Hopefully I hear back from the lenders today re options. Benny we will put your suggestions forward thank you. Yes, at this stage the funds will be only used for a deposit. Any lurking notions I had of throwing some at crypto are now well and truly gone.

I realize now my last equity split was under 80% so no drama hat time.…[Read more]

Not really the news I wanted to hear, especially the outlay.
You implied a contract could assist the situation? So it is more to do with assurance as to the use of the funds rather than me proving I am across my financial situation? Would borrowing with the same lender for the buy potentially help?

Cheers

S

It took me by surprise as it was not a requirement last time I cashed out an equity split. This is smaller than the last as well, only 45k.

What can I expect this to cost and what is involved? A quick trip to a FP or is there a bit more to it than that?

Regards

S

I am in the process of a equity cash out and the lender has requested a “statement of advice” from a financial planner to approve the loan.

I know lending is tightening but we are combined 150k income 1 PPOR 470k, 1 cf+ IP 280k 5.5k CC debt.

Anyone have experience / advice on this? I can’t shop lenders as the IP is IO with LVR of 88%…[Read more]

I am in the process of a equity cash out and the lender has requested a “statement of advice” from a financial planner to approve the loan.

I know lending is tightening but we are combined 150k income 1 PPOR 470k, 1 cf+ IP 380k 5.5k CC debt.

Anyone have experience / advice on this? I can’t shop lenders as the IP is IO with LVR of 88%…[Read more]

My two cents from a newbie investor that has their PPOR in Upper Coomera.

Jump on RE and search sold prices in Coomera, Upper Coomera and Pimpama. I would also suggest reading all the threads you can find on the suburbs in this and other forums.

https://www.realestate.com.au/sold/property-house-qld-coomera-126253042

Coomera is…[Read more]

It is all finally being wrapped up now, DA is submitted for carport and I have completed requested work from the BC for the bedroom conversion, once Approved sitting variation is back all work will be approved and submitted to council. I have certainly learned a lesson and am lucky it didn’t cost me more than a delay refinancing.
It…[Read more]

I am experiencing what I consider to be a lengthy delay with my contractor arranging certification for a carport he put up as well as a bedroom conversion.
Carport has been up 7+ weeks, bedroom finished well before then. He is hard to get hold of and has not come through on two dates given by him to get the certifier on site. He has all…[Read more]

By that, I presume you mean that your friend is bound to pay rent in lieu of the broken lease? i.e. they are “in the gun” for rent until it is leased anew to another tenant

Correct.

Wait up though – if that rental uplift is minor (a few %), this could be understandable. e.g. If the lease your friend had first signed was about to expir…

[Read more]

A friend of mine has just broken their lease to move into a PPOR. The agent has advertised the place at a higher rent, it was already a very expensive apartment, lots of viewings but no takers so far. My question is, is the agent taking the piss looking for over market rent while they have continued guaranteed rental income? Are they aloud to…[Read more]

Sorry rookie error with the medium pricing, i gave you combined. 3 bed 325k, 4 bed 415k, hence I felt I could try to do better going in next time.

I thought the bones were good with easy wins cosmetically. The block was flat with side access which is not so common in the aria, elevated so no flooding issues, close to train and school…[Read more]

Thanks as always for the reply to the last post, I thought I would make this a new thread however as I know how valuable feedback is so I’m going to lay it all out so far as I am almost done & ready to get it tenanted.

Everything seemed to come together thankfully over the last few days. I started getting frustrated about the amount of…[Read more]

Thanks as always for the reply to the last post, I thought I would make this a new thread however as I know how valuable feedback is so I’m going to lay it all out so far as I am almost done & ready to get it tenanted.

Everything seemed to come together thankfully over the last few days. I started getting frustrated about the amount of…[Read more]

I’m nearing completion of the reno on my first IP. When it is finished & tenanted I will run through the work & numbers as I’m keen on some feedback to hopefully put me in a better position going into the next one.

So far everything has gone surprisingly smooth & well, a thoroughly enjoyably experience with results that have even…[Read more]

I got on to him eventually, apparently family health scare interstate. I am fine with delaying the work but the lack of communication is not on.

Yes I got on to gum tree & reported the account, had an email from him that afternoon.

Wont be using him again, was a one off purchase and install of an “as new” air con with full warranty…[Read more]

Yes this is what I want to know. I am paying interest, insurance, rates ect while holding & renoing but is this and deprecation claimable as there is no tenant yet? The property is 100% IP & will be rented as soon as work is completed. I am just concerned that the expenses may require a income to be claimed against?

Also is…[Read more]

I have a bad feeling I learnt a tough lesson regarding paying a deposit to a contractor I don’t know on the internet.

I found a near new aircon for a great price including install on gumtree. The guy sent a quote out with company name & ABN ect, he also has a fair few other units for sale.

I paid $500 deposit for the unit as he would…[Read more]

Thanks for the reply. Questions answered.

Cheers

S

Couple of questions….

If I purchase a ip & Reno am I up for cgt from day dot or can I get a valuation done before it is rented after work is completed?

Are rates claimable before tenants move in or only after?

How does a depreciation schedule work on renovations to a older property? Say paint or refitting a bathroom?

Thanks

S

I took possession of my property on Tuesday and am well underway with the renovations.

I am after peoples thoughts on what is best to replace the garage door on a conversion? A sliding glass door or glass panel with windows?

The panel is about $450 cheaper and I feel is better security.

Cheers

S

I am after a recommendation for a draftsman in Logan & advice on the below?

The situation is looking like I will be forced to use one after finding out counsel have no building plans for the house I purchased. I just paid $75 for set of plans for a patio extension from 2004 (angryface).

The plan was to modify the original plans to…[Read more]

It didn’t even cross my mind until the floods. That could have been a very expensive lesson.

Cheers

S

Seeing all the flooding in the Logan aria happening right now I got to thinking what would happen if the property I am unconditional on & settling on in two weeks was flood damaged? Is it my responsibility to ensure I insure the building upon going unconditional to protect myself?

I gave this no thought at all other than the bank saying…[Read more]

So another option could have been to just leave the funds in the loan account? Would this be more like a line of credit?

Cheers

S

I believe I am across the potential offset issues.

Just to draw a clear picture (I possibly should have done this at the start)

This is a refinance PPOR with a new lender, so no other money whatsoever, savings or wages go near it at this point in time.

There are two offset accounts & a loan split 3 ways.

One offset account sits…[Read more]

I believe I am across the potential offset issues.

Just to draw a clear picture (I possibly should have done this at the start)

This is a refinance PPOR with a new lender, so no other money whatsoever, savings or wages go near it at this point in time.

There are two offset accounts & a loan split 3 ways.

One offset account sits…[Read more]

I believe I am across the potential offset issues.

Just to draw a clear picture (I possibly should have done this at the start)

This is a refinance PPOR with a new lender, no other money whatsoever, savings or wages go near it at this point in time.

There are two offset accounts & a loan split 3 ways.

One offset account sits empty…[Read more]

I phoned the bank and explained what I wanted and how I wanted it done. They were able to do it with out closing the account & there is a clear trail of movement on all accounts.

He did seem a bit miffed that I wasn’t happy with him moving the redraw from the PPOR to the IO offset.

They continue to claim it must have been where…[Read more]

Problem solved?

Thanks Terry

S

have the finds redirected back to the -53k or just move it to the offset & reverse any reduced interest resulting form the funds sitting in the PPOR account.

The second option is what the bank is suggesting.

Thanks for your responses, I really appreciate it.

S

No the 53k is not a split on the 220k. The -220k & -200K are my PPOR loan Split fixed & variable. The 53k is a equity cash out on a revaluation of the PPOR. My total borrowing against my PPOR is now 473k divided into three separate loans.

the 53k is its own loan, taken out IO & at a higher interest rate as it has been classified as…[Read more]

Thanks for the reply.

Refinanced PPOR 420k into two loans + a separate equity release.

So accounts should look like this

1, -$220,000 V
2, -$200,000 F
3, -$53,600 IO
4. $00,00 (offset acc 1)
5, $53,600 (offset acc 3)

Instead they look like this

1,-$166,400 V
2,-$200,000 F
3,-$53,600 IO
4, $00,00 (offset acc 1)
5, $00.00 (offset acc…[Read more]

Not one but two offset accounts were opened. One against the PPOR loan & one against the IO cash out for investment purposes loan. The cash landed in the actual PPOR loan account, bypassing both offset accounts to sit in & reduce the balance of the home loan.

So I have effectively taken out a IO equity loan at a higher rate to pay…[Read more]

Not one but two offset accounts were opened. One against the PPOR loan & one against the IO cash out for investment purposes loan. The cash landed in the actual PPOR loan account, bypassing both offset accounts to sit in & reduce the balance of the home loan.

So I have effectively taken out a IO equity loan at a higher rate to pay…[Read more]

I have just had my refinance come through. The equity cash out was directed to be placed in a separate offset account against itself to draw on. It has just all come through & it has landed in my variable PPOR home loan account.

I have read on here that the cash out should sit in a separate account & serve no other purpose than the…[Read more]

Can someone recommend a private building certifier in Brisbane / Logan.

What experience has others had converting a garage into a bedroom & adding a carport? Is this really a viable option to add value? I have noticed in some areas in Logan 4x1s are selling at the price of 3x1s or for not much more, some areas they do better.

Anyone care…[Read more]

Yes Benny worth the second opinion in this case for sure.

Have moved forward with the sale, unconditional next Tuesday with settlement & renovations starting straight after Easter.

Cheers

S

Totally agree, it is very poor service and extremely lazy. It was not a hard decision to make.

The loan is being set up as three separate loans. 1 fixed 2 Variable & 3 the equity deposit. As I understand it I just need to ensure it does not offset interest on the the PPOR.

Thanks

S

That has crossed my mind.

Do situations like this arise often? Seems to be a funny way to run a buisness.

Cheers

S

Terry +.20 -.10 on fixed & +.10 on variable (I was going 50/50). Matched rate on IO equity release. They are good rates, well below advertised.

Their Valuation has come back 5k higher than ING. What really gets me is no valuation was done when I was told my property was valued at 2014 purchase price, like they were…[Read more]

I would be interested to hear thoughts / opinions on the below situation.

My current lender NAB, whom I have banked with over 10 years were less than helpful when I contacted them to enquire about usable equity in my PPOR to use for investing. I was told over the phone, “sorry your property is only worth what you paid for it 2.25 years…[Read more]

Have valuers visited the property & returned valuations inline with the above post? I have had brokers & banks speculate over the phone re valuation on my PPOR. Once the Valuers visited the property I knew exactly what I had to work with.

Edit.. A valuation requested by a broker from a lender, is this what you are calling a “broker…[Read more]

Have valuers visited the property & returned valuations inline with the above post? I have had brokers & banks speculate over the phone re valuation on my PPOR. Once the Valuers visited the property I knew exactly what I had to work with.

S