If you have an interest only loan and it requires you to repay $1000 a month in interest but you have capacity to pay $1400 a month, if you have a variable loan what is stopping you from going interest only and still repaying $1400 a month?That is pay $1000 interest and $400 principle pay down?Why would you go into a interest and principle where…[Read more]

JacM wrote:
On the other hand, you could say that if someone had a year's rent in advance, they are probably in a position to consider buying their own place instead?  Just double check they're not into dodgy things such as using residential properties as drug labs or something

 I initially thought of this. Once he pays the rent upfront the r…[Read more]

I live in Victoria.My prospective tenant is a retiree who recently defaulted on his mortgage. The property sold for $1m and after the bank takes their cut and all fees are paid he will be left with $200,000 in his pocket.He wants to pay the whole rental upfront as this will let him know how much to budget.Essentially, he will have this $250,000…[Read more]

http://www.consumer.vic.gov.au/CA256EB5000644CE/page/Renting-Renting+infringement+notices?OpenDocument&1=910-Renting~&2=120-Renting+infringement+notices~&3=~s.41A landlord must not require a tenant to pay rent more that 2 weeks in advance if rent is payable each week$299.00(2.5 penalty units)Says its a $299 fine, does that mean I will have to…[Read more]

Callander wrote:
may vary from state to state. it will all depend on what is on the origional lease! i do all leases on at least fortnightly figures so that i can ask 4 weeks rent in advance. and it runs exactly as you have suggested. Section 40 (Residential Tenancy Act) VIC Limit on rent in advance. A landlord must not require a tenant to pay…[Read more]

It says the landlord must not "require" does that mean if the tenant is willing to do so it doesnt matter?

http://www.austlii.edu.au/au/legis/nt/consol_act/rta207/s39.html

http://www.luxeproperty.com.au/docs/rentingcomplete.pdfPage 8 of this document on the bottom right hand under Rent in Advance says"If you pay rent weekly, your landlord cannot ask for more than 14 days’ rent at the beginning of a tenancy. In any othercase, provided the rent is $350 a week or less, the landlord cannot ask for more than one mo…[Read more]

Can you share your story? I would really like to know some potential real life issues that could arise

^sorry I am a bit confused.

It is in Melbourne AustraliaA 4 unit block.Pretty much a shared driveway and very small common front yard as all 4 units have their own enclosed front yards w hich is not common land.They are essentially 4 homes on a lot.

But can all those issues be alleviated if they simply discharge the mortgage?

^ Our concern is outside parties taking claim of my property if I was to be sued. We have complete faith and trust in each other my money is my parents money. However, dont want to register a mortgage if it has too many disadvantages as we dont really have to but can if we want its always an option. We can structure it to get best format really.

how would the bank know I have this debt if the agreement is between myself and my parents?How do banks even know what other banks you have debt with is there some sort of register? Or do they just look at the title and see if a bank is down as a mortgagor?

I jsut had a think about this, if my parents mortgage the place will that affect the amount banks will lend to me?At the moment I have 800k property in my name all paid off. My parents have the mortgage and the bank they borrowed the money from has recourse to their home not my home. So my ability to get extra finance is very good at the moment.…[Read more]

^sorry?I am not using the mortgage to demonstrate that my parents have lent money to me. I am using it so that I dont lose my house and as it is essentially cash all in my name. The worst thing is as it was borrowed by my parents then onlent to me not only would I lose my house my parents would still have the 800k debt.

yeh but if my parents go bust, they would be bankrupt anyway so technically the 800k they borrowed from the bank they wouldnt be able to repay so I would just make the repayments back to the bank instead of them as the bank would step in and take charge over the mortgage not the actual property? Is that correct? Or would the bank actually have…[Read more]

yeh but if they get sued, the property is in my  name, they dont own it they are just have registered a mortgage. I am happy to repay someone else, the property will still be mine wont it? I just repay the creditor and my parents would be bankrupt so they wouldnt repay the 800k they loaned and onlent to me. If I dont register a mortgage the p…[Read more]

What is the name of the property development app?They tell you about the app but dont give you the name to search for it in the App store.

plus we have a legal loan agreement setup