Forum Replies Created
We’re with Colonial and are on the MAV pack (very similar to Commonwealth package as they are part of the CBA).
Their interest rate discount increases as you borrow more. I have discount of P&I’s, IO’s and Credit Lines. Different discount rates for different loans but based on total borrowings, starts at .4% discount on total borrowing of $150,000 and goes up to .7$pa once you have borrowed over $1million. It does have a yearly fee (I think it’s $300), and you must hold a CBA Gold credit card but the annual fee and extra carholder fee on the credit card is waived while you are a MAV pack member. They do also give discounts on their insurances (house, contents, landlords and car from memory), sometimes this makes theri insurance cheaper and sometimes it doesn’t so you still need to check it out carefully. They also then waive establishment fees on the loans.
The fustrating part with them is you cannot ring and get an operator, you either leave a message and wait for them to call or you go through your broker. They can take up to 24 hours to get back to you.
I think it depends on the individauls situation, it has been great reading commetns about the various packages above, keep it rolling in guys so we can compare not only what’s available but various peopele’s experiences with various packages.
Regards
PKWhat state is all this happening in, a Pet Bond in WA of $100 is fairly standard if a dog or even a cat is agreed upon. (I wouldn’t bother about it for a Cat), but I’m just wondering what the go is in other states as everyone seems surprised to hear of Bond for animals.
I know here this is a maximum to what can be charged, so do check that out with your relevant tenancy advice people.
Regards
PKThe more you put in the more likely it would be +ve cashflow, but then the less likely you can get many if your cash is all tied up like that.
After reading the book your reading, then read Steve’s second book “1 million in 1 year” as it’s more up to date with the changing prices and changing times. Finish the first though as it helps to have that knowledge before reading the 2nd.
Regards
PKINtersting, we’ve only ever had one fully furnished IP and we found it attracted a lot of short term tenants as it was so easy for them to just get up and move whenever they felt like it. A lot harder if they have to move furniture too.
I did note you stated you had a long term tenant set up so hope all goes well.
Regards
PKWith reno on last place we turfed the big tub that had the shower in it and built a smaller “Roman Bath”, not sure that’s the right terminology, but build the brick wall and tiled it. It was low so appeared to just be a big shower, but for families with little kids they could still put a plug in and run a small bath.
Seemed to keep everyone happy that way (excpet those that do like theri long luxurious baths, but they seemed to be a minority).
Regards
PKThere’s a MacDonalds in Mandurah, leave hubby and kids there while you look at houses then just the family through your shortlist. A lot less headaches.
Also, do a search on where the new rail will go, although ou may like to be close so tenants have access to Perth, I wouldn’t personally buy the house opposite the station (too noisy), so check out where that’s going to be as well.
Good luck
PKPerhpas it depends on the bank, but when we’ve banked extra in for overseas travel we have still attracted bank fees when withdrawaling the money ie: it’s a cash withdrawal regardless of whether the money is mine or there’s, however, we didn’t pay any interest on it as the money was mine. They definitely didn’t pay us any interest on the funds we had in there.
PK
We also have solar and have the electric booster on a timer ie: it comes on a 4pm (when most of the sund for the day has gone), if it’s warm enough then it turns back off, if the water isn’t warm enough then it heats up for the next couple of hours. This allows us to all have our showers of the evening. We find that for 9 months of the year we don’t need teh booster, but the other thre months we do and that’s where the timer works well (without the timer we had a few cold showers after forgetting to put the booster on!)
We had gas prior but found that we were going through a gas bottle a month, very expensive as it was constatnly turning on to keep the tank of water hot for when we may turn it on. Previous house we had gas mains connected and this was the cheapest way to go in that house.
Haven’t used the new touch pads or the Quantam thing you are talking about, sounds very interesting though. If it possible to have a solar setup with the new gas touch pad thing as the booster?
All the best
PKHave you spoken to the council to see when or if this revitalisation is supposed to happen, usually they have some sort of timeframe. this may help you assess whether to hold or sell.
PK
We have a colourbond roof and it’s great, but yes, you do hear the rain more if it’s a heavy shower. Personally i like the sound but you may have to turn the TV up if you get an exceptionally heavy shower. It’s not that often that you need to though.
We weren’t charged more for installing the air con on the roof. But the TV antenna guy was grumbling about getting the antenna down the wall cavity as he couldn’t just lift tiles. He tryied form the inside of the roof first but when he could succeed he did undo the tec scress and lift the tin to get it down and then rescrewed it afterwards so it can be lifted if absolutley necessary.
As for termal warmth etc, I havn’et ntoticed any difference between this home and others I’ve lived in that were tile. We have always had insulation in the roof of every house we’ve lived in.
We are in the bush and haven’t noticed any staining on the roof to date although will watch that now that it’s mentioned above. i have to wonder why you’d have trees so close as to drop sap on the roof though, if nothing else it’s a major fire hazard and if you’re living in the bush you need to consider that as well. Have a bit of space between you and the trees regardless of the type of roof.
Colourbond is more secure than tiles, although it can be lifted if someone was really desperate to get in.
HAve fun choosing.
PKYes you definitley need a judgement from the courts, once you have this you can send a copy to the relevant agencies and most will record it.
PK
Well, I usually dress smart casual, don’t look too affluent, but do look like I know what I’m doing and that it’s business.
I don’t show the place until it’s fully finished.
PK
Hi Redwing,
Interesting concept. In fact I like it. Perhaps normally I would follow your suggestion as it’s quite brilliant actually, but as I have to remind them for the rent every month I have no intention of chasing mortgage repayments for the next 25 years. This is a case of the tenant wanting to purchase the house. (Or I think they want to purchase the house).
And yes, it is strange and getting stranger by the minute as she rang yesterday all apologetic saying she still wanted it and would get into the finance office that day as she doesn’t want to lose the house etc. So I’ve given then an extension to get finance and got my broker to ring her.
I’m starting to wonder if they can in fact buy the house or if they are “just dreaming”. Time will tell, nothing to lose really, it’s just strange, I’ve never had anything like this happen before.
PK
I’d agree witha Marisa, if you can buy now then do so as the prices keep moving upwards down there.
mmm, I did hear something about canals and Viveash in the future, but it could have all been rumour as I’ve heard nothing since. I guess you could ring City of Swan and see if there was anything to the rumour or whether it was “just a rumour”.
PK
In WA I believe you can claim for half the fence form the new owner as long as they purchase the block within 12 months of you erecting the fence and as long as the fence is considered the norm for the area and the price was realistic.
PK
Well, I’m not an accountant but i think anything done relatively soon after purchase would be considered a capital improvement rather than repairs.
Renting first may help if it can be consdiered normal wear and tear and therefore needs maintenance but, your guess is as good as mine as to the sort of timefram you may get any with. I think if you rented for a coupel of weeks and then did a stack of repairs it would most like still be considered a captial improvment. If your just chanign a couple of washers after it’s rented, you’d probalby get away with that as a repair.
I think an accountant would be better qualifie dto answer this but that’s my understanding, I’m sure someone will correct me if I’m wrong.
Regards
PKlol Ausprop, I can relate. We had a property we sold in Balga for $74,000 8 years ago, it now has the origanal house and 2 units on it and each valued at aroudn the $200,000.
Ah well, just get the next one I guess!
PK
Too bad if they sign up in winter when it’s full and leave in summer when there’s no way it can naturally be full. Depending on the size of the tank it ocld cost a fortune to fill.
Was it written into their lease? With gas bottles we specify in the lease that they are starting with two full ones and must leave two full ones.
i still think seasonal variations would have to come into water tanks though. (Can you tell we have water tanks as our only form of water!)
PK
Shwing, we don’t have cooling off periods over here so if the building inspection hasn’t been written into the offer and acceptance document and it’s been accepted then it’s too late to do anything about it.
I quite like our process as you know exactly where you are at all the time. You can put anything you want on the offer and acceptance document (if not sure of terminology then see a solicitor) but otherwise jsut write you conditions into the offer. The seller views the document and either accepts by signing or they counter offer ie: they change whatever they don’t like about your offer and send it back to you, you can then either sign all the changes to accept the offer or you can counter offer again by changing anything you don’t like. It can go back and forth many times but that’s the fun of the negotiation.
The usual conditons on an offer and acceptance are the finance clause and the termite inspection. I usually also write in that all electrical, gas and plumbing must be in working order at settlement. If it looks like there’s been handyman add-on rooms then I’ll usually write in that all additonas must be council approved or I reserve the right to withdrawal from the contract. Or if you have been concerns then write in the building inspection.
Whenever you put anything like this is, specify who is paying the cost of the checks ie: I usually state that I will pay the cost as the contractor doing the checks will by my choice, but if anything needs the current owners signature to be able to obtain the information then the seller must complete any paperwork required. Make sure you have a date that this is to occur by ie: 7 days prior to settlement or something like that and what action can occur if you are not happy ie: if the buildig inspection shows any fualts that the purchaser is not happy with then the purchaser reserves the right to withdrawal form the contract by giving notice in writing etc.
I’ve included all sorts of things in the past from the painting job the sellers were doing being completed to my satisfaction, to the pricky pear plants in the back yard being removed. Usually these weird ones get approved as it’s tings that the seller can do themselves wihtout it costing them any money but saves my pocket and energy later.
Basically like everyone else has said, you can put what you wnat on the offer, then wait and see if the seller accepts it.
Settelment agents are quite satisfactory and they do refer you to a solicitor is things go bottom up and you need that kind of help, but why pay for it if you don’t need it.
Regards
PKOK, so why not take teh profit and buy two in teh area and build on both (if it’s financailly possible and then have teh captial gains Marissa is talkinga bout on two properties instead of one?)
On the other hand, not having bought blocks myself I had consider the CGT, but I hadn’t considered GST implications.
Do a forecast over say 5 years on what you whoudl achieve both ways based on expected gains, expected rents etc. The figures take the emotion out of decisions.
Good Luck
PK
