Originally posted by KERNAGHAN:
Are Westpac useing this tactic to try to get a leg in on Defence Loans for housing which are currently done in part by National Bank?

No

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
simon@mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual…[Read more]

I believe yo ustill get the 6 years grace even if you overstep it but I have been wrong before. If you lose the 6 yr concession then it would be worth doing nearly anything to get them out early!

Additionally you need to remember CGT is halved if the asset is held more than a year.

According to your figures it really doesn’t seem much at…[Read more]

If you can get your tenants out before the 8th May you can conceivably pay no CGT as it is within the 6 year threshold allowed under the CGT exemption provisions. Unless of course you have had another home in the meantime.

I suggest you seek independent advice and speak to your PM about ways you can have it vacated so as to have rented for under…[Read more]

Owning an IP will not stop you getting the FHOG when you buy a home. Unless you occupy the IP.

I do not think this sort of investment is suitable for long term wealth generation. With the large depsoit needed you will tie up more equity than you need to.

Historically they are also hard to sell.

I prefer to see people stick to well performing…[Read more]

Originally posted by SteveMcKnight:
Hi Simon,

Thanks for your input. I hadn’t thought of the resale problems (i.e. you limit your market to only investors – and even on that, those investors may choose another DHA property first), so that is an excellent point.

So, would you recommend this kind of property as an investment?

Also, do you think…[Read more]

Originally posted by cataldop:
As you have pointed out Steve, the prices are over inflated and the fees are high. This would represent a safe investment for someone starting their investment portfolio, however the returns are low (Not close to positive cashflow) and I believe you can only sell the property back to the DHA at the price they agree…[Read more]

Warren,

There have been changes recently that makes it difficult to back date a tax return to the four years that we used to be able to amend them.

Scott from Depreciator knows all the ins and outs if you need advice.

Cheers,

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
simon@mortgagehunter.com.au
0425…[Read more]

I agree with the too good to be true feeling.

you need a bigger deposit, get a higher rate and the demand isn’t there for resale.

Same with studio apartments under 50sqm, purpose built student accm and retirement homes.

Stick with normal residential dwellings or straight commercial and you wont go wrong.

These things sell on a higher yeild for…[Read more]

You would be looking at around the 7% mnark for this sort of lending.

Some loans have application fees of about $800, others have monthly fees. Best to get a broker to present you with a range of options.

Cheers,

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
simon@mortgagehunter.com.au
0425 228…[Read more]

Are they similar to a standard three bedroom townhouse in which case you may get a residential loan. Or are they more like a college setup which requires commercial finance.

be aware that you can have an extended vacancy over the summer in mosy places.

Cheers,

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70%…[Read more]

Originally posted by teedee:
Hi Everyone,

Thank you for all your wonderful words of wisdom that I will defintely take on board. Yesterday someone wanted the property deperately & they offered the asking price which we accepted. Fingers crossed his finances hold up to conclude the sale. This price is a new benchmark for the complex.

Cheers,…[Read more]

It is a shame that I am meeting less and less of my clients. I genuinely enjoy getting to know people over a cup of tea and a chat.

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
simon@mortgagehunter.com.au
0425 228 985

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

Originally posted by Derek:
Originally posted by mja:
The goal is to reduce non-deductable debt.

My wife and I currently live in our apartment, which has a mortgage of 72.8% LVR and is our primary place of residence. We’re building a house that should be ready in the May-June time period this year, that we will be moving into. Thus, our apartment…[Read more]

Drop me an email – the Duke of Wellington is my local….

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
simon@mortgagehunter.com.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.

Sounds like they have read some investing books.

Well you need to decide to take it or leave it.

Was there enough other interest in the property to justify holding out for the higher price or do you think you should take what is offered?

Noone here can tell you what a fair price is for your place – this is a question only you can…[Read more]

Why don’t you counter offer at $262K or thereabouts?

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
simon@mortgagehunter.com.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.

Your post makes no sense.

What are the views you are sharing?

Or is this just a thinly veiled attempt to get more hits at your US based insurance site?

[baaa][baaa][baaa]

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
simon@mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual…[Read more]

Yesfella,

I am in Newcastle and am currently looking for a knockdown for a new home in the Hamilton area. I would love to catch up and chat about your experiences to date.

Coffee or a beer – my shout.

Cheers,

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
simon@mortgagehunter.com.au
0425 228 985

Comments…[Read more]

Good post.

Warns all of us new to this style of investing not to sacrifice all common sense in the search for that elusive cashflow property.

It is often better to sacrifice some high rental potential for the important things Bob has so satirically pointed out.

Thanks mate

Simon Macks
Residential and Commercial Finance Broker
***NODOC @…[Read more]

I was going to DIY our floors. My neighbour did and invited me in to see his work.

I immediately hired a professional and paid $800 compared to the $300 he spent on hire and sandpaper, polyurethane etc.

His job was a mess with all sorts of marks and gouges. He hadn’t even punched down the nails and had bright silver spots throughout.

I don’t…[Read more]