Forum Replies Created
My wife salary sacrifices our mortgage expenses on our PPOR. She was also given the option of doing it with rental cost.
Simon Macks
Residential and Commercial Finance Broker
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0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
How many did you try? I can think of any number that will approve more than Homepath will. They are no less stringent than other lenders.
Please contact a broker. I am not saying that to drum up business for myself either.
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Homepath are shockingly slow. I have used them and heard all the horror stories. I personally would think twice about using them.
Homepath will have done no checks into your CRA, incomes and of course no valuation. Their pre approval just means that based on the numbers you supplied you will be able to afford the loan.
If I was you I would contact a decent broker and ask him for a backup plan.
I guess the major obstacle is valuation – if you pay too much and the valuer reckons it is worth less then your loan may not cover the settlement.
The downside to auctions is that once you win it you have no get out clauses if the val is poor or a building inspection turns up a problem.
Please be well organised before comitting yourself.
Having said all of that – an auction can be a great place to score a bargain as so many people wont attend as they are scared of the whole auction process or simply don’t like it.
Good luck,
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
It sounds worth exploring.
As to whether it is a good investment – it is impossible to say without knowing a whole lot more.
Have you any other IPs? Usually people turn to commercial after gaining experience and equity in residential. It is quite a different ballgame.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Why do you think a company is the best?
What are your reasons for doing this?
Is it a long term or short term partnership?
What are your investment strategies?
In many cases a Trust is the best vehicle – often a Hybrid Discretionary Trust. Often a Company can be the worst.
But you really should see an accountant and have him analyse your situation and make recommendations.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
If income or deposit are low but the other is high then there is usually an answer.
In your case you might be best to spend the moment learning and researching property.
Keep building your deposit.
When you have a decent income then buying your first property will be simple. I would suggest you consider buying a home for 6 months then move out and rent it. You will avoid SD and get a $7000 head start from the Federal Govt!
Plus you will have a CGT exemption.
You can rent some rooms out to mates to help with the repayments and building the deposit for number two!!
Cheers,
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
You can get it on purchase price in certain circumstances.
Why are you after this? Knowing your situation might make my advice better.
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by chancy168:Thank u Simon, I didn’t realise the facts u mentioned. But if I kept it for the long term in a growth area,say, Ipswich/Sanctuary Lakes, Qld then capital growth may compensate for some of these higher costs.
Yep – that may well be the case.
I reckon these are great investments for the long term “hands off” investor who is so busy that they may not otherwise buy a property.
The tenants are great, there are no vacancy and they are built to a standard.
I have lived in them quite a bit myself!
All the best
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
They can be great investments.
You need to decide what your goals are and what stragtegies will achieve them.
if DHA meets your needs then grab one.
Some of the perceived disadvantages are the high management fee, the rental reviews that may not meet your idea of the market and also the fact that if you sell the long lease means you are limited to selling to investors. Investors rarely “fall in love” with a home and pay your asking price – they negotiate harder.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I wouldn’t sell.
After four years of growth the stockmarket is forecasted by many to start to settle this year. Changes to Super see a lot of money still pouring in wich may delay things.
Sure as night follows day, when the stock market loses momentum the smart money will be looking to switch back to property.
I am no expert but I am looking to buy another property soon.
I am a buy and hold proponent having sold properties some years ago and realising that I would be much better off had I left them tenanted to appreciate for me.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by nikikb:Hi,
I understand your thought-developers make extrodinary profits on each house,depending.Some make extraordinary losses.
Without experience and in the current market I would suggest that enthusiasm and time is not all that is needed to make an extraordinary profit.
[blink]
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by World Changer:I have had to sell some houses to make it happen but hey thats life
hey !!Congratulations!
Did you have to pay a dowry or buy her some how? [blush2]
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
If you think you will sell in the short term for a capital gain then the best way would be for her to buy it as a PPOR and then split the profit with you.
This is fraught with risk as you will own nothing. I wouldn’t hesitate with my in laws – they are good people. Only you can decide.
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by kpi:TerryW hit the nail on the head. A solicitor comes in handy when a property transaction become messy. Ie. Problems with title transfer and settlement disputes etc.
Yes Terry knows a lot about this stuff … [blush2]
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Use a Qld based legal team.
Conveyancers are cheaper and perfectly fine for 80% of deals.
But if you fall into the remaining 20% then a good solicitor is well worth the extra cost.
Unfortunately you don’t know if you are in the 80% or the 20% until the dust settles!
Whatever you decide – shop around and negotiate a discount. Some solicitors charge a lot more than others for a service mostly performed by the front office girl [blush2]
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Members have joined the forum and registered their nickname. Guests are just browsing and have no posting privileges.
Membership costs nothing.
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by wealth4life.com:WOW … he came to one of our seminars 2 years ago and my boss and him hit it off like father and son.
I have a personal friend “Josie Watkins” who is a senior lecturer at the UNSW in this subject … depression is a phsyc word and josie prefers to call it “sadness”
Every body has levels of sadness – SIS was obviously at a very low level …
God Bless
D
I prefer not to trivialise clinical depression by calling it sadness. This intimates that all you need to do is try to cheer yourself up and that the state will pass in a short while. It doesn’t reflect that this can be a chronic illness caused by a chemical imbalance in the brain like other diseases.
I would prefer to see it called Seratonin Deficiency and lose the stigma of the term depression and the way well meaning friends and family think that you just need to buck and and get over the “sadness”.
I am guessing our old friend SIS was more than just sad. Sad people don’t seek such a final resolution to their condition.
If any of my friends here feels so bad that they think that they have no further options in life please drop me an email or a call and I will help you find some help. That’s a promise.
SIS dropped away from this forum a while back when the boom showed signs of transferring to the sharemarket. By all accounts he did well there too. Sometimes share traders spend too long in front of the PC and not enough time with friends. We all should be careful not to end up there.
Lets all have a New Year that is an improvement on the last in every way we can.
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by Bugs:Thanks for your reply Richard, should we seek the advice of a mortgage broker? As you can tell we are very new to this?
I think you should talk to one at the very least and see how you get on with him.
Richard has a solid reputation in this forum and he would be a good starting point not least because he has already started to chat about your situation.
Give him a call when you have some time to sit down and chat in detail.
I tend to prefer a straight deposit lend where you simply borrow the required deposit (25% is a standard fibgure to allow for buying costs too) against your home equity and “gift” it to your child. They should make those repayments for you on that loan as well as on the remainder they borrow – the other 80%.
The downside risk is losing that deposit. The downside of being guarantor is exposing your home as well.
Of course these are rare occurrences but some offspring have been known to marry badly or adopt a life of hedonism or crime etc [blush2]
All the best,
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Depreciator uses Quantity Surveyors throughout the country. All reports are compiled by qualified experts.
I personally use them and will continue to do so.
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Educate her – buy her some books and teach her what you have done.
Lend her a deposit – do not go guarantor.
With a loan your downside is that loan – if you go guarantor then you can lose a lot more if she marries poorly, turns to drugs or a life of crime.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
