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Possibly true Terry. I have lived in Adelaide before so I do have a ‘feel’ for it. Some good properties are available now too.
One a year is my plan!!
Anything like this happening in SA?
One a year is my plan!!
Hey Guys, still need help on this….
Thanks.
One a year is my plan!!
I think the rule is 6 months for every 7 yrs.
One a year is my plan!!
Have you bought it yet? If not tell me where it is!!
One a year is my plan!!
I think I may have found a flaw or two in my brokers plan. All in all it sounds good. However, if I could physically take the required amount of equity from the IP property and use it to lessen the loan amount I will still be borrowing the same amount of money. But, my weekly/monthly commitment on my PPOR will be higher which will give me less interest tax deductions and more money to find each week from wages. Anyone out there like to help me on this one?
One a year is my plan!!
I went and saw my broker this afternoon. He was very helpful and in some ways made it seem to easy. He straightened out my thinking in several ways. Firstly he claims that Garantors are no longer the done thing. Apparenlty the banks just aren’t into them anymore. ??? Next he said I should buy before I go. Set it up as an investment property and then just move in when it suits.
Now this is where I wonder if his theory comes unstuck. We used the sum of $200 000 plus 10k for the usual expenses. So 210k secured (or version of) against another IP that I have. It’s value is 90k, I owe 50k. So I woould have 2 IP’s worth 290k and owe 260k. This equates to 10% equity. Here’s the big question, is it enough equity? I would have thought the bank would be looking for a solid 20%…..Next thing……. He also said that I shouldn’t be afraid to get down there and rent for 6 months or so. He said that’s what he would do in my situation. If I’m able to achieve my objective of buying a home in the city I move to I’m not sure why I should pay rent….. Ideas and thoughts would be appreciated.
Thanks.One a year is my plan!!
Just been to see a Broker, most helpful.
One a year is my plan!!
It was mentioned above…….. what are the main benefits of IO loans in investment? Is it to assist in creating + cash flow IP’s? How should the PPOR be structured?
One a year is my plan!!
Thanks for your feedback. My first plan of action was getting on here and learning, my second is to see a local broker who has been good for me before.
P.s. That’s exactly where that name was derived. Funny, most people miss it!
One a year is my plan!!
Can property actually go down in value? I thought aslong as you buy smart the worst it might do is stabilise for a while….
One a year is my plan!!
P.s. Could a Financial Institution look for the additional security of a Garantor in this situation?
Is it easy or hard to refinace an existing IP property to utilise cash equity?One a year is my plan!!
I have some savings, however I figure once I relocate I will have enough funds to cover any fees that will be incurred when buying a property. As for the deposit I will have around 18 – 20000 dollars. PPOR will be priced from 160 – 200k depending on where I buy or whether I buy a unit or a house.
More thoughts or suggestions………One a year is my plan!!
LOL!! Thanks Simon.
I will be moving to a different industry, it is however something I have done before.
So, from what you are saying as long as the numbers are ok all shold be good?
Should I approach the bank I’m currently with or a broker?One a year is my plan!!
Originally posted by Jaffasoft:That’s good.
One a year, that’s a pace i could handle.
Best thing is it’s working at the moment. Once I re-establish myself after moving I will make the next transaction.
One a year is my plan!!
My first IP which I have had for two years now has even now after two interest rate rises a PC of $53.00 a week. I have been lucky enough to have it rented thus far for every day I have owned it.
One a year is my plan!!
What would the main benefit be of longer loan terms? Lesser repayments amount?
One a year is my plan!!
Banks tend to very close minded and still set in their ways. Brokers will go the extra mile to help as they will usually be getting some sort of direct commission spin off. I know if it were me I’d go hrder with good financial incentive.
One a year is my plan!!
String ’em up!!
One a year is my plan!!
Didn’t think my questions were that hard……
One a year is my plan!!
