Sooshie, I wouldn’t be very impressed if I saw those conditions on a contract (especially if it was added after I first signed). Fortunately I haven’t had any agents try it (yet!).
Like Mini, I usually get my solicitor to check it before I sign (get the agent to fax a copy straight to them).
Westan, fortunately in NZ it’s relatively easy (in most cases) to find out the sales history of properties.
I’ll accept that you have greater knowledge of the ASIC requirements than I but I would have thought that general (ie stocks versus properties as part of an overall protfolio) posts not mentioning specifics would be ok. And of interest to many.
I agree that much of Wayne’s article has been said before, however as Richo said it’s always good to see it again both for reinforcement and also for those that haven’t “seen it all”.
I’m not actively looking at the moment, so I don’t expect to buy in the next month or two. However, I wouldn’t say I’d quit. Just taking a pause until conditions look a little more promising.
The government won’t change the tax brackets as they like the money too much. As for changes to the -ve gearing rules, most of this talk will probably subside once the market noticeably cools.
That’s interesting Bill, I’ve seen several articles indicating that you are better off staying on variable.
Personally I’ve only (up to now) fixed one loan, and it was a pain when I wanted to refinance (live and learn).
Both ANZ and Westpac (don’t know about the others) offer telegraphic transfers via internet banking. The fees are generally less than going into a branch. Westpac has a limit of $5K per day for personal customers and $25K for business accounts (this has to be set up, default limits are $1500). ANZ’s personal accounts can be set up to a limit of $10K, don’t know about their business accounts.
The transfers I’ve done to NZ have gone through by the next day.
Sorry, I only answered half your question. I’m equally reliant on the local agents as the interstate ones. For the local properties I may go with the agents when they do there inspections (but not always). For the interstate ones I usually check them myself once a year. I generally call the agent about once a month to keep in touch.
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