Forum Replies Created
Hello Evelyn,
You have come to the right place.
My advice would be try to avoid an off-the-plan property. The facts are there that there is already a huge over-supply, causing values to plummet.
Usually 10% deposit is required and then it is often 18 mths to 2 years to wait until completion. Nobody can predict what the value will be upon completion. You might be lucky and it might increase, however chances are it will still not be at the value of your contract price.If I were in your situation, I would strongly consider going into a wrap with a vendor of a property. That way, you can secure a home with minimal deposit (and First Home Owners Grant) within a few weeks, stop renting,[
] and in 2 – 3 years when your equity builds up, refinance it with another lending institution, to reduce your interest rate (if you choose to).The price of the property can be determined by your choice, as quite often vendors will allow the purchaser to find their own property, as long as it meets with vendor’s guidelines. Usually the chosen property will cost MUCH less than an off the plan property. There is a good article in this months Property Investor Magazine, called “New or established propery” discussing the pro’s and con’s of off-the-plan properties.
There are several people on this forum who would be happy to offer you a wrap property, subject to their usual criteria, but this forum is not a place where we can advertise for business.
I hope that I have not been too biased, however, I have some friends that purchased an off-the-plan property and REALLY REGRET it!!![
!]Take your time and don’t let the sharks get you!!
I would be happy to answer any more questions you may need answering, so feel free to chat away on the forum.
Good luck,[
]Del
Hi Alex,
Yes, that’s an easy one.
After going directly to our local bank manager for loan after loan, asking what better deals are there for someone with numerous loans etc… We are now totally disheartened to find that the manager’s lack of knowledge about their own products has cost us hundreds if not thousands of dollars in establishment fees & interest rate discounts.[
!]We have finally woken up to ourselves and are now dealing with Stuart from ProSolution and are shifting banks.
Stuart assists investors on this forum, and knows a lot more about finance than the average broker out there who is just after the quick commission. Stuart seems to look at the client’s big picture and will sacrifice commission to himself, if it benefits his clients. He is also FLASH LIGHTNING QUICK with sending & answering emails or phone calls.
What more could you ask?? Check out his website http://www.prosolution.com.au. He is based in Melbourne.
Regards,
Del
Hi Joff,
Perhaps you could WRAP her a house, and she could have a couple of flatmates help her with the mortgage. In 2 – 3 years when she has heaps of equity, she can refinance.
If she WANTS something BAD ENOUGH there will always be a way. I remember saving for my first house & land package when I was single. When it was finished, I felt like my blood was holding the bricks together. I was so proud of that little house. If I hadn’t saved and budgeted so much, AND CANCELLED MY SOCIAL LIFE,[
] it would have meant nothing.If she wants a house bad enough, she will get 2 jobs and SAVE like lots of others have to.
AUSTRALIA IS STILL THE LUCKY COUNTRY!!![
]Del
Hi Sooshie,
We are trying to book a holiday for next year, and use up 5 years worth of frequent flyer points.[8D] We were considering Fiji, after seeing it on Getaway or something similiar recently.
Is it a great family destination? We have a 4 & 5 year old. When is the best time of year to go? Please feel free to email me so we can chat about it.[
] Our email is [email protected]Del
Hi Ish,
I’m with the others. Very interesting.
Thanks,[
]Del
Hey Hwd007,
You have such a way with words!![
][]Yes it is worrying though.
Del
Hi Leigh me again,
The more that I think about it, it may be worth ringing the agent again, and asking “has the contract of sale been signed by the vendor yet??”. If the S32 is still not available for some reason, you might still be in with a chance.
The other purchaser could have just said verbally “they will buy it”, which isn’t legal, or they may have paid a holding deposit, but it all means nothing if they haven’t had a contract of sale signed by the vendor.
Just a thought,[
]
DelHi Enjo,
Hope things are going well with your wrap.[
]That’s bad luck about missing out.[
] It is very hard to make decisions in that much of a hurry.A purchaser cannot sign a contract without having a current S32, so I guess an offer is just that, an offer, not a sale.
Dont worry, the next one will be better!!!!![
][]Talk to you soon,
Del
** To be successful you need to have a dozen balls in the air at a time, because inevitably 5 or 6 or them fall to the ground!!
Hi Matt,
We recently did a reno. on a house in a large regional town. The house come up great, but it still took 4-5 weeks to tenant even though it was priced fairly.
The prospective tenants were all inspecting, but when they did, the nextdoor neighbour was playing his BLARING MUSIC[}
][}] and scaring them all away. He was the neighbour from hell!!!![}][}].Perhaps the person in the 4th unit, is related to him?????
My best advice is try to speak to all of the tenants. If there is a problem, they won’t hold back.
Good luck,
DelChocolatE,
Sounds like you will make a big “BOO-BOO” if you buy this property, if it is just to get the R/E Agent to notice you.[
]What is your goal?? Why do you want this property?? Are you looking for positive cashflow or capital growth??? How many neg. geared ppty’s can you afford? Will buying this house be a great start to your property portfolio, or just a headache??
If you can’t answer these questions, then don’t buy the house. Why do you need the agent to pay more attention to you?? If this one doesn’t pay attention to you for the right reasons, then I’d move on!!!! There are a lot of good agents around, why are you persisting with this one??
When the right deal comes along, you will know!!![
]Good luck,
DelVindaman,
Don’t do it!! Don’t go.. There’s no such thing as a free flight. These type of people don’t like taking NO for an answer.[
][][]My advice (for what it’s worth)… Keep reading this forum for a month or two, and learn enough to do it on your own. [
][][] It will save you THOUSANDS!!!!If you do go and sign up, PLEASE make sure you put in an escape clause into the contract.
Good luck,
DelHey Fullout,
Congrat’s on your first I.P.[8D]
If your IP is a long distance away, you probably won’t get any keys, unless you specifically request a copy from the RE letting agent.
Assuming you have a loan for this, the title will be held by the bank that has mortgage over the property. You won’t get it until loan is paid off.
All you really get is a big fat loan to start repaying[xx(][xx(][xx(].
Your solicitor will send you the settlement
break-up a week or so after settlement.Pre-settlement is such a big build up, and then, usually such a let down when it actually happens[
]
A little bit like sex for the first time!!!![][]Del
Terryw,
Yes, our offset a/c is set up against our PPOR. (At least we did that right)!![
]I’d be happy to change our prev. I.P’s to I.O. however, they are at fixed rates. Can you still do it, or does that change things?[?]
Thanks,
DelThanks Guru’s,
I.O. it is now! [
]Sometimes it’s easy to forget the BIG PICTURE !![
]We should repay our PPOR debt before our I.P’s.
I will leave our loans that we already have as P&I, but for the ones under contract, they’ll now be I.O. until our mortgage is paid. That will give us a good mix also.
This forum is great to reassure you of what you think is right.[:X]
Yes Steve, I should have read the newsletter first.[
]Have a good nite,[|)]
DelHello Xenia,
Since Sooshie and A.D. have gone on holidays[8D], AT THE SAME TIME!!!!! [
](who authorsed this[?][?]), I just wanted to say congratulations, and good on’ you. Was it a hard decision to leave medicine, or are you like me, and find that dealing in property is the best medicine of all!!!![^][^][^]I’m not from SA, (Vic), but please don’t hold it against me!!
Nice to hear of another person who drives around looking for property with young children in the car – it’s not impossible, just tests your patience.
Keep up the great work,
Del
Usually 10% deposit is required and then it is often 18 mths to 2 years to wait until completion. Nobody can predict what the value will be upon completion. You might be lucky and it might increase, however chances are it will still not be at the value of your contract price.
] and in 2 – 3 years when your equity builds up, refinance it with another lending institution, to reduce your interest rate (if you choose to).
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