Forum Replies Created
I told you I will send you business if you could prove it. I am also happy to shout you and your clients to a night out if you can get a BDM from HomeSide to email me at [email protected] and confirm that you settled a Line Of Credit without an introductory rate at the rate you stated following the last interest rate increase.
If you cannot prove this, just send $500 to a charity of your choice and send me the receipt in your name to PO Box 526 Coogee NSW 2034. Don’t worry, it will be deductible for you!!!!
If through some act of God I lose, I will sit here dreaming!!!
DO WE HAVE A BET?
Robert Bou-Hamdan
Mortgage AdviserI would not be pushing to increase rents in the current market unless the rental demand in your area is high.
If the tenants move out as a result of your $30 rental increase request and the property sits empty for just 2 weeks, which is highly likely, It would take you 18 weeks just to break even (assuming the rent was $270 and increased to $300). Any longer vacancy could be a disaster!
Robert Bou-Hamdan
Mortgage AdviserWhich product do you consider the cheapest?
Robert Bou-Hamdan
Mortgage AdviserHow sensitive are you? How can anyone consider ‘dreamer’ as an insult? Screaming “slander” is also ridiculous. See my comments for what they are… merely challenging your ‘claim’.
You stated 6.62% under 250k and 6.50% up to 500k. I have very strong contacts in HomeSide and I know this cannot be done. Regarding there always being someone out there better, I do not doubt this but that person has not been found today.
I discovered long ago that much of what is stated on the internet is untrue. I also discovered that those who hide behind a screen tend to scream ‘abuse’ when challenged to prove claims they make.
The difference between you and I is that I can support comments I make with fact and I do not hide behind a screen. I am not abusing or slandering you salubrious – I merely think you are dreaming when you believe you wrote a Line Of Credit recently at those rates through HomeSide regardless if it was a friend or employee of the company.
Robert Bou-Hamdan
Mortgage AdviserIn Sydney…
Stay away from inner city and surrounding suburbs.
Robert Bou-Hamdan
Mortgage AdviserRisk profiles and education play a huge part. Some people cannot go near shares, etc because it makes them freak out. Property, on the other hand, is considering a much safer and easier to understand investment.
I think if people actually looked at the real returns on property, they would not go near them in many cases!
Robert Bou-Hamdan
Mortgage AdviserHow can the ATO slug you for renovating your PPOR and selling before buying another if you live in each property while renovating?
Robert Bou-Hamdan
Mortgage AdviserOriginally posted by Magellan:“Then there is the stamp duty issues if you want to change the title details. It can be done at no cost if inter-family with parents and child but can be extremely difficult.”
I would be grateful if you would explain the above—or point me in the direction of how to achieve this. All the best to Forum members from an infrequent visitor.Hi Magellan,
I was made aware last year that changes to title between immediate family members could be done without incurring additional stamp duty under specific circumstances. One of those was where parents went on title to help a child purchase a property and the child made all payments and obtained all benefit from the property. There were other situations.
It was very difficult to find anyone knowledgeable enough in this area to get a definitive response but the resulting information was that an application to the ATO could be made for a private ruling to avoud the stamp duty.
I am not an accountant or solicitor and would not be able to tell you which would be better to approach. A good accountant familiar with creative investment structures would certainly be able to help you.
Maybe if you post a question in the Accounting section, Mark Unwin or another accountant may be able to help.
Robert Bou-Hamdan
Mortgage AdviserOriginally posted by resiwealth:Shorter, I don’t think The Mortgage Adviser can answer that because he is an expert with no real investing knowledge.
An expert is a drip under pressure … show me you portfolio or get mum to tuck u into bed.
Hi Resi,
You seem to know me so well. I wonder if you are Mr Philip Sigglekow of Residential Wealth Pty Ltd himself or just some tosser stealing someone else’s name to promote yourself as the almighty investor.
Either way, in the scheme of things, you mean absolutely nothing to me.
Have a nice night.
Robert Bou-Hamdan
Mortgage AdviserOriginally posted by resiwealth:Is it that there are a lot of very young people who are confused and don’t know where to start??
It might be. That is what this forum is for isn’t it? It is a great starting point for any new investor.
What is the most dominant age here 17 – 25 ??????Don’t know.
How many people own investments here ???????Don’t know.
Who is just getting started ???????Don’t know.
How many still live at home ???????Don’t know.
How many experts with no money buts lots of info ??????Don’t know.
Any real developers ??????Yes.
Any builders ???????Yes.
How many authors ???????Don’t know.
How many snoops tooooo scard to answer ???????Don’t know.
If there are 39,000 members and only 50 on at a time then the percentage is quite depressing, or am I seeing the picture in the wrong light.Many people join just for the newsletter. Many others come on at different times. In case you were not aware, the internet is international and runs across all time zones. Some come and go as they need it. Who cares???
I hope my answers satisfy your desire.
There are more people who use the internet that only know the very basics. Let them learn in their own time. Is it really a big problem for you?
Regarding you seeing numbers dropping, why don’t you send an email to admin asking for this information and update all of us. I am sure they will know what is actually happening numbers wise.
As for your last question, just because membership increases does not mean posting will increase. I do recall an event at the beginning of this year that drove a huge amnount of traffic to this site. That has now mostly subsided. This may explain your perceived drop in numbers.
Robert Bou-Hamdan
Mortgage AdviserSalubrious, you are dreaming. HomeSide would not do this rate on a standard loan or LOC. Qlds007 is spot on for LOCs.
Their lowest variable rate is 6.76% and lowest 1 year fixed intro is 6.39%.
Why don’t you post your company name, your name and contact details so I can send you all my old clients??
I personally think you have an old rate sheet and missed the last two or three increases. I would love for you to prove your ‘claim’.
Oh yeah, if no-one believes me, check the Cannex website as they have nothing even close to this ‘claim’.
Robert Bou-Hamdan
Mortgage AdviserSo why don’t you part with some cash and put your money where your mouth is – JOIN UP!!!!
Robert Bou-Hamdan
Mortgage AdviserIt is a common misconception that someone can pay to have defaults removed from their credit history. This is certainly not the case.
The ONLY times that a default can be removed is if the company who listed it notifies Baycorp Advantage that it was listed in error OR the person to who the credit history relates can demonstrate it was an error. Many companies and / or solicitors charge exhorbitant fees for this service when a person can contact Baycorp Advantage themselves and get it sorted out for nothing. Baycorp is a very helpful organisation. The companies and solicitors charging fees for this often fail and do not refund money paid.
The solution is to always pay your debts and keep adequate records to cover error situations.
Robert Bou-Hamdan
Mortgage AdviserShorter, interesting post. Your point???
Robert Bou-Hamdan
Mortgage AdviserActually, you do not need any genuine savings and you can borrow 100% for investment properties.
Achieveable alternatives may include 97% or 95% finance or even 106% finance for PPOR or investment.
Speak to a good mortgage adviser!!!
Robert Bou-Hamdan
Mortgage AdviserI think Steve was saying not to borrow all the money for the new purchase and secure it against the existing property.
I would borrow 20% PLUS costs ($75,000 maximum) against the 700k property and borrow 80% ($200,000) against the 250k property regardless if I had lots of cash or not. Both loans would be interest only.
If I had cash and wanted to reduce my interest expense, I would deposit all of it into an offset account linked to the $75,000 loan on my 700k property.
Benefits include NO cross-collateralisation, NO Lender’s Mortgage Insurance, Minimal Fees, lots of flexibility and an easy way to achieve your goals.
As Steven said, use a Mortgage Adviser who has a clue.
Robert Bou-Hamdan
Mortgage AdviserFirstly, what does an 8 hour day feel like???
Secondly, use your savings to pay of the remaining debt on the credit card. Why earn 6% which is taxed and pay out 18%???
Finally, speak to a mortgage adviser before doing anything yourself. You have a few options.
Robert Bou-Hamdan
Mortgage AdviserResi, it is common for the same questions or even questions you believe to be silly appear on a website like this. As it gets busier and busier and more people join, it will become even more common. It is the nature of the internet.
Experience levels differ so greatly. Not everyone knows how to do a search or how to retrieve older threads. They get in and feel excited that they found a place full of useful (and some not so useful) information where they can ask their questions and receive responses. Patience is a virtue in internet discussion forums.
Robert Bou-Hamdan
Mortgage AdviserHi 2gurus,
I have decided to refrain from discussing anything to do with Derivex in this forum as it always results in a fight with a certain few. My comments will be limited to those appearing at:
http://www.mortgagepackaging.com.au/index_files/derivex_interest_free_home_loans.htm
If I feel like saying anything more about this topic, I will post it at the above link.
Sorry I cannot be of more assistance.
Robert Bou-Hamdan
Mortgage AdviserI should also mention that the $7,000 you would receive from the FHOG would more than cover the rent you would get if you lived in it for a period of 6 months starting in the first 12 months as it is not taxable.
I believe your decision to transfer the property will come down to how much capital gains tax your parents will have to pay (which you could pay back over time to compensate them) if they cannot get out of it.
You are in a fantastic position!
Robert Bou-Hamdan
Mortgage Adviser
