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Hi Shaun,
Thanks for shedding some light on the situation, there is hope!
The simultaneous settlement might be a problem G’day gibbo1,
The loans are crossed. I’ll have to check to see whether the loan is portable or not. We’re looking at spending no more than $450k on the new PPOR and will need to borrow additional funds. I spoke to a broker a few months ago and he was going to speak to the bank to see if we could retain the $100k or so at the existing rate… might have to give him a call. Thanks again.
Hi John,
Thanks for the detailed response!
The amount owing on the PPOR is $109k, the remainder of our loans to the bank are the mortgage for the IP and a personal loan (taken out to do renovations on the properties). Our main goal at the moment is to move into a larger home while keeping the current IP (it's prime marina-front real estate which is 1 street from the beach in Glenelg North in South Australia). The reason we want to move into a larger home is more of a lifestyle choice, not really investment driven. We like to entertain, have dinner parties, barbeques etc, but our current property is too small for that. We also have regular guests visiting from interstate so the extra space would come in really handy. Another reason is that we are planning to get married soon and have children very soon after.
I have considered renting and getting a nicer property, but the rental market in Sydney at the moment is crazy. To rent a similar property, we'd be looking at a bare minimum of $500/week which I would rather go to a mortgage. I'm not a finance person though so I don't know which option would work out better for us. The investor loan you mentioned sounds interesting, I'll have to research that a bit!!
We don't have a deposit saved (we have an offset account tied to the loan for the PPOR but the savings aren't much). I guess we're after creative ways of financing so we don't have to expose our current properties to more risk. We also have the option of using equity from one of my parents' properties if need be.
The new property we would like to get will hopefully be an actual home with land and not a unit or apartment. This way once there is some equity in it we can look at extending it or knocking it down and rebuilding.
Cheers!
Hi there,
I live in Sydney and have an IP in Adelaide. The things which made this easier for me are:
– I know the area well; I grew up in Adelaide.
– I have family there in case I need their help (haven't had the need so far in 3 years!).
– MOST IMPORTANTLY: I have a VERY good property manager looking after my property.It will be a bit harder for you if you do come across problems.. if there was a problem with my property/tenants I could just fly to Adelaide. It'd be a bit more difficult for you if you're going to be living in London
Cheers
Hi Sue
I lived in Adelaide for 23 years before moving to Sydney almost 3 years ago. Beautiful place! I own a property down in the Holdfast Shores precinct. Would definitely be keen to speak to others investing in Adelaide
Cheers
HungHi everyone,
Well.. what a long day today has been. This is what has happened since the plumber accidentally struck the electrical wiring:– In the morning, he called his sparky to come out and fix the job (out of his own pocket). Sparky couldn’t make it til about 1pm.. ended up coming at 3pm to have a look, left, came back at 5pm to do the repair.. left about 30 mins ago
Very nice and understanding bloke..
– Plumber finished up at around 4pm..
– The extra nice and friendly plumber offered to render the walls tomorrow.. he even went out and bought cement to do the work.
– The EXTREMELY nice plumber even loaned me his jack hammer to remove all of the damaged tiles.
– The nice electrician who came to fix the plumber’s mishap kindly offered us his skip which he has in front of his house at the moment for us to dump our BRAND NEW broken tiles into!So even though we’ve had some major headaches, the two tradespeople who helped us out today have made things so much better. There are some really nice tradespeople out there (please note my rant was just about the dodgey electrician :p).
My girlfriend and I have decided that even though we’re extra tight on cash now due to the extra expenses.. we’ll be paying the electrician bill for the plumber. Accidents happen, and these guys have helped us out so much today we can’t thank them enough!
Cheers everyone, I’ll be sure to post photos once everything’s done
Thanks Robo!
My girlfriend and I have been so upset about this.. I guess something was bound to go wrong. We’ve done some researching online and found some useful info here:
http://www.fairtrading.nsw.gov.au/building/homeowners/whenthingsgowrong.html
It might help others who are in the same situation. I’d already told the electrician I wouldn’t pay him until I found out what the damage was.. from the looks of things I’ll need to replace at least 8 tiles (the ones up against the wall will be covered by the kitchen cabinets. It doesn’t look like he’ll be getting any money from me, probably the other way around. [crying]
Hi there
If you’re seriously looking at managing your own properties privately, I’d suggest getting the May 2005 back issue of Australian Property Investor. There’s a 5 page article about managing your own properties in that issue which you might find useful.Whatever makes you happy…
His wife filing for divorce was the last straw.. poor guy
He had it all, but ended up lonely and depressed. I can’t imagine what goes through someone’s mind when they decide to take their own life… and then to go ahead and carry it out R.I.P.
The simultaneous settlement might be a problem 
