Hi Rick

Sometimes the best way is to get another bank to pay out the loan with your current bank and start again with an Equity Release Loan.  The "security" for the loan would be your current property (and ONLY your current property), but a big pile of money is provided to you in an "offset account" which you can use to fund deposit and stamp…[Read more]

Not to rub salt into the wound, but it's been said for some time that investing in the tourism sector is dangerous.  Perhaps don't buy another one in the area!

Hmm I might have a crack at running for PM next time round.  I couldn't do any worse than those muppets have been!

I second that about Terry and Richard.  You're in good hands with those guys.

Rick sta wrote:
In Townsville the rates notices state a unimproved land value, but no improved value.  I find the unimproved land value to be quite accurate. 
For a 3 bed house you're looking at about $2900 per year, this includes a water allocation of x amount KL.  you won't be charged any more for water unless you exceed the allocation.

Are…[Read more]

OK.  Perhaps it is an option to seek employment with a different employer?  Not sure why you have to put your life on hold until this April court case and hope the outcome goes your way…

Few questions…

What's the story with this payment that's coming in April?  In other words, where is the payment coming from, what is it for, and how many dollars are arriving in the payment?

What are you doing for income (?Centrelink?) and assuming that the payment you are expecting in April helps you catch up, would your current income…[Read more]

Yes exactly.  I find the unimproved value a bit high, and the improved value a bit low.  Oh well whatever!  I figure council rates on a 3 bedroom house is going to clock in at $800 per annum at a minimum. Quibbling over valuation differences of $10k probably wouldn't change the council rates payable by much.  But if they valued my property at…[Read more]

Hi Sean

Welcome!

The fact that you are not based in Australia does not exclude you from buying property by yourself.  There is certainly no need to presume that the only path available to you is to plunge your hard earned dollars into a sharing arrangement with others.  Keep in mind that such arrangements give you less control (or no control…[Read more]

Weird. I'm in VIC and on all VIC rates notices, it shows an "unimproved value" which means what the deem your land to be worth if there was nothing on it except the dirt.  Then it also shows an "improved value" which is what they deem it to be worth with the dwelling on it.

OK few things to say about this.

Firstly, everyone's rates probably went up at least 10% in the last 12 months.  My council put a sentence on the rates notice, explaining that the bulk of the rise was in the garbage removal charge, which is thanks to the cost of them taking your garbage to the tip, which is thanks to the Carbon Tax.

Secondly, I…[Read more]

Freckle wrote:

JacM wrote:
Freckle !  Do you have a crush on the lovely DWolfe ? 

Shusss! You'll give her ideas. Mrs Freckle reads this she'll smack my ears so hard they'll ring for a week.

Hahhha ok.  I can just imagine your blushing freckled face from here!

Freckle !  That looked very much like a compliment to me !  Do you have a crush on the lovely DWolfe ? 

Some lenders now re-check your employment status just before settlement (ie they call the HR/Payroll department and check you are still employed there with no pending resignation).  Wait till you've settled.

Very valid point Nigel

Negative gearing means you are making a loss.  Sure you get some tax rebate on your loss, however you don't get all of your loss back.  Further, you get nothing at all back if you do not have some other income to gear the loss against.

Let's say you lose $10,000 in a particular financial year on this property, and let's say that because of your…[Read more]

Wow a $2000 holding deposit is very generous.  $500 would be more than ample.

May we ask where this property of yours is located, and also I am interested in knowing how you decided there will not be much in the way of capital growth in the foreseeable future?

ah just noticed the buy price was in the $40ks, not $400ks. Apologies Dark Knight !  Oh well, my post is vaguely educational for someone to read one day, and there is no delete button for it, so it will remain in place.

However.  a place you can buy for $40k today… unlikely to go up in value much given it is a studio.  I remember looking at…[Read more]

Hi Dark Knight

Have I understood correctly… you are prepared to put two hundred thousand of your chips on the board for a return of only $33 a week?  That is a return of less than 1% per year.  (33 x 52 / 200,000) * 100  = 0.8%.

You would be substantially better off simply putting your money in a term deposit or high interest bearing bank…[Read more]