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Are there many people living in Australia and buying in NZ property (and vice versa)?
Chris Durman
ebank.com.auI think you will find that a payment represents the third part of a contract (ie offer, acceptance and finally consideration). This binds the document into a contract. Taking more than a “peppercorn” for a deposit is by agreement between the buying and selling parties.
Chris Durman
ebank.com.auWhy not use the equity to leverage? Tax, duties, etc are a pain!
Chris Durman
Commercial Capital Finance Pty Ltd
B 07 3853 5221
F 07 3853 5256
M 0427809858
C/- Brisbane Technology Park, 1 Clunies Ross Court, Eight Mile Plains, Queensland 4113
ACN 110 082 347
CAUTION – This message may contain privileged and confidential information intended only for the use of the addressee named above. Any views expressed in this message are those of the individual sender and may not necessarily reflect the views of the Commercial Capital Group.Hi Dan. Check the majors URL’s, and you will find similar to http://www.anz.com/australia/business/prdsrv/finance/home_equity.asp
This is a good start for you.Chris Durman
Commercial Capital Finance Pty Ltd
B 07 3853 5221
F 07 3853 5256
M 0427809858
C/- Brisbane Technology Park, 1 Clunies Ross Court, Eight Mile Plains, Queensland 4113
ACN 110 082 347
CAUTION – This message may contain privileged and confidential information intended only for the use of the addressee named above. Any views expressed in this message are those of the individual sender and may not necessarily reflect the views of the Commercial Capital Group.Hi Persistence. Try http://www.homepriceguide.com.au/ This is a good start.Good luck.[cap]
Chris Durman
Commercial Capital Finance Pty Ltd
B 07 3853 5221
F 07 3853 5256
M 0427809858
C/- Brisbane Technology Park, 1 Clunies Ross Court, Eight Mile Plains, Queensland 4113
ACN 110 082 347
CAUTION – This message may contain privileged and confidential information intended only for the use of the addressee named above. Any views expressed in this message are those of the individual sender and may not necessarily reflect the views of the Commercial Capital Group.If you join forces?…Document everything!!! That way there can be no arguments later.
I’d suggest you look at entering into this as “tenants in common” with shares agreed (see your conveyancer about this).
If its a reactive investment then you will most likley not need extensive agreements in place (you can also go Joint Venture where each is repsonsible for their own costs and other responsibiliites).
Going on your own but sharing ideas can result in some pretty interesting competition between you, but shared experiences.Chris Durman
Commercial Capital Finance Pty Ltd
B 07 3853 5221
F 07 3853 5256
M 0427809858
C/- Brisbane Technology Park, 1 Clunies Ross Court, Eight Mile Plains, Queensland 4113
ACN 110 082 347
CAUTION – This message may contain privileged and confidential information intended only for the use of the addressee named above. Any views expressed in this message are those of the individual sender and may not necessarily reflect the views of the Commercial Capital Group.Some lenders will look at assisting you depending on your current status (if you are looking ot borrow again)on bankruptcy.
On the home front – Your daughter and partner are also trying to get ahead without offering any discounted rents/financial help, and may need to get the best return in the market – so then there may no benefit (to either of you).
However you might want to consider JV’ing with them on a property, and have a formal agreement in place to cover off all potential issues as this saves the potential heartbreak in dealing with family matters in business.Chris Durman
Commercial Capital Finance Pty Ltd
B 07 3853 5221
F 07 3853 5256
M 0427809858
C/- Brisbane Technology Park, 1 Clunies Ross Court, Eight Mile Plains, Queensland 4113
ACN 110 082 347
CAUTION – This message may contain privileged and confidential information intended only for the use of the addressee named above. Any views expressed in this message are those of the individual sender and may not necessarily reflect the views of the Commercial Capital Group.Add the 1.5% to 2% to calculate – everyone has a different opinion on the market for 2005 (rates that is), so adding a margin covers you for good and for bad.
Another simple tip- calculate your gross rents, then work out what 65% of this is, and you will have have a rough but good guide on what your net cash flow will be if tenanted 100% of the time.Chris Durman
Commercial Capital Finance Pty Ltd
B 07 3853 5221
F 07 3853 5256
M 0427809858
C/- Brisbane Technology Park, 1 Clunies Ross Court, Eight Mile Plains, Queensland 4113
ACN 110 082 347
CAUTION – This message may contain privileged and confidential information intended only for the use of the addressee named above. Any views expressed in this message are those of the individual sender and may not necessarily reflect the views of the Commercial Capital Group.In a word? Beware.
The bank val should be a good indication of what the lower end value of your propoerty is. Auctioning (although the upfront cost may negate) is an option.
Multi list!
Where is a web site for private listings of property???Chris Durman
Commercial Capital Finance Pty Ltd
B 07 3853 5221
F 07 3853 5256
M 0427809858
C/- Brisbane Technology Park, 1 Clunies Ross Court, Eight Mile Plains, Queensland 4113
ACN 110 082 347
CAUTION – This message may contain privileged and confidential information intended only for the use of the addressee named above. Any views expressed in this message are those of the individual sender and may not necessarily reflect the views of the Commercial Capital Group.A while ago….. the market is subject to some fluctuations and its wise to have a lump of equity in the property.
See if you can drag info out of some of the sites related to historic property values, property turnover, and average rental returns (which have been higher than the major centres given a higher transient population).Chris Durman
Commercial Capital Finance Pty Ltd
B 07 3853 5221
F 07 3853 5256
M 0427809858
C/- Brisbane Technology Park, 1 Clunies Ross Court, Eight Mile Plains, Queensland 4113
ACN 110 082 347
CAUTION – This message may contain privileged and confidential information intended only for the use of the addressee named above. Any views expressed in this message are those of the individual sender and may not necessarily reflect the views of the Commercial Capital Group.Big tip- get a guaranteed investment return – you need as much of the money as you can get, low risk so you know exactly how much you can withdraw when the timing is right. There are a lot of people out there who have invested into a high yielding product, but ignored the risks!
My advise? – Go the traditional route, go Bank or guaranteed returns in a product you can add to any time, and withdraw without penalty.Chris Durman
Commercial Capital Finance Pty Ltd
B 07 3853 5221
F 07 3853 5256
M 0427809858
C/- Brisbane Technology Park, 1 Clunies Ross Court, Eight Mile Plains, Queensland 4113
ACN 110 082 347
CAUTION – This message may contain privileged and confidential information intended only for the use of the addressee named above. Any views expressed in this message are those of the individual sender and may not necessarily reflect the views of the Commercial Capital Group.may be hard to do – have you thought of looking at non housing finance? Personal Loans (drawn progressivley), HP, Chattel etc?
Chris Durman
Commercial Capital Finance Pty Ltd
B 07 3853 5221
F 07 3853 5256
M 0427809858
C/- Brisbane Technology Park, 1 Clunies Ross Court, Eight Mile Plains, Queensland 4113
ACN 110 082 347
CAUTION – This message may contain privileged and confidential information intended only for the use of the addressee named above. Any views expressed in this message are those of the individual sender and may not necessarily reflect the views of the Commercial Capital Group.The hassle for you SP is that the banks will push the cost to you irrespective. Generally the banks will be happy with a conservative valuation (which is possibly not to your liking), whereas you may beleive that the value should be higher – and seek a valuer who agrees with you.
There are a few in the market who are deemed to be very conservative that the banks use, although this can also work in your favor if they beleive that you may be paying too much for the property. remember – the current Banks have been around a long time, and they are aware (perhaps they wont tell you!) what the future trends are in the property market. Circa $400 is about right.Chris Durman
Commercial Capital Finance Pty Ltd
B 07 3853 5221
F 07 3853 5256
M 0427809858
C/- Brisbane Technology Park, 1 Clunies Ross Court, Eight Mile Plains, Queensland 4113
ACN 110 082 347
CAUTION – This message may contain privileged and confidential information intended only for the use of the addressee named above. Any views expressed in this message are those of the individual sender and may not necessarily reflect the views of the Commercial Capital Group.Milly- present the argument to the bank or broker as a 1st point. If you are selling and buying another, you could offer the new property to replace the one you are selling (as security). The bank can also be asked to set out in writing to you why they wont “allow” you to have the others as stand alone. The lender usually will take as mush security as is willing ot be provided at the onset, and releasing this becomes an issue.
Chris Durman
Commercial Capital Finance Pty Ltd
B 07 3853 5221
F 07 3853 5256
M 0427809858
C/- Brisbane Technology Park, 1 Clunies Ross Court, Eight Mile Plains, Queensland 4113
ACN 110 082 347
CAUTION – This message may contain privileged and confidential information intended only for the use of the addressee named above. Any views expressed in this message are those of the individual sender and may not necessarily reflect the views of the Commercial Capital Group.Brahms- the bank/funders calls for the valuation – they wont accept, by and large, your own valuation/valuer. Except when purchasing the property (in a lot of instances) where your purchase proice reflects the market asessment/value of the property.
a) You have the right to seek out who will write your business- funders therefore bid for your business
b) the true value of an asset is reflected when it is sold- the asking price is just that- what the vendor perceives the value to be.
c) The bank value of a property is assessed based on the quick sale component in a number of cases (not all funders do this however). At settlement you have the true value of the property- ie this is what the market and you agree the worth of the property to be.
I hope this helps.
ChrisChris Durman
Commercial Capital Finance Pty Ltd
B 07 3853 5221
F 07 3853 5256
M 0427809858
C/- Brisbane Technology Park, 1 Clunies Ross Court, Eight Mile Plains, Queensland 4113
ACN 110 082 347
CAUTION – This message may contain privileged and confidential information intended only for the use of the addressee named above. Any views expressed in this message are those of the individual sender and may not necessarily reflect the views of the Commercial Capital Group.Correct Dan- the broker is compensated by the lender (on most residential) deals- and the more lenders the broker has access to the better it is. Commercial and other types of finance are usually a different story for the broker.
I’d suggest stay flexible while you get the property, and then look at the change of the structure once settled. You can fix, and unfix lending and in some instances there are fees to pay. CheersChris Durman
Commercial Capital Finance Pty Ltd
B 07 3853 5221
F 07 3853 5256
M 0427809858
C/- Brisbane Technology Park, 1 Clunies Ross Court, Eight Mile Plains, Queensland 4113
ACN 110 082 347
CAUTION – This message may contain privileged and confidential information intended only for the use of the addressee named above. If you are not the intended recipient of this message you are hereby notified that any use, dissemination, distribution or reproduction of this message is prohibited. If you have received this message in error please advise the sender by reply email. Any views expressed in this message are those of the individual sender and may not necessarily reflect the views of the Commercial Capital Group.Goodbuy- a quick one- were these details explained to you when you signed up the funders docs? If not you may have a real case.
Chris Durman
Commercial Capital Finance Pty Ltd
B 07 3853 5221
F 07 3853 5256
M 0427809858
C/- Brisbane Technology Park, 1 Clunies Ross Court, Eight Mile Plains, Queensland 4113
ACN 110 082 347
CAUTION – This message may contain privileged and confidential information intended only for the use of the addressee named above. If you are not the intended recipient of this message you are hereby notified that any use, dissemination, distribution or reproduction of this message is prohibited. If you have received this message in error please advise the sender by reply email. Any views expressed in this message are those of the individual sender and may not necessarily reflect the views of the Commercial Capital Group.Certainly a grey area. The banks argue that the valuation is for internal use only, however you are the client that has created the transaction, and they are effectivley the hanger on!
Also, the values placed by the panel valuer(s) may not reflect the advertised asking price of the property. Banks will under vlaue properties except at settlement where the sale price is the only time the true valuation is known.Chris Durman
Commercial Capital Finance Pty Ltd
B 07 3853 5221
F 07 3853 5256
M 0427809858
C/- Brisbane Technology Park, 1 Clunies Ross Court, Eight Mile Plains, Queensland 4113
ACN 110 082 347
CAUTION – This message may contain privileged and confidential information intended only for the use of the addressee named above. If you are not the intended recipient of this message you are hereby notified that any use, dissemination, distribution or reproduction of this message is prohibited. If you have received this message in error please advise the sender by reply email. Any views expressed in this message are those of the individual sender and may not necessarily reflect the views of the Commercial Capital Group.Dan- as you have said there are hundreds. HOw do you chose the right one?
For a start, a mortgage now is not a life long marriage for better or for worse. You will find that you have the option to change, and within the one financial institution – so dont feel as if your decision now will be the one you are stuck with for the rest fo your days.
Secondly, look for flexibility- if its your first purchase, and you are focussed on the property, and not so much the loan, let the bank or broker recommend the product (based on the information you should provide them) a little licence in providing the best fit.
You may find you plain old vanilla variable home loan, with the lowest rate best- as you change your patterns over the ensuing months as a result of buying the biggest investment to date, this will alter.
On rates? There is one lender who will provide an introductory offer in the high 4%’s, and this is an introductory offer (reverts to around 7% after 6 months). Others stay around mid 6%’s, and this is probably what you need.Chris Durman
Commercial Capital Finance Pty Ltd
B 07 3853 5221
F 07 3853 5256
M 0427809858
C/- Brisbane Technology Park, 1 Clunies Ross Court, Eight Mile Plains, Queensland 4113
ACN 110 082 347
CAUTION – This message may contain privileged and confidential information intended only for the use of the addressee named above. If you are not the intended recipient of this message you are hereby notified that any use, dissemination, distribution or reproduction of this message is prohibited. If you have received this message in error please advise the sender by reply email. Any views expressed in this message are those of the individual sender and may not necessarily reflect the views of the Commercial Capital Group.Certainly its a foot in the door- dont get caught out with issues in the contracts- every one loves each other before the money changes hands! Best you talk to the real estate agents in the area you wish to live, and see what “vendor” finance may be offered. What you propose is sometimes hard to find in a growing market however Sydney is off the boil at present so you may be able to generate some good deals.
Chris Durman
Commercial Capital Finance Pty Ltd
B 07 3853 5221
F 07 3853 5256
M 0427809858
C/- Brisbane Technology Park, 1 Clunies Ross Court, Eight Mile Plains, Queensland 4113
ACN 110 082 347
CAUTION – This message may contain privileged and confidential information intended only for the use of the addressee named above. If you are not the intended recipient of this message you are hereby notified that any use, dissemination, distribution or reproduction of this message is prohibited. If you have received this message in error please advise the sender by reply email. Any views expressed in this message are those of the individual sender and may not necessarily reflect the views of the Commercial Capital Group.
