Total Members: 158,149

gibbo1

  • gibbo1 replied to the topic Working from Home in the forum Legal & Accounting 11 years, 8 months ago

    Hi,Also if you live in a strata complex you may need permision from the body corp.  As above if its just you working on your own – no probs, but extra visitors or parking and this will raise some concerns in some complexes.RegardsGibbo

  • Without knowing more…run

  • gibbo1 replied to the topic Purchaser Pulling Out with Dodgy Clause in the forum Legal & Accounting 11 years, 9 months ago

    Hi,

    Not a lot that can be done to enforce the contract with that clause. The main thing is to learn from it and not accept a clause like that in the future.

    Regards

    Gibbo

  • gibbo1 replied to the topic ‘subject to finance’ clauses and OTP contracts in the forum Finance 11 years, 9 months ago

    Hi Jaq,At best with a OTP, you may have a 7 day cooling off period but they do become pretty water tight once the offer has been accepted.RegardsGibbo

  • gibbo1 replied to the topic How to break a fixed rate exit fees in the forum Finance 11 years, 9 months ago

    Hate it when when facts get in the way of a good story

    Also what Terry has quoted is current regulations, not a bill that may or may not get passed in current form

  • gibbo1 replied to the topic How to break a fixed rate exit fees in the forum Finance 11 years, 9 months ago

    Without a break fee, banks wouldn’t be able to offer fixed rates. Over a period of time the bank expects the fixed rate to balance out. If a consumer could get a cheaper fixed rate now and then change to a cheaper variable rate in the future without penalty…why would banks offer the cheaper fixed rate.

    For some people fixed rates are an…[Read more]

  • gibbo1 replied to the topic Borrowing for third or fourth property in the forum Finance 11 years, 9 months ago

    Hi,

    What a good broker will do is place your initial properties with lenders with tighter credit policies, as you borrow more then use other borrowers that have credit policies that allow more properties, take a higher amount of rental income into consideration, etc.

    Regards

    Gibbo

  • gibbo1 replied to the topic Reno fliP finance in the forum Value Adding 11 years, 9 months ago

    Hi,

    As others have mentioned the broker will have to payback the commission. If you talk with the broker about what your aims are they can arrange a service fee to ensure they make money but a good broker should realise that you will become a regular customer in the future and help make it beneficial to both.

    Regards

    Gibbo

  • gibbo1 replied to the topic Property managment fees and getting a property to 8% rental yeild in the forum Help Needed! 11 years, 9 months ago

    Hi,

    Different properties will achieve different returns at different times through the property cycle. 8% rental yield is a great bench mark, but just because its not achieving that doesn’t mean its not a good investment. Definitely keep an eye on the property to see what you can do to be able to increase the rent charged but don’t try and cut…[Read more]

  • gibbo1 replied to the topic urgent!..buying before rural vic FHOB ends? in the forum Help Needed! 11 years, 9 months ago

    Hi,

    If it is your PPOR then you want plenty of capital gain as you wont pay any CGT on it.

    Regards

    Gibbo

  • gibbo1 replied to the topic Investment In Mining Areas in the forum Hi,
    This probably is the
    11 years, 9 months ago

    Hi,

    This probably is the opposite to what I posted on the thread about defense force housing.

    Once again it is risk / reward. Mining towns are giving some great returns…but there are risks. Julia and Swanny love mines so pay for endless cash handouts to by votes. Some mines may become unprofitable overnight with a tax increase. I used to…[Read more]

  • gibbo1 replied to the topic Asbestos Kit in the forum Help Needed! 11 years, 9 months ago

    Hi,

    What state are you in? I know of a labatory that tests for it in Perth.

    Regards

    Gibbo

  • gibbo1 replied to the topic defense housing in the forum General Property 11 years, 9 months ago

    Hi,

    Like most investments it comes down to risk/reward. If you deposit $1000 in a savings account you will have $1001 in a years time. Someone on gumtree may offer to pay you 20% interest so potentially in a years time you will have $1200, but also possible to have nothing.

    Defense force housing is the easy and safe option of property investing.…[Read more]

  • gibbo1 replied to the topic Splitting a cross-collatoralised loan in the forum Finance 11 years, 10 months ago

    Can normally tell which posts are on the tablet. Terry maybe time for an iPad

  • gibbo1 replied to the topic investment structure for investment property in the forum Hi,
    With the various
    11 years, 10 months ago

    Hi,With the various options1) you will loose some tax deductability, but not a bad option depending on various circumstances.2) BAD option, search the forums – plenty of comments3) Redrawing the money off the existing loan will then contaminate the loan as it mixes deductable and non deductable loans into one.  This is close to the option I list…[Read more]

  • gibbo1 replied to the topic Equity from Investment Property in the forum Help Needed! 11 years, 10 months ago

    BB2012 wrote:
    I am not clear about the issue if the bank cross collaterise the new loan with the investment loan. Can you please explain a bit more?. Thanks for the help.BB2012

    Hi,When they cross collaterise your loan they will give you 1 loan for 100% but secure it against two properties.  This can be avoided by having two seperate loans – 1…[Read more]

  • gibbo1 replied to the topic redraw v/s split loan in the forum General Property 11 years, 10 months ago

    Plus he dug up a three year old thread so he could advertise on first post

  • gibbo1 replied to the topic Equity from Investment Property in the forum Help Needed! 11 years, 10 months ago

    Hi BB,

    Welcome to the forum.

    Drawing equity of $75k will take the LVR up to 91%, so you will then have to pay LMI for that as well. The ATO will look at what the purpose of the loan is for – being purchase of PPOR it would make the $75k non tax deductible. If you do go ahead with this ensure that they are seperate loans so not to mix…[Read more]

  • gibbo1 replied to the topic PROPERTY OFF THE PLAN…….. SETTLEMENT = OVERVALUED! in the forum Help Needed! 11 years, 10 months ago

    Unfortunately most OTP contracts are pretty water tight and aren’t subject to finance approval.

  • gibbo1 replied to the topic PROPERTY OFF THE PLAN…….. SETTLEMENT = OVERVALUED! in the forum Help Needed! 11 years, 10 months ago

    Hi,

    You will find most likely the developer wont negotiate. I bought my current PPOR as a OTP during the property boom in Perth. Some little event called GFC happened between me putting ink on paper and settlement. I would of been down around $50k at settlement and it did continue to fall. There were a number of people who bought a $600k…[Read more]

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