Forum Replies Created
I had a similar experience (also with the same bank) with settlement being delayed 17 days. I was selling so whilst I wasnt paying defaulkt interest, I wasnt getting the benifit of the interest savings on other loans. above all REMAIN AS UNEMOTIONAL AS POSSIBLE. all concerns and total up the amount you believe you are out of pocket. Word it as not play the blame game (let them save face as much as it pains one to do so…. you WILL catch more flies with honey than with vinegar!!). I was sucessful in getting a refund of the settlement fees (for my inconvenience) as well as 17 days interest on my sale amount. This totalled up to be a significant amount and well worth chasing. It had to go through the channels and ended up taking about 6 months. I tired to be empathetic to my local branch (all documents are now centralised and it is often not the fault of the local branch). This strategy worked well as I had the local loans officer going to bat for me for the refund as well.
All the best and I hope that helps. For future reference, I now start calling the bank 2 – 3 weeks before (ie normally get the docs one week before, so call 3 weeks before). Be patient but proactive and get agreement of timeframes from the start.
Cheers
MickAnd then again, in the area I live (regional NSW) I get a pest inspection annually, especially for termites. Also, when I had units in Newcastle it was also essential for an inspection annually. So it may be easy to inspect yourself, but it is also easy to overlook a problem and end up with both a heartache and a headache. Honestly, for the relatively small cost, get one done, especially if you havent had one done before. If it is for surface beasties (spiders etc) then I would discuss directly with the tennant as suggested above> As a landlord I never sprayed for creepy crawlies and as a tennant never expected it. That would fall under "occupier upkeep" in my books, especially if it was bug free when they moved in.
Mick
Do a thread search on TIC on this site and summersoft and you will be able to gather quite a few opinopns on your question.
no brainer – YES
Oh dear, if you have waived you cooling off period and are unable to secure finance, my understanding is you would be in default unless you make some alternate arangement with the vendor. The fact that you have waived your cooling off also suggests that you did not have a finance clause in your contract. (Actually, in NSW that seems to be being actively discouraged by solicitors at the moment. I am noticing more instructing their clients to keep it on the market until the contract can be signed unconditionally, well at least in my regional area.)
If it falls over, you may need to look at another lender. Be proactive in chasing your approval so that you have time to look elsewhere if you need to. If your contract isnt settled by the due date, you will be up for penelty rates which are listed on the contract, but these shouldnt be much higher than interest rates so if thats what you need to do then so be it. Try and keep the vendor in the loop if it is cutting it fine, as they may then be less inclined to impose the penalties and may grant you a little more time to get you finance.
I do hope you get your finance approved and all goes well.
All the best
MickNatalie,
Can I add something different to your thoughts. You mentioned that it is a home that you would like to live in in about 2 years and see yourself there for the next 8 or so years (taking it up to the "not sell in 10 years" comment). Without needing the details of your illness, consider if you would be able to raise a family in the townhouse. You will be in the age bracket to start a family. Should this occur, would you still want to stay in your "dream home"?
Also, think about the two storey aspect, if you become tired, will you be able to vaccuum up and down for example. I am sure you have probably thought of these things, but just in case you havent I thought I would raise them. As you circumstances change so will your "dream home" and it is true, there will always be another one around the next corner.
All the very best
Mick
pardon my ignorance, but after India, China and Brazil move into the western world finances (OK may take a while…) what countries back's are we riding then for our future prosperity?
Obviously not an economist!!
How did it work out for you reality. Are you still in the contract or did you opt out. If you are this worried at the start, do you think you can sleep properly down the track? Be careful not to spend all your energy on chasing the lifestyle and miss out on life itself.
Hope it all works well for you,
Cheers
Mick
I recently got quotes for essentially the same kitchen design (I drew it up). The quote I got were $16780, $14,900, and $7880. (These all included installation and a granite bench. My design was based on the Bunnings flat pack design grid and I also priced it up at BUnnings. Bunnings flat pack, DIY installation, and I would still need to get a wall oven unit made (they dont have one for a double oven), not including the granite top, came to around $3500. So short story, if you are a little bit handy and are happy with the standard cupboards, then BUnnings flat packs were certainly economical.
Hope that helps
Hi Jarod,
When we bought our first home (3bd townhouse for $85K), my other half was also doing a PhD and on a scholarship. i would strongly suggest that without the additional support of an income that you continue with your research and continue to save. Try not to put yourself in the position where you need to supplement your scholarship and as a consequence do less on your PhD. Trust me, I have seen many who take on extra paid work only to see their PhD timeframes blow out. Personally, I believe the quicker you get it done and then secure full time work the better position you will be in to buy property.
Now that said, there is no reason why you cant be creative without being the owner. Lets say you were able to rent a property suitable for student accomodation with say 4 or 5 bedrooms. Pick up a some second hand beds and desks and then rent out to students by the room. You would always maintain control as it is your living space as well. If you look into it you may be able to subsdise you living expenses and save faster.
Worth a thought
Mick
Feel free to PM me with the price
mickI agree, agents games. Without a great deal of effort he got you to say you could increase your offer by $10K. If you are serious about investing, sorry but the facts are there are costs associated with it and sometimes they are costs to find out what NOT to buy. Time, yes that is also a fact of investing. Be prepared to walk away if the property is going to cost you more than you wanted to pay. There are always more deals out there, dont get suckered in because you spent less than $200 on a report. $200 is a lot less than $10 K if you regret the purchase later.
Take a breath, have a coffee and go over it again, hold your ground and be prepared to walk away.
All the best and welcome to the world of investing, it is a harsh taskmaster for those that let emotion ride along.
MickHi Steve,
I looked at Wandoan just over 12 months ago, with the same thought as you. I got the feeling that the mines have learnt this time around as most of the land for sale had already been purchased by the mines themselves and when I spoke to a few locals, the feeling was the mine was going to build their own workers accomodations. I dont know if that has changed at all in the last year. Be interesting to see if anyone has any more recent info.
Mick
Zaz,
Be careful about buying the cheapie in the tiny town. I am not saying it wont work, I have done that and it has worked, but that is in the past. I would investigate what the town has to offer and with the market quieting down, work out what you expect the land would sell for in a few years. I know there are no crystal balls, but for arguments sake, work of say 7 or 8% capital growth per annum and factor in interest, rates, block maintenance (you will still need to keep it clean) and see where you would end up in say 5 years. Dont forget to also add in buying and selling costs and stamp duty. If the number at the end of the page dissappoints you, then you will have your answer. My concern is that off a low base, any percent rise in capital growth will be small return after all costs, and it may not be worth the stress for your first purchase.
On the other hand, are you able to do as LA Aussie suggests and take advantage of all the current $$$ available to FHO?
I wish you well and dont get swept along with the tide of "must buy something". I dont doubt that there are many many persons who whish the had not done so.
Mick
In a moment of weakness some time ago, I had a look at a similar "venture". It too offered "your money back – we garentee you will come out in front" When you looked more closely the fine print on the garentee was that you HAD to bet on each recommendation that you were given, if you missed only one then you voided your guarentee. I too thought it a scam and to risky. The fact that they used horse racing as the example didnt help either I guess. I would strongly agree with the previous posts and suggest steering clear.
You know what they say – if it seems too good to be true………….
Mick
Hear hear Mark!!!!
I am over agents trying to justify the huge expenses. I still maintain if the same work is carried out on the sale of a $250K property as a $450K property why should the commision be different? I think we have just accepted this culture as the way it is. I strongly support the new wave of commission structure (Virgo Parrerson for example) I recently sold a property with them and saved over $10K. I know the other agents have rubbished the idea, even having adds appear in the local paper saying things like "pay peanuts – get monkeys" (which I find to be completely lacking in integrity) but I have found them to be nothing short of professional and excellent to deal with. Highly recommend them if they have an office in your area. Note that you do pay for advertising on a user pay basis, but still a huge saving.
Mick
I am curious how stamp duty was not payable. Surely for the income/profit to be in your name then your name must be on a contract thus triggering stamp duty in your name. Terry, would you mind explaining how SD was avoided in your case. Sorry…. this is a new concept for me.
Mick
Hi Scott,
I think you are refering to Belvedere and assume Tammy was also. They recently just had the leases approved for mining (as opposed to exploration). So it looks like if the demand remains there then the mine will be online in the nearer future than alot of people thought. I was approached to sell my rental last week. It is able to be developed into a unit site and sits next to another for sale. It seems a lack of new units/townhouses (or whatever you wish to call them) has a keen buyer trying to buy up everything. I think I will sit a little longer as it isnt costing me anything to hold at the moment being +ve cashflow.
I am interested though in your thoughts as to why it wont take of?
Hi Crashy,
I recently hired a shipping container. It was delivered to my door ($100 each way), taken back to their depot and costs me $27.50 per week to hire. Had I wanted to I could have purchased a second hand one for about $2700 and had it stored at their depot for $5 per week, but I only needed it for 14 weeks.
Hope that offers another alternative for you. have fun travelling about. We plan to in about 18months and I will go the container again then.
Cheers
Mick
49.9 – just because I am going over in May and I didnt get around to exchanging money when it was almost even. Not too scientific I am afraid.
