Thanks  

YI,I'm with NAB Business Banking, have been since March this year.I'm overall happy with the bank.  They've allowed me to slip in under the family and create a new personal account, and have allowed me to joing NAB Health Business Banking without being in the industry.  Big plus from my point of view, even if it cost's me $400 a year.I've found t…[Read more]

Good to know – Thanks Richard

Thanks YI,Yes, I'm on the Choice Package through NAB Health Business Banking…The Loan has only been in place since the the end of March this year…do you know if this will go against me, or am I covered under the Choice Package if I change from PI& to IO ??

Thanks 

Terry – I'm borrowing another $50k from the bank next week (ontop of my current $200k loan): $35k for the remaining sub-division work$15k to fix up the external of my existing home (Paint, Repairs and Front Verandah).  This will help with street appeal come time to sell back block/house.I spoke with my Bank Managers Associate today to discussed ch…[Read more]

Thanks Terry…I'll check these books out and see what I can find.  I also found out this morning that the mentors I'm learning from have used Options in the past for some quick cash…I'll hit them up as well for some more info…As with most things legal, best to do the research first and hit the books !!Thanks for your comments…  Cheers,Darren…

Thanks Terry – I'm meeting with the Bank this week, will see what they say…

True…I suppose to mitigate this risk, I'd make sure it was an Option that guaranteed I'd buy at the end of the period identified in the contract…I'd see the need to buy happen if there were delays in the reno, or if the sale doesn't come through as quick as intented (both highly possible given the potentially short timeframes of the o…[Read more]

I dont know enough about the Tax Benefits/Implications/Deductions associated with Property Investing to fully understand all of the intricacies that go with the information above, however, in theory it does make sense and I can follow where you're going with it – I do need a good Accountant tho !!Given I'm just starting out, I see cash in the ba…[Read more]

Terry – How does this work for PPORs ??I'm currently paying P&I for my PPOR, would I be better just paying IO to the bank and dumping the principle into an Offset, especially if i'm making my start in investing (will the bank allow me to do this on a PPOR ??)I can see how the benefits of this mean I'll have more cash available come time to buy…[Read more]

Can you merge the 'Options' deal into a Reno of the place your looking to buy, or does the property have to stay in the same condition while the Option is in place ??Eg:Both parties agree to sale price with a Put and Call Option written into the contract, buyer also requests early access to the property to complete some basic reno's.  Reno's get c…[Read more]

I did some research into this a couple of weeks ago, my my focus was selling part or all of the property that was purchased within the 12 month period.  If you do this, you'll have to pay back the First Home Concession you received (the waiver in Stamp Duty).Check out more info in the p…[Read more]

Sorry to hijack your post Marcus…I'm a newbie who's needs some info…What is a QS report ??What is Cross Collaterisation and why should it be avoided ??Cheers,Darren

Just remember your clause in the contract – don't feel obligated to purchase unless you're 100% confident with your decision.At the end of the day it's your decision – the agent will try his/her best to persuade you, that's their job.And remember, each and every day more properties are listed for sale ("There's plenty of fish in the…[Read more]

Hi Z,I'd also side with the comments made by other forum members.You mentioned that it's cheaper than anything else in the area that is similar – think about why…If we just consider PPORs for a moment, nobody want's to buy someone else's problem (this applies whether its a car, business or house)…the exception here is if you're fixing a pr…[Read more]

Good Luck Dave,I can relate to the place you're in right now – I'm only now just starting to realise the potential in Property Investing (after reading Steve's Book) and feel that I can't move quick enough to capitalise on the opportunities that are out there !!I know I'm going to struggle getting finance, especially in the early days.  But the b…[Read more]

Sorry, forgot to ask – has anyone had experience in sub-dividing a 650sqm or less block ??What's the smallest block size you've built on ??Cheers,Darren

Update To Post:Hi All – I finally got the call back I was waiting for and have a little more info to share.If you purchased using the FHOG and sell all or part of your land within the first 12 months, then you'll have to pay back the First Home Concession that was initially waivered (the Stamp Duty).This means, if I sell my sub-divided back…[Read more]

Thanks Mattnz – fully aware the returns on PC wont bring in the $250k required – hoping to find PC property that can also be sub-divided !!