Forum Replies Created
hey guys thanks for all your input.
as you’ve mentioned I just saw the vtcu rates rise to 6.73%.
its still cheaper than westpac at 6.81%, plus if they hold off the increase a couple of weeks everytime there is a little more to be had there.
any thoughts, or other options that I should consider?
thanks.
thanks for the info Julie.
My house is insured for 375, 000 (although it would sell for 310 max) and my contents insurance is 30K.
For this I am paying $815 annually. Does that sound about right?
thanks,
Mike
Originally posted by Mortgage Hunter:Were the Seminar folk actually selling the property or offering to source it for you in the guise of showing you how to create wealth?
This is a Red Flag in my experience.
I was on the look out for that sort of thing and thankfully, no it did not occur at all.
Only Edmonton was mentioned at the siminar, the rest were mentioned on follow up monthly cds (which I have since dis-continued).
However I do think the idea was to intice people like me to buy in those areas.
And I wonder who owns houses in those areas?
But I dont think this was the motivating factor behind the seminar and cd’s. But then again…..
Either way it still looks like a pretty good place to buy for someone like me, so I’m going to keep on researching.
Originally posted by specific:Don’t give up yet!
I think compared to Melbourne/Sydney there are often better yield properties at a lower entrance point to the market up here.
The areas you mentioned are areas with potential and sitting on a property here is easier on the gearing than elsewhere from our research.
PS Who is Ed Burton? (pardon the ignorance)
Oh dont worry I havnt given up. I do like the fact the entry is much cheaper than down here. And your right the gearing seems good too.
The only thing is that I plan to get an IP there in about 12 months, so I hope its still working ok then.
Ed Burton is a wealth creation guru.
Originally posted by specific:Hello,
Right up our neck of the woods….
Thanks for the reply. Its good to hear from someone who’s in the thick of it.
So it sounds like it used to be the go, but is tapering off now. Shame that.
Thanks for the tips on the apartments, but I’m looking at houses exclusively so its not a worry.
Thanks again.
We’ll I saw the e-choice guy tonight. He seemed like a pretty knowledgeable fellow. Although he didnt like it when I mentioned that I’ll be getting second opinions.
After I explained what my needs were (https://www.propertyinvesting.com/forum/topic/20043.html) he came up with two loans that he thought would be paticularly suitable.
The Bank West ‘lite’ which consistes of;
Based on a 250,000 P & I loan;
app fee; $500
variable intrest rate; 6.65%
ongoing fees; nil
you pay in extra; unlimited
redraw; $45 each, $1000 minimum
pen. exit fees; nil
mortgage insurance on 5%deposit loan; $4260
repayments; 1,525 pmand the ING Mortgage Simplicity
again based on a 250,000 p & i loan;
app fee; nil
variable intrest rate; 6.74
ongoing fees; nil
you pay in extra; unlimited
redraw; no fee, no minimum
pen. exit fees; nil
mortgage insurance on 5%deposit loan; $3605
repayments; 1,539So do these fly? To me they look ok but I dont know much so any opinion is greatly appreciated.
He also said it would be impossible for us to get a loan similar to the ones above with interest only repayments, as it’s our ppor.
He also said it would be impossible to have the loan split in two with a 15,000 deposit in one half and nothing in the other. Is this correct?
Feel free to either reply here or email me on [email protected]
Thanks for your time.
Originally posted by Mortgage Hunter:e-choice are Mortgage Brokers according to their website. They don’t lend their own money just help you find a loan. They are paid a fee by the lender for bringing your loan in, that’s how they make their money.
I have never heard of e-choice. Let us know how you go.
thanks for clearing that up for me, as I really didnt want to have to pay extra for them finding me the best loan.
I’ll let you know how I go.
Hmm maybe I should go have a look at their website. [blush2]
Originally posted by Mobile Mortgage:Keep in mind you and your girlfriend will need to qualify for finance independently, i.e. One income per loan.
And there is the curveball. I VERY much doubt we would individually qualify for the loans as our incomes are very low .($500 after tax per week)
If I used my parents 340,000 owned house to guarantor each separate 220,00 loan then it might be possible.
What do you think?
Thanks for the help Simon and Steven.
