Happy New Year! I am new to the Forum and have been reading along. It is an extremely great forum with honest and open feedback and responses.
I am a foreigner purchasing a property in Brisbane. It has been a stressful experience with documentation going back and forth from the bank. We have a broker acting for us and we know he is doing his best. I am disspointed that as a result there may be penalties imposed by the seller, who are the developers, because of the short delay in settlement (2 weeks).
I am mentally exhausted and trying very hard at keeping my spirits up. Can anyone share their experiences and how they managed something like this.
Also, what are thoughts on property in Brisbane and Gold Coast area?
For those with delays in renting their property, how have you managed with the outflows every month?
Much appreciate if you can share your experiences.
Thank you
Hi Harv
Welcome to the forum and I hope you enjoy your time with us.
I have lived in Brisbane for 20 years and have most of my properties here.
You don’t mention what the problem is and why the delay in settling. In most cases your Mortgage Broker should have a bit if clout in regards to escalating the approval or loan documents.
As long as the property is in the right suburb I can’t see any issue in tenanting the property.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thank you Richard for replying.
It was the kyc documents. Being overseas there was confusion on who authorised persons can be. It has been stressful getting it done.
It’s an apartment in St Lucia. What are views of Gold Coast? we were advised that surfers paradise area may not be a viable investment option. Although that depends on our objectives.
Just read steven’s article on property in Australia showing signs of a downtrend. This is worrying as this is our first investment.
Hi Harv
Wouldn’t have a problem with St Lucia in fact own a few properties there myself and only live around the corner.
Personally I wouldn’t buy on the Gold Coast (Still own a waterfront home where we lived in the 90’s) but that is not to say there are some good bargains at the moment.
Yes I think parts of NSW, VIC & QLD will see some form of price correction but I think Brisbane still has some catching up to do.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thank you again Richard.
What about the Broadbeach area. I have told there are some good investments, particularly given the new convention centre, infrastructure and other development.
May I ask for those actively involved in property investment, as rental is a source of maintaining the property. What happens when there are cash outflows? How does one sustain? Where I live, people tend to buy for capital gain , as rental hardly ever covers repayments to the bank.
Another question, after paying the initial deposit, are we allowed to exit? Maybe foregoing the deposit as a result?
Hi Harv
It will all depend on the loan to valuation. At 80% the cash flow should be sufficient to meet your outgoings.
Personally i wouldn’t buy in Broadbeach but everyone to their own.
We try and match our BA clients to properties that suit their long term goals whether it be cash flow / capital gain or a combination of both.
In relation to a Qld Contract assuming the offer has been accepted and the Contract signed by the Seller and Deposit Holder you can terminate:
1) Within the 5 day cooling offer period. Vendor is entitled to retain 0.25% of the purchase price by way of penalty.
2) Within the Finance or Building Inspection period should either not be on terms acceptable to you. If you terminate using one of these clauses then you are entitled to receive a FULL refund of any deposit paid.Your Broker should be educating you on these terms.
Cheers
Yours in Finance
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This reply was modified 9 years, 10 months ago by
Richard Taylor.
Richard Taylor | Australia's leading private lender
Thank youRichard for your response.
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This reply was modified 9 years, 10 months ago by
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