Hey,

I differ – just done it and it feels MUCH better. Remembering of course it is another  'stick you have in the fire' of your investment journey – cgt free if and when you decide to sell. Go for it!  – and dont look back.  (you will still be able to afford fuel for that V8 too I'm sure..    )

All the best

Cheers

Oooo not good. Get onto the original pest inspectors asap, and check out their fine print in the stuff they gave you. THat said, if painters have discovered it, you would think even a ordinary pest inspector would be able to! Depending on their response, you may then have to seek other legal avenues. May I suggest advising your solicitor now, and also make notes of dates, phonecalls, responses, and who you speak to just in case it drags on a bit. Some other forum members in this industry may hopefully read this and be able to assist too.
All the best.

Congrats – And I agree with SHales – except for the Dr.Spock book bit – while he now disagrees with his earlier 'opinions' , the anti-discipline approach  and the 'let them find their own way' bit is why we have all these stupid laws now in Aust, and why so many kids today are literally doing whatever they want, whenever they want, and the parents (who get blamed for their terrible behaviour from all and sundry inc the police) can't do a thing to stop them!
Woops – bit carried away there – better stop before I get wound up.
Family – enjoy the special journey Benjamin!

Cheers

Hey Vicky,

So out of interest what are the min finance requirements now in 'unzud' for a loan for Aust residents? ie LVR max etc. Appreciate your feed back on that.
Thanks

Hi Benjamin,

If there are no genuine comparable sales in your area, it is hard to get a true valuation. Different valuers use different formulas, but essnentially any property that may be overcapitalised and have a suggested OEMV well above others in the area is unlikely to be what the owner would like. Also depends on the valuation 'purpose' too believe it or not. I guess you realise that if you have just bought the place literally, it will only be 'worth' what you have paid for it on any valuation done. (I have seen places come in lower thatn the purchase price too over the last few months…..)
IF you are interested, below I have listed a typical 'bank valuation requirement' to guage comparable sales that may help yourself or others in future.

Cheers

Zoning

Are the comparable sales and the subject property similarly zoned?

Land use and potential utilityAre the property types similar? Do they have similar potential need? For example, house, villa unit, lifestyle farm, factory, shop, and office.           Location:- Are the properties in proximity to each other?   Physical characteristicsAre the properties similar in age, construction, quality, and size? Proximity to amenities and servicesAre there any private and public schools, shops, transport services, parks, beach or industry nearby?     Title and tenureAre the title and tenure the same? For example, freehold, leasehold land, crown land, and tenant’s interest in the property.            Evidence of Planning OverlaysIs there any evidence of any Planning Overlays which may be restrictive? For example, Public Acquisition Overlays (PAO), Environmental Audit Overlays (EAO), and Land Subject To Inundation Overlay (LSIO).          

HI,

Purely personal opinion only based on previous research & gut……
Sale, Traralgon (which has had a lot of its 'quick growth') Moe, (north of the highway)  Morwell (a definate last.)
If looking purely for cashflow, lower purchase price, neutral or slightly pos CF it would be Moe (sth of the highway) or Morwell.
Cheers.

1) Start earlier
2) Start way earlier
3) Not waste so much money on cars
4) TWO lessons that I have learnt from that have stifled what would have been good gains……
a) Dont be obstinate and haggle over a couple of grand – after reading mantras about 'walkign away' and 'you maek money when you buy'. True, but ever worked out the interest on a couple of hundred bucks  or a grand or two? Exactly.  Did that once – missed out on the property – it DOUBLED in value between 2005 and 2008. Never had anouther one do that…..
b) When 'your bank' says no more – dont say, 'oh ok' and then do nothing. Look elsewhere. Did that worng a few years back now too…..

Cheers
Whoops – forgot one important one ……..DONT invest in the sharemarket unless you can afford to lose the lot.  IMHO. ….how to eat up your real estate profits……..

Hi Troodyg,

I've used the below one, or a 'cocktail' of it a few times. You can change the wording to suit of course. Usually the RE or the SOlc would do this – depneds on the state. I believe (credit where it is due) theis one was a DD clause used byt the very switched on Mr. ROb Balanda. (contributor to API magazine too)

All the best.

1. “This agreement is conditional upon the buyer conducting investigations and enquiries (‘the enquiries’) about the property and all related matters and being satisfied with the results of the enquiries including and without limitation:

(a)    A survey of the property;

(b)    A building inspection and engineer’s report of any structures on the property;

(c)    The terms of any Grants of Easement registered on the title to the property;

(d)    Any lease and or license agreements relating to any use of the property;

(e)    Zoning and the lawful use of the property

(f)      The requirements of any local or other competent authority having jurisdiction over the property and the terms of any permits, approvals, consents and requisitions of any local or other government authorities;

(g)    Fire safety matters

(h)    Termite and pest inspections of all improvements on the property

(i)      Any encroachments by or on the adjoining properties;

(j)      Soil tests;

(k)    Workplace health and safety matters;

(l)      Any other matter deemed by the buyer to be relevant to the purchase;

1. The buyer will meet any expense of carrying out the enquiries and the buyer will do so entirely at its own risk and will indemnify the seller against all claims or demands that may be made against the seller or which the seller may suffer because of the buyer carrying out the enquiries. The buyer will also reinstate any damage that it may cause to the property during the course of carrying out the enquiries.
2. The seller will permit the buyer and its representatives access to the property at all reasonable times to carry out the enquiries.
3. The buyer will be allowed a period of twenty-one (21) days from the date of this contract in which to conduct the enquiries.
4. If the buyer is not satisfied with the results of the enquiries then the buyer may, in its absolute discretion and without being required to give any reasons, deliver written notice to the seller terminating this contract at any time on or before 5pm on the date twenty-three (23) days from the date of this contract.  “In that event this agreement will be at an end, the deposit must be refunded to the buyer, and after that neither party will have any further claim or action against the other apart from a claim based on a default by one party under the contract prior to termination.”
5. This clause has been inserted for the benefit of the buyer and the buyer may at any time by notice in writing to the seller waive the benefits of this clause.”

I'm quite happy with posh – but I only use it for P&L, and end of year statemenbts/reports. It does depreication and keeps tracks of costs and income really well. Gives a good snapshot of your properties too inc history.  If I was doing rental receipts, and had dozens of propertys I think it would be a bit clumsy though. THat said, they're all only as good as the info that gets put in! 
Cheers

Hi SLamdunk.

They do change – but a couple that may help are:-
ANZ use their own (ANZ mortgage Insurance)
NAB use QBE ( their sister lender Homeside, 100% owned by NAB uses Genworth however – which NAB also did up until mid-late 2006)
LMI policies, proceedures, and verifciation of the info you provide in your loan app have all become more stringent, but for now, the NAB's LMI still is 'open policy' – meaning if the bank approves your loan, then LMI is automaticall approved without needing any seperate approval. (Dont tell anyone you read that here     )  Sorry, but I'm not sure who else is doing that at present – or how much longer they will be either.  That is for loans up to 95%, although juast under 94% LVR will see more chance of approval, and if you do not bank with NAB and have personal debt and not much in the way of assets, you would be more liekly looking at an 85%, lend amount, or just under 90% max for the chance of loan approval.
If you could be more specific in your requirments, (or why) it may allow for less generalised comments. All the best.