OK Team here is the scoop from my solicitor. This applies to NSW only.

There is no requirement for the purchaser to insure the property prior to settlement. The vendor is responsible to maintain the property in an as is condition subject to normal wear and tear. So if there is a fire or something similar then the house must be restored or the…[Read more]

Can you use the $10 000 as a deposit and try for finance from another lender for this one?

Your broker has probably thought of this but has he tried all of the fringe lenders out there?

I hope it works out!

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual circumstances. If you…[Read more]

I lived in Qld and knew that I needed to insure from signing of contracts.

I tried to do so here in NSW but the insurance company told me they would start the policy from settlement and my solicitor also advised that I needed it from settlement.

It must be different here. But I will get back to you as I will be seeing my solicitor…[Read more]

Yes.

A better alternative I would suggest is that you avail yourself of a professional package loan. This will allow you to finance as many properties as you need with only one annual, deductable fee of $275 – 375 depending on the lender.

You will avoid multiple application fees and valuation fee. You will also get a significant discount on…[Read more]

Quite normal. Many banks even have you sign a disclaimer allowing them to keep the valuations private.

One problem lenders have is that when some clients are unhappy with a valuation they then call the valuers and give them a hard time or offer them incentives to increase the valuations.

As a broker I order valuations for banks for my clients…[Read more]

Luckyone is quite correct. Making it into one loan will only give you headaches at tax time and you will also have an x-coll problem which may give trouble down the track if you add more properties or sell one of them. Best to have seperate loans not securitised with each other.

Many people are fixing atm. The feeling I get from the market is…[Read more]

Fullout,

As Stuart says…

Cheers,

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

In NSW offers are made verbally and accepted verbally. Once a price is agreed on then the two conveyancers/solicitors will get together and write up the contract satisfactory to both parties. When this contract has been signed by both parties it then becomes legal. Up to this point a vendor may accept other offers and a buyer may make offers on…[Read more]

mmmmm…

I will check tomorrow but I understand that there is a max fixed term of 5 years and that can be IO if required.

But I may be wrong.

Cheers,

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation…[Read more]

You want to fix for 15 years?

I don’t think there is a product out there to do that!

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

allhomes is terrific for people needing ACT data.

I can provide NSW sales data.

Email me a street and suburb and the info you need.

Please don’t ask for too much as I only have limited time.

Cheers,

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend…[Read more]

Drummoc,

The short answer is no.

The purpose of the loan makes it deductable not the security.

So if you borrow to buy an IP, shares or anything that brings in an income then you can claim the interest.

If you borrow for your home then you cannot.

Both examples are regardless of what you borrow against.

And it goes the other way. If you…[Read more]

Shirley,

You pay CGT on the profit on sale.

When working out your profit you need to subtract all expenses.

Ensure you include all costs such as buying and selling costs, all holding costs inc interest. Also the costs of any maintenance or repairs on things such as fencing etc.

Best to speak to an accountant.

Cheers,

Simon Macks
Mortgage…[Read more]

You may only claim an exemption of CGT for one PPOR. There are exemptions where you buy your next home before you sell your old home and they overlap by a period, I think, of up to 6 months.

Cheers

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend…[Read more]

What about you housesitter – you going to take a drive up?

Looking forward to it.

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Michael,

Don’t confuse this with property investing.

What is for sale here is a business based on a depreciating asset.

Cheers,

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a…[Read more]

You will have to submit a Development Application (DA) to council. Give them a call and ask for the planner. He should be able to tell you what you need. Alternatively if you go in they should be able to give you information.

Every council is different – some are very helpful others have terrible reputations.

In my area it is only a few…[Read more]

If you have a 20% deposit and suffiecient income to service the debt than I would be surprised if you couln’t get an 80% lend with no LMI.

There are lenders who are not too concerned as to postcode if everything else stacks up – at normal rates too.

Good luck,

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985

Comments may…[Read more]

Hardly any at all. The comment was tongue in cheek with a smiley to match []

I defer to your expert opinion.

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Investor is a tradesman – shows the difference trade prices and free labour makes[]

Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.