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  • Profile photo of amazingjefferyamazingjeffery
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    @amazingjeffery
    Join Date: 2010
    Post Count: 68

    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?

    Profile photo of amazingjefferyamazingjeffery
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    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,

    Profile photo of amazingjefferyamazingjeffery
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    @amazingjeffery
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    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 and finance unconditional. Only problem i cannot get my FHOG lodged as they say they require the complete contract with special conditions signed also. 

    Thing is without the special condition annexures the inspections would be a waste of time and if I wanted to get out of the contract if I found the house falling down and the owners didnt want to fix it, then i dont really have much to stand on.

    Profile photo of amazingjefferyamazingjeffery
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    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.

    Profile photo of amazingjefferyamazingjeffery
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    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 savings account with my bank. I could go to a bank i but i didnt want to take to many hits to my credit report just in case i got knocked back. Westpac was my next choice as i bank with them, they however are only lending 250k max in mt isa. Does what I have described above seem ok for my first property? Paying interest only whilst saving as much as possible.

    Profile photo of amazingjefferyamazingjeffery
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    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 for all the questions, Im a bit green if you haven't noticed.

    I will chase up the exit fees, and I had a research on the tax implications on the redraw. From how I understood it redraw facility would be bad for me in about 2 years time when i rent the property out, however a Offset account would be a good idea which isnt available through RAMS.  So would it be wise to use RAMS to kick start with my first home, then change banks when I'm ready to rent the house out. Meanwhile all of the excess payments and money that would have gone to principle, just put this in a high interest savings account with my normal bank?  Would this be a fair strategy, even though the exit fees might be quite high i would just have to live with that.

    Profile photo of amazingjefferyamazingjeffery
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    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 will lose money on my inspections and council searches if I did but being the only buyer interested over 2 months I think I should be ok.  The market seems slow and flooded here and much more suited to the buyer, hopefully all goes well. 

    Profile photo of amazingjefferyamazingjeffery
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    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 paying the loan off but as I see it the extra cash can be used to save for another property and also for some quick renovations.  I will then move when im done, rent the house out and sell a few years down the track…….this is all depending on what the mines decide to do of course….but we are sitting on the largest unmined uranium deposit in the world so i think im safe for a while. 

    Then I believe even after the IO period you can refinance the loan and do the same again…. Ive never done it but this is what ive been told.

    Profile photo of amazingjefferyamazingjeffery
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    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?

    Profile photo of amazingjefferyamazingjeffery
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    that helps alot, much appreciated.

    Profile photo of amazingjefferyamazingjeffery
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    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 away u can see quite a rough surface thats painted. Is there anyway of just getting a orb sander and going to town on it and getting it really smooth then put a seal on it and paint over.

    Profile photo of amazingjefferyamazingjeffery
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    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 – modest size say 110 sq. living space.  I have no idea how much plasterboard costs atm?
    would it just be a matter of plasterboard with a bostik style glue and then regular plaster finishing?

    Thanks for any info provided,

    Profile photo of amazingjefferyamazingjeffery
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    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. What deposit is generally required for an IP. If i purchase one can I still use my FHOG after if its not my PPOR first?

    Thanks,

    Profile photo of amazingjefferyamazingjeffery
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    so no one has any investments in ISA or everyones pulled them out already?

    Profile photo of amazingjefferyamazingjeffery
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    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 some quick reno's (does the PIA software have a function for this to estimate?)
    – Save for next property outside of mt isa.

    Is this a common enough way to go about things to start?

    Profile photo of amazingjefferyamazingjeffery
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    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 paper and really work through it first….which I should have been doing months ago.  I guess Ive been wrapped up in it being my PPOR and not focussing on it enough being an investment eventually.

    Profile photo of amazingjefferyamazingjeffery
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    does that include the garage as the building area also?

    Profile photo of amazingjefferyamazingjeffery
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    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 slow and take your time and make sure its all accurate then it would be a decent job, then thinking some tradies might rush the job and it looks spoilt?  I am trying to do a budget for a bathroom reno for a house im looking at doing and I was going to do all the work myself.   Does this seem accurate below? 

    BathroomBudget 
    Vanity and Basin850
    Mirrors100
    Towel Racks80
    Waterproofing400
    Taps200
    Shower Screen1000
    Shower Head and handles200
    Bathtub1500
    Bathtub tap and handles200
    Heat Lamp and Light50
    Plumbing  Materials200
    Tiles and Mortar400
    Paint150
    Consumables200
    Total5530

    Sorry for the layour of it, i copied from excel and it didnt transfer like it showed in the text box.

    Profile photo of amazingjefferyamazingjeffery
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    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,

    Profile photo of amazingjefferyamazingjeffery
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    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 450mm spacing its measured from bottom of joists, do you think the council might make a concession for this?

Viewing 20 posts - 21 through 40 (of 49 total)