[josie_2Member@josie_2Join Date: 2002Post Count: 15]

October 9, 2003 - 4:10 am

Hi Shralper

There is a free statement checker you can use on our website that Stuart developed.
http://www.prosolution.com.au/ps_docs/prosolution_doc091603_185728.html

Our clients have used it and it has proven to be accurate for them. You should try before you spend $100.[]

Josie

[josie_2Member@josie_2Join Date: 2002Post Count: 15]

October 9, 2003 - 3:55 am

Hi Skater

I haven’t had expereince with Devine but from their ads you get the gist that they are charging a higher than normal interest rate of just over 7.5% for finance (with a comparison rate of over 8%). (I am not 100% sure of those rates but can recall they are close to that). This seems high in terms of what you can get from the banks but it depends on what you want to achieve.

Always read the fine print.[]

Josie

[josie_2Member@josie_2Join Date: 2002Post Count: 15]

September 12, 2003 - 8:24 am

My turn:

Why won’t sharks attack lawyers?

Professional courtesy.

Have a good weekend all!

[josie_2Member@josie_2Join Date: 2002Post Count: 15]

September 3, 2003 - 5:53 am

Hi Ventura

Try 1300 880 224.

I have had a few people tell us that the website says 1800 but it is definately 1300.

Have another go.

Josie

[josie_2Member@josie_2Join Date: 2002Post Count: 15]

July 30, 2003 - 1:39 am

Perthguy

Something also to consider is that if you are looking to wait 12 months, your property may probably increase in value in that time and you can have it re-valued and borrow against the new value.

Till then you should try and pay off as much off your loan as possible reduce your balance. Every extra dollar counts at the end of the day.

You should try not to cross collatorise – but worry about that in 12 mths.

Josie[]

[josie_2Member@josie_2Join Date: 2002Post Count: 15]

July 28, 2003 - 7:13 am

Hi Neo

The CGT will be pro-rated for the time it was an investment property so 19 out of 20 (years). It will be based the Fair Market Value at the time it ceased to be an investment property.
Like what you said.
Josie[]

[josie_2Member@josie_2Join Date: 2002Post Count: 15]

July 25, 2003 - 8:37 am

Hi Harold

You are right, they are one of the very few (if not only one). However, look at the LOC rates Fixed 1 yr 7.00%, 2 yrs 7.25% – perhaps you can get better rates elsewhere.

Josie

[josie_2Member@josie_2Join Date: 2002Post Count: 15]

July 25, 2003 - 6:34 am

Food for thought,

Those honeymoon rates always look attractive. But the comparison rate is 6.46%. The loan reverts to 6.55% and there are break fees for three years if you refinance or restructure.[xx(]

It is an ok deal but there are better deals out there.

Josie

[josie_2Member@josie_2Join Date: 2002Post Count: 15]

July 21, 2003 - 7:37 am

Be aware Harry

If the loan is for residential investment – St George will require minimum income of $50K and minimum net assets of $175k.
If for OO – then these won’t apply.[]

Josie

[josie_2Member@josie_2Join Date: 2002Post Count: 15]

June 27, 2003 - 3:30 am

Hi Fullout

You and Terry are correct. Yours is in the cheap end and $1200 is the most expensive that I have heard.

Our experience (from listening to our clients) is that you usually get what you pay for.

Don’t choose on price, look at qualifications and experience. They may save you in the long run.

Josie[]

[josie_2Member@josie_2Join Date: 2002Post Count: 15]

June 27, 2003 - 12:53 am

In terms of household savings etc.

You should look at Anita Bell’s book – How to pay off your mortgage in 5 years.
The book only cost about $20 but has heaps of ideas for household savings.

I remember reading it and thinking that some were a bit drastic but overall the savings were there to be made.

Josie[]

[josie_2Member@josie_2Join Date: 2002Post Count: 15]

June 25, 2003 - 7:35 am

Hi RSTARR

Also try

http://www.propertylook.com.au
http://www.realcommercial.com.au
http://www.mco.com.au

The last one is mainly Melb Offices.

Hope that helps[]

Josie

[josie_2Member@josie_2Join Date: 2002Post Count: 15]

June 12, 2003 - 4:53 am

Hi One brick

I subscribed to Gardner and Lang’s eBulletin and have found it good reading in relation to commerical property. They are biased towards CP but their discussions on the cycles are interesting.

Find them at http://www.gal.com.au
Look at their eBulletin specifically 2001-01.

I have nothing to do with this site or gal but found it an interesting site.

Cheers
Josie[]

[josie_2Member@josie_2Join Date: 2002Post Count: 15]

January 30, 2003 - 4:56 am

The mainstream lenders won’t charge you a valuation fee, if they perform a valuation and the loan is declined.

Some of the smaller lenders will charge you the valuation fee upon application and will not refund the fee if your loan is declined. This could cost you about $200-300. Should your loan be declined they shouldn’t charge you any application fee.

In relation to valuers you are best to utilise the bank of your choice panel of valuers or maybe try the Aust Institute of valuers for a recommendation. []

[josie_2Member@josie_2Join Date: 2002Post Count: 15]

January 17, 2003 - 5:36 am

Hi Sterlo

Q1. IO or P&I?
It is advisable to repay interest only on investment property loans for the following two reasons:
a) It is more tax effective as you are only entitled to claim interest expense as an allowable deduction whereas if you pay P&I the whole repayments are not fully deductible as only a portion relates to interest expense; and
b) It is more efficient use of cashflow. Considering you are likely to purchase another IP you are better off to pay IO on IP1 so as to divert as much free cashflow as possible to meet the interest only repayments for IP2.

The only situation I would suggest paying P&I is where you only have one investment loan (and no PPOR loans) and you do not intend to purchase another IP for a while.

Q2: Arranging LOC
Firstly, I would not suggest using a LOC as these products are too expensive outside of a professional package (pro package are availabe for total lending above $150K).
Another point to note is that generally lenders will only lend 80% of a property’s value in respect to LOC products (there are some who lend 90%). There are two ways of achieving the purchase:
a) Use one loan (which balance is equal to existing loan plus cost of purchase of IP2) secured by IP1 and IP2. Note that both these loans will have to be with the same lender as the lenders will requrie a first mortgage over both properties. So if you have your heart set on a LOC product you will not be able to stay with your existing lender for this option.
b) Increase your existing loan by an amount equal to 20% of IP2 value plus costs (eg. stamp duty etc.). Take out a new LOC secured by IP2 for an amount equal to 80% of the value of IP2 with the new lender. This will maximise your flexibility as each separate loan is secured by only one property.

There are a number of issues to consider such as the cost of LMI payable if loan value ratios are above 80%. For more info please visit http://www.prosolution.com.au