You generally only get a pro-rata refund of LMI if you are paying out a loan ( or refinancing) within the first 2 years. upto 50% within 1 year or 20% within 2 years, and the time starts from the date the loan was approved, not from the day that the loan was funded.If the gifted property is not security over the loan then no.

pgdavidson wrote:
Is it too hard to buy a rental property in Melbourne and Sydney and manage from Perth? Any thoughts would be much appreciated. Kind Regards PD

PD, I'm in Sydney and do not own any investment properties in this state, they are all in QLD and WA. You do not need to manage a property yourself, you pay someone else to do that. …[Read more]

The V in LVR stands for value. It’s difficult to for a lender to lend 80% if they do not know what the V is.
Many institutions will however lend 80% of the purchase price of a property. The purchase price may not necessarily equal the Value if they were to do an independent valuation. This is particulary true where there may be rental guarantees…[Read more]

I’ve found that with my lender, if a ask to upstamp my mortgage to an amount that is less than 80% of the indicative value of the property, that I tell them, that they will lend me the money without even getting a valuation.
Although last time I did that I actually asked for 80.5% and they were forced (based on their rule and cost me $200) to do a…[Read more]

Wayne,

Give an agent a call, and ask for a contract on a particular place.

I suggested 4870 because, sometimes its cheaper to order reports by postcode, and 4870 covers a big chunk of cairns. Here is a list of surrounding postcodes/ suburbs.

4868
Bayview Heights, Mount Sheridan , Tarrawarra, White Rock, Woree

4869
Bentley Park, Centenary…[Read more]

I suggest the following:
1) Get a copy of a standard Contract of Sale before going so that if an opportuntity does arise and you are identify a bargin and you want to make an offer, that you know exactly what is in a contract and what is not. It’s very different to a WA contract of sale. + it has a 5 day cooling off period, you can get valuations…[Read more]

I don’t believe discounting in this case refers to the time value of money.
Dicounting used in relation to the other stats that are provided usually refers to the average discount that private treaty property was sold for in relation to the original asking price. Eg if a house advertised for $500000 sells for $470000 the discount would be…[Read more]

Sometimes it’s a case of not what you know but who you know. I know somebody in Charleville. Although they are leaving soon due to lack of work.

Mal

Getting out of your comfort zone, can help you become comfortable

I suggest using a broker, It’s in there best interest to find you an insurer.
You may be paying a small premium each year, but when something goes wrong the broker does the hard work on your behalf with a claim. I use Austbrokers, and they have been pretty helpful with my recent fire claim. Don’t know if they have anyone in your area, and not…[Read more]

Hi Alotti,

Good Sign no one responding !!
Charleville is only a town of 3500 people, way too small for an investor not living in the region. Most of the town is in a flood zone, although some new areas are poping up that are above the flood line. Rents can be good if you can get the government or big company renting for 2- 4 years.
Getting good…[Read more]

Hi Dr X,

As all my properties are interstate, I simply can’t attend to quotes or perform required work myself. I pay a property manager to do this. I also have a PPOR with a mortgage, i.e. personal debt.
What frustrates me is that even after talking to the property manager requesting that I be billed directly for works, that they deduct it from…[Read more]

Rayson,

You don’t mention if the IP’s are owned in your name alone or jointly with your wife. If you own the IP’s jointly and they are negatively geared, then you may be able to incur the expenses yourself. This increasing your deductions reduces the deductions that your wife cannot claim when she is not earning an income. This can be done by…[Read more]

Check out this months (August) Australian Property Investor, there is a Investor Profile on a guy who is into Industrial Property, Dazz I believe his alias is. Land content is always the big part of the deal for him. Cheers Dazz, it’s good to put a face to the attitude.

Mal

Getting out of your comfort zone, can help you become comfortable

You have a financial interest in the property as soon as both buyer and seller have there signature on the contract. Therefore you should take out a cover note at that time. Many people make the mistake of waiting until settlement.

Mal

Getting out of your comfort zone, can help you become comfortable

The wife and I few from Sydney to Perth to do up Rental house in April, as tenant moving out + wanted to top up loan.

Previous lease when 1st purchased, <1 year earlier , 85 calls to check out the property externally in 2 weeks only 2 interested parties to view internally both wanted it straight away, once they had seen inside. I declined both…[Read more]

You can usually get back 50% if repaid or refinanced within 1 year and 20% within 2 years. The date used to determine a refund is based on the date they approved finance to you, not the settlement or funding date.

You also need to ask, they will not offer it.

Mal

Getting out of your comfort zone, can help you become comfortable

Col,

I’m in Sydney and bought in perth 12 months ago. I wasn’t really looking for CP+ property, I was after capital gains, but basically I did my homework on areas over there for a couple of months, then arranged finance, then jumped on a plane a went looking houses in the areas I’d researched.
I didn’t end up liking the area’s I’d been…[Read more]

Why refinance, when if you have an existing loan, you can simply upstamp the existing mortgage(assuming you have equity in it). This does not require a new loan only $4 per $1000 borrowed for stamp duty, and maybe a valuation fee.

Mal

Getting out of your comfort zone, can help you become comfortable

I use Prime Realty at Joondalup and have found them to be very good. They service the North Coast.

http://www.primerealty.com.au

Mal

Getting out of your comfort zone, can help you become comfortable

While you’re up, I’ll have the same as Simon thanks Dazz.
Good Luck.

Mal

Getting out of your comfort zone, can help you become comfortable