Some banks are providing cash rebates to customers who refinance to them – you might be able to use this incentive to switch to a cheaper loan.

Have you had a depreciation schedule prepared for the property? Being relatively new, you would be able to claim quite a lot.

Cheers

Jamie

I’m no legal eagle and I hope Terry W chimes in on this one (which I’m confident he will) but I’d assume your legal side could issue a notice to complete. If settlement doesn’t occur by the completion date, the vendor has to start paying interest (based on the purchase price of the property).

Cheers

Jamie

The major thing I’d be worried about is having troubles selling it later on. What happens when you want to liquidate down the track? Chances are you’ll be faced with the same issues that the current seller is probably experiencing. Also, the location may have an affect on the vacancy rate – one hour to drive up the road…..I wouldn’t be keen to…[Read more]

I’ve always used ING, Real insurance and Terri Scheer and have found all to be quite good and competitive. I’m not sure about the flood cover for the first two.

Cheers

Jamie

Hi Mr Libra

It all depends on your own risk profile and what you’re aiming to achieve.

Purchasing the property you mentioned will cause you to hit a serviceabiliy wall very quickly – limiting the ability to purchase additional properties in the future.

If you wanted to build a portfolio, that $150k could be spread over multiple properties…[Read more]

Sounds like your agent is telling you porkies. He told you they moved in so he wouldn’t have to bother with the people you were keen to give the property too. Unfortunately for the manager, the centrelink couple decided against moving in – leaving him in this now awkward situation. Have you considered self-managing yourself?

Cheers

Jamie

Excellent news Chris! Hope it’s the first of many.

Cheers

Jamie

igino wrote:
Hi Jamie, It has came across my mind several times but how do you manage the distance? i.e. different state, or in regional area, specially during the letting period where we need to have several open houses with work commitment, study and family?Do you use your lawyer to draft up the tenancy agreement? and even checking the…[Read more]

Hi Gurkosh

Yep, $7k is pretty cheap. We carried out most of the work ourselves – some very, very late nights

We’re starting on the outside next month. The house and front retaining walls are being rendered (by a professional though – this won’t be a DIY effort). I’ll provide some photos once it’s done.

Cheers

Jamie

The cashbacks sound enticing but for the most part they generally only cover the switching fees (the costs of leaving one lender and starting with another). I’m not saying an external refinance isn’t worth looking into – and the cashbacks certainly help, but it’s important to note that most people won’t see much (if any) of the cash.

Cheers

Jamie

igino wrote:
In my landlord life, it worries me. How many prospective good tenants that I have been missing out of because it? I steered away from them and tried to stick with one that has many agents, in the hope that the workload gets shared. Although, I am not sure whether appropriate service level is obtained by the tenant.

This is one of…[Read more]

You’re welcome

You might want to try “shape” rather than “shame” home loans though

I haven’t heard of the other guys.

Cheers

Jamie

It will just revert back to variable. Chances are they’ll use the opportunity to try and increase your loan by sending out a letter offering you a LOC or something.

Cheers

Jamie

No worries.

Also check out books by Margaret Lomas, Jan Somers and Dolf De Roos as well. The book by Margaret Lomas titled 20 must ask questions (or something like that) is a good read. Jan Somers and Dolf De Roos are great for learning the fundamentals.

Cheers

Jamie

That’s a clever dog. The most profound thing my pugs muster up are grunts, snorts and farts.

Cheers

Jamie

Michael from Shape Home Loans is on this forum – I believe he’s in Sydney.

Cheers

Jamie

Hi CB

So is the aim to purchase a new PPOR?

If so, I assume your new PPOR will be turned into an IP. Have you considered the rent that this property will achieve in your borrowing capacity?

Have you had your borrowing capacity calculated by only one lender? I’d speak with a decent broker about your options. It’s hard to make any comments based…[Read more]

Qlds007 wrote:
Heh JamieThat quote is mine from circa 2002.I am sure i copyrighted it at the time.CheersYours in Finance

Haha, it’s brilliant. Every broker and his dog throws that phrase around these days.

Cheers

Jamie

I second Shane, Richard is an excellent option.

Cheers

Jamie

Qlds007 wrote:
Seem to spend most of my life at the moment restructuring loans for clients where their own Bank Xrossed the loans only to refuse further borrowing when the client most needed it.

and it aint fun

I can’t remember who said it but the quote “it isn’t a problem until it becomes a problem” is fitting for cross collaterisation.…[Read more]