[BonbeachParticipant@bonbeachJoin Date: 2004Post Count: 214]

May 10, 2004 - 6:02 am

hehe good comment Wallflower

Altho SOME people seem to post just to get their posts up… maybe the website should log not only the NUMBER of posts, but the number of INTELLIGENT and USEFUL posts hehe that would catch a few people out!

Woohoo! I just added one more post to my name… haha

Luke
[cap]

[BonbeachParticipant@bonbeachJoin Date: 2004Post Count: 214]

May 7, 2004 - 7:01 am

Speak to a Mortgage Broker, try Terry from Discover Home Loans he is on the website and definately knows his stuff. Not to say that others dont, but he is very good!

[BonbeachParticipant@bonbeachJoin Date: 2004Post Count: 214]

May 7, 2004 - 5:46 am

cool [cap]

[BonbeachParticipant@bonbeachJoin Date: 2004Post Count: 214]

May 7, 2004 - 5:45 am

Wouldnt surprise me if they put it up

[cap]

[BonbeachParticipant@bonbeachJoin Date: 2004Post Count: 214]

May 7, 2004 - 5:43 am

Maybe you are predicting a plane crash or car crash… (best stay indoors then!)

Property prices may correct slightly in some markets, but the word crash… mmm doubt it.

Luke [cap]

[BonbeachParticipant@bonbeachJoin Date: 2004Post Count: 214]

May 7, 2004 - 4:31 am

You are correct, Terry does know his stuff. I have contacted him and he is helping me. Thank you all for your suggestions.

Much appreciated

Luke [cap]

[BonbeachParticipant@bonbeachJoin Date: 2004Post Count: 214]

May 6, 2004 - 2:06 pm

[cigar]

[BonbeachParticipant@bonbeachJoin Date: 2004Post Count: 214]

May 6, 2004 - 10:57 am

Seems a lot of professionals out there lack specialised knowledge about property investing. There is a lot to know-, a referral for an accountant / mortgage broker etc off the website could save you a fortune and a lot of headaches! Just do your research I spose!

Im sure they had a special on “too hard baskets” at officeworks recently!!!

[BonbeachParticipant@bonbeachJoin Date: 2004Post Count: 214]

May 6, 2004 - 10:49 am

yep -checked, it sounds ok! woohoo!

[BonbeachParticipant@bonbeachJoin Date: 2004Post Count: 214]

May 6, 2004 - 10:19 am

Marc

I wonder if our two brokers ARE related??? haha

Wouldnt surprise me! I know EXACTLY what you are going through!!! Im sure it is very frustrating for you.

Luke [cap]

[BonbeachParticipant@bonbeachJoin Date: 2004Post Count: 214]

May 6, 2004 - 9:23 am

Terry – What do you mean by x2 more? Do you mean twice as much as originally offered?

[BonbeachParticipant@bonbeachJoin Date: 2004Post Count: 214]

May 6, 2004 - 8:47 am

Marc,

Not it isnt. She supposedly personally knows two CEO’s of which names I wont mention… She isnt entirely bad, just inefficient and not entirely professional.

As the person who will be signing the loan I would like to know what is going on, who I am applying to and how the loan/s will be structured. I also need information on the loan itself. Why is it so hard to get this information?

geeeez i know im impatient but some people need a kick in the u know what sometimes [biggrin]

Luke [cap]

[BonbeachParticipant@bonbeachJoin Date: 2004Post Count: 214]

May 6, 2004 - 5:40 am

I have now put up a post asking for references for a decent mortgage broker. *fingers etc crossed*

[BonbeachParticipant@bonbeachJoin Date: 2004Post Count: 214]

May 6, 2004 - 4:49 am

Thats a good suggestion using two different LMI companies! Never thought of that. I need a more proactive broker I think. The situation im in now, is that I have a letter from the lender stating an approval pending valuations but would it be too late to go through the whole process again now?? I dont want to lose the 115k property I bought…

Should I get this one on its way to settlement then contact a new broker to sort out the possibility of getting the finance for another property or will it be too late?? I hate not getting the right advice and finding out that it costs me money to refinance and get out of loans etc..!

I did however find out that one of the mortgage insurers knocked back the application simply because of too many credit file enquiries. I told my broker that was due to the fact I was a sole trader and ran a small business in Perth up until September last year, and, over 4 years I had to lease vehicles, computers, open trade accounts etc… Does anyone know of this being a problem since it WAS mostly for business reasons? I obtained a copy of my CRA File and forwarded it to her to pass on to the LMI company to try again.

*looks for nearest wall to bang head*

Luke

[BonbeachParticipant@bonbeachJoin Date: 2004Post Count: 214]

May 5, 2004 - 10:12 am

Yep I got stuck with ANZ’s friendly letter telling us what they were doing too…

I must say that I wasnt happy at all. Its 1 point per dollar up to $2500 per month then 1 point for every $2 after that but is capped at 5000 bucks a month!

Grrrr

[BonbeachParticipant@bonbeachJoin Date: 2004Post Count: 214]

May 5, 2004 - 10:04 am

where is Hamilton? hehe

[BonbeachParticipant@bonbeachJoin Date: 2004Post Count: 214]

May 5, 2004 - 12:20 am

Thanks for your replies. No, definately no mistakes with the figures. I have sent a very long email outlining my concerns to her, and am waiting for a response. There is more to the story above where she has contradicted herself saying some things.

Anyways will update when I know more

Luke [cap]

[BonbeachParticipant@bonbeachJoin Date: 2004Post Count: 214]

May 3, 2004 - 10:49 pm

Given those figures, and considering Perth is maybe 10-15 years behind Sydneys prices now, Sydney is a market im staying well away from… Well, while Perth exists anyway. Not to say I wont invest here in the future, but for now, I cant afford it!

Not saying Perth is the best from every angle, but for a beginner like me, and anyone who knows Perth, its a perfect place to buy and learn in. [cap]

*I just woke up so I hope this makes sense. Ill read it again when I get to the office and had a coffee just to check hehe[laughing]*

[BonbeachParticipant@bonbeachJoin Date: 2004Post Count: 214]

May 3, 2004 - 1:49 pm

Not so much the properties being the cause of the stress, its just that I was told the finance would be “easy” this time. Then the broker couldnt give me a straight answer about what stage they were up to, why it was taking so long, and even the lender we were applying to changed at the very last minute?!?!?! Strange to me. We missed the standard finance approval date as if the deadline date didnt even exist. One property is now 11 days over the finance approval date!

Had two awesome properties purchased at very good prices. Im keeping the bargain one, but if anyone wants an 18 month old, 4×2 house 1km from the beach for 208k let me know ill put you in touch! Really good buy [cap]

[BonbeachParticipant@bonbeachJoin Date: 2004Post Count: 214]

May 3, 2004 - 1:41 pm

Ok here we go. I love this website cause i can (as some would call it) crap on as much as I like about property and no doubt, someone will be interested!! haha

Perth is a great place to invest. Long term I think you could shut your eyes point on the map, buy a house there and do well.

If you dont believe me, fly to Sydney for a week and check out what you get for 500k. Not a lot!

I live in a 1950s house, 9km west of the city, which sold last August 03 for 1.6 mill. No comparison.

My predictions for the best growth in the next 2 years (if that is what youre looking for) are:

Wembley: Close to city, freeway, Osborne Park, Herdsman Lake, Train Stations, new Subi Development, close to the beach also! I just bought a 2 bed apartment with parking for 115k. Ready for renovation when tenant moves out next April! Theres not much left at this price but still undervalued if you ask me.[strum]

Quinns Rocks: Quinns is an Awesome spot, seen a lot of growth in the past 12 months, but I dont think this will slow down any time soon. Mindarie and Brighton on either side will pull the price up further, and the new Clarkson Train Station will help too. The freeway will be up there by (2007?) I think?[party]

Thornlie: Not a bad distance from the city, nice location, train station coming, new Roe Highway just been completed past front door to reduce travel time, can still get well priced homes and some on big blocks for future redevelopment. I saw recently a triplex block with older style house for 170k to 190k. This one was also walking distance from the new train station. Would have been good to buy. [rambo2]

Langford:Not a huge favourite of mine, but still close to Thornlie and relatively cheap still. Similar to Balga with “rebranding” going on and cleaning up a lot of the trash in the area. (no comment). [upsidedown]

Other areas i still think will do well are Greenwood, Merriwa, Clarkson, Osborne Park, Cloverdale, Belmont, & Armadale.[medieval]

Hope this helps. I love Perth. After being in Sydney for 7 months I now realise how great Perth really is both to live and to invest! *sigh*

Luke [cap]