Are these card?

A credit card is where you use the lenders funds to pay for your purchases/withdrawals. You then pay later – usually monthly.

A debit card looks like a credit card, but you are actually using your own funds. ie you must have funds in the account.

Various loans have these sorts of cards attached.

Terryw
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If you can keep coming up with the deposits, you can always find finance.

Others have also used:
– deposits received from wrapping
– option fees from selling options on the proeprty
– personal loans (not good, as the rates are high and amoutns limited)
– credit cards (Oh no!)

Terryw
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I haven’t read the API article. But, the investor could have paid cash because it would be much easier to get the ball moving without a bank being invloved. He had the cash anyway. They could then contruct, or subdivide or whatever. Then when finished they could get finance on the final product on a much higher amount (hopefully), maybe even…[Read more]

Here is a link to another post I replied to the other day:
https://www.propertyinvesting.com/forum/topic/15762.html

There are links there to the dept of fair trading (NSW) section on buyers agents.

Terryw
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I agree with Derek, but would add, one disadvantage may be the fact your old home would be positve geared and so you will be paying extra tax on the rent received. Froma pure tax perspective, you would be better off staying put.

Terryw
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Pagey

This is a difficlut question to answer. I generally feel it is a shame to sell since prices will rise and then you will have to buy back into the market again when you decide to invest. However if cashflow is hurting, selling and taking a small loss maybe a wise option.

Byronent is correct about transferring between spouses. In NSW this…[Read more]

Just make sure that the offset account is a 100% offset – not all are.

Terryw
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You would have to do the intiall course of approx 2-5 days to qualify as a real estate sales person. These costs up to around $500 usually. Once you get that you should be able to get a job under a licenced agent.

Then while working, it would be worthwhile studying the full licenced real estate agents course. After you complete this you can then…[Read more]

Here is the link at the Dept of Fair Trading:
http://www.fairtrading.nsw.gov.au/realestaterenting/agentsmanagers/qualifications_buyersagent.html

Terryw
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Sue

In NSW I beleive you must be registered with the office Deparment of Fair trading to be a buyers agent -under the Property, Stock and Business Agents Act (2002).To be registered you will need to have completed a real estate course or a buyers agents course – TAFE NSW now runs one.…[Read more]

Yes to all you questions. Try Brett Davies at http://www.taxlawyer.com.au I think he is based in Perth.

Terryw
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O.S.S

How would you borrow the deposit? Against existing property you own? Then the trust could get the loan. But usually most people just borrow in their names and then lend to the trust at the same interest rate – so the trust can then claim the interest on this deposit (with a written agreement).

You would still probably need a hybrid to…[Read more]

You could have been forced to buy the property. Best case secario, you would have jsut lost you deposit, worst case, you would have had to come up with any short fall if the property subsequently sold at a price less than what you agreed on (plus costs etc).

Terryw
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I beleive that is how it works!

Terryw
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There are many ‘silly’ clients out there who take the punt on option 3!!

It is possible to get a valutation done when going for the pre approval, but if you don’t go ahead you would be charged the valuation fee – usually. So most people just go for the pre approval, then sign subject to finance within 14 days (or so). This gives you time for the…[Read more]

Hi Woodsman

I’ve had a few clients with similar situations, and was stuck in that they would not lend more than the contract price even tho this was less than 90%. It seems the mortgage insurers can be a bit inflexible at times, and it can depend on who is assessing the deal and how strong the client looks (my clients were not too strong!).

But…[Read more]

You should talk to a solicitor about this. It may be better to leave things as they are, or for you to buy her share. There are special stamp duty exemptions for transfer of title to spouses due to divorce and separations.

Terryw
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Don’t worry too much. Randwick is a good suburb long term. You just have to get over the inital hurdles.

You couldn’t lock in a rate for more than 3 months. (the lock in fee is usually 0.15% of loan amount).

Usually 95% loans go to a max of $500,000, so you should be OK if this is the pp.

Most lenders will be able to do you unit, it just…[Read more]

Still, making $7000 for a few weeks (?) work is not bad. You could just go out and find another property.

Terryw
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Dave

I did the same thing!

Terryw
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