Since your applying for the loan in July, it’s fine. It’s well past the cut off date- and if the bank does ask ( most likly wont) just make sure you keep the statements or the “closure of your account letter”

Regards
Michael

ferdinandch wrote:
I read a magazine, conveyancing fees can cost $1,000 to $2,000. That is pretty big range in my opinion. How much is standard for conveyancing fees? And if it is just a basic purchase transaction, how much it will cost ?

ferdinandch -Since you are based in Sydney ( so am i ) i will quote the prices based on the Sydney…[Read more]

WOW!! that’s cheap as chip!!! must have been an Asian builder lol

Angel, ill PM you; as im very interested in this sort of property.

Regards
Michael

I’m note 100% sure what your property is like, or where it’s located etc…BUT i strata titled my block of 4 units in Rockdale ( which was single title before)- Total cost was around $55k + 15k for professional fee and DA approval

1. Separate water meters and plumbing -$25k Plumbing took up most of the cost.
2. Separate car port and new…[Read more]

St George bank don’t work on a BDM model …even if your on the flame Dragon broker.

The Dragon has a few valuers on their panel- so ordering your own would only be helpful for your own “research” as the dragon will not accept self ordered valuation;

1. It must be ordered and instructed by them
2. the valuer is randomly chosen. So may not be the…[Read more]

Sounds like you got much more exiting and important things to think about then a pre-approval….

Congratulation on the wedding!!

Just make sure you get a loan before you start poping kids ( they can be a killer in any approval) ahah

Congrate again. Where’s the honeymoon? Good aus dollar now

Regards
Michael

Johnny clap clap i would say the say…buying 10 prop in a short amount of time is not to everyone’s fort’e.
However i personally would pay out a IP properties outright, unless im over 50 and going towards the retirement age etc….Because buying IP using bank’s loan is considered as an “good” debts –

1. Interest payable is tax deductible
2.…[Read more]

There 2 type of under the market value property:

Renovations:

Most common type because it’s not “DONE UP”. ie
1. Require a bit of TLC
2. Repairs, paint work, renovations.
3. Doesn’t look as good.

Risk:

1. The home might have some “building issue ” after a building report is done
2. Strata issue – common Ie high strata.
3. Stigma related to…[Read more]

Bank normally ask for last 2-3 statement for Credit card…so depending when you submit the loan- you might have one statement stating $31,000 and the another $12,000 – conflicting.

So:
1. it depends when you submit the loan
2. Even if you submit now- would be beneficial to declare the higher credit limit ( since you can afford it anyway)

Regards
Michael

How how did the mezzanine cost you to build?

Regards
Michael

You can’t get the approval done first – because EVEN if council approves it …it needs to go strata for approval as well and strata would not look at any request that’s NOT from the “owner” of the strata scheme

Yes i took a risk, but i had a builder to come and look at the place too make sure any changes i made did NOT touch or affect the common…[Read more]

Scotts- great link! i learnt a few things today

Regards
Michael

That’s fine. It happens and all you need too do is explain to the bank + give in your last 2 years tax return + tax notice from the ATO and it’s all good.

Regards
Michael

Hi woody,

In that case, your insurance may ( but most likely wont) cover the pergola. What i know for sure is they wont cover the pergola for legal liability ( ie if it fell onto someone) .

Your situation is very common for “shared driveways” – in your case you would either:
1. Find a separate insurer who will JUST cover the pergola for legal…[Read more]

SO how much is this “Telsta” guy asking for

Not sure where your are…but a few council in Sydney allows granny flat to be built without “full council” approval ie..no need for DA. as long as it’s under 50 squ meters – which a lot of the “off the shelves”: granny flat company offers for $80,000

Regards
Michael

I bought a corner place 4 years ago.

1. it’s easier to split title and for subdivision as you have 2 access point no need for a “driveway” as such.
2. they are normally larger in size
3. Can be rezoned as 2 address instead of 14 A Smith st and 14 B Smith st ….it can be 14 Smith st + 11 Ryde road…etc = better selling potential

Regards
Michael

Ummmm i think i ll give it a miss…have never been a fan of “property talks” they all tend too be the same etc

Regards
Michael

Do you own both home?
If you dont – then the insurance would NOT cover the pergola as it’s consider a common area

If you do own both properties then speak to your insurer to get it added to the insurance.

Example:

You own house A, you share a driveway with House B…the drive way is consider a separate entity called “AB” and your insurance…[Read more]

Congrate on your investing so far Nathan!

My investing style is different to Nathan- mine is more similar to Richards one….Rather then buy a place that’s +Ve already..i tend to buy a property with potential to create this “+VE + capital growth” …
So block of units, subdivision and Muti rent ( students, 2-3 family etc..)

I currently have only…[Read more]