Yes, I use a PM for all of my wraps/lease options.

Terryw
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Yep. you probably don’t have much choice. Wide bay capricorn would probably be your only choice.
I can find out if you would like.

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Don’t think of it as one property market. there are many different markets eg country/city, luxury property/cheap stuff, Sydney/Melbourne etc. Even within cities there are different suburbs that behave differently.

Terryw
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I have a client that has purchased land in a similar situation to you.

he signed the contract about a year ago and it has now doubled in value and he is due to settle. Not a bad return.

BTW, He has decided to keep them wanted to borrow more than he paid based on current value. No lender would touch it, so we have found a private funder so he can settle (at about 16% interest), then we will refinance him in with a normal lender-hopefully within a month of settlement.

Terryw
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My company uses “Red Square” for property records and sales data. I think it is only about $60 per month. It is pretty good, with searches possible on people’s names or on addresses or even on postcodes.

However it only covers NSW data at the moment.
Web address:
http://www.eac.com.au/propdata.asp

Terryw
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Don’t beleive anything a bank worker tells you! If they new about investing, they wouldn’t be working in banks. I love it when they recomend you use one of their ‘financial planners’.

My parents were advised by a bank person that they should get a PI loan on their investment property, and that they should have the loan term of 15 years instead of 30 because they were near retirement.

Terryw
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Shralper

Sounds like a good plan. You can always refiance the land later on if you decide to keep it.

I have also heard of people buying property using their LOC, waiting a month or so and then getting finance on the property at a value higher than the purchase price by claiming they had made improvements etc. One guy said he got $16,000 extra for just mowing the lawn!

Terryw
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I beleive what Sooshie says in regard to Vic is correct, but have heard this has changed recently.

I haven’t tried it in NSW, but one of my clients was advised by a solicitor that it would be ok if the nominee was your trust/company or a relative.

Terryw
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Hi Sebastian

Pre-payment of interest is only available on Interest Only loans and is only available if they are fixed for 1 year. This way nothing can change. Next June you will get another opportunity to prepay for the following year, or maybe change back to month by month.

Terryw
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They could get a low doc loan whereby they slft declare their income without providing proof. Rates around 7% unless they can prove they are in business and have an ABN.

or

They could get an asset lend whereby they will be lend money purely based on the value of their house. Not many lenders do this these days. The rates are pretty high – around 9%.

or

They could get a seniors loan. This is where a bank lends them money secured on their house and they don’t have to pay anything back. It comes out of their estate when they die. Rates are about 6.5% I think.

The last one may be the best option. Do they have any income?

And watch out about affecting their pension payments (if they get it). There are various rules about income allowable and about gifting etc.

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