Hi xkfalcon

Negative gearing isn't an issue per se – providing the property goes up in value at a rate higher than the cost of holding it.

Personally, I'm not  a big fan of the one stop shop – particularly those selling off the plan stock. Off the plan rarely makes for a good investment – particularly in a market that's not currently…[Read more]

Hi xkfalcon

Negative gearing isn't an issue per se – providing the property goes up in value at a rate higher than the cost of holding it.

Personally, I'm not  a big fan of the one stop shop – particularly those selling off the plan stock. Off the plan rarely makes for a good investment – particularly in a market that's not currently…[Read more]

Do you mean sub-dividing and having a property on each block?

Must admit, double house is a new one for me.

Cheers

Jamie

Hello Paul and welcome aboard.

Haven't heard of them personally.

<edit>

What does that company offer? Do they sell off the plan property and finance it as well?

Cheers

Jamie

You can have two properties with the one lender and still keep them uncrossed.

There's more to cross coll then just making it more difficult for the banks to come after your properties – there's the dramas it creates down the track when you want to buy/sell property. With cross coll, the bank has greater control of your portfolio and can dictate…[Read more]

wilko1 wrote:
I would not recommend buying off the plan if your finances are limited. You might find yourself in a situation that you have paid your deposit without the ability to settle on the loan when it comes due. You also have to consider if buying a brand new off the plan unit is financially a good thing. If you think about a chain of…[Read more]

haha – a lawyer that speaks plain english, I like it

Cheers

Jamie

Hiya Jane

Not sure if it helps (and it may be a bit outdated now) but there's a spreadsheet on our website that you can punch numbers into that will give you an idea of the holding costs. Don't let it replace your own due diligence or advice from other professionals such as accountants.

Cheers

Jamie

Jpcashflow wrote:

Cba valued my home at 420 and nab at 360 lol 

Yeah we just had a similar thing recently for a forum client where one lenders full valuation came in a fair bit less than another lenders desktop valuation. 

Cheers

Jamie

Hiya

A line of credit is an equity loan set-up against the property. 

Cross collaterisation is when the bank takes multiple properties to secure a debt – it's great for the bank, not so good for the customer.

Cheers

Jamie

Good question – I just noticed it today. I have no idea what it's about.

Cheers

Jamie

Accountants and plain english don't mix

Richard Taylor had a recommendation for someone in Brissy recently. Not sure if that's too far away but if you do a search for Brisbane accountant you should come up with it.

Cheers

Jamie

Hannah998 wrote:
Can someone please explain desktop valuation? I've never heard of this before.

When I spoke to the bank, the pulled an RP Data report which showed my property between $280 – $360K. And that was before the renovations.

Desktop's are statistical estimates based on comparable sales within the area. It's a system generated…[Read more]

No worries.

A good start would be a residex report or similar. Something that provides some comparable sales within the area. Your broker might have access to these.

Cheers

Jamie

Personally, here's what I'd do.

Step 1: Contest the valuation.

Step 2: If step 1 fails, order a valuation via another lender (it needs to be an upfront valuation so you don't receive another hit to your credit file).

Step 3: If you get a $350k valuation, take the loan up to 90% LVR and do the $35k equity release. Release mums property at the…[Read more]

If you're looking for a good BA – I'd just start a new thread asking for recommendations in whichever area you're honing in on.

I think some BA's offer a less comprehensive inspection/negotiating type services whereby the investor locates the property but has the BA on the ground inspects and negotiates – that could be a good option for you if…[Read more]

Hannah998 wrote:
Thanks for your replies.

I'm keeping the property and using the equity to finance to buy another place.

I have been given the 3 properties which the valuer compared my property – one below, one "on par" and one "inferior".
The latter is at $355K and to me, they are more on par.

I've also just found another property one street…[Read more]

Hi Hannah

There's a couple of ways to approach this.

First, you can challenge the valuation by finding three comparable sales within the last 6 months that argue your case. 

Secondly, if that fails, have your broker order an upfront valuation via another lender. Hopefully you land a different valuer which ends in a different…[Read more]

Derek wrote:
Not sure where Terry is up to with this sort of stuff.

Last time I looked he was off learning a foreign language and learning how to pole dance but his posts reflect a comprehensive understanding of structures. I reckon he would be worth a PM at the very least.

PS – hope that didn't do irreparable damage to your reputation Terry …[Read more]

Matagascar wrote:
Thanks guys for all of the information! The consensus seems to be that I should really look at getting an income for both a safety net and to help with the loan – I'll definitely be doing this. Something that I forgot to ask is the possibility of doing what I originally asked about though with a parent cosigning the loan. I…[Read more]