If you want to resell before settlement, just approach an agent and put it on the market – do quickly before time runs out.

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I was watching some Peter Spann videos over the break and he made a good point on this. It doesn’t really matter if you pay for LMI if your property is growing – the amount becomes insignificant. eg. if you pay $8,000 LMI on a $400,000 property that is growing at 5% ($20,000 pa).

It is tax deductible and the left over money will allow you to buy the next one quicker too.

If you only have a pre-approval now for $400,000, you may still qualify for more as the potential rents for the future property will be able to be taken into account too.

Best to get a 100% offset account for the left over money too.

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Firstly, you would probably need to be licenced. This may depend on what you actually do, how you do it and what state you are in. I’ve put some links regarding this (for NSW) before.

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What about the tables in the back of the Australian Property Investor Magazine?

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I’ve used a buyers agent before and have purchased many properties interstate without ever seeing them. It can work well if you can find someone you can trust. (i’ve found out now that mine was not so trustworthy!)

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Capital gain would also largely depend on the area.

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Pyramid, I think you will find wrappees will also ahve to pay stamp duty on their purchase (within 3 months of exchange in NSW) of $340,000 – unless they are first home owners.

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Hi

Its good to start planning now.

The bigger the deposit the better. Generally 5% is needed plus assume another 5% for stamp duty and other costs. But there are also a few No Deposit home loans out there now (St George, Westpac).

You will need permanent employment. Contracting is not so good (for getting a loan anyway). generally they want 3 months employment.

Savings history is generally 3-6 months with 3-5% saved, but there are loans without this requirement.

These days no guarrantors are needed.

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Just watch out for CGT. you may lose the CGT exemption (paritally) on your house.

BTW, I think Derek meant the ATO website.

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Sounds good.

I lived in something similar when I went to uni is Sydney. Students are also a good market. Some places even have balconies converted into little bedrooms.

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