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  • Profile photo of JonJon
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    @wealthyjvd
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    Post Count: 175
    February 26, 2009 - 11:55 am

    my broker says that i will need a letter from my employer stating i am a"permanent part-time" employee that works a minimum 25 hours p/w with pay slips inc.

    this will mean i have a better chance of secuing a loan, as me and my partner only earn 45k net combined p/a

    we want a 230-250k loan.

    is this correcT???

    Profile photo of JonJon
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    @wealthyjvd
    Join Date: 2008
    Post Count: 175
    February 26, 2009 - 11:55 am

    my broker says that i will need a letter from my employer stating i am a"permanent part-time" employee that works a minimum 25 hours p/w with pay slips inc.

    this will mean i have a better chance of secuing a loan, as me and my partner only earn 45k net combined p/a

    we want a 230-250k loan.

    Profile photo of JonJon
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    @wealthyjvd
    Join Date: 2008
    Post Count: 175
    February 24, 2009 - 5:43 am

    sorry OSR is basiccalt the SRO in vic…

    QLDS007, i just read on the SRO website that you can either receive the BONUS ($3000) or the concession, not both, but i dont think they were talkking about the S/D concession..

    cheers.

    Profile photo of JonJon
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    @wealthyjvd
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    February 24, 2009 - 5:37 am
    Qlds007 wrote:
    wealthyjvd

    Stamp Duty has nothing to do with whether you are working or not or age or anything like that and is purely charged on the Transfer value of the property.

    If it is your first home then there are concessional benefits available to you.

    I think the person at the OSR you spoke to got the wrong end of the stick.

    hey QLD007/
    i spoke to someone at the VICTORIAN STATE REVENUE OFFICE.. where can i find out what concessions are available,

    i dont own a concession card, such as health care card or anything of the such, i am just a student. my partner and i both,

    where is this info avaialable?

    Profile photo of JonJon
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    @wealthyjvd
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    February 24, 2009 - 2:09 am

    i am a student-full time
    working – permanent part-time

    Profile photo of JonJon
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    @wealthyjvd
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    February 24, 2009 - 2:08 am

    VIC

    Profile photo of JonJon
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    @wealthyjvd
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    February 24, 2009 - 1:43 am

    2.  Strange again. There is no stamp duty if you are buying your first home and are eligible for the FHOG and the value of the property is under a certain amount.

    hmm, i just called the SRO and thye said there is still s/d?

    Profile photo of JonJon
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    @wealthyjvd
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    February 23, 2009 - 10:38 pm

    what is this, a thread HIJACK?

    qlds007 what do you think of my situation?

    Profile photo of JonJon
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    @wealthyjvd
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    February 23, 2009 - 11:24 am

    Hey again,

    as i posted earlier, i said i would be meeting with a mortgage broker Monday night, well we are heading into Tuesday and i just want to inform you guys of what i was told

    1. me and my partner would need a letter from our current work stating that we have secure jobs, (as they are part-time, and many lenders look at part-time for over a 2 year period, so i do not qualify as ive been there 1 year, just) – and i would need this letter stating that it is a "permanent position" with "extra hours that are generally available."

    2. we may be able to get stamp duty waived/ or a small portion of it waived as we only earn 25k gross (each) and are students

    3. our credit card limit (which currently stand at 9k, combined) should be reduced to around 1-2k, however we are quite disciplined.

    4. a P+I loan will be better, as we are applying for the FHOG, a IO loan will be for investors, and the lender would rather us pay money into the loan to reduce the balance

    5. the FHOG counts toward the deposit

    basically, it was our jobs that was the only factor, saying that they are "part-time" will have an impact however stating they are "permanent position doing 26 hours p/w" we may be able to persuade the lenders it is full-time with reduced hours

    anyone?w what do you guys think? pers. info is above this post.

    cheers

    Profile photo of JonJon
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    @wealthyjvd
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    February 21, 2009 - 7:56 am

    exactly,

    get something in a area with prooven long term capital growth
    dont get a studio (hard to finance) so look for something 55sqm or over.
    make sure it not amongst 15+ units, find something on a boutique block 5-12 units.
    im not one to renovate either mate, we come from a tech savy world, but something that needs work is better for you,
    -because if you pay someone 5k to do it up a bit, it will add on 10-15k equity (approx)
    make sure its not crowded
    and find something not right next to but NEXT TO if you no what i mean, to a railway station, within 1k from one
    make sure its got a carspace as well

    just something to look into, NOT FINANCIAL ADVICE MATE haha.,

    cheers

    Profile photo of JonJon
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    @wealthyjvd
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    February 21, 2009 - 7:48 am

    number #1 buy somewhere you would live in.

    because most likely, if you wouldn't, either would a lot of people. so the housing commission one id keep away from.

    number #2, sounds the best choice for me

    number #3 dont/buy build, its too costly and in a declining market, the holding costs, over expenses on building, and finding someone to buy your house for the right price is not worth it,

    plus you have to build, finish within 18 months, then live in it for 6 months, so the extra bit on grant is just spent on holding costs, not all of course, but most!

    im 18 and thinking of the EXACT same things,

    im in VIC and thought of all of those option, but now IM GOING FOR something such as a 1br unit (NOT A STUDIO THOUGH) in within 5-9k from the city center.

    roughly worth about 220-300k here, depending on area.

    and the affordability for houses are declining which means a boom in rental income and 1&2 bedders :)

    good luck mate.

    Profile photo of JonJon
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    @wealthyjvd
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    February 21, 2009 - 12:07 am

    thanks guys,

    yes indeed i will. ive got a huge list ready at the moment.

    just a bit of background:

    im 18 & buying an investment property with my g/r (also 18)
    we have 11-12,000 saved at the moment, but plan to have 22-23,000 saved by the end of may.
    just in time for the grant.
    we earn combined income of 40-45,000 NET
    both go to uni.
    and are looking for something around the 220-250k mark, if we can get this.
    we will get the grant and i plan to live in it for 6 months. so thats another 7k (as ive taken away 10k – for s/d)

    Profile photo of JonJon
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    @wealthyjvd
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    February 19, 2009 - 12:59 pm

    thanks heaps, anything i should look out for

    i have made up a list of like 10-15 questions, should i stop or just keep going.

    anything specific i should talk about?

    anything else would be appreciated!!

    Profile photo of JonJon
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    @wealthyjvd
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    February 19, 2009 - 6:50 am

    anyone?

    Profile photo of JonJon
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    @wealthyjvd
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    February 17, 2009 - 2:04 pm

    whats the difference if you have IO and put money into the loan or have IO and save in offset?

    Profile photo of JonJon
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    @wealthyjvd
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    February 15, 2009 - 12:10 pm

    sorry guys, i just changed it. i meant i would get someone to build the home for me -> a builder of course. im still at uni haha, no way i could do it.

    with the grant i would have a deposit of 40-45k as well. and that is more than enough for the property site im looking at (for a deposit)

    Profile photo of JonJon
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    @wealthyjvd
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    February 9, 2009 - 8:51 am

    but when is frankstons one going to be built?

    Profile photo of JonJon
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    @wealthyjvd
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    February 8, 2009 - 11:12 am

    well its now 2009 and im a frankston born kid, now 18 and living in essendon, thinking of investing with my partner.

    any ideas or websites i can find out when this MARINA will be built??

    i like frankston, its moving along nicely, infrastructure is also upgraded of the past few years, however i also like seaford!! any ideas??

    Profile photo of JonJon
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    @wealthyjvd
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    February 3, 2009 - 1:33 pm

    vic

    Profile photo of JonJon
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    @wealthyjvd
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    February 2, 2009 - 7:11 am

    ???

Viewing 20 posts - 101 through 120 (of 139 total)
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