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Sounds like your solicitor is on the ball. He would have probably issued a ‘notice to complete’ to the other party. This is usually giving them 14 days to complete. Then they could be up for the full 10% deposit and any shortfall on the resale, as well as your costs.
Terryw
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Really there is not much to it. Do PI on your home loan or maybe IO with 100% offset, and IO loans on all investments. Pay as much as you can off your home loan and as little as you can for your investments. Any investment expenses such as rates etc could then be borrowed (LOC or redraw) and the cash you would have used to pay these could then be put into your home loan.
Paying all bills etc with a credit card can help by getting you points and can save you interest by leaving your cash in your offset longer.
Terryw
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Just because a property meets the 11 sec rule, doesn’t mean that it is a good property. beware.
Terryw
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It doesn’t cost much and will give you some insight into the real estate agents. You can also use it to enable you to sell property, and possibly become a buyers agent.
Terryw
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If you are going to wrap a property, you first have to own it. So all the regular costs associated with a purchase will apply and also, a bit extra in legal costs.
Terryw
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neither would I.
Terryw
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I have to agree with Robert. This does not look like a good deal to me. beware. It will be very hard to finance. And if it is mobile, your ‘home’ could disappear easily.
Terryw
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Banks want to see how you are going to repay the loan. They are conservative so not having jobs doesn’t look good!! If you are self employed, with 2 years trading history, that is ok, but if your husband is just starting out in self employment, then they won’t take this income into account at all.
Terryw
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Originally posted by IQ:They will treat you well.
Ha ha very funny.
Terryw
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It can be risky, but some of these mining towns have huge populations – but nearly all mining related.
Terryw
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Cross x-ing is not too bad – in a rising market. Properties can be uncrossed fairly easily. My second property was even cross collateralised with my first. But it just makes things much more flexible if you avoid crossing!
Terryw
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Save a deposit, stay in the same job, and change to fulltime just before you need finance.
Or
Look at buying options on property.
or
Sandwich lease options. etc
Sounds easy, but it is not.
Terryw
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Just build it in to your offer, ie that the vendor will fully coorporate with your application to council etc. Get your solicitor to work out the finer details.
Terryw
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Every one is different, some people accept things that others would only laugh at, so it doesn’t hurt to make various low offers. As Burley et al says, if you do 100 low ball offers, one might be accepted.
Terryw
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Another thing is, even if you setup a company like Rob suggests, partnerships often breakdown. One party may suddenly wish to exit, so you must plan how this can happen. ie can they sell there shares to anyone, does the other party have to buy them or do you have to sell the whole property etc. So you will need a shareholders agreement as well.
However, when buying a property under a company structure, all directors will be required to give a personal guarrantee for the loan (if you have one). Therefore if something bad happens, the lender can come after one or both parties, and their personal assets.
Even if one party just wants out, the loans will have to be redone, so the guarrantees are removed etc. This can cause probelms if your circumstances have changed, eg. you have stopped work, and your partner wants out. You may not qualify for the loan on your own.
Terryw
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I personally would look at what you made from cashflow and from capital gains, and like Steve see what it averages out over the number of years held.
Then compare this to what you could have made if you invested the deposit elsewhere such as shares or bank deposits.
Terryw
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Get another opinion. You can purchase assets in the trust or company.
Terryw
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Have a look at this:
http://www.sjq.com.au/sjq/site.cfmFor some good info on various trusts.
Terryw
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I forgot the rest…..
I was going to add, the rules around and/or nomineee clauses vary from state to state. In some instances, you can set up a trust or company after exchange, and then nominate that entity before settlement. In other states, this would result in paying stamp duty again.
Terryw
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I agree with Steve on the signing. It is better to talk to your solicitor before you sign anytihng anyway.
Terryw
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