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On the Least afforable list and I think we are the highest paying tax country as well….?
In singapore, apparantly they have a flat tax rate of 10%, everyone pays the 10% and thats it….therefore no need for accountants and many other professions..
FHOG + K.rudd bonus = property price increase
FHOG decrease = property price decreaseThis would be the general gyst of it right?
Hi PQ,
Good on you… you have seemed to fluke it reasonably well considering 1ppor and 4 ips…
All I can suggest is to knowledge up yourself as opposed to relying on other so called professionals. Read books, watch investing seminars – the program by Henry Kaye is quite inspirational, anything investor/property related that you can get your hands on. It is good to get advice and shop around for the right person to give you the right advice. However you can only be wary, as to ulterior motives.
If you become knowledgeable yourself, you will have more confidence in talking to someone, and less chance of falling into any sort of traps. My Dad made too many of these mistakes, by not involving himself and relying on other 'specialists' to do their work – not the best way to go about things.
However, if I had to pick a field, I would source around for a good mortgage broker, that has the results you want to obtain. You want to get information from someone who has good results within their own lives, if they are giving you advice yet unable to get it themselves, then we would we go to them for advice in the first place?
Anyway, a few of my own opinions that I thought I would throw into your thread…
All you need to do is be diligent, know the market and sell it yourself.
Honestly, im 20 years old with my first property and managing it myself.
Forget agents, property managers etc etc, hence avoiding these hefty ludicrous fee's by the agents. They charge thousands of dollars, to do something that you can do yourself?…
Unless of course you are the astute investor with too many properties to handle by yourself. However, if you have 1-4 properties, this should be easy enough for one to maintain/manage/sell themselves. It is not that hard….
Advantage package is quite good;
Saving of fees, percentage discount on rate, and you can also get that discounted rate for the first year.
There is the annual fee of $395, you can have up to 5 loans for the one annual fee, which is great….the more properties you acquire, the cheaper it becomes in fees.I am not sure about their calculations though regarding the offset savings….what do you mean they have a weird way of calculating it?
If you have the adv pack, you can attach the offset account for free…which is good…
Thanks for sharing that Daniel….seemed to be an interesting read.
I have recently purchased, and with CBA…..so I guess I have to read up on articles such as this!
Well, I am glad to know that CBA are not lacking in funds…..which should hopefully keep the rates at a somewhat stable level? So by what the article has written, the CEO has stated that they will not gouge rates? Dont mind me, but what does it mean by 'gouging rates'?
Cory,
I dont know any in Perth, I use a great one here in south east Melbourne. Which isnt much help to you.
All I can suggest, is to interview them…..Look around, find a couple, go in there and probe them with questions, as you would interviewing an employee.
We can always be wary of who to trust, but as long as you meet up, ask them questions, and see how you feel around them. You may generally go off instinct in finding a trustworthy advisor.
Hi Luvmud,
My thoughts – Is to use as much of your own equity as possible to buy IPs. If you can utilise as much of the equity you have available (dependent of course, on max borrowing power & servicibility of the loans), then go ahead.
If you are doing considerably well in your area, and you know your local market trends, then that is a great stepping stone for you.
Buy as many as you can! Property has to be one of the most safest avenues of wealth creation….
Having it sitting there, rented out, and claiming on as much as you can on tax!St.George also have a fairly decent product at the moment, with their spring campaign.
4.66% for first year, reverts to percentage discount after year one off SVR. The $395 annual fee, being the only hindrance..
However at least it eliminates establishment fee, and account keeping fees etc if you want to attach an offset account..Denis, to be honest – all you really will need in a loan, is your BASIC standard mortgage, no bells and whistles..
Nominate a savings account to be direct debited from each month; cheaper rate, ability to make extra repayments, ability to redraw..
Thats all you will need…. lenders, just seem to make the loans sound fancy, which makes them competitive; therefore meaning, making the consumers confused…the more confused the consumer, the more they will shop around on cheaper products..
Its a vicious little finance world…When you are looking for loan facilities/products – just get a BASIC mortgage!
Depending if you want a walk-in branch, ATMs etc….you can try the big 4, on a basic set up, which have decent rates at the moment. Or you could try some of the non-banks, which wont really have branches etc…
Totally up to you, and how you want operate it..
Denis,
I am definitely on the same wave length as you, to acquire first property and purchase at least 1 every year. That is my exact goals, however hopefully trying to get more then just 1 per year!
I have just purchased, and settled last week, with CBA. My deal was fairly complicated, however we managed to pull it all through. There would definitely be ways in which to obtain finance for you.
In terms of which bank, it really depends. Policies changing all the time; lenders now requiring genuine savings to be sitting in an account untouched for 3 months or more. (3-5% depending on lenders). Unless, of course you can attach another security to keep lend under 80%, which would therefore not require the genuine savings rule, also avoiding LMI.
Try not to stress yourself too much into where you will look at purchasing. The main goal for you now, is to at least get in the market. It doesnt have to be the most extravagant. I researched for quite awhile, in terms of the areas to buy in. I have also been reading and watching seminars about investing – the main and most important thing, is to just get in the market. That is the stepping stone, once you are in, the rollercoaster then becomes a little smoother and easier. Regardless of rental return, or high growth, your main focus is just to buy, and BUY as soon as you possibly can. The next 12 months would be optimal.
I just signed up to this forum, and this is my first post. I read your thread, and felt compelled to write, as I am in a similar situation. However, slightly one step ahead with already having purchased.
Good luck Denis, you will get there in the end! Perseverance was a key factor with my recent purchase!
I hope this gives a little insight for you anyway..
