The only borrowing allowed is for the original property and once paid down can not be re accessed as far as I am aware.

An offset account is available with some SMSF loan products with interest only up to 15 years available.

This could be a better option for your next SMSF property if you wanted to preserve the funds that you would normally use…[Read more]

As long as the qualification fulfills the legal obligations then go for the cheapest.

All of your real learning will be "on the job" anyway.

That was my experience when attaining my Finance Brokers license. 

lachmorr wrote:
Thanks Colin. I was hoping that as we were buying from our daughter we would have been ok re DIY conveyancing. But I'll take your advice & get professional help.

I have seen people who represented themselves and pulled it off. They usually had a background in conveyancing.

I have also seen people do it themselves and it has…[Read more]

I'm happy to provide free property reports from APM (Australian Property Monitors) if you ask nicely 

I believe the source is RP Data.

Hi lachmorr,

Make sure the properties are not cross collaterlised, that is each property has its own contract rather than two properties on one contract and your finances are structured correctly in your favor not the banks. Seek advice from a broker on this. 

I would engage the services of a solicitor with each party appointing separate…[Read more]

A broker will be able to assist with upfront valuations.

In regards to a building inspector I recommend the same person to my clients based on positive feedback and a long term relationship.

Most brokers will have a similar arrangement with a reputable building inspector that they can recommend.

If you need a recommendation for a reputable…[Read more]

ANZ are the 12 month self employed niche bank. 

jamesrmelville wrote:
Hi,

How did you go with Prestige? 
Did you end up using them or finding much else about them?

I recently got turned on to them by my accountant.

Cheers

James

I would ask your accountant if he receives a kickback for 'turning you on" to this company and if yes how much?

Wow D'OK that is, to be kind, bad customer service and business people have no excuse to not respond promptly to clients and potential clients with all the means of communication at our fingertips.

To add to the OP every one in business has an angle. Not that its wrong but when sitting in front of someone attempting to sell or persuade you in a…[Read more]

You would come under the self employed category at best and to borrow funds from a bank you would need to provide two years tax returns and financials.

Lo doc loans usually require 12 months BAS statements and  lenders will risk asses your declared occupation. Full time renovators will be a high risk occupation in lenders eyes and you would have…[Read more]

Gibbs wrote:
we are borrowing 95% so perhaps the bank is making the 88k available and using my deposit to acquire the rest of the land, then make the funds available for construction later?

Without seeing the docs you are referring to I reckon you have answered your own question.

Call the settlement agent to confirm if you cant get a hold of…[Read more]

Mark Coburn wrote:

TheFinanceShop wrote:
 
Some here will say teach yourself and do you own research, I just don't agree.

It's a bit like saying: teach yourself and set up your own finance, teach yourself and set up your own trust structure. You don't know what you don't know. When you started your career, your employer didn't say "sit down…[Read more]

I do get more and more people assuming that I charge a fee and when they ask what they owe me, I tell them that this ones on me as the banks pay me commission out of their healthy profits.

It does make you wonder though?

You would struggle to get a 95% lend in my experience and if not approved valuation could be an issue as well. 

duplicate post, apoligies. 

Connolly wrote:

Any one stop shop company selling property I would be very wary off- I know many people that have been played in the same way. 

We now have a couple of houses and are in the process of picking up two more- my advice is do all your own research- Understand how this game works so you are in control should anything…[Read more]

Common occurrence in Perth ATM with multiple offers on properties.

In saying that I went to a PD day with NAB and the speaker from RP Data provided the latest statistics that evidence that the market is showing signs of cooling off? 

– See more at: https://www.propertyinvesting.com/comment/reply/4349055/293226?quote=1#sthash.pbQ5tWpy.dpuf

I am happy to spend time initially with people but if I smell a rat (my sense of smell has become finely tuned over the years) then I request a commitment by having a credit guide signed that enables me to charge for my services. This weeds out the free loaders very swiftly. 

tommytucker wrote:

I'm looking for an almost derelict renovator by the way, so I think the 20% discount is reasonable.

As I'm sure you are aware Tom its a sellers market and with  listings below 9000 in Perth (12,000 is considered normal) it would be a big ask to get a 20% discount!

I was going to suggest what you concluded with in regards…[Read more]

I have clients who purchased a development site with a rental on it via Property Wizards.