Council approval for units.
First arrange a meeting with the local town planner. Give the property address with the meeting booking so that some preliminary research can be undertaken by the town planner. Don’t always bank on the research being done though. Ask the planner are there any restrictions on the property such as flood potential (may…[Read more]

I reckon getting a professional depreciation schedule done. Costs a bit depending on location but really worth the $ if the house is new-newish. Getting a $5k dep deduction for a 18mth old transportable $230k house was amazing. So if you can get say $4k then I reckon it’s worth about $30/week tax-cash in hand. Then you’ve got the loan interest…[Read more]

Hey redline, what do you mean three fell down. Get gezumped or $ fell thru?
Just purchased one bed unit in Bairnsdale next to river for $77k renting at $105. I can’t beleive some of the deals folks are finding. Amazing searching, well done! Geez, I reckon we do well finding a couple a week above 5% in Albury/Wodonga!

Improve your nordic skiing…[Read more]

For the interested property use $29k for non loan purchase and borrow 80% of 145k thereby avoiding mortgage insurance, set aside 10k for purchase costs – stamp duty & conveyancing fees etc. That’s a total of $39k leaving $61k for the next IP.
This is a more conservative approach but places you in a less vulnerable position if interest rate rise.…[Read more]

Gather all your information such as payslips from employment, asset list with valuses, property addresses.
Work out your vision, where do you want to be in 5 years – number of IPs, or setting up for retirement eg $yr needed.
Consider using the equity to set up a line of credit from the bank. Use the line of credit as the deposit(5%) & 15% of…[Read more]

For renting improvements visit the local real estate agents who manage rental properties and ask what their clientelle want in a rental property. Think like a renter, what would you want – OSP, secure garage for extra storage,real clean bathroom and toilet, adequate lighting, adequate space in kitchen for dining, adequate food preparation space,…[Read more]

We given a serviced apartment, Melb CBD central, a try with good yields. Only just settled because of the difficulty in finding finance. If you’ve got cash you could certainly bargain down with short settlement. I’m sure vendors would jump at the chance of a quick sale.

Improve your nordic skiing – become an accredited instructor with…[Read more]

Finally settled on the Serviced apartment FIVE extensions to the settlement date because of finance institution difficulties.
We shall see what happens from here… Next is to get the payments from the leasor arranged.

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A1. Contact your friendly Town Planner or Town Planning Customer Service Centre at the relevant Council. Each state and some councils have different rules.

A2. Where is the property – Council and State? I can then give further advice.

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Back to the original post…
Yep, I’m having trouble with getting finance in time. I feel the financial institution is giving us the run around to strig us out long enough for desperation just before siging penalites apply and so we wouldn’t consider another lender.
The “mobile”banker has become nothing more than a submitter of information to…[Read more]

Still waiting from a response from THE bank. Starting to get the run around from the mobile banker. More like they’re the run around clerk until it gets to someone capable of making a risk call. How could they loose with LVR 70% and DSR at 36%? Anyways, the PI has a 3% annual increase plus independent CPI review every 5 years. We’re in for…[Read more]

Thanks Scott & Mel
We haven’t rented it out yet, no settling for another 30 days. I guess we’ll wear the 2.5% if we reno. Again many thanks.

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Many thanks Greg for the advice. We are waiting on the usual CBA response (promise 48 hours but still waiting after 6 days) It will be interesting to see their response. We intend on applying for two IP loans in one hit (the other being a cheap 80k 1 bdr unit). I will sound out our local Mortgage Broker tommorrow. I haven’t used a MBroker…[Read more]

Be aware that zoning regulations are diffeernt from Council to Council in NSW. Medium density development has an environmental impact such as additional noise and car parking. Expect potential resistance from neighbours. I recommend getting them involved before they are notified by Council of a MDH proposal. Our Council does not generally…[Read more]

Whoops, we’ve been doing wrong way around all this time!?

We have
1. Found property
2. Made offer
3. If accepted then go find finance.

We’ve done this 3 times and am currently doing again right now. I hope we get approval!!

BUT how do you apply for finance from bank when they want to know what the property address is? Seems like chicken and…[Read more]