Originally posted by Rippah30:
Hey there all, first time posting.. decided to just mention this because I love to see people thinking ahead and trying to improve themselves.

Last time I checked, I think Property management Agencies need a licensee, ie: someone who has their Triennial Certificate (sp?).

While you can certainly attain your…[Read more]

Beware of how it will affect your borrowing capacity. Each person on the loan will be responsible for the whole loan if others don’t pay.

So when applying for your next project, on your own, the lender will include the whole loan for your joint purchase (even if you only own 1/3), but they will only count your share of the rental income.

Also…[Read more]

Keep saving and investing. If your first one is an investment property, the lender will take into account potential rent, making it easier to pass their serviceability test – depending on how much income you make. Is their the option of converting to full time for a while?

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Terry@discoverhl.com.au

Excellent Idea Antonio!

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Terry@discoverhl.com.au

Its hard to say. Which do you think will grow faster?

I personally do not buy units. It is land that appreciates, so I think something with a high land content will be better long term.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Terry@discoverhl.com.au

If he has a contract with the agent, often they have clauses included which will entitle the agent to the commission regardless of who sells – especially if the agent was the one that introduced you in the first place.

It still may be worth negotiating directly and bypassing the agent.

Terryw
Discover Home Loans
Mortgage Broker
North…[Read more]

Thats a tough question. I guess you will have the same problem no matter what sort of trust you form. Having a company as trustee may be a way around it. But there are probably rules regarding this as well.

You would probably need to speak to a good accountant. I can recomend one who can probably help in this area if you need it.

Terryw
Discover…[Read more]

Originally posted by redwing:

BonDage Master

The middle letter would be for “Discipline”

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Terry@discoverhl.com.au

A colleague had a client who purchased a unit for $380,000. he knew it was worth $450,000 so he just changed the price on the contract himself before submitting to the lender. The valuation came in at $450,000 and the lender wsa going to lender 80% of this amount. Of course at settlement, they found out and refused to settle, insisting on a…[Read more]

It will be vary costly and messy for her to sell. A 106% loan may be an idea if you qualify. Hopefully you can add value quickly and also get some natural capital growth, allowing you to refinance within a short time at a cheaper rate.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Terry@discoverhl.com.au

The main thing is someone who responds -whether to emails or returns calls. When they don’t we tend to go elsewhere.

It is also good when they can drop around and see brokers every few months.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Terry@discoverhl.com.au

Yes you can give the vendor the offer directly. Just bypass the agent.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Terry@discoverhl.com.au

Yes numbers look good, Darwin should also have good long term CG prospects.

What about the size of the unit. I wouldn’t get anything under 40sq m, 50+ would be preferable.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Terry@discoverhl.com.au

Let me get my head around this.
1) Mother in law sell you her house for less than market value.
2) You let her live in it, cheap rent? free rent?
3) If you sell in 10 years, you pay out the loan and give her the proceeds?

Is that what you meant?

My response:
1) that’s ok, but this may effect her pension, if she has one. And will involve payment…[Read more]

First you need to get a court order. Once you have that you can send in the sherrifs, but firstly you need to find out where they are living. That is the hard part and it can cost money to try to find someone.

The good news is once you have the court order, you can have up to 7 years to chase them.

Terryw
Discover Home Loans
Mortgage…[Read more]

Rob,

Did you see the ad in SMH on Sat for a BDM position (sounds almost sexual!) with Bank West?

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Terry@discoverhl.com.au

Branie

Sounds like it could be.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Terry@discoverhl.com.au

Rob was posting while I was typing (yes it took me 20 min to finish). But I would like to add, if an offset is used, for the purposes of calculating trailing commission, most lenders calculate the trailer based on loan amount less what is in the offset account.

So brokers recomending this strategy are not doing it just to increase…[Read more]

Brokers do receive a trailing commisison based on loan balance, so a higher balance would mean a higher comm. But this would only be small amounts and probably would not influence anyone.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Terry@discoverhl.com.au

Clients will also have to pay LMI. I guess you can’t have every thing.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Terry@discoverhl.com.au