Hard to say but in WA I would suggest 50K.

If you make an offer have a "subject to building inspection" condition inserted.

Before you even make an offer ask for a copy of the last two years minutes of the body corporate AGM plus full financials. Get someone to help you read them if not confident in interpreting the figures. A decent broker should be able to assist you in this regard.…[Read more]

Cant say I have but sounds interesting. Who was the BA?

Bel2013 wrote:
So far from reading posts i feel like we made a mistake of not going with a broker but only working with a loan manager at one of the major banks. It sounds like our borrowing power maybe increased if we go with a broker?

You have taken the first steps which is more than most can claim, so well done.

Its possible the loans…[Read more]

Try;

Oscar Celik
oscar@completedevelopment.com.au
0402 046 969
http://www.completedevelopment.com.au

He is based in Melbourne. 

brmiau wrote:
 We are setting up a meeting with our bank to find out exactly the situation.

Granted I am biased but that concerns me!

Would be ideal to consult a Finance professional to determine your borrowing capacity plus appropriate loans structure both now and in the future depending on what route you decide to take. 

Hi Miccalady,

Welcome!

Sounds like an interesting property and worth exploring further in my opinion. 

A due diligence clause would be a good idea. Also as you have never done this before engaging the services of a project manager would be a something to consider. 

Consult a solicitor on the contract before signing but here is an example of a…[Read more]

Have never been in that situation but would do the same thing you are contemplating BUT would also depend on the competition for the property as you could loose the deal to someone else who would not stipulate this condition.

You would have to weigh up loosing the house for 5k worth of work (depending on competition) or requesting the issues be…[Read more]

Catalyst wrote:
Also what's your end goal.  

Thats a good question and a good place to start would be to work out an answer. 

headspin wrote:
 Seems like a lot of hoops to jump through for something which should be ok'd by the ATO by now…  after all, the process is possible, its just not easy.

Is that right?

If you do it yourself it will unlikely be easy (no offense). If you get a professional MB to assist with the loan structures it will be…[Read more]

A big welcome to you Darryl

This would be achieved with considerable equity and high disposable income. 

This is direct from CBA

The launch date is still the 8th of October 2013 and all Mortgage Advantage Package clients will receive the offset feature as part of the package moving forward.

Also a strict grace period will also apply, where this offer will be extended to:

Customers who commence an application on or from Thursday 1 August 2013, with…[Read more]

Many banks consider caravan parks as "unacceptable security" . The few banks that will consider it would require a deposit of 50% of the value and would be limited to certain locations as well. It would also be considered a commercial deal. 

Most banks will assume 20% as a "rule of thumb" but it is case by case due to many variables as stated by lukecrawford above. 

Well done Roxy for asking the question and no doubt will help others ask the very same question to their bank/broker. 

Would depend on who is the lecturer. Have they done what they are teaching or is it theory?

Do what Jamie said and self educate yourself, get your self in a position to take the leap, build  a mastermind team and as St Nike says "Just do it!" 

You could do it but it would be of no benefit and depending on the rate of the IP v the PPOR plus fees and charges to set up you would likely be worse off!  

Rod1 wrote:
i have about 20.000 in equity and about 5000 in savings can some one tell me if it is worth buying a 2 bed room unit for about 120.000 and can i do  it with what i have as i am 42 years old and feel time for investing for me is running out

What is the current LVR on the property you have equity in as this will be an important…[Read more]