[nitrodropsMember@nitrodropsJoin Date: 2009Post Count: 132]

July 21, 2009 - 11:48 am

jazamite wrote:

banyo / nudgee is a great area.  entry level homes are still under $400k.  Can still pick up a house on a double block for just over the median house price however on major roads or the industrial side of Banyo.  Better double block sites are selling for around the $450k+ mark and over $500k for a partially renovated houses.  I like the area a lot – it has a train station, bus stops, doctors, two supermarkets, restaurants, cafe – all just about to get a huge facelift thanks to the BCC and local shop owners.  Not to mention the Australian Catholic University which moved to Banyo about 4 years ago.  Its an international uni so loads of money to rent rooms at $150 a week which is common.  Its smack bang between the gateway and sandgate road and for the golf lover has two excellent golf courses to each side.  Bordering suburs include Northgate, Virginia, then the more upmarket suburbs such as Nundah, Wavell Heights.  Comparable homes in those areas are anywhere between $75k – $200k  more than banyo / nudgee – I believe the ripple effect will lead to strong growth in this area over the short-term. cheers jazamite

Just curious, surburbs such as Banyo and Nundah are close to Brisbane Airport, does it means they are noiser there? noises from the aircrafts?

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July 20, 2009 - 5:53 am

BrisInvestor wrote:

Hi Nit,

Only the supersticious locals will care about that kind of history – renters are more likely coming from different areas and won't have any idea.

Besides, it will be a completely different house with no history. Don't let it bother you – buy it if it's a good investment!

As an aside, if the house was still standing and there had been an event such as a murder in the house, then in QLD you must declare that when selling, but not when letting.

Cheers,
BrisInvestor

Thanks mate.

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July 15, 2009 - 3:20 am

eldredni wrote:

The suburb I would look at purchasing a Unit In Brisbane would be Nundah approx 5km from the CBD, units median prices are 340k which is in your price wage and has great capital growth in the past 12 months at around 15%.

Looking for a house, mate.

Nundah is slightly more than 10km. But it comes with a rail.

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July 13, 2009 - 10:16 pm

Qlds007 wrote:

Might be slightly biased but i live in the Western suburbs and own a number of properties in both Toowong, Taringa and Auchenflower and they have all perfromed extremely well.

Yes, i agreed they have performed extremely well, at least a 10% growth for each year.

I am thinking if i am too late to jump in now? In the long run of 20 – 30 years, would a house in those suburbs outpeform these units?

Also any comments on those surburbs for the houses which i am looking at?

Cheers
Nit

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July 13, 2009 - 12:13 pm

Qlds007 wrote:

Which suburbs are you talking about.

Hi Richard,

As for units, looking at Inner-West such as Toowong, Taringa, Indooroopilly, Auchenflower.

Still trying to read up on the surburbs for houses, because i have been living in inner-city all these while. Still dont know if i shoud head North or South.

But for the South, i am looking at Eight Miles Plains, Calamvale and Runcorn. Easy access to M1 to go to city every day.

Cheers
Nit

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July 7, 2009 - 12:32 am

Thanks mate for all the kind replies.

i am renting in Brissy. Btw, the same clause happens to be in my current lease (24mths) which is expiring next month.

So, does this conflict with RTA?

Cheers
Nit

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June 17, 2009 - 10:31 pm

FinSpec wrote:

Each state has their own set of regulations at the moment relating to mortgage broking.  Currently, I believe, brokers in Victoria are required to give their clients a document to sign appointing them to negotiate on behalf of their clients – this is supposed to outline any fees.

The current regulations outline that brokers can charge anything they want – and if someone agrees to it, then it's up to them.  It sounds like your broker is complying with the rules, however they sound like they want you to pay a fee if you walk away.

There are plans for national regulation, but it's taking it time getter here.

For more information, Consumer Affairs in Vic have a section on their web site dedicated to mortgage brokers and VIC regulations.  You can find it here: http://www.consumer.vic.gov.au/CA256EB5000644CE/page/Business+Licensing+%26+Regulation-Credit+Providers-Finance+Brokers?OpenDocument&1=30-Business+Licensing+%26+Regulation~&2=40-Credit+Providers~&3=10-Finance+Brokers~

Thnx for explaining mate.

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June 17, 2009 - 1:35 pm

Qlds007 wrote:

Varies from State to State.

In Qld there is absolutely no requirement whatsoever.

Where are you based ?

Victoria. Any clue?

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June 17, 2009 - 11:12 am

Qlds007 wrote:

Nit

Yes remember Pre-approvals have a limited life span and this varies from lender to lender.

If you had a loan pre-approved today but didnt sign a purchase contract for 45 days you would still need to start again with verification and supply of income and liability documentation.

As Terry has mentioned many lenders have a priority on full approvals where the client has signed a purchase contract and time is of the essence. Pre-approvals are low down on the pecking order list.

SGB offer in todays market nothing better than anyone else and serviceability is not easier. Begs the question why at the moment you would use them. 

Just spoke to a friend who is working as a real-estate agent, he did advise me to do away the 'pre-approval', as my eligibility is pretty good in terms of stable income & and LVR, just go for full-approvals, and make an offer subject to finance approval.

Going for SGB, because there is a product which other banks do not offer

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June 16, 2009 - 10:01 am

Qlds007 wrote:

I am with Terry a Pre-approval means absolutely nothing and is really a bit of a waste of time unless you are ready to go.

Most Brokers would have access to 25+ lenders but whether they use them all or not is a different matter.

Approal in a week with almost anyone is ni impossible these days.

Hi Richard,

Are you referring to "Pre-approval"?

Ta
Nit

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June 12, 2009 - 8:20 am

Scott No Mates wrote:

Just go onto a monthly tenancy. Depending upon the state that you are in, once you are on holdover the lessor must give you 60 days notice. Just make sure that you are not in breach (in arrears etc) so that you are not likely to be turfed out.

Hey Scott, thnx for your reply again

Are you referrring to "periodic tenancy"? Also, if the lessor will to switch to monthly tenancy or periodic tenancy, wouldnt this be an disadvantage to him?

Cheers
Nit

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June 8, 2009 - 9:51 am

propertunity wrote:

Pre-approval is almost not worth the paper it is written on. It is a quick calculation based on your incomes and debt repayments, but it is subject to their valuation of the property you are purchasing and all sorts of documentary evidence like payslips, loan repayment histories etc. It is good for only knowing what kind of ball-park figure they will lend you so you do not look at property you have no hope of getting or conversely you can look at property worth more than you thought you could afford.

Sorry man, like to hijack this thread. I am a newbie looking in purchasing my 1st new property too.

May i ask the follow qns.

1.) what are the chances that the final approval fails even though the pre-approval is approved?

2.) how long does the final approval normally takes?

Ta
Nit

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June 8, 2009 - 9:20 am

Marketmad wrote:

Would appreciate anyones opinion on which area/s of Brisbane ( and outskirts)  have the best potential for price growth in the next 5-8 years .

Ive been looking at a few areas and have narrowed my selection to 5  areas;

1) Redcliffe and newarby areas like Margate /Woody point etc
2) Sunnybank/Runcorn/Beenleigh area/logan area
3) Bald Hills and nearby
4) Zillmere and nearby surrounding areas
5) Kallangur

The above areas are some that i think have long term potential.

My budget is approx $280-$350k although prefer the lower end.

The most important aspect is maximum potential price growth.

If you consider other locations have more potential for growth  please advise and reasons why would be great.

Would appreciate locals take of the recent  action rin these areas and action in the last 6 -12 months in comparison.

thanks

Michael

Hi Mate,

This month 'Your investment Property' has some good sections on QLD forecasted growth surburds. You might want to grab a copy. Redcliffe and Woody Points are some of the forecasted surburbs.

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June 8, 2009 - 7:57 am

Found this on google

Ending a tenancy

How to end your tenancy agreement with the lessor/agent depends on what type of tenancy agreement you currently have. For a fixed term tenancy, you are bound by the terms until the tenancy ends. You are required to give 14 days notice on or before the date the tenancy ends on the approved Form 13 (Notice of Intention to Leave). The lessor/agent is required to do the same, using a Form 12 (Notice to Leave). However if the tenant wishes to end the tenancy earlier, commonly referred to as a 'break lease' situation, they may be required to pay rent up until the lease ends or when a suitable replacement tenant is found, whichever comes first.

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June 8, 2009 - 7:46 am

Scott No Mates wrote:

Nitro, the catch is item a) THE TENANT AND THE LESSOR AGREE IN WRITING.

That is, you may be lucky and the owner will agree to terminate however it would be more likely that they will agree when you to pay all costs up to an including a new tenant taking possession (includes lease prep, adverts, inspections and agent commission etc).

Thanks Scott for your prompt reply.

Any idea what is the rough estimation for "lease prep, adverts, inspections and agent commission"?

I have seen tenants (breaking lease) doing their own advertising for open hse inspection on realestate.com.au.

Cheers
Nit

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June 7, 2009 - 5:08 am

Scott No Mates wrote:

Which state and which version of the RTA and what is the rest of the clause?

But generally, if you are currently under lease then you have obligations for the term of the lease (until such time that you are able to get a new tenant, if there is a shortfall in rent, you pick that up).

Thanks your your post, mate.

Currently renting in Brisbane/ QLD. Rest of the clause as follows:

RTA Form 18A, General Tenancy Agreement – Residential Tenancies Act 1994 – Clause 36 Termination
This agreement terminates only if –
a. the tenant and the lessor agree in writing; or
b. the lessor gives a notice to leave the premises to the tenant and the tenant hands over vacant possession of the premises to
the lessor on or after the handover day for the premises; or
c. the tenant gives a notiec of intention to leave the premises to the lessor and hands over vacant possession of the premises to the lessor on or after the handover day for the premises; or
d. a tribunal makes and order terminating this agreement; or
e. the tenant abandons the premises.

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May 24, 2009 - 2:13 am

Scott No Mates wrote:

It will only cause a problem if you do go overseas and use your passport. The Dept of Fair Trading regularly checks details (as does the ATO etc) to ensure that you are in fact living in your ppor if you have claimed the FHBG.

What happens if i leave after 6months?

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May 23, 2009 - 11:50 am

moana_fusion wrote:

Hi Nit,

Here's the link to the QLD FHOG form:http://www.osr.qld.gov.au/forms/fhog-forms/form-fhog-application-kit.pdf The exact wording from the form is:“ensure all applicants will reside in the home as their principal place of residence for a continuous period of at least 6 months commencing within 12 months of completion of the eligible transaction” http://www.osr.qld.gov.au/client-group/first-home-buyer/index.shtml Cheers,Mike

Hi All,

One more qns.

Current situation, i may be going overseas to work next year. Currently, still renting and is going to renew my lease soon since i have not yet bought my IP.

My question is, can i buy an IP, and myself continue staying in the current rented premises.  The purchased IP will be rented out privately, in that case the utilities bills of the IP will reflect my name as resident of the IP, does it satisfy "in residing in the home as their principal place of residence for a continuous period of at least 6 months commencing within 12 months of completion of the eligible transaction"?

Also, since i will be staying in the rented apartment, RTA will have my records, is that going to be any conflicts?

Much appreciated for any kind responses.

Cheers
Nit

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May 17, 2009 - 10:56 am

moana_fusion wrote:

Hi Nit,

Here's the link to the QLD FHOG form:http://www.osr.qld.gov.au/forms/fhog-forms/form-fhog-application-kit.pdf The exact wording from the form is:“ensure all applicants will reside in the home as their principal place of residence for a continuous period of at least 6 months commencing within 12 months of completion of the eligible transaction” http://www.osr.qld.gov.au/client-group/first-home-buyer/index.shtml Cheers,Mike

Thnx mate!

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May 17, 2009 - 4:55 am

tonyf387 wrote:

I jsut got a house using the first home owners grant and if your eligible for it (check your state/terrirtory's official website their should be a hotlien to call to check if you are able to get it. As for me

1) The lender will organise the first home buyer grant and then the solictor/conveyancer will go over it with you.
2) The stamp duty you don't have to pay for it is just waived.
3)You have to live in it personally for at least 6 months sometime with the year. so if the property settles in January you can move in in December the same year you just have to live there for 6months

FHOG

1) Your Lender should be the main helper with the grant and the conveyancer will double check everything with you and they'll send it away to be approved

Does the the 6months apply to stamp duties only? Is it the same timeframe to be eligible for the $14K FHOG grant?

Also, what happens if during the 6months, if i am working overseas for a short period say 3months, will this period 3months being away still considered as 'living in the property'?

Cheers
Nit