Total Members: 158,196

FrenchChineseMan

  • FrenchChineseMan replied to the topic Buying a property without finance pre-approval in the forum Help Needed! 8 years, 6 months ago

    I suggest you contact your broker and still go for a pre-approval asap.
    Even if you miss this property, there will be plenty of others available which will suit you well, I’m sure.

    Otherwise, if you want to go ahead with a contract of sale, make sure you put it conditional to Finance Approval (otherwise, it’s a big risk for you…)

  • FrenchChineseMan replied to the topic Thoughts on Ballarat? in the forum Help Needed! 8 years, 7 months ago

    I have one property in Ballarat (Golden Point) and my PM told me the vacancy rate has been increasing in the last 6/12 months, following lots of investment from Melbournian there…

  • FrenchChineseMan replied to the topic Expat property investing in the forum Help Needed! 8 years, 7 months ago

    Hi PE,
    I’ve been living overseas for 4 years now and I purchased 2 properties in the last 2 years in Australia.
    Each time, the process has been quite smooth and mainly thanks to a great team working for me.
    I used a broker to organise the finance and a buyer agent to source the properties. While it brings a bit of stress to be far from the action…[Read more]

  • FrenchChineseMan replied to the topic Finance formally approved… but in fact, not! in the forum Finance 8 years, 9 months ago

    Hey Jacqui, you’re right that I owe a big Thank You to Richard for this one.
    As I’ve only been aware of the issue at the end of the few days discussions, and a clear way forward was proposed to me, I didn’t stress much about it. As you mentioned, having a great team of skilled people is really key in such situation.

  • FrenchChineseMan started the topic Finance formally approved… but in fact, not! in the forum Finance 8 years, 9 months ago

    Hi all,

    I would like to share a story that just happened to me:
    My wife and I just purchased a new IP in Brisbane. Contract was signed mid-May, subject to finance approval.
    Before going into contract, we were conditionally approved (in April) for a larger amount than what we bought the property. After the contract was signed, my broker submitted…[Read more]

  • FrenchChineseMan replied to the topic Negative Equity: Can Bank ask you to put some money down? in the forum Help Needed! 9 years, 10 months ago

    Good to know. Despite my username, I am an Australian citizen expatriate overseas…
    Do you know if CBA would go up to 90% LVR for expatriates?

  • FrenchChineseMan replied to the topic Negative Equity: Can Bank ask you to put some money down? in the forum Help Needed! 9 years, 10 months ago

    You’re right, it’s StGeorge.
    Does CBA also provide loan for non-resident (without too much hassle)?

  • FrenchChineseMan replied to the topic Negative Equity: Can Bank ask you to put some money down? in the forum Help Needed! 9 years, 10 months ago

    Thanks Colin.
    IP#1 & #2 are with different lenders but for IP#3, likely I will have to go with the same lender than my last purchase as I don’t live in Australia and and there are few lenders that allow loan for non-resident (for this level of LVR at least).

  • FrenchChineseMan replied to the topic Negative Equity: Can Bank ask you to put some money down? in the forum Help Needed! 9 years, 10 months ago

    Thanks for answers, guys.
    I’m not in this situation, and I hope I never will, but I wanted to have visibility on this.
    Have 2 IPs today: IP#1 (500k at 80% LVR but fully offset), and another one recently bought (IP#2 @230k at 90% LVR)
    I’m keen to go to another purchase in the coming months, likely to be at 90% LVR again. So good to read that, in…[Read more]

  • Hi all,

    I wanted to know what happen if you arrive in a negative equity situation.
    Let’s say you have purchase a property at 90% or 95% LVR. Then market goes down and you owe more than what your property is worth.
    Can the bank ask you to pay down some money in order to go back to, at least, positive equity?
    Or the bank can’t ask you anything (As…[Read more]

  • FrenchChineseMan replied to the topic Greetings. I wish to introduce myself to the group in the forum Help Needed! 9 years, 11 months ago

    Your first few posts have all been challenged so far. I hope you will take more time to understand how this forum works as moderators are already scrutinizing your inputs…
    Good luck.

  • I guess there is no big difference between buying from overseas and buying interstate site unseen (in terms of trust of people you work with, at least)
    As said in previous post, you have to make your own due diligence on whoever you want want to work with and not just choose from the nicest website…
    Quite a few posts on this forum from people…[Read more]

  • FrenchChineseMan replied to the topic Fund for child in offset or not? in the forum Finance 10 years ago

    If you have your friend cash on your offset account but pay him some interests just below your mortgage interest, the gain is quite minimal for you, isn't it?
    You will just gain (rate of loan – rate your make to your friend) * amount of cash he has on your offset.
    It looks more interesting for him than for you, but you still have a little bit of…[Read more]

  • FrenchChineseMan replied to the topic offset higher than variable loan balance in the forum Finance 11 years, 2 months ago

    Thanks Terry.
    I thought it would be the opposite. What my accountant wrote me (but I might have misunderstood it) is:
    "Please note that any interest income earned whilst you are a non-resident of Australia for income tax purposes, the interest income should be taxed at a non-resident withholding tax rate of 10%"
    If I would be resident for tax…[Read more]

  • FrenchChineseMan replied to the topic offset higher than variable loan balance in the forum Finance 11 years, 2 months ago

    I'm living in China now and I'm not anymore a resident for tax purposes since Jan 2012.
    I plan to come back living in Australia in 2014, and therefore will become again a resident for tax purpose but my issue would be fixed by then (fixed loan would have switched back to variable)
    What is the impact to be or not a resident for tax…[Read more]

  • FrenchChineseMan replied to the topic offset higher than variable loan balance in the forum Finance 11 years, 2 months ago

    You're right:  the property I purchased in Oct 2011 was my PPOR and is now an IP. But I'm just renting it for the duration of my work assignment overseas, so it's not a "permanent IP"…
    I plan to come back to Australia at the end of my assignment (in at least one year time) and will live again in the property. 
    So I don't have any other loan on…[Read more]

  • FrenchChineseMan replied to the topic Leaderboard ? in the forum Opinionated! 11 years, 5 months ago

    Still don't get why the leaderboard points does not match the profile pop-up window points…

  • FrenchChineseMan replied to the topic insurance in the forum Help Needed! 11 years, 5 months ago

    Would you mind telling us which suburbs are your properties?
    It might prepare some of us for an upcoming bad news…

FrenchChineseMan

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