wiebke.cz wrote:
what's your criteria to consider someone a bloody good conveyancer?

– Answers and responds to calls/email in a timely manner
– Keeps me in the loop and regular update
– Honest and a straight shooter
– Experienced with a variety of clauses, sale contract, section s149, different type of title system and understanding of trust…[Read more]

QM wrote:
Hi,
Not much that $100k can do considering we like northern beaches.

I know replies will be dependant upon what our goals are but we are flexible. We are prepared to live here and invest to if potential is to be made….or vice versa.
.

100k is plenty, as im presuming you be leveraging the rest from the bank ?

Regards
Michael

umm can i ask why you need your conveyancer to have personal IP experience???
wouldn’t you rather a conveyancer with plenty of experience in property transactions and legal paperwork ???

End of the day, the conveyancer is not going to tell you if it’s a good buy or not…and what you can claim etc..

I can recommend you to a conveyancer who has 1…[Read more]

Just as a side note- you mentioned you have 5% savings….are you going to be capping the LMI ( borrowing) or do you have enough funds for the LMI as well?

95% Lend is not impossible as you only had 1 in the last 18 month….but also it wont be a walk in the park; and it will also depend on a numerous number of factors; so hard to say.

But if…[Read more]

don’t know about buying with only a 3% deposit…
As Jamie mentioned it’s MAX 95% + LMI = ~97%

But i have to be honest it’s not an easy loan to get approved!! your file needs to be water tight!

^^ pop Jamie above an email; great broker!

Regards
Michael

Yes you will need strata before you can change the title from DP to SP or community title etc…

Cost- depends on what your unit has already…my parents applied for strata title on their block of 8 back in 2001 that was located in Cabramatta…costed them $150,000 as they had to get fire doors replaced in each unit, new drainage , lots of…[Read more]

They been speaking abt a 2nd airport for YEARS now!!! nothing new…+ i doubt they have the money to build it ..just look at what happened to the epping to Parra train line??? say they will build it to boost their votes in North west- once they get in ” sorry no funding for the budget…”

Regards
Michael

Processes in getting the loan approved and buying a commercial property is very simliar if not the same..

Yes bank do look at it slightly differently – Lower LVR, depending on the property type the rental income can be discounted by 50% for serviceability + not all banks will accept the commercial security – ie diff bank have diff niche when it comes to commercial.

Example:

ING commercial hates hotels while ANZ has a niche for it and would offer a…[Read more]

I think the solution lies deeper then just selling half the property; that also seems like a band-aid solution…
How can you afford to buy that 50% portion back with no income? how long can the $200k last you…also not sure which road your going to take but be-careful of all the cost to sell, Capital gain tax and buy cost and legal cost- this…[Read more]

with that sort of income x 2 …5% shouldn’t take too long.
Unless you have some friends /family that’s willing to lend you the 5% you could go for a Non genuine savings loan.

Regards
Michael

As Richard mentioned, hard to give you a definite rate without knowing a few more details….

There are tier 2 commercial lenders who are offering 6.90- 7.35% fixed for 1-3 years for commercial property at LVR of 65% for the right client , conditions and security type.

I suggest you contact Richard above with a bit more details and he should be…[Read more]

Call David from D and L partners – http://www.dandlpartners.com.au/ – they specialize in property tax and any trust set up including SMSF.

– 0432 766 766
– david@dandlpartners.com

Let them know Michael Chan From Shape Home Loans reffed you and they will look after you.

Regards
Michael

Good work!

Would love to see the pics – could you email it too Michael@shapehomeloans.com.au

Cheers!

Ill list the pro/con of each structure – hopefully it provides a solid answer to your questions…
The trust i be focusing here is the common FAMILY trust only + with a personal trustee ( compared to corporate) – another trust and structures works differently and have their associated pros and cons.

Buying under personal—-

**Pro**
– Land…[Read more]

Richard will be able to point you in the right direction.

But as Jamie mentioned, don’t over stretch yourself ….

Regards
Michael

Jamie is right.

Emerald and Gladstones are two of the fav hot spots for positive geared investors! but it comes with it;s associated problems

1. Not easy to get 95% funding for these areas especially with tight serviceability
2. Valuation is alwasy a hassle and takes a while to come back for both these ares + seems to fall short 75% of the time…[Read more]

Hard to say without knowing the area, property and demand of the area…but for me personal; if i see a property with the above range, i would offer $460,000 the offer is not that much outside from the “targeted” range + it’s still a serious offer ( didn’t low ball too much ) – Also dont be put off by the advertised range- i seen plenty of…[Read more]

ok and your question is….

Firstly welcome to the forum! hope you enjoy your stay.

With any property these days you will need a min deposit of 5% ( for high quality/safe property + strong application) , now given your unit is in a Category 2 area + it’s under 45 squ meters you will be looking at a min deposit of 10-20% ( 90-80% LVR) depending on the lender….

Is there…[Read more]