Note: Married to a tradie….I don't think the tradies are being defensive or sensitive as suggested, I think they are trying to explain how being self employed works and the reasons for their prices. Many have gone into great detail about the running of a business when you are self employed and all the work, and expenses, on the side that are n…[Read more]

I feel for you, we had a similar problem four years ago. We had a home loan with a big 4 bank for 11 years and decided to upgrade. Unfortunately we had only been self employed for 6 months when we did this and our loyal bank wanted nothing to with us, even though we only needed to borrow 30% of the purchase price!We ended up with a low doc loan…[Read more]

Thanks for your reply Linar,I am not really upset with the vendors as it is one of those lovely banks causing the problem.It is just really annoying when your plans get all mucked up!I am itching to get in an tidy up the place as there are practically tenants lining up at the door.I don't really want to cancel the contract, as I believe it was a…[Read more]

I think so, the contract was signed on the 4th August at auction, with settlement in sixty days.So the 4th of October was set as settlement day.What I meant was, they had a full 60 days to get the bank ready. The property was on the market for at least 4 weeks before the auction so its not like they were rushed or anything.On auction day they…[Read more]

The question is not how much he cost, but did he get you more than $1200 extra in your pocket than the accountant that only cost $120 last year ?Or will the advice he gave you improve your position, or lead you onto a better or clearer path?Are you comfortable with him or do you feel that he is a little shonky?Our accountant charged us $1700 last…[Read more]

Thanks Steve,I feel better now as I got 254 which didn't seem too bad, then I read the first two posts and I thought I was doing really badly.Like someone said above, at least I'm not negative….it will be fun to see if we can improve our score.I forgot to look….could we print the results? That would be handy.Cheers,Sue

Hi Boshie,I agree with the above post in that you really need to get a little more knowledge in the basic finance department.A good place to start is to keep searching through this site as it has a wealth of information.Another thing to do is read some basic finance/property investing books.I believe Margaret Lomas explains finance in her books…[Read more]

Hi Wes,I would think that if the Section 32 isn't ready, then the contract isn't ready either as these are usually drawn up at the same time. So the vendor may accept an offer but you can't make it official with out the contract anyway. In the mean time they may change their mind on your offer.I'm pretty sure you can't legally sign a contract…[Read more]

Gee that was fun.Makes me feel glad I live in the north! Well, more north-east actually.Leafy environment, not too flat, not too hilly and smack bang between two major universities.(La trobe and RMIT)And two minutes from the ring road that takes me straight to the CBD, never use it though, there are plenty of major roads that I'd rather take into…[Read more]

Very funny blogs But I reckon the old guy was better.

I'm not sure how it works in your area, but the councils I have worked with will not "stamp" and approve plans without all their little requirements shown.Such as rainwater tanks, even down to the landscaping and type of plants!Then after completion, they come by for final inspection and ensure that all that is on the plan is in place.Only then…[Read more]

Please note that I am not an accountant or even close!And thanks to V8ghia for his/her input, much appreciated.My PPOR loan is actually a line of credit. When I wish to purchase an investment property, I ask for a new sub account or split, as some call it, to my loan which is used to fund the deposit plus costs. The other 80% for the new property…[Read more]

Hi, I'd just like to point out that some of the older brick cladding contains asbestos, so if you opt to remove it, I'd have it checked out first.I only recently found this out myself, so be careful.Cheers,Sue

Agree with most comments above, however are we talking brick veneer or solid brick houses?Solid brick houses are a real pain for renovating or extending.Even if you need to redo plumbing or electrical work, it will cost you a lot more with a solid brick house.Something for you to consider.Sue

That's interesting….I have always redrawn from my PPOR loan to fund 20% deposits for my investment properties and have certainly claimed the interest for it! I do set the deposits up as separate sub accounts though, as it makes it easier for the accountant.The other 80% is a stand alone home loan preferably through another financial…[Read more]

I would look around the area of this property and see if any other properties have been developed with more than one building per lot.Ring the local council planning department and talk to them about the chances of your proposal.I know of an area in the northern suburbs of Melbourne that has covenants on the titles for one dwelling only, however…[Read more]

Hi Banked,
You can get a depreciation report done on the value of your property, this is common practise and the tax office is happy with it. Make sure you use a reputable company though.
I Haven’t been to the forum for a while, but there was a very helpful fella called the Depreciator who used to post.
Maybe do a search on his posts, it should be…[Read more]

Hi Billy,
I’m no expert.
First I’d ring the council and check their requirements. Councils all differ in the size of block they will let you subdivide/ build at the back.
The width of the driveway is important, as is the distance between neighbouring properties and even the direction that the sun shines!
I’d talk to them first and if they say you…[Read more]

Yes water hammer is a problem. If you find it, first check if washing machine taps have been turned off.
This is a common cause. Turn the washing machine taps off, and try again.
This is why I have water hammer, but I am too lazy to remember to turn them off…one day I am going to flood the place.(Having a flick mixer tap doesn’t help matters…[Read more]

Hi Dazzling,
Excellent tips.
It doesn’t hurt to treat your tradies as “human”.
It’s amazing the number of people who look down on their tradesmen.
Paying prompty, especially the same day, always scores points.
Contrary to popular opinion, plumbers do not like to dig. So offering to do it yourself will earn you brownie points.

One I’ll add is to…[Read more]