Ok than but how is it with having new valuation done on my first IP? How long does it normally take and cost?

Also my mortgage broker didnt really seem that keen on getting my first IP revalued as apparently bank (ANZ) may be bit difficult on properties held shorter than 12 months. Is that really so?

Hi Kim,

I may be just paranoid here, but everytime I hear something like honeymoon rates, gold credit cards, frequent flyer points etc from any finance company I either go “NO” right away or (if I feel like it) take my time and do the maths carefuly at home myself.

Just my 2cents.

Dan

Now re-reading it after myself both options seems ultimatelly almost identical in their outcomes so maybe I just make too much fuss for nothing.

Pls let me know anyways.

Thanks to you all for the effort. After lenghty consideration I decided against buying this DHA managed property. Main reason being the return on this property, which, even though being slightly higher than comparables next door, did not entirely reflected risks/drawbacks of having DHA involved. Well in my opinion anyway.[blush2]

And so I bought…[Read more]

Hi all,

After some consideration I actually achieved some improvement on the price in my favour;) so I was maybe going bit easier on those settlement conditions.

In the meantime I did have the contract checked by both my conveyancing and mortgage guys neither of them found any problems there.

Also, as commonly expected, I did get my way of for…[Read more]

Yeah spot on guys.

Firstly the “hassle free” part of the deal is really attractive especially for an investor deciding to hold the property forever. What I was not sure about was if I as a rightful owner of the property have any say there at all eg. wanting to sell the property eventualy or want it to become “regular” rental property with…[Read more]

Thanks guys.

Yeah I will certainly ask the conveyancer to recommend me somebody. I havent mentioned thought that the potential IP is in Darwin – pretty far from where I live (Sydney) and therefore I need some time to find sound conveyancer as well as the inspection folks. But that should be a problem not that hard to solve.

Cheers for your tips.

Dan

Appreciate your help guys.

I see that the depraciation regulations are very precise so this time I will better write it down into my notes this time (as opposed to once again rely on my memory and than ending up repeatedly asking same question).

alwayscurious: appreciate your words of encouragement, God knows i need it. I did read few Jan…[Read more]

What areas? Well not decided yet. I would love to stay around lower nth shore where I currently live but I dont think I will be able afford anything here. I will make the decision once I get the exact figure on my preapproval.

Thanks a lot guys, LMI is now much clearer to me.

Yeah I noticed that there is also the “other” stamp duty. This one would not happen to be somehow refundable or vawed for first home buyer would it?
I am pretty sure my broker mentioned that there was a part of the mortgage fees which should be refundable to me on the settlement of the purchase.…[Read more]

Congrats Steve, I am looking forward to reading it.

Not sure if this has been already mentioned somewhere else, but could you give us a taste of what is the new book about?
Obviously I would expect some more easily readable +ve cashflow information together with humorous stories of their practical implications. Is that right? I am just wondering…[Read more]

MortgageHunter: I am afraid I dont follow here. I thought LMI will be one of the first costs I will need to pay out of my pocket and its pretty much “wasted” money if you know what I mean. I thought LMI is a necessary burden I need to take not having 20% deposit. What am I missing?

My apologies if I wast your time over this, I should perhaps do…[Read more]

Chris: thx for help appreciate that mate.

As to my progress – After rather lengthy discussions I decided to go with ANZ Breakfree package (one of those suggested by my broker). I dont mean to advertise here or anything so basicaly I decided for it, because of its professional package discount rate at which they still offer all the bells and…[Read more]

As far as my plan with the property goes: Hold it, live in it, try to pay as much of the mortgage as I can and then perhaps in 2-3yrs time rent it out. I am somehow hoping that by that time the rent will cover at leat the mortgage interest interest entirely.

If that works i will then try to use the equite there to invest into first PI. Bit slow I…[Read more]

Chris: I did not realize that I can change the type of the loan as I go. I imagine it will probably cost me something but thanks for pointing that out. As to the broker recomendations – I read here somewhere that broker should be getting same provision fm the bank regardless what he/she is recomending me is that right? You see I am just very…[Read more]

Thanks a lot – will give him a call.

teabagted:
Yes I got your point but to:
“Leave it alone and find something that will give you a bigger reward for your time.”

is easier to said (written) than done at leat from my financial prospectibe I am afraid.

Either way you guys have made me think again about all this and thank you for that. I will be careful with it I promise[]

D.

sis

I am also certainly planning to just do that[]

But wouldn’t mind to squeeze some extra $$ on my way to beautiful free flights.

Ta

OK..you see its my first credit card so I am perhaps too excited about it. I always thought that doing it as a Cash Advance was not the way to go.
I called the credit card company, who suggested that money fm credit account can be directly debeted by my another financial institution but
a) the other financial institution will be the one providing…[Read more]

Hi guys,

you have certainly made me thinking.

peterp:
I looked at the links you provided and I agree with you that the population growth could be one of the major concerns there.
Personally I suggest, that opening the gates to immigration into Europe will be most likely the ultimate solution to this as ageing community will need someone to work…[Read more]