Forum Replies Created
I don’t think you can carry losses over in a trust.
I have mine with Allianz as well.
Hydramax
with OTP investing what guarantee do you have that the developer won’t go bust. Irrespective of how big or how small.
Huge risk unless you think it reasonable to lose the insurance premium for a Deposit Bond.Hydramax
Hi 5c1
Really sorry to hear about your unfortunate situation. Must be very upsetting. But my experience in the past with insurance companies now entails me before applying for any type of insurance asking for a copy of the PDS. I then print it out and take the time using a pen to scrutinise every paragraph on every page. It is a monumental headache and a pain in the butt. However it really is the only way to prevent you from being “done over” by our user friendly insurers.Hydramax
If you were to concentrate on buying your IP after a short while you would soon see the advantages, and how quickly you can create wealth by valuing and respecting the $$$. I know it’s harsh but once you reach that point you will soon forget about spending big on a motor car. Any vehicle lease would put a large dent in your serviceability. I know your only young for a short time, but get on he property ladder and kiss the fancy car goodbye.
Good Luck
HydramaxFrom my experience with the SRO you need to make at least 3 phone calls and speak to 3 different people re your problem to get an understanding as to whether any of them have any idea re your query. If 2 give you similar answers you may be able to move forward from there, but even then it doesn't mean they understand what's correct / not correct.
Hydra
Great advice Terry & Richard as always, well done. Just the support a newbie is looking for in this forum!
Hydra
Is their a minimum amount for each redraw and have you checked if there is a fee attached each time?
Hydra
Jenny,
Because it is a family member the ATO may consider it board and lodging and not being rented per se.
I'm sure a forum member who knows for certain will answer your query shortly.Hydra
Tuff-et
Might want to find out from the bank if your pre-approval has passed the LMI's. This normally requires all documents including a street address. Just be careful, a pre-approval from the bank can still get knocked back from the LMI. I don't mean to be negative but you need to find out for sure before committing to borrowing 80%+.
Hydra
AMP, are fairly tuned in to investors. Has a large Finnancial Planning arm. They have 2 good products for property investors one being I/O and another with an LOC.
Hydra
Hi Vitale,
Has your bank done a valuation or did they just give you a guestimate? The others are correct in saying it is pointless in getting your own valuer. Also if your looking at borrowing against the equity it might be wise not to go over the 80 LVR incurring LMI as I believe the valuers are aware of the circumstances for the valuation and will value accordingly.
I may be wrong but I presume a valuer being on a banks panel is worthwhile.Hydra
Make sure you keep logging on to this forum, you will be amazed at the knowledge you pick up.
Even trolling through the inactive posts for research will surprise you.
But I would definately be starting with residential. Good Luck!Hydra
IP Investment Property
PPOR Principle Place Of Residence
LOC Line Of Credit
IO Interest Only
P&I Principal & Interest
LVR Loan/Value RatioJust a few, log on regularly and you will soon pick up the lingo
Good Luck.
HydraMight be an idea to get one of Richard's property reports done, if your borrowing on a high LVR. That way you may avoid a nasty surprise if successful when the bank does their val.
Hydra
The last time I asked for mine I paid $28 by cd and it arrived by fastmail within about 10 mins.
Hydra
I really don't believe rates will rise before xmas. Remember the bank's economists have a self interest in promoting interest hikes as it pushes people into fixed rates-great for the banks. Rates are definately going to rise but I believe it will be early next year. People will stop spending as soon as the first hike even if it's only 25 points, I can't see the Res. bank wanting that to happen prior to xmas. Also I still don't believe we have hit the bottom with unemployment even though we now know it won't be as high as originally thought. I could be wrong but the media and the bank's have a self interest in their scare tactics.
Hydra
daniel_73
I know a property development / real estate group building at present in Essendon. they advertise a capital return of 28% over the initial 3 years. They produce a 40 page investment pack and units start at $375k. Email [email protected] for details.
Hydra
awsydney,
I have some information that may interest you. I live in DY. Since 2000 DY has been in the top 20 postcodes in NSW for taking up the FHOG each year. Since May 2008 it has been in the top 10. Lots of unit development.
Median unit prices in DY currently $413k
Median rents $400p.w. Rental yield ave. 5.1%.
Rented properties make up 44% of households.
There is lots of further development and the council will need to spend big $$$ on improving infrastructure to catch up.
If your contemplating buying an investment unit in a recently built complex then make sure you do a thorough strata check ( ie minutes going back 6 mths ) as there has been structural problems in some of them.Hydra
Richard makes a great point about LMI thresholds and the need to spread your lenders.Well done!!
Hydra
