Forum Replies Created
As already mentioned, there indeed are several lenders happy to split loans and issue statements (for splits) in various names. Please do not however underestimate the seriousness of the fact hat IF you plan to buy more property later, this will make it virtually impossible unless the property is cheap, or you are on filthy high incomes, as lenders do see the whole loan as YOUR responsibility as far as liabilities (and thus servicing) go. ie. $300k house, you all have a $100k 'loan split' each, but you also all have a $300k liability.
All the best.
Credit card is the simplest and quickest way (a new one) and it will not cost a big application fee or extortionist type exit fee like the type of last resort finance you are considering. Do the sums, and you will see what I mean, especially if you are only talking 5 grand, and get a low interest rate card. Will save you $$$. All the best with the project finish.
Hi Nikki,
Interesting first post – glad you have done well.
Regardless of outcomes, the 'tall poppy' syndrome' has always been, and is still well and truly alive in Australia.
I would be very rediscent to shell out thousands for any courses/seminars etc, but that said, Jamie's 'free book' I read a while back, and it is one of the few (if only) bits of info I have read without shelling out $ that actaully provides some real info, details, and helpful advice, as opposed to 'secrets', and vague references. (Secular books here I am talking about…)
I agree 110% with Jamie's logic that we should have more helpful 'practical;' real life financial info taught at schools, and I wholeheartly wish that on behalf of the many retirees and others that were misled by 'finanial planners' and questionable advertising of 'secure investments' that ASIC paid as much attention to Fincorp, Westpoint etc etc etc etc and the mezzanine finance/debenture crowd as they did to the odd 'spruiker'….
All the best.HI Zoe. Everybody is washing the car and doing the lawns!
Do you get API magazine? There was an article on Mt. Gambier a few issues back. From memory it was a case of not bad buying long term, and rental vacancy was quite low. If you want, I can try and find the issue and let you know – you can always otder back issues.
All the best.Guess whos not a virgin investor anymore eh?
You MUST get your insurance done form the time your contract is accepted. It is your liability from that time on – well before settlement. While technically it is not yours yet, it will be, and who wants to risk buying an uninsured property that burns down or is trashed the day before you take ownership. AAMI are pretty good value that's for sure.You will need building, contents, and landlord insurance in the one policy.
All the best with your journey…I've said it before, and will say it again……It is the first HOME OWNERS grant. When there are plenty of people who have previously owned a home and have never recived any , or limited govt assistance, since sold, and can now not get back into the market, as are not eligible for FHOG, and their are others busting a valve to save for a deposit, or settle for a property less than ideal as a stepping stone, it makes me seriosly want to BARF when people try to abuse or rort the system to buy…..investments. Nuff said.
Corhig makes a fair comment here. Crossing is Ok for a couple of properties if you are lazy, and don't want to buy a third property or sell one if you have a high LVR – other than that it is not the end of the world.
You mention FInancial Planners – you will find that by far the majority (even 'fee for service types' – whom I have much more time for) will steer you away from direct property investment – it will all be 'buy shares and hold forever' (yet to work out how you enjoy the fruits of your investment if you 'hold foreever' but maybe I have problems) or buy managed funds……
It is good to diversify, but, I think most of us would not be looking at this forum if we did not feel property had the edge……
One of the long time forum members above (QLDS007 who gave you the tongue in cheek reply ) is one of the few qualified financial advisors I have ever heard of that obviously has a 'handle' on property as a major part of an investment portfolio – and clearly has runs on the board /walks the walk to support this. You could do worse than consult there if you want a true financial plan – rmember lots of people have great ideas, and have done very well with property (and other investments) but to give true financial advice legally requires qualifications, and a detailed client profile/risk analysis etc first.
All the best Yup – mostly covered in your replies so far. The MFAA calls the shots in general, and to be a 'member' you need to have either 2 years prior broking experieince, or your Cert4 FInancial Services (Finance/Mortgage Broking) and a few other courses passed (minr stuff) and a 'sponsor' – essentially meaning they want no 'newbies' between the lines. Seriously, there are probably some genuine great potential brokers around, that find it difficult to get into the industry now, whereas there is some serious deadwood, unscupulous, commission driven 'brokers' that have done none of this stuff. Vicious circle for the MFAA.
You may find an aggregator (someone who essentially has access to numerous lenders where you can work under their 'umbrella') who will assist, but many now want experieinced full timers. Perhaps try a 'casual' role with an aggregator and see how you go – get some runs on the board. Bear in mind though, with more brokers than clients, and many people returning to the banks directly now (even with P-poor service in many cases) depending on where you are located it may be a quiet start for you with very little if any income. Some lenders will allow you to act as an 'introducer'(some mobile bankers even try and 'recruit' loan introducers)……maybe this could be something to consider 'on the side' to get you started.
Please let us know how you go. All the best.Can I suggest you read Simons response again – sage wisdom. I'll add my 15c worth. Unless you have some serious issues, horrible mean parents, or are being abused by your parents, it does not 'suck'. Granted, it may seem to you like that, but board at home, and getting the ironing done, meals cooked, and a roof over your head is a great way to start on your property investment journey. I take my hat off to you for wanting to start out at yoru age/situation – that in itself is a sign that you WILL do well. Beats tha pants off having to buy a new washing machine when you don't want, copping a phone bill, buying a used fridge, and …..that's enough – make sure you help with the lawns while you are still at home too!
Seriously, don't wish for more bills and expenses than you have now before you have too. Start saving right now! !!!All the best – and welcome to the forum. I think a lot will depend how much deposit you have, as I stated earlier. I'm sure 70-75% would be quite doable, and possibly more. Avoiding a loan or any lender that mortgage insures their loans (up to 80% lvr ie 20% deposit ) should allow you to get finance, without having to pay much more if any than the standard variable rate at the worst.
I'm sure someone will be able to give you more detail if you post more specifics, and if not, suss out a broker that is well spoken of, or one of the banks in your area. Good on you for paying the defaults – some don't – which makes their 'borrowing future' pretty dubious. Cheers.You can't. Easy fixed.
Most of the big 4/5 do not have that big an exit fee on the loans – the ones that are, are usually the disocunted/honeymoon types. Most of the basic or standard ones usually have a flat exit fee, with a early payment fee with some. Really, in the schem of things it is nothing for what you have in mind – a grand would usually pull it up – painless for short term finance really I think. As mentioned though, deal direct with the lender – a broker will not get anything for this, therefore is not effective for them.
Nab and Anz come to mind. Call in and ask….it's free.
) is one of the few qualified financial advisors I have ever heard of that obviously has a 'handle' on property as a major part of an investment portfolio – and clearly has runs on the board /walks the walk to support this. You could do worse than consult there if you want a true financial plan – rmember lots of people have great ideas, and have done very well with property (and other investments) but to give true financial advice legally requires qualifications, and a detailed client profile/risk analysis etc first.
Seriously, don't wish for more bills and expenses than you have now before you have too. Start saving right now! !!!All the best – and welcome to the forum. 
