Forum Replies Created

Viewing 3 posts - 1 through 3 (of 3 total)
  • Profile photo of ChrisChris
    Participant
    @zaychri
    Join Date: 2015
    Post Count: 4
    August 5, 2015 - 12:31 pm

    Hi Jacqui,

    I only called CBA as they have all my accounts and was interested in what their credit policy was. In any event it will be two years until I can get credit with a normal institution. I just hope property prices in Brisbane don’t go up anytime soon!!

    Profile photo of ChrisChris
    Participant
    @zaychri
    Join Date: 2015
    Post Count: 4
    August 5, 2015 - 11:51 am

    Thank all for your replies.. Maybe I got lucky, but in 2006 I bought a run down duplex in the Gold Coast for $245k. I did a good but cheap reno (Im a tradesman) on it and I sold it a year later for $326k. I thought I did well.

    It just makes me eager to get back into the property market and possibly replicate this, although this time around Id just hold onto it and fix it up and rent it out and build up a property portfolio.

    I did speak to CBA and they wont look at me until the bankruptcy drops off my credit file.. Which is another 2 years in this case.

    • This reply was modified 9 years, 3 months ago by Profile photo of Chris Chris.
    Profile photo of ChrisChris
    Participant
    @zaychri
    Join Date: 2015
    Post Count: 4
    August 2, 2015 - 7:48 pm

    Hi Cattleya,

    Thanks for your mature and no nonsense advice. I am turned off by the higher interest rate which is to be expected, however I worked out that it would cost me about $150 per week out of pocket after the rent is paid. I would look at refinancing in about a year or so hopefully. The only issue of course is if there isn’t a tenant renting. I am looking to buy an apartment in a capital city so I don’t think finding someone to rent will be an issue.

    It’s a shame because I was earning good money during my bankruptcy, and it was painful to see good opportunities go by but at that time I had my hands tied.

    Is this a risky proposition? Buy a place, refinance in a year? It just seems properties closer to the city are getting more and more out of reach..

    • This reply was modified 9 years, 3 months ago by Profile photo of Chris Chris. Reason: More info
Viewing 3 posts - 1 through 3 (of 3 total)