Well not sue if your planning on keeping that website link/name…but it doesn’t look friendly ( had to do a virus scan before i clicked it! )

Regards
Michael

In NSW for a $240,000 property it be $6,900 for the stamp duty + ~$600 for Solicitor fee + $2,000 for another switch cost – Title transfer, GST, transfer cost, Registered valuation, title search.

You will find you will need to hire a registered and approved ( SRO) valuer to determine the market value of the property so they can work out the stamp…[Read more]

I see.

Yes you get tax for the rent, that’s why it’s not alwasy a good idea to pay out a mortgage ( especially one that would become a IP) that quickly … but it’s to late now …so that aside.

As long as it’s ok for you to pay the $13-20k stamp duty then the transfer may make sense….jsut make sure it works out financial and how long you…[Read more]

A few issues that needs to be addressed.

1. If you do the transfer – stamp duty is payabe ( they take it as a “sale” still …even if it’s a free transfer )
2. Do you still have a mortgage on the place? if so your dad need to take out a loan…and with no income – it won’t be easy….EVEN if his getting rent of say $400 p/w this won’t be enough…[Read more]

Chris89 wrote:
Jamie and Shape, im interested in your opinion, what would you do given my position. Buy a PPOR in Vic (outer suburbs) for 300k and possibly struggle for at least a few years before being able to buy an IP or buy the IP first in Tas between 150-200k and being very comfortable money wise?Would it be hard for me to buy a PPOR say 1…[Read more]

To be honest i tell all my client who are new to property investing NOT to go to seminars; as they will get suck in and their mind set would be different …i say speak to family and friends, do your own research in areas you know ( NOTHING beats local knowledge) ; only you would know which streets are bad, where the local attractions out are and…[Read more]

Some areas it has. Had a client buy a place in COMO WA 6152 for $350,000 in 2007 a 2 bedroom unit.

Got a recent bank valuation of $325,000 — and now it’s on the market to be sold for $360,000

Regards
Michael

It’s cheaper and easier to convert the Double Garage into a Granny….i dont know the technical terms but here’s how my parents did it.

1. Roof needs to be re-lined with plaster board + electrical work/lights- used down lights due to height.
2. New walls and plaster boards for Toliet/bathroom and Bedroom and power points
3.Water proof the…[Read more]

Hi,

Yes most agent will have an exclusivity agreement for 3-6 month, nobody wants to work for free and then when they do FIND you a buyer, you say no and go with a different agent or the buyer directly..

Regarding the 1%, this is up to you and the agent to decide…the % and terms are not “standard” ….12-18 month seems like along time just for…[Read more]

umm with a low borrowing capacity, i would personally wait till you can borrow a bit more, no point rushing; there are “cheap ” properties out there but it doesn’t mean it’s worth it…

Regards
Michael

140k in deposit?? or borrowing capacity?

Regards
Michael

My parents did the same conversion on two of their IP, and yes approval is required; especially for the kitchen where they would need some sort of fire safety clearance certificate to make sure it’s safe etc..and this was all under the SEPP rule…and when they say 10 days, they mean it takes up to 10 days for them to decide 0.o so it probably…[Read more]

It’s not the bank, it’s the ppl you deal with….i have none plenty of P&I swithc to I/O with CBA with less then $100 difference – no issue…
The question is, who is saying no?? the banker/front line staff ? or is it credit?? front line staff see this sort of change as “useless ” in terms of their commission as they are not bringing any new…[Read more]

You haven;’t missed the point- but it’s not the way the bank looks at it …the bank look at this as a 30 years loan…your calculations are based on TODAYS market.

What happens if the rate goes up to 10%? or even 18% ( the good old Paul Keating days…dw im to young to know how a 18% interest rate is really like anyway ….) then your $39+ per…[Read more]

Your core problem is your “borrowing power/capacity” – do you know how much EACH lender would lend you?

It’s common to see a $20,000- 40,000 difference in borrowing capacity depending on the lender and the product type you go for…it’s not as simple as income, and how many debt and credit card you have

So the question is, do YOU want it to be…[Read more]

No1 wrote:
They have no need to revalue unless you are borrowing more money. It will make no difference to the loan as it is already mortgage insured regardless of current value.

Even if they did get a new valuation for legal reasons they are not generally allowed to give them to customers. Therefore a pointless exercise.

Home run!
ABL see…[Read more]

I would say ANZ is not a bad option as well with their current promotional rate and offer. ; as Jamie mentioned it’s 1st year Annual fee is waived, the discount on the rate is for the life of the loan 1% off SVR.

End of the day if the loan can be approved crossed, then it can be approved “un-crossed ” as well.

Just note:
1. ANZ is only good if…[Read more]

propertyboy wrote:
no restrcitions and is a full featured loan, only limit is can only pull out minimum of $500 from offset account. I get no charge on pulling out of offset account either.

Min amount for offset? doesn’t sound like u got an offset account…more like a “redraw”???

Regards
Michael

Painting over render is going to be messy …a lot of paint splash
If you got a lot to paint, i suggest buying and investing in a paint spray gun- much quicker and easier..else a good quality sheep skin EXTRA thick roller would do for render.

I wonder if they service Sydney ummm

Regards
Michael

wisepearl wrote:
Hi Billy,

My understanding is that you can only claim deductions on a property from the time it was advertised/available for rent. So if it is unrentable, it is possibly unable for deductions until the property is used for an income-producing purpose. I am unaware if there are different rules for rural properties, there are…[Read more]