It works fine Sach. The effect isn’t that dramatic though, as it depends fully on how much you have in the offset account. There are lots of con jobs out there that fool people into thinking they are dramatically shortening their loans, but in reality they just end up paying a lot more principal.
I prefer the offset account arrangement, because it…[Read more]

I’ll do that tonight RM. I’m going to be in trouble if I spend much more time in here at work!
J

Sooshie, where I came from in my reply is that on another forum I mentioned a situation where an elderly man (76) was in quite a spot of bother i.e. he was under mortgae pressure and HAD to sell but didn’t really want to.

So I suggested that someone may possibly be interested in a deal whereby they paid out the mortgage and finished up settling…[Read more]

>>but it beats worrying about possibly two mortgages. It also depends on your actual situation and your comfort zones.<<

The other side of the coin is that following that course of action (i.e. avoiding the situation of being stuck with two mortgages at the same time) means that prices may run away from you during the time it takes to find…[Read more]

A solicitor would have to be a complete idit to be involved in something which is obviously a case of fraud.

The conveyancing fee he stands to gain isn’t worth the risk of losing his ticket to practice so don’t even bother to involve the solicitor in the plot.

Pisces133

Rentmaster, I was taking a bit of poetic license using 48.5%. Although it is the top rate in Aus, you have to earn over $62,500 pa to cop it. The introduction of GST resulted in the lifting of this top bracket from 50k (to compensate for the gst), but in reality, GST was just another blow to negative gearers. I estimated it cost me $2700 pa out of…[Read more]

In my case, the banks SAW the contract and annexure and still valued it on $55K, in my opinion is valued correctly. As it was a bargain, the owner had defaulted on payments and the house was being sold under her. I expect to get at least $68K after painting and relaying carpet.
It is +ve geared and renting at $120/wk in a country town near Perth.…[Read more]

Why would banks lend via a broker ?

I guess it is because business introduced by a broker is cheaper than having loan applications processed by their own staff.

If one bank refused broker introduced business they would miss out on that business with another bank only too glad to receive it.

Pisces133

>>If you are going to benefit from the deal in any way, (i.e. commission etc) don’t bother posting it as it will be deleted.<<

Sooshie, what is so detestable about someone possibly earning some money from introducing a deal ?

It sounds like hearing some religious twisted mind freaks speak who say ‘money is evil’.

I cannot see anything wrong in…[Read more]

Dan your suggestion won’t work.

In the first place if you want to old man to issue a new contract to your buyer he will, more likely than not, think you are ripping him off (despite being promised half of the stampduty).

Secondly, what is the purpose of adding the words ‘Or nominee’ ? After all, you are implying the suggestion to ask the…[Read more]

>>My situation ATM would only allow me to abtain
5-6 IP’s using the equtiy in my home

so whats the best way to overcome this Apparent Brick wall.<<

Native_Metal, what are you saying ? A brick wall ? I would venture to say that many people here would love to be in your position.

Pisces133

>>This sounds like they are being misled on the purchase price.<<

No it doesn’t SOUND like misleading the bank. It IS misleading the bank.

A much more preferable way would be to put some cash in, do the alterations and thence have the property revalued again and recover one’s cash input.

Some lenders are however prepared to re-assess the…[Read more]

Whatever decision one makes at anyone time is the one we saw at the time as the best one to make.

And yes, sometimes things don’t quite work out as planned.

The funny thing however is that so often when something happens which, at the time, we only could see as a disaster, in the end, the ‘bad happening’ turns out to be a blessing in disguise…[Read more]

Andrew you can get an info sheet at http://www.osr.qld.gov.au/taxes/land/index.htm
The new threshold in Qld is $220,000 before you start paying land tax. It is the official valuation of your share of all land you own or partly own, except your Principal Place of Residence (PPoR). It’s a yearly tax.

To work as a finance broker you really need to belong to a group. The mainstream lenders require that as an individual you supply say $1M to $2M per month in business which many brokers don’t do anyway.

The advantage of belonging to a group is that the group has already established ties with the banks and collectively they normally have no…[Read more]

Rentmaster, Rowan has pointed out the two main follies with a nominal dollar for dollar comparison that you have made. I also keep harping on about time value of money, so I’ve put some numbers to it as follows:

First assume the loans you compared are not tax deductible, eg for PPoR.
Assuming 3.5% inflation, let’s bring back all the payments to…[Read more]

I have worked as a developer for many years and would always happily give a listing to an agent.

Firstly the agent knows the market (or should do so).

Secondly, how would a householder know what the value is (unless one puts in a lot of time looking at houses.

Thirdly etc., if time is of the essence the agent has already a lot of people on his…[Read more]

The number of townhouses one can put onto a block of land depends on several factors such as
total land area, density allowed, area of landscaping required per dwelling, land required for the driveway and turning circle, setbacks required etc.

To get a better idea, get hold of the council’s Medium Density Code and thence go through it section by…[Read more]

I usually have a look at your tip Sooshie, but I’ve never noticed the <more> link ’til you mentioned it. Funny how your eyes work.
J

Hey I can’t even push my calculator buttons properly. Congrats on the 100, but that just means you’re spending too much time here and not doing your real job, like me! dang addictive forum! We’ll have to start another forum for forum addicts! (already done on irc of course).