casanovawa wrote:

I was planning today to go to Westpac and see about getting a $15,000 or so personal loan, which hopefully by the end of the week (if its approved) should give me the funds to meet ANZ's lending criteria (I think that should even give me close to the amount of funds required to go up to $370-380,000 loan…)

^ auto…[Read more]

Provide the numbers…and we shall be able to crunch it

– How much are you short by…

Also with a renovation-to-flip strategy, you need to have money ready to make this process work….it's all about flipping in the quickest amount of time and if money/cash is tight this can cause a lot of delays. 

Have you research into any another…[Read more]

If settlement is going to be delayed, it's best to let the lawyers know so that they can cancel the meeting….as the vendors, yours and the bank's lawyers/settlement agents will be present and it would suck for you to pay for their fees.

If settlement is delayed, the vendor can charge interest ( how much depends on your contract, but it's…[Read more]

…depends on the company.

Expensive, doesn't mean it's good.

I always use my CC to pay for all bills, including my IP's bills – Free travel FTW

Your frd most likely get some sort of kick back or commission for introducting new clients – so i would take his advice with a gain of salt…..

The property is making you $50 a week, doesn't sound like a lot but it's still $50…instead of selling why not draw out some equity and use that too invest; you dont need the full $90,000 at this point…[Read more]

It depends on;

– location ( of the land) 
– Who the builder is / design ( it's common for newly develop area to advertise as " hardwood homes etc…"
– Quality of finish
– comparative sales in the area

I wouldn't "de-strata" a block of 4…it would be a costly exercise + inflexible if you needed to sell + adjust to the market.

Given you have majority rule, you could choose you own strata manager OR self manage, but it will still be under a strata scheme ( insurance wise and council wise) – nothing wrong with self…[Read more]

My experience with block of units is slightly different, and i think they are one of the best investment in terms of rental yield; 

– You can get residential rates up to a block of 6 with no issues.
– Block of 7 and 8  can still be within the residential space, but it needs to be a 2 bedroom units only and in a Cat 1 location. 
– The above only…[Read more]

jmsrachel wrote:
Can I ask why nobody recommends a financial advisor on this forum? I was about to go see one.

Their good for managed funds, shares, insurance and superannuation-if that's what  your after. 
From a property investing point of view, most have no idea unless it's from their own personal experience …..

http://www.fairtrading.nsw.gov.au/Tenants_and_home_owners/Home_building_and_renovating/Selecting_a_tradesperson_or_builder/Questions_to_ask.html

^ i normally get all my  construction/renovation clients to fill in the above

williamwpy wrote:

I heard that when purchasing the house, you need to inform the ATO whether this property is for home purpose or is for renting purpose. Eventhough I do not physically live in the house and I rent it out. Can I still tell ATO this is for home purpose?

If my friend and I are both the owners of the property, can we claim for the…[Read more]

mrDeen wrote:
Hi all, FIrst post  

total 690K – equity is what i borrow. Rent should cover minimal repayments of the apartment.

Welcome!

^ there's one of your problem…it looks like the loan is gonna be crossed and if your going for an LMI loan as well, this crossing will be a costly mistake…let alone it's the wrong loan structure in…[Read more]

As Terry mentioned Lenders mortgage insurance.

Typically for a Chinese ex-pat loan over 5 years ( time over seas) with no set asset base in Australia, the lenders will GENERALLY: 
1. Want to see tax returns – Written translation by a registered translating organization
2. You have to be working for a a recognized company, if not a global…[Read more]

3 townhouses only…stick with residential, you don't need to go into the commercial side of things.
Residential =
1. Better LVR – Btw 80-90% depending on lender
2. SImplier – Standard consturciton loan with 5-6 progress payments
3. More flexibility and control compared to commercial – for small projects like this one anyway
4. Better rates = from…[Read more]

<1% vacancy rate is quite standard for a majority of areas….so i wouldn't invest in an area just based on that data alone. 
+ which source do you get your vacancy rate from? each sources has a different method of measurement..

Regards
Michael 

Australian banks will consider, but you really need a 20% deposit for your situation as you have been an ex-pat for a considerable length of time and the LMI will most likely reject the deal.

Regards 
Michael 

Non conforming lenders.

kateej03 wrote:
I have spoken to my broker re borrowing 80% and the vendor financing 20%. He has said for the particular bank he is looking at that they still need to see we have the money in the bank for the 20%.If this is the case, how can this strategy work!?Thanks,Kate

Very simple…the bank has the right to close off any remaining credit or lower the limit on your LOC when ever they like, standard terms and condition of most if not all LOC that i have seen -happy to be proven wrong.

P.s that’s why im more of a fan of the good old I/O split with an offset..but LOC has it’s place.

Regards
Michael

1. Don’t cross! if you have enough equity to cross your loan…you have enough equity to do it as 2 separate loans with a split loan or LOC.
Plenty of topics regarding crossing etc…

2. 95% LVR non-genuine saving loans is available- but i can tell you now it’s close to impossible to get this approved if it’s done using a unsecured personal loan-…[Read more]