Is this your first Investment property?

Regards
Michael

Naremburn123 wrote:
Thanks shape. I’ll be using 120,000 from a loc to fund the 20 per cent deposit and the closing costs plus the granny flat. So once the granny flat is constructed I’ll have 120,000 of my own cash in the deal. I’ll have a stand alone loan for 172,000 on the house. That’s why I’ll need a revaluation. So say it comes back at…[Read more]

Office of fair trading can see take him to court on your behalf- consumers right.
As long as he has a Active ABN + rego ( closing down, still can mean he has a active license) …fair trading can “legally” work their magic…

Regards
Michael

Whats ur Current LVR??

TO be honest 3 month is not enough time for a house to gain enough in equity…Regarding the granny flat valuation, no the bank/valuer will not just ADD the construction cost on top; remember your applying for a equity release not a construction loan ( loan amount is to small for construction loan) …However some banks (…[Read more]

Office of fair trading it is then…

Regards
Michael

Does the guy have a ABN?? and is he registered etc..

If so you can complain to the office of fair trading…if not- then that’s the risk you take with private/Gumtree cheap sales
Nobody has the “authority” to do anything.. unless you sue…but given the amount it’s not worth it.

Regards
Michael

Hi,

The offset and redraw problem has been talked about quite a bit in another post…but i will summaries and provide an example for clarification.

propertyboy wrote:
the lending manager said to me offset and redraw accounts are the same thinga redraw account offsets the loan account.I am bit confused, how do I know if my loan is a offset or…[Read more]

As kong mentioned…Location and rental-

What you have provided + the pictures you have shown it could be ANY house…$7,000- $2M+

Regards
Michael

Both under 30….both young.

Richard is the ummmmm “experienced” one here ahah

Regards
Michael

Jpcashflow wrote:
Hi DC,My home has been valued at 420k by the bank. I have done pretty well for my self at the age of 27 too.I am selling my business at the moment  and once that has been done i will be looking at investing again.but with such large amount of equity "yes maybe i can buy a few properties" But at the same time will i get the…[Read more]

Yep buyers agent, as the name suggest “should” work for the buyer…

I mean like any industry of work you do get some “bad eggs” and any buyers agent that “sells” property i would personally avoid as a buyer…so not sure what sort of reputation these guys are getting that your trying to off load your property to.

Also be aware buyer’s agent…[Read more]

Applies to ALL Australian resident buying IN NSW and declaring as PPOR.
As long as you have not bought any any property in Aus.

Regards
Michael

ABC1234 wrote:
Hi all,

There are now so many apartments in Sydney that are “buying off plan” at rather expensive price. They require 10% deposit and approximately 2 years in waiting. So why put 10% idle for 2 years when I can use it on an existing property and start generating income?

I thought “okay, the property market may be up in 2…[Read more]

In WA, VIC and to some extent QLD i have seen seen a lot of full valuation ( valuation that are based on last 3 month sales figures) falling short and some even lower then purchase price from 1-2 years ago.

Regards
Michael

Still available, and currently no end date . only the FHOG-PLUS ( stamp duty) will change as of 2012 for NSW.

Regards
Michael

Jamie M wrote:
preference towards buying your own home first and then getting into property investing afterwards. That way, you can take advantage of any Govt. FHB incentives such as the FHOG and concessionary stamp duty (if available). Jamie

That’s the way i would look at it as well, given you have such a low deposit …the gov grant would…[Read more]

The reason for the problem is because the site is “self” manged, meaning the agent that posts the details up ticks the box about the property ie ” how many bedroom, property type, price range” some agent purposely place the property in the wrong “place” and i guess most does it by accident…..

When my agent listed my property for rent it…[Read more]

I agree with Jamie, LMI can be beneficial…especially if it means you can get into the market quicker….for you to save up 20% + stamp duty ( don’t forgot stamp duty and another soft cost….this can add up to $20k+) will take a while and by that time the prices of property may have gone up further or stay the same- who knows…

Generally…[Read more]

It won’t be easy…. given your self employed + overseas and you have no proof for your income….

Im guessing you have already asked ANZ and they have said no?

Since ANZ is your bank, and given your unique situation…the chances a new lender is willing to take the risk is very very low as your overseas and they don’t know you and can’t confirm…[Read more]

High demand = location.

You could buy a unit in a rural area and still not find any tenant for a good month.

Generally speaking as you know, unit = better rental yield, while house = capital growth..so it depends which strategy your after.
Lastly Demographic of the area makes a big difference! does the location have a demand for unit or…[Read more]