I always encourage all my clients to get the strata, building and pest ( especially the strata report)- you be spending ~$250 per report only…imagine buying a place where the sinking and strata fund is in the red ….god help you.

Regards
Michael

1. Not 100% sure abt the pest control part; as your not yet the owner at that time- but im sure an accountant can confirm.

2. You buying the whole block? or just one unit + is it strata title or one title?

Regards
Michael

1. ask agent – they legally can’t lie…but they will sure “fluff it up”- they will make a funeral seem like a party!!
2. Ask for sale contract- there could be certain development control in the area that could affect the price
3. go to the building and have a chat with the building tenants /owners- ask them what they think of the place? noise…[Read more]

Soil damage is all i can say.

I had someone do something simliar ( use for a building site storage ) ; Advise them of the consequences….3 years later the land was contaminated with waste and chemical that has soaked into the land for the last 3 years; causing it be to ” unfit for residential purpose”

So do your research; im no soil…[Read more]

Why use your parents unencumbered property as security/guarantor when you have equity in your IP?? it doesn’t make sense to me; the risk are much higher and not needed in your case.

OTP as Jamie mentioned; has it’s benefits and risk- so def do some research + make sure you are stable enough in terms of your job and lifestyle in general to make…[Read more]

No- Stay with Variable and ill explain why Ferdinand.

1. Fixed rate does not offer the offset account- so your offset account will become void once you go fix.
2. Your expecting a massive bonus- in which you can NOT place into the mortgage/offset if i turned into a fix product. – if anything go half half….planning ahead is important.
3. You…[Read more]

For a simple question + request as yours i would say it is…
It’s not like it;s a complex question.

But my feeling is the Fin adviser don;t see the $$$ benefit in doing this deal so he/she is dragging it along till he has nothing else better to do ( as they make more money from advising and selling life insurance and super products lol) , Not…[Read more]

If your loan is over $500,000 you should be easily able to get it to 1%….and if it’s under 500,000 a exception can be requested for the discount to be 1%- given the market; it’s hard for them to say no when their competitors are giving out 1% left right and center + $$$ for…[Read more]

it sounds like your asking one of the follow?

1. How much you can afford to buy?
2. Where and what to buy??

Regards
Michael

Agree with Richard.

It never left; but the biggest hurdle would be the LMI.

If you have a good clean record/credit + 5% deposit + Solid employment -it shouldn’t be too much of a problem.

Any small hiccup- and LMI will shoot you down!

Regards
Michael

+ late for settlement = 10% interest penalty (pro rated daily)

Early for settlement = you can push it forward if you wish….

Regards
Michael

plenty…the list is endless lol

And since you are a FHO- i say ride out the 42 days normal settlement and learn from the experience + you wont feel as “rushed”.

Regards
Michael

As terry mentioned Nov- Dec is the busy months+ low on staff

2 days for valuation
1 day for Pest and Building
2-5 days for Bank final approval ( depending on the bank; some like suncorp are running on a 7-9 days timeframe right now 0.o)
2 days for letter of offer to be received from bank
1 day to full fill LOO + insurance ( Depending how…[Read more]

Yep it’s the day you sign the 10% deposit…not settlement date.

So really you can still buy RIGHT up to 31st.

Regards
Michael

dennispj wrote:
Hey guys thanks heaps for your help. Would you suggest buying a place and paying it off until it becomes a positive gearing property before saving for the next property?thanks in advancedennis

Good luck, you be waiting for a while…
By the time it’s +VE, property prices would have gone up.

Was there a reason you wanted to…[Read more]

Being your 1st buy; stick with an area you know- doesn’t have to be close to you…just an area you know a bit about.

Regards
Michael

You probably heard it before- it does depend on your situation and financial, one random suggestion just from the top of my head

– Declare new place as IP-so rental to service the new mortgage…this allows you to hold the mortgage ( and since your place is unencumbered ; it be 1 mortgage only? ) while you have time to sell the place your…[Read more]

unencumbered – helps,

But servicing the “peak” debt is the most important and this determines how “long” this bridging condition will be approved at; as i said the max is 180 days with NAB…
So if they are telling you 90 days they are pretty much saying you can only afford you peak debt for 3 month.

1. They did their calculation wrong ( it…[Read more]

If your claiming it via the bank channel ( most common way) then it will be used as part of your 1st payment draw down ( stage 1- base) ..you can not use it as a deposit, as you need to settle first.

Regards
Michael

It depends how fast you can get the info/docs to the broker + LVR? LMI involved?, how complex your situation is.

NAB isn’t all that busy right now lol…so it can range from 2 days up to 10 days for an unconditional. One of the good and bad thing about NAB is their internal valuation process; if it’s under a certain LVR it can be done pretty…[Read more]