

Fixing is a very individual thing. I just fixed my latest purchase.

What is your loan size and who is it with?

Cheers,

Simon Macks
Mortgage Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.