make sure you put yourself down as the contact for access to the building, so you can be there when the valuer comes around. Talk up the property.

Show him/her figures of all the recent sales etc. Tell him what you think it is worth (but add about 10%). Maybe say you need it to be valued at $X for the finance to get approved etc.

Also ask him…[Read more]

I use a Real Estate agent in Victoria to do all of my wraps. He sets them up and finds the ‘tenants’, then manages the property for me, deals etc. I think you should approach some local agents about it.

Terryw
terryw@froggy.com.au

Hi 11111

This won’t help much, I thought it would be, but heard from an accountant that it is a capital expense and only claimable on selling the property.

But then when I did my tax return, my accountant claimed it all in that year.Which was good as I got a lot back!

Terryw
terryw@froggy.com.au

It might be an idea to get the 90% LVRs while you still can. As you become bigger with more properties, it will be harder to get higher LVR loans.

Another thing to think about maybe??

Terryw
terryw@froggy.com.au

MCW

I beleive that a is only corect for property in ACT and b is correct for property elsewhere.

Terryw
terryw@froggy.com.au

David U

Just give them a call – or search the web site first. You may have to go into a branch to do the paper work. They would have to order a valuation which could take a few days, it could be done in a couple of weeks, but knowing banks better allow double that. Shoudn’t cost you too much. Maybe try to imply that you are thinking of changing…[Read more]

Sooshie

Why are the interest rates different?

Terryw
terryw@froggy.com.au

Hi everyone. A bit of an update.

I have finally found a company willing to take it on. Professional Collection Services, http://www.profcoll.com.au .

They do recovery on a commission only basis with very reasonable rates: 15% on up to $5000.

They are onto my case and I will let you know how it goes.

Terryw
terryw@froggy.com.au

Hi Ben

You could refinance now, but beware of exit fees and Application fees for the new loans. If you just want to use the extra equity you could just approach your current bank asking for an increase. Also beware that the bank valuation may not come in as high as you had hoped.

What was the LVR when you purchased? You can generally only…[Read more]

go for at least 20%

Terryw
terryw@froggy.com.au

Does your solicitor want you to sell your current house to a company? or the new house to be purchased by the company?

I would avoid using a company in either situation beacuse of the CGT issues. A 50% discount could be a lot of money.

If buying a new house, I would suggest just buying it thru a trust. This way when you sell it you can get the…[Read more]

Peter

It generally takes about 3 days, but with properties in outer areas it can take a lot longer. In the city they use big firms that are on the ball, but in the country they have sometimes just one company to choose from.

I have had the experience where the bank ordered a valuation for a property and the valuer went to the wrong state! (town…[Read more]

Hi Leigh

It certainly would work as long as you could demonstrate serviceabilty. There is no fixed time period you must wait and you could do it just after settlement if you changed banks. If you wanted to stay with the same bank, then I suspect they would want you to wait a while (But have not had any clients do this before). You have to…[Read more]

Steve

I beleive that you would not need a RE licence if buying and selling options as you would have an equitable interest in the property via ownership of the option.

ps. However, I am not qualified to speak on this matter!

Regards

Terryw

Terryw
terryw@froggy.com.au

Thanks everyone for your replies.

Since writing the post I have rang around to a number of debt collection agencies, however, all only want to deal in volume accounts. ie they don’t want to do a little one off collection. My solicitor has also said it is probably not worth worrying about due to the small amount.

Terryw
terryw@froggy.com.au

Hi Stonewall

I know what your talking about and you don’t really need a reason. You could put an amount back at settlement if the property settles on such and such a date.

Becareful, sometimes you can be delayed and it may go overtime and you can lose the discount.

Terryw
terryw@froggy.com.au

Gerard

With most Low Doc loans you still have to list your income, but they don’t verify that income. You still must qualify. ie your income must be high enough to service the loan.

Some banks require an ABN for 2 years as proof that you are self employed. And they check the ABN on the ATO web site to see when it was issued.

Others require that…[Read more]

Ozbroker/Dynamite

That’s is right. Combank low doc loans are all mortgage insured with GE and they have a strict postcode list. You also pay a 1% premium on interest rates with Combank Low Doc. there are much better products available, but most are in fact mortgage insured-this includes all loans not just those over 80% lvrs.

Terryw
terryw@froggy.com.au

Well put Nathan!

terryw@froggy.com.au

I beleive you won’t have to pay any CGT because of the 6 year rule. (I have done this, rented out my home, sold it and paid no tax). But I beleive that you can only have one PPOR at a time. So you may have to pay CGT on the new home if you ever sell it. But the period for caluation will only be the short time that you had this and the other…[Read more]