Forum Replies Created
Why wait until the lease expires? You can always break the lease if you need to. Or is it just a handy time target?
Given you don’t wish your partner on title – can we use her income to reduce your debts?
You need to aim for a minimum 5% deposit saved over 6 months. I suggest you set yourself a goal for $10K by April 2006. Or better if you can do it.
There are no deposit loans available but they are not the most optimal solution in my eyes.
I would pay the minimum on the loans and use your savings to save that deposit. LMI saved at purchase will probably outweigh any interest you might save.
Those loans will really hurt your serviceability, however I think the loan is doable.
If you had the deposit and savings history today I think I could find you something – as no doubt could any broker worth his salt.
Please don’t take this as a given as I really don’t know enough about your situation to give advice.
Redraw vs Offset?
Offset is usually my preference in nearly all cases.
Lastly, all lenders take the rent paid into considerationin that itis not included when working out what you can afford to pay from your income.
Hope this helps and please feel free to ask questions.
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 will add value by renovating. Problem is that if you don’t do most of the work yourself the cost of renovating will be high – poss too high. Every $ you spend on labour comes straight off your profit.
I would be inclined to do it yourself or consider selling them aiming for a renovator.
Maybe some REA can give you advice on what you can get renovated and unrenovated?
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 resiwealth:No way – the reason is that every body is moving to Queensland, its the best place in Australia.
Actually Bris/Gold Coast is the second fastest growing area in the WORLD.
resiwealth (no i live in Sydney)[biggrin]
Don’t they have the internet in Qld yet Phil?
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.
Anus,
I would be very surprised if anyone here has much Eastern European investing experience let alone Bulgarian.
Why are you considering Bulgaria? Are you from there or has someone offered you a great opportunity?
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.
Be careful about getting so negative geared that you cannot sustain it when back on your normal Australian income.
I personally would be considering more purchases however don’t see this as advice as I don’t know your situation and I am not qualified or licensed to advise!
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.
The Inspector perhaps should have found the problem – but he probably didn’t take several showers and so was not in as good a position as the tenant to find it.
I usually knock on the door and speak to the tenant and neighbours about a potential property purchase – they are usually keen to have a chat I find.
The builder will have disclaimers in his report and I am sure that he did his best – you should speak to him and see if he offers anything to help? Perhaps he can organise a tradesman at an industry rate? I think that you should aim for a win/win solution – not a win/lose one as the builder can easily take no responsibility and ignore you.
At the end of the day the report is just an advisory tool but you made the decision to buy and you need to take the responsibility.
Welcome to the world of IPs!
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.
I want to know who actually voted for it as email of the year?
Seems not all women are in favour of it?
[blush2]
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.
Was that recently Terry?
I have also done it about two years ago but it is no longer available – we also used something similar to allow a father and son to buy but keeping the father off title to preserve the son’s FHOG entitlement.
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.
Is the mortgage for your home or an IP?
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 don’t believe it is possible to have a loan secured by a third party’s property.
99% sure because there may be something out there that I haven’t heard of.
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.
What a gorgeous little girl!
26 hours is a long slog but let’s not forget that Richmond did all the hard work 9 months ago.
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 ANUBIS:MJA – ohmigod, that commodore is not as fully sick as your rex [wink]
My Commodore is fully sick.
Getting looked at today by Doug the mechanic, hope it will not be as sick when he is finished.
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.
Grossrealisation,
You are a bit wrong. In Jun 2000 an amendmnent was passed allowing IP ownership from that date.
Basically it is as I described in my earlier post.
Please go to my website under FHOG and follow the link to your state body where you will see it in black and white.
By all means ring your accountant but he will be reading from the same legislation.
You have raised a very valid point about a spouse or de facto partner. If they have owned a home – even if their ex spouse owned a home and they occupied it too – then you won’t be eligible.
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 don’t disagree with what you guys propose however this is an issue for Steve and his team to comment upon.
Please discuss this issue further taking into account the following:
If we open the door to advertising – where would it end? Do you guys realise how much spam we delete every day? MLM opportunities, pyramid schemes, finance offers, two tier property marketers? I would hate to see this forum turn into something that changes the useful of it.
Look forward to some constructive debate.
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.
Thats one path. NODOC loans can be quite cheap these days.
I can’t really give advice without more info.
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.
The mother can use a NODOC to access enough to fund the deposit and costs. The purchaser can then borrow the remainder through their own facility secured against the IP.
The advantage of this over the mother going guarantor is that it limits the mother’s risk to the funds she borrows. As guarantor she could lose everything in an extreme situation.
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 Celivia:Quacks and Lala-land dwellers.
“Rebirthing. Discovering and experiencing your past lives through guided meditation.” $300 per session (one hour).
What you’d have to do: Sit with someone and with your voice guide them into lala land. Make them think that their fantasies are real experiences from their past lives. Tell them that going through rebirths helps them get rid of ‘bad karma’. Tell them to come back often to go through more past lives.
Celivia
Can you do that for me Civia?
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.
We have two cars which we need for my work and Jen’s university – she does a lot of placements and evenings now and public transport no longer suits.
Both cars came from the trading post for under $6000. A 97 Excel and a 95 Commodore wagon. The wagon is great as it fits the tools, the bikes and tows my sailing boat.
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.
Remember that the aim of the agent is to sell a property. In todays market I think it unlikely he will tell his vendor to hold out for a higher price. Have a think about when the agent gets paid – if at all.
Agents have little respect for valuers and vice versa.
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 duncthedunc:If these commentators know so much about forecasting property trends then why are they still working 40+ hours a week in the finance industry? Surely they should have retired by now – being able to predict the future! Its like a story about property investing on ACA tonight – the editor of Money Magazine was giving investment tips on how to pay off you mortgage more quickly etc. If she is such an money expert then she would be kickin’ it the Caribean sipping on cocktails – not printing stories written by more so called experts.It’s a bit harsh I know but I think the really successful people mostly keep to themselves and continue to plod along investing in ways that they know work for them.
Dunc – I think paying down your mortgage quicker and being very wealthy can be two very different things!
But you make a valid point – those who can do and those who can’t teach! We should all be careful of the very expensive seminars presented only because the presenter loves to share the info [biggrin]
Cheers and good luck – see you on the Caribbean someday.
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.
