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I’d be looking to buy something cheaper in Brisbane. Also remember in moving to Brisbane you will also save money on petrol/public transport costs. Which can also be factored in.
Financial Wellbeing Coach
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A couple of lenders have what they call a go-between loan for people in this situation. With this loan you only need to make payments on the existing property and the interest on the new property can be capitialised for 6 months allowing you time to sell the existing property.
Loans are at standard variable and they will go to 85% lvr on both properties. Subject to the area the properties are in.
Financial Wellbeing Coach
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mcubed- to be eligible for fhog you would have to live in the property for 12 months.
erwin- How much would you need to borrow?
What is the postcode?Financial Wellbeing Coach
W: http://www.pfsfinance.com.au
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Erwin
Because the property is under 50sqm, it will be very difficult to finance. Do you have much equity/deposit? Does it have a kitchen?
Financial Wellbeing Coach
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I was out at Coomera last week having a look around. A town centre nearly as big as pacific fair will be going in there in the next few years. I was also talking to a big property developer today who has land up there and will be subdividing it in the next year or so. His opinion that this is the place to purchase property over the next 12 months.
There is heaps of land for sale up there at the moment. Didn’t see too many houses for sale.
Financial Wellbeing Coach
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E:[email protected]Development Finance Specialist
I run a Finance Help Line which is a free community service to help people who are having financial difficulty. email address: [email protected].
Kerri
Financial Wellbeing Coach
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I know there has been tax office rulings over the last couple of years regarding capitialising interest on IP Loans, but I’m not completely up with it.
I am a broker and have never and would never let my clients go in to loans such as this as I believe you should at least make interest payments on you IP’s.
There is also better Lo Doc Rates out there up to 2% cheaper thatn the rate she has been told.
$3,745- fee to set up is very expensive. These things can be set up wth only the lenders fees and you don’t have to pay the broker anything.
Financial Wellbeing Coach
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$100,000- x 7% divide by 12 = $583.33
Financial Wellbeing Coach
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Hi Brad
Is the $250 per week after tax or before tax?
Kerri
Financial Wellbeing Coach
W: http://www.pfsfinance.com.au
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I think I might have a couple of lenders for you.
I just need to know the name of the town.Kerri
Financial Wellbeing Coach
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Hi
You would probably need to obtain a Low Doc loan. With most Low doc loans, you need to have an abn number for 2 years, but there are a few Low Doc products where you only have to have the abn for 1 day and you can obtain a low doc loan.
Kerri
Financial Wellbeing Coach
W: http://www.pfsfinance.com.au
E:[email protected]
E:[email protected]Development Finance Specialist
I’d done everything I’d wanted to do in my life by the time I reached 30. I had a fantastic career, quite a few investment properties and that was my life. Then I had kids(which was probably the best thing I’ve ever done as they bring so much enjoyment to ones life), my marriage fell part and I lost 1/2 of what I’d worked so hard for in the divorce. I started again as a single parent, with my kids being my first priority in my life and started my own business in finance broking which has grown and grown over the last 4 years. I also met the new man in my life in the process and moved interstate.
These days I don’t measure my life by what investments I have and what I’m earning, I measure it on how happy my kids and I are, and the fantastic lifestyle we have these days, because I was prepared to take some chances over the last few years.
I’m a big believer that there must be a nice balance to ones life. You must enjoy today,because you could get hit by a bus tomorrow, but you must also invest for the future, because you need to be financially independant asap and I don’t want to be relying on pensions etc when I retire(they won’t be around then).
I don’t have to work these days, but I do it because I love helping people.
Financial Wellbeing Coach
W: http://www.pfsfinance.com.au
E:[email protected]
E:[email protected]Development Finance Specialist
I used to be a manager for a Finance Broking Company that was attached to a Property Marketing Company. When I was there we had to finance heaps of serviced apartments. The reason why the lenders don’t like this type of property is that there is a real limited market if the lender had to repossess the property as owner occupiers could not buy the property to live in and the there was a limited market when it came to investors. They are what the lenders call unacceptable security and it got to the stage that some lenders would only lend between 50=-65% of the purchase price.
You will also find the purchase price normally contains a furniture pack of say for eg $25,000-. When a valuer goes out to do the valuation he will take off the cost of the furniture pack off the purchase price and then do the valuation on that figure.
Lenders are also very vary of rental guarantees.
So in a nutshell for eg if you were to purchase a serviced apartment for $300,000- and there was a $25,000- furniture pack the valuer would do a valuation on $275,000- purchase price. if the valuer was to do the valuation at the $275,000- the purchaser would have to come up with $25,000- for the furniture pack plus anything from 35%-50% deposit on the property if they could find a lender that would accept serviced apartments as security.
Kerri
Financial Wellbeing Coach
W: http://www.pfsfinance.com.au
E:[email protected]
E:[email protected]Development Finance Specialist
A friend of ours is the site manager out there, so we have been told exactly what is going in, how much the developer is spending and who the developer is. You will be amazed what is happening there in the future. Tip is also look at Taree, big development will be happening there in the future.
Financial Wellbeing Coach
W: http://www.pfsfinance.com.au
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E:[email protected]Development Finance Specialist
Hi Kinks
A good friend of mine is a mobile manager with one of the banks and she says that fixed rate loans are not neg.
Financial Wellbeing Coach
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Some more 5 yr fixed rates
IMB 6.79%
Heritage Building Society 6.79%
Financial Wellbeing Coach
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Heather
I’ll check a couple of lenders for you.
Kerri
Financial Wellbeing Coach
W: http://www.pfsfinance.com.au
E:[email protected]
E:[email protected]Development Finance Specialist
What fees are you paying at the moment
Kerri
Financial Wellbeing Coach
W: http://www.pfsfinance.com.au
E:[email protected]
E:[email protected]Development Finance Specialist
I can relate to some of them and I’m on the gold coast.
Financial Wellbeing Coach
W: http://www.pfsfinance.com.au
E:[email protected]
E:[email protected]Development Finance Specialist
Hi
What is the postcode of the town?
Kerri
Financial Wellbeing Coach
W: http://www.pfsfinance.com.au
E:[email protected]
E:[email protected]Development Finance Specialist
