[sydey99Participant@sydey99Join Date: 2008Post Count: 57]

September 5, 2018 - 6:51 pm

I thought Westpac is Lucky :)
Reported 1 issue and they failed to respond with proper analysis then raised 12 issues and they fixed the root cause problem

Unfortunately instead of westpac staff explaining us the product and services, we have to explain each and every step in the workflow

• This reply was modified 5 years, 7 months ago by  sydey99.

[sydey99Participant@sydey99Join Date: 2008Post Count: 57]

September 5, 2018 - 4:41 pm

Hi Terry, Westpac replied today with the following options

The loan extension / loan variation options available to you are as follows;

1. Letter of variation to be issued for your loan to be renewed for 22 years Principal + interest repayments

2. Letter of variation to be issued for your loan to be renewed with an further 2 year Interest Only and then 20 years Principal + Interest repayments (This will bring the total Interest only term to 10 y ears)

I am planning to choose option 2

[sydey99Participant@sydey99Join Date: 2008Post Count: 57]

August 22, 2018 - 2:47 pm

Terryw wrote:

Who knows why they didn’t contact you.
You don’t have many options – you are stuck with westpac so you need to convince them that you thought it was a 30 year loan. Suggest to your contact that you will make a complain to the financial ombudsman.

Thanks Terry for all the inputs. Will raise the complaint once they conclude the investigation

[sydey99Participant@sydey99Join Date: 2008Post Count: 57]

August 22, 2018 - 1:55 pm

Terryw wrote:

You should get a copy of the original contract you entered.
– Requested bank to provide this informaiton

If it was 5 years then you have no one to blame other than yourself as you agreed to this. Why don’t you have a copy of this important document?

if the loan ‘expired’ in 2015 then you would have been required to have repaid it at this point, now you would be in default.

if i was in default, why bank has not contacted me?
I have been making my monthly payments as direct debit

Can you service the loan if you would have to apply again?
– No, Family situation has changed and will not be able to go through the new service requirements

[sydey99Participant@sydey99Join Date: 2008Post Count: 57]

August 22, 2018 - 11:47 am

Thanks Terry, will try to get the copy from the bank.

But Bank failed to inform me as per issues 4,6 & 7.
If Bank has communicated, issue has resolved with out any issue back in 2015
Because of bank failure, why should i get in to this situation?

[sydey99Participant@sydey99Join Date: 2008Post Count: 57]

July 7, 2017 - 3:41 pm

dhillon2 wrote:

@Sydney99- wow, that’s alot of questions. I’ll do my best. But I must say, your questions are very transactional in nature, which is a little too granular for me. I’ve got attorneys that handle the transactional side of things. My job is to make sure the deal underwrites, and then implementing the business plan. If you have questions of that nature I can be more useful.
Anyway, here it goes-
1) To open up a US bank account you gotta essentially do it in person in the US. Unless you’re an HSBC Premier customer. I’ve got a third method that involves a personal contact of mine, but I have to get to know you first :)
2) Yeah I guess.
3) It depends on your strategy- what kind of asset protection and structures you want in place. But from a purely transactional perspective, no, you do not NEED to setup an LLC first.
4) LLC’s are state based. Accordingly the rules governing each are different. This is beyond my scope.
5) You can source property yourself or you could pay someone to do it for you. Within each category there’s a whole constellation of service providers at all different prices ranges, depending on how much work you want to do and how much you want to pay.
6) Yes, you can get a building inspector to do that.
7) I deal with Commercial property (Apartment buildings) attorneys essentially draw up all the documents.
8) Direct this question to an attorney
9) In Commercial property, its whatever agreement you can come to between you and the seller.
10) No
11) I use wire transfers
12) Yes
13) In my experience, everything is electronic, then when you close you get a very very thick
wad of papers.
14) You are missing many steps. Get in touch with an attorney you trust. If you need help in this, I can refer you to people I’ve used.
Hope that helps Sydney99 :)

@dhillon2, Thanks for answering most of the questions.
Can you please refer people you have used.
business plan – Can you please explain more on this? is it similar to having a goal to reach income and having a plan to achieve or something different? always Love to learn new stuff

[sydey99Participant@sydey99Join Date: 2008Post Count: 57]

June 21, 2017 - 4:10 pm

Hi Dhillon,

Sorry if I am asking the same questions asked by others, kindly excuse and point me the right links.

This is a great area to gain a lot of knowledge.

I am from Sydney and planning to buy an investment property in Texas or other states but not sure where to start.

Below are the list of questions:

1. How to open US bank account staying in Australia and move funds to pay for all expenses?

2. Reading forums got this company – https://www.ofx.com/en-au/blog/buying-a-property-o… or https://www.afex.com/australia/index.php (Can we open an account and park the money to use for all the expenses in the USA and getting rental income once we purchase the property?)

3. Do I need to setup LLC first and then start looking for property

4. What type of LLC do we need to setup?

5. Once LLC is done, I want to buy and Hold a place where no Renovation is required, What is the source I need to use to find a property

6. Once we like the property, Can we hire a building inspector to get the property inspection report done with videos and photos to analyze the property condition?

7. What sought of documents we need to ask Real estate agents before signing any paperwork?

8. Any specific information need to pay attention for in the documents?

9. How many days do we need to specify in the agreement to close the deal?

10. Do we need to be physically available locally to close the deal?

11.How do we issue final cheque to Seller

12. Can we simply deposit the total funds required to complete the transaction to an attorney?

13.Once we close the deal what type of documents do we get and are they electronic copy’s or paper?

14. any other steps i am missing?

sorry for asking all questions in one post

Thanks,
Raj

[sydey99Participant@sydey99Join Date: 2008Post Count: 57]

September 30, 2016 - 1:27 pm

$275 per week

[sydey99Participant@sydey99Join Date: 2008Post Count: 57]

October 4, 2013 - 6:17 am

Hi Jamie,

I am based in Sydney South.

Thanks,

Raj

[sydey99Participant@sydey99Join Date: 2008Post Count: 57]

February 28, 2013 - 4:06 am

Thanks Catalyst for the detailed information. Will you help out Renovation projects in Hunter area 

[sydey99Participant@sydey99Join Date: 2008Post Count: 57]

February 25, 2013 - 3:54 am

Hi Catalyst,

Can you please provide some sample breakdown of cost for your Reno including labor costs. Also tell us if this cost is going to be UP or down, if we do the same thing in regional NSW like Hunter region or other places. assuming your Reno is in western Sydney.

Thanks

[sydey99Participant@sydey99Join Date: 2008Post Count: 57]

February 25, 2013 - 3:15 am

HI Matt,

Thanks for posting this…i am looking for similar tool just for investors….

Contacted lots of Agents and Company's if they can provide me the access to gain this  important information but no one has given me the solution or if they have provided then the solution was expensive

hope you got a sweet deal and we all can share the costs

Cheers,

Raj

[sydey99Participant@sydey99Join Date: 2008Post Count: 57]

September 20, 2012 - 1:28 am

I know a guy who is doing all up around 60k in western sydney.  he is building on our property in Mt Druitt & Blacktown. if interested you can look at our granny flat after completion and decided if you want to go with him.

[sydey99Participant@sydey99Join Date: 2008Post Count: 57]

September 20, 2012 - 1:21 am

HI hrv7, if you are in any capital city, you should be able to go and listen to the local property groups…you will gain lot of valuable information.

[sydey99Participant@sydey99Join Date: 2008Post Count: 57]

September 20, 2012 - 1:12 am

Gumtree is free and gets lot of enquiries 

I Used propertynow.com.au, long back and they will list on REA 

[sydey99Participant@sydey99Join Date: 2008Post Count: 57]

September 20, 2012 - 1:06 am

geeta9, will stick to tight budget and look for properties around 300k in western sydney. 

[sydey99Participant@sydey99Join Date: 2008Post Count: 57]

September 20, 2012 - 1:03 am

Agree with Jac comments, Will do the math against rental yield vs purchase price

[sydey99Participant@sydey99Join Date: 2008Post Count: 57]

August 23, 2012 - 5:48 am

Pyrmont – Sydney CBD

[sydey99Participant@sydey99Join Date: 2008Post Count: 57]

August 23, 2012 - 4:32 am

Welcome All……

You all are on the right place to learn form the experts,  Try to read as much as you can from the old treads on this forum to learn new stuff

[sydey99Participant@sydey99Join Date: 2008Post Count: 57]

August 23, 2012 - 4:20 am

Watching Brisbane Suburbs…..