PropertyInvesting.com | amazingjeffery | Activity

amazingjeffery replied to the topic Consolidating renovation loan on home loan in the forum Ok, but you would only make

Mon, 16 Jul 2012 06:59:36 +0000

Ok, but you would only make Interest payments on 340k until you draw upon the 60k LOC is that correct?

amazingjeffery replied to the topic Consolidating renovation loan on home loan in the forum Thanks again Terry and

Mon, 16 Jul 2012 06:19:02 +0000

Thanks again Terry and Richard, I think I have this somewhat organised in my brain now. Just to clarify and sum up,House worth 320k, consolidate 20k personal loan to make 340k and reaccess lender to use. Keep IO format but create a 100% offset account for non deductible debt. Split loan with line of equity up to lenders LVR limit and summary sh…[Read more]

amazingjeffery replied to the topic Consolidating renovation loan on home loan in the forum Thanks Terry, Just trying to

Mon, 16 Jul 2012 05:53:23 +0000

Thanks Terry, Just trying to work out how its arranged in account format. and how funds are accessed ie. transfer of funds similar to personal loan within accounts, or if funds need to be requested.

amazingjeffery replied to the topic Consolidating renovation loan on home loan in the forum So the seperate split would

Mon, 16 Jul 2012 05:44:00 +0000

So the seperate split would be for the agreed amount of equity the valuers have agreed upon? The interest rate charged on this seperate split is this just linked to the home loan interest rate?

amazingjeffery replied to the topic Consolidating renovation loan on home loan in the forum Thanks Richard I thought as

Mon, 16 Jul 2012 05:04:27 +0000

Thanks Richard I thought as much. Just starting to look at some lenders now, would prefer to have it all with my main banking if possible so all accounts can be viewed. If I were to consolidate how does it get arranged in the account with a sub loan line of equity. Eg. Say I consolidate and I have a total HL Debt of 340k. In my account it sh…[Read more]

amazingjeffery replied to the topic Consolidating renovation loan on home loan in the forum Finance

Mon, 16 Jul 2012 01:09:31 +0000

Thanks Terry, With the renovation loan, whilst the property is my PPOR is it correct to say I cannot claim any tax deductibles until it becomes my IP? I have done extensive work to the property and looked at the potential of claiming the % of house occupied by the GF but did not want to persue this path as it was rather complex and didn't seem…[Read more]

amazingjeffery replied to the topic Consolidating renovation loan on home loan in the forum Thanks Terry, the should in

Sat, 14 Jul 2012 08:04:30 +0000

Thanks Terry, the should in your reply was a shouldn’t* was’t it?

Really appreciate the feedback, do you have any suggestions of suitable lenders, Rams i know arent ideal but at the time they were the best choice to get in, and honestly were great to deal with. So when I got in I knew I would need to reasses in a year or 2 which is now.

Thanks again,

amazingjeffery replied to the topic Consolidating renovation loan on home loan in the forum thanks for the replies.

Sat, 14 Jul 2012 04:43:18 +0000

thanks for the replies. Any suggestions into lenders i should take a look at to facilitate such a move?So basically if I consolidate with Rams (should be possible) or to another lender, they will pay down the personal loan I have with my bank for the renovations or do I just get access to that additional funds? Terry above you mention should b…[Read more]

amazingjeffery replied to the topic Consolidating renovation loan on home loan in the forum Finance

Sat, 14 Jul 2012 02:04:33 +0000

Sorry forgot to mention this but thought I did. Loan is already io and not paying it down. Would it cost me alot to move from rams to a lender who has a sub loan setup. Or if I remained with rams should I be asking for consolidation

amazingjeffery replied to the topic What happens in a negative equity situation in the forum Help Needed!

Wed, 02 Mar 2011 00:52:04 +0000

Thanks guys, I owe 320k on my PPOR and at the moment just doing some renovations. At the moment in the area you can get a renovated 3 bedroom place like mine for 400-420k. Just trying to work out my next step, do I put the money into my renovations or do I just keep it and save for another deposit on another place. I expect to be in the pl…[Read more]

amazingjeffery replied to the topic What happens in a negative equity situation in the forum Thanks Jamie that clears it

Mon, 28 Feb 2011 00:18:15 +0000

Thanks Jamie that clears it up a bit for me. So basically if I owe 320k on a place, increase its value to 400k, the max value of the next property can only be 320k minus fees etc.. If the house is my first place and my PPOR now and then i decide to move somewhere else and rent it out. Say 3 yrs down the track i decide to sell it, I can still c…[Read more]

amazingjeffery replied to the topic What happens in a negative equity situation in the forum Help Needed!

Thu, 24 Feb 2011 01:32:09 +0000

Hi, Wouldnt you only be able to get access to 80k not 320k. So they 80k would effectively become the new deposit for whatever property you buy next. If the person sold for 400k and made the 80k -25k profit, if it was their place of residence isnt it CGT exempt??

amazingjeffery replied to the topic new slab for beser brick fence in the forum Value Adding

Sun, 02 Jan 2011 07:27:29 +0000

thanks Brian, they will definately be core filled. The piers will be 2m but inbetween the piers its only 2 block courses high. The ground conditions probably move quite a bit because of the underground firing, but i think the reo will take care of it, and thinking of putting horzontal reo between the 2 courses between piers.This would d…[Read more]

amazingjeffery replied to the topic new slab for beser brick fence in the forum Value Adding

Sun, 02 Jan 2011 03:26:36 +0000

thanks for your help guys, I havent spoken with the neighbours yet, didnt think I needed to because it is my front fence and I am not touching either of theres so is there still a need to? I am using the line of there fences as a guide to my boundary and going a little back onto my property then the original fence, so I dont think boundary is a…[Read more]

amazingjeffery replied to the topic early posession terms in the forum Help Needed!

Wed, 03 Nov 2010 06:59:51 +0000

Cheers for the reply, Insurance is all taken care of. Not getting any on-site quotations from contractor as I am doing the work myself.I see where the lawyer is coming from, but i do remember reading that this was a investment technique some people used. They buy a house, get early posession, smash some renovations up quick smart and rent it o…[Read more]

amazingjeffery replied to the topic Floating Floors - approximate costs? in the forum Value Adding

Tue, 12 Oct 2010 11:23:57 +0000

thanks Daniel, will watch it now. It says its for laminate flooring is it the same with bamboo floating floor?
I live in mt isa, are there any things i should be careful of with the heat out here etc?

amazingjeffery replied to the topic Floating Floors - approximate costs? in the forum Value Adding

Mon, 11 Oct 2010 23:38:01 +0000

forgot to ask, is Tongue and groove or click better in terms of installation and fit? I plan on only doing a floating floor on the underlay on not fixing it to the concrete slab. I am assuming click is easier as it generally seams more expensive, do you still need to use glue with click?Thanks,

amazingjeffery replied to the topic Floating Floors - approximate costs? in the forum Value Adding

Mon, 11 Oct 2010 23:29:52 +0000

Hi Muddwiggle, I found a place that I will probably be using although freight is a bit high IMO.http://www.lionkingflooring.com.au/index.php?act=thanksI am looking at strandwoven natural semi gloss click selection (NSWSG) for around 52m^2. I am also looking to get there 2 in 1 underlay for 2m^2. They have advised freight to depot in mount isa…[Read more]

amazingjeffery replied to the topic Floating Floors - approximate costs? in the forum Value Adding

Fri, 08 Oct 2010 01:27:04 +0000

I'm looking at floating floors myself and those prices seem really high to me for bamboo. Were you looking at strand woven with any special details? I have come across a few floor places selling vertical natural sections for $39 per/m^2 and the highest I have come across was $74 m^2. I am trying to organise around 80 m^2 for around the $4…[Read more]

amazingjeffery replied to the topic RHG - exit fees $16000! HELP in the forum i orginally wanted to go

Thu, 07 Oct 2010 11:32:18 +0000

i orginally wanted to go westpac as i bank with them but they would not lend over 240k in mt isa after GFC. So i tried looking for a place that would do 95% LVR with LMI Capped as i dont have a massive deposit. RAMS was the only one i found i didnt need to be signed up with to go through and not alot of places doing 95% lvr with capped lmi.

amazingjeffery replied to the topic RHG - exit fees $16000! HELP in the forum They say its early

Thu, 07 Oct 2010 06:50:56 +0000

They say its early repayement fee years 1-3 = 1%Discharge fee $295 (plus costs)So does that mean for eg loan 300k to get out in first 3 years its 3000+295+costs…..not sure what costs are?

amazingjeffery replied to the topic RHG - exit fees $16000! HELP in the forum Sorry, Can someone please

Wed, 06 Oct 2010 06:23:04 +0000

Sorry, Can someone please explain to me. RHG is the old RAMS that went bust isnt it? Westpac now own the brand RAMS? So is RAMS anygood now or should i quickly be looking for another lender before for my house?Thanks,

amazingjeffery replied to the topic Contract delay question in the forum Help Needed!

Tue, 05 Oct 2010 06:29:09 +0000

Thanks guys, The special conditions were annexures of the contract but had seperate areas on the bottom to be signed and werent. My solicitor informed their lawyer that they didn't agree the contract was in effect yet as the contracts not completely signed. But the pages that were signed were enough for my finance agent to get the valuation a…[Read more]

amazingjeffery replied to the topic RAMS and loan structure? in the forum Help Needed!

Thu, 16 Sep 2010 12:19:03 +0000

thanks terry,when i was talking to rams to get pre approval they questioned hits from last year and made me write a document stating what they were to clarify, this is why i thought it might not be a good idea, will look into it, thanks very much for the advice.

amazingjeffery replied to the topic RAMS and loan structure? in the forum Help Needed!

Thu, 16 Sep 2010 08:17:31 +0000

thanks terry,
reasons for using RAMS is because they were one of the few lenderrs allowing me to do 95% LVR with LMI capped on the loan. I looked through a few different banks and though RAMS were quite competitive.

I wasnt going to pay down my principle, i was going to use the money that would have been spent on principle and put it into my…[Read more]

amazingjeffery replied to the topic RAMS and loan structure? in the forum Help Needed!

Thu, 16 Sep 2010 04:41:07 +0000

Thanks Terry and Richard, As you mention the redraw shouldnt matter to much and I didnt plan on using it, the idea was just to pay down the interest portion, move out in 2 years and rent the house or sell it depending on what it looks like out here. My theory is the money i save on principle can be put into savings and value adding reno's. sorry…[Read more]

amazingjeffery replied to the topic general conditions of contract in the forum Help Needed!

Wed, 15 Sep 2010 23:35:10 +0000

hey thanks for your reply guys, currently awaiting the contract back from the vendors solicitors. The solicitor I am using seems to know her stuff back to front and particularly for the area. Slowly learning all the technical jargon and we put quite a few clauses in there that allows me to walk away if the vendor does not come to the party, I w…[Read more]

amazingjeffery replied to the topic FHOG and negative gearing in the forum Some loans are setup with an

Thu, 09 Sep 2010 06:48:19 +0000

Some loans are setup with an interest applicable period from 3-10 years so you could use this couldnt you?Im just going through the process now and have chosen this type of loan as i will live in my PPOR but in a year or 2 it will become an IP, i dont plan to own the house longer then 10 years. It will take me longer to generate equity from p…[Read more]

amazingjeffery replied to the topic Does anyone know which lenders allow you to capatlise their LMI to the mortgage? in the forum Help Needed!

Thu, 09 Sep 2010 06:42:04 +0000

Just secured a loan with RAMS 95% + LMI capped.Anyone have any issues with RAMS in the passed. I have read reviews they were bad a few years ago but are now alot better since westpac took there reigns?

amazingjeffery replied to the topic solid block plasterboarding? in the forum Value Adding

Wed, 08 Sep 2010 03:08:45 +0000

that helps alot, much appreciated.

amazingjeffery replied to the topic solid block plasterboarding? in the forum Value Adding

Tue, 07 Sep 2010 11:50:20 +0000

thanks uncle knackers,
i know this is a huge guestimate, but doing an entire house what kind of dollars are we looking at if labour is done by myself. 3 bed, 1 bath, normal say around 110 sq.m living total. any indication would be much appreciated. The render is quite gritty still if you know what i mean, so if you look at it from a few metres…[Read more]

amazingjeffery replied to the topic solid block plasterboarding? in the forum thanks for that. The house

Tue, 07 Sep 2010 06:43:41 +0000

thanks for that.The house is solidblock but has been redered and painted inside already but the finish just seems to be slightly rough. Would you just get an orbital sander with a course grade sand paper and go over it, clean it and then repaint?What kind of dollars are you looking at to plasterboard over this render through an entire house -…[Read more]

amazingjeffery replied to the topic help - to buy or not to buy? in the forum Terry, thanks for your

Sun, 29 Aug 2010 02:19:51 +0000

Terry, thanks for your replly.
I have been carefully weighing all the options up and after putting some figures down on paper it becomes a bit clearer that buying here is probably not the best place to start…quite risky and probably not the best way to enter and get my feet wet. Looking at just increasing my deposit and buying an IP first.…[Read more]

amazingjeffery replied to the topic help - to buy or not to buy? in the forum so no one has any

Fri, 27 Aug 2010 05:50:37 +0000

so no one has any investments in ISA or everyones pulled them out already?

amazingjeffery replied to the topic costs involved in selling a home? in the forum Help Needed!

Fri, 27 Aug 2010 01:40:19 +0000

again thanks for that info.My process was to basically;- find a house i like (grew up here so know the areas well)- check the figures in an investment analyser to show potential worst case scenario and best case scenario- decide whether its going to be better suited for growth or rental investment- purchase the property under market value- add…[Read more]

amazingjeffery replied to the topic costs involved in selling a home? in the forum Help Needed!

Fri, 27 Aug 2010 01:05:01 +0000

thanks very much for this info.Can anyone recommend a program or excel template that is setup to give quick feedback on whether an investment is worthwhile. Ive been umming and arring about buying a place in mt isa for my PPOR and later move but its all been done in theory in my head, I want to put in the numbers and Worst Case Scenarios down on…[Read more]

amazingjeffery replied to the topic metre squared price in the forum General Property

Thu, 26 Aug 2010 07:59:29 +0000

does that include the garage as the building area also?

amazingjeffery replied to the topic Bathroom Reno Cost in the forum Value Adding

Thu, 05 Aug 2010 23:23:21 +0000

Im also interested in this, how bad was the builders previous tiling Eco Builder? I have a few friends that have done there own tiling with great results and I have seen some tiler apprentice work and its been terrible. Do you guys believe tiling can be done by an informed renovator or best left to proffessionals. I would have thought if you go…[Read more]

amazingjeffery replied to the topic another legal height question? in the forum Value Adding

Mon, 05 Jul 2010 02:29:03 +0000

Thanks, Hmm, well its interesting i measured from the carpet to the ceiling upstairs and its 2395mm, so in theory upstairs is not legal. Is there a timeframe where houses built before a certain date before these regulations were implemented and dont have to meet?Thanks,

amazingjeffery replied to the topic another legal height question? in the forum Value Adding

Mon, 05 Jul 2010 00:40:08 +0000

Ok, took some more pictures but left the phone usb at home. However the measurements were 2340mm from cement to bottom of joists and 2460 to bottom of floor boards. The joists are spaced 450mm each, so the majority of the roof if it is measured to underside of floor boards would be >2400mm = legal height, scott you said that if they are standard…[Read more]

amazingjeffery replied to the topic another legal height question? in the forum Value Adding

Sun, 04 Jul 2010 00:53:15 +0000

Thanks scott, I will get the tape measure out again and have a good look today I think and take some pictures.

amazingjeffery replied to the topic another legal height question? in the forum Value Adding

Sat, 03 Jul 2010 12:56:22 +0000

Thanks for the info guys. I was chatting to a mate of mine who is currently renovating and he was under the impression that it could be measured from finished floor to underside of floor boards above if the joists werent occupying the majority of space for that rooms ceiling? can anyone confirm what the BCA states the measurements have to be from.…[Read more]

amazingjeffery replied to the topic another legal height question? in the forum Value Adding

Thu, 01 Jul 2010 23:55:40 +0000

ah your right, ive taken down the measurements on my phone wrong (didnt have a pen). Ive got the keys still so will pop over to measure again properly this afternoon. In any case i think its going to cost more to try and do this stuff then it would add value. 100mm would be alot to gain, and i suspect the council woudlnt be to worred about a cmor 2?

amazingjeffery replied to the topic another legal height question? in the forum Value Adding

Thu, 01 Jul 2010 23:32:46 +0000

not sure, Joists = supports that hold floor boards up?, Bearers= joist supports? From the cement to the joists (the ones right below the floor boards that run right the way across under the house with only like 300mm spacing is 2300mm. The bearers are probably only 2000mm. So if i sheeted the celing to the joists this would give 2200ish from f…[Read more]

amazingjeffery replied to the topic another legal height question? in the forum Value Adding

Thu, 01 Jul 2010 22:50:23 +0000

Ok so went and took some measurements last night. From the cement floor to the joists above its around 2300mm, in a 'utility room' already built from carpet to fibro ceiling its 2200ish. If i was to buy this place and build in in the future what are the methods used to do this to make legal height? Its a cement foundation so i dont think re…[Read more]

amazingjeffery started the topic another legal height question? in the forum Value Adding

Tue, 29 Jun 2010 04:09:04 +0000

Hi,

I did a quick search and found some info but not exactly what I was looking for. Im looking at a house to purchase and the lower level is not built in yet. There is a room underneath internally but its classed as a storage room at the moment. Now from the cement to the bearers (the ones that the floor boards sit on??) is is over 240…[Read more]

amazingjeffery replied to the topic accounting software in the forum Legal & Accounting

Thu, 24 Jun 2010 02:22:47 +0000

Thanks for your info Jo-anne. your setup sounds awesome. I really wanted to do something like this once i have a bit of experience behind me but was thinking maybe i could make some extra cash by doing some outsourced drafting for friends and extended friends for building projects etc. to get some more drafting experience. I guess the main p…[Read more]

amazingjeffery replied to the topic accounting software in the forum Legal & Accounting

Thu, 24 Jun 2010 01:33:53 +0000

Hi Jo-Anne, What type of engineering/drafting service do you run? I'm a fresh engineer only 2 years out and a goal of mine was to make a similar firm when I'm experienced enough to do so. Was thinking of doing some drafting work on the side for friends and extended friends for things like decks and additions to houses and that sought of thing f…[Read more]

amazingjeffery replied to the topic chances on getting finance? in the forum unfortunately not. My folks

Wed, 23 Jun 2010 00:30:02 +0000

unfortunately not. My folks just bought a new place and I'm doing it all off my own back. I have a friend who works for westpac doing the home loans there in town, she said they were not lending more then 90% in mount isa atm.

amazingjeffery replied to the topic chances on getting finance? in the forum Finance

Tue, 22 Jun 2010 23:49:22 +0000

thanks very much for your comments and feedback. My current savings are with Westpac, I have held them for 3 months from the sale of a boat I made some money off and also my own input so around 5k input +11.5k from the boat. My ccard is with westpac and also a gecard for the interest free amounts. I have my car on a lease which runs out early ne…[Read more]