Hi all,
I’ll be returning to Australia in a couple of months and plan to make an IP purchase before heading back o/s to work for another year.
My questions are:
1) What are the best, most time-saving preparations I can do (from O/S) so that I can make solid offers on IPs and not be spending my time chasing finance, time which I would rather spend travelling and looking etc.2) Can I get a valuation on my home in OZ(rented & managed ATM) to establish my borrowable ammount while I’m not in the country, or is it something that requires me to be on the spot?
3) I will most likely return O/S after purchasing as the saving:expenses ratio is better than at home right now. Is this going to be a problem with lenders? I asked this question a couple of weeks ago but am hoping someone may have similar experience to share. My saving record has been consistent with my current lender bank while I’ve been O/S, so can it be used?
4) Anyone have experiences with IPs in Mackay QLD??
Thanks for the new forum changes, even better than before[
]Hey Ben, best bet is to contact one of our esteemed mortgage brokers on this here forum.
they should be able to cover all your questions re finance, borrowing, savings etc.
Cheers
MelBen if you dont want the hassle of coming back to OZ ill send u my bank details and ill go buy a place [
] heheTime saving? Internet to look for the properties- should give you an idea of what youre after I spose
…but your PM should be able to get one of the agents in the company to do a valuation for you on your current property to give you an indication, but the bank will need to do their own valuation (which you have to pay for) anyway.
One of the mortgage brokers on here may be able to help you, Im sure that most of the correspondance could be done over the phone until you have to sign the loan application docs which could be posted to you to sign.. [?] That way you can come back and buy knowing how much you have to spend, saves the disappointment aswell if you dont get finance approval!
If you know the area now,- why not buy overseas? *shrugs*
Dunno if this helps but hey… [
]Luke [:o)]
Ben if you dont want the hassle of coming back to OZ ill send u my bank details and ill go buy a place hehe
Hey ta. I’ll keep that in mind[]Time saving? Internet to look for the properties- should give you an idea of what youre after I spose
Yeah, doing plenty of that from here. I don’t seem to get many email replies from local REs when I enquire about particular properties thay have listed.…but your PM should be able to get one of the agents in the company to do a valuation for you on your current property to give you an indication, but the bank will need to do their own valuation (which you have to pay for) anyway.
Did this with PM about 10 mths ago. I’m just not sure if the lender do this in my absence.One of the mortgage brokers on here may be able to help you, Im sure that most of the correspondance could be done over the phone until you have to sign the loan application docs which could be posted to you to sign.. That way you can come back and buy knowing how much you have to spend, saves the disappointment aswell if you dont get finance approval!
This is my next move I think. Ideally I want to have all of my finance sorted before I get back as I;ll probably be time limited.If you know the area now,- why not buy overseas? *shrugs*
Sth Korea is not open to foreign residential property investors unfortunately. A shame as there are some real deals here and a huge rental market, from what I have discovered.Dunno if this helps but hey…
Thanks for your help.Hey Ben, best bet is to contact one of our esteemed mortgage brokers on this here forum.
they should be able to cover all your questions re finance, borrowing, savings etc.
I’ve made a couple of general enquiries but now it’s time to get specific.Thanks.
Time saving? Internet to look for the properties- should give you an idea of what youre after I spose
Yeah, doing plenty of that from here. I don’t seem to get many email replies from local REs when I enquire about particular properties thay have listed.YEP..[
!]You get a lot of that, some won’t even get back to you, figuring that if you’re serious you’ll contact them via phone … and sometime’s these ‘Agent’s’ miss out on sales[V]
The mortgage brokers ‘are’ the way to go [^] especially as you’re time limited, contact those on the Forum here..
Allthe best
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
Ben
Annyong Hassimnikka. (studied korean at uni, many years ago[:0])
Yes you could get the ball moving by having the bank conduct a valuation on you property now. It is no good ordering your own valuation as it is highly likely that the bank won’t accept it. This takes a week or so to do-but may take longer if the place is tenanted with uncooperative tenants that won’t allow the valuer in. Then you can get your pre approval and know what you can actually borrow.
There are various documents that need to be signed, and this could be done from o/s or you could give someone in Aust power of attorney so they can sign for you. (I purchased a couple of houses a few years ago signing for my wife-she still doesn’t knwo about them [
])Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
1) What are the best, most time-saving preparations I can do (from O/S) so that I can make solid offers on IPs and not be spending my time chasing finance, time which I would rather spend travelling and looking etc.
Be prepare, ask your close relative to help in Oz before your return, find deals on the net first, emails RE in relation to the deals found.
2) Can I get a valuation on my home in OZ(rented & managed ATM) to establish my borrowable ammount while I’m not in the country, or is it something that requires me to be on the spot?
yes you can, just contact valuer and give details of your PM3) I will most likely return O/S after purchasing as the saving:expenses ratio is better than at home right now. Is this going to be a problem with lenders? I asked this question a couple of weeks ago but am hoping someone may have similar experience to share. My saving record has been consistent with my current lender bank while I’ve been O/S, so can it be used?
Once I was o/s I signed everything that I need before I go o/s, therefore it’s no problem for me. You also can get a power of attorney for your behalf.4) Anyone have experiences with IPs in Mackay QLD??
No, sorryWarm Regards
ChanDollars
[Keep going, you’re nearly reach the end of financial freedom]
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] hehe
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