Be very careful when using your deposit. Depending on your investment strategy you may need to use as little of your deposit as possible so that you do not run out of equity or servicing. 

Is the IP in Camperdown a 1 or 2 bedder also what would you paying for strata? On the face of it I dont think the numbers will add up. Good idea staying away from off the plan and new developments because the strata on those developments seriously kill off any yield.

Which state and area are you looking to buy? Also the first thing you should do is order an upfront valuation on your property to confirm the value and in turn the equity you have. 

What does the site look like? i.e. flat, slopped, soil, rock? how much excavation is required? etc. What type of house are you building? brick veneer, double brick, standard finishes, high end finishes, whats the sqm of each dwelling? what's the flooring?

Completely agree – I have tried renovating and working at the same time and it just doesn't work so I took 2 months off with the last reno and just got things done more efficiently. 

Good work. That is correct linking the offset to the 'bad debt' being the PPOR. 

I thought so! Bunnings is actually quite expensive as there are much cheaper flatpaks. HAving sai all that its still quite amazing that you did all that for $6k.

Hi Matt,

Yes you can use the equity in your parents house – there is 2 different ways to do this that will give you the same outcome (i.e. the equity). 

Yes you will need to live in the property first to be living the property first. It also depends on the state and the type of grant. There is a grant in NSW that is designed for investors and…[Read more]

$6k is fantastic. Where did you source the kitchen from?

Make sure you go with a lender that can handle more than 2 offset accounts such as a Westpac instead of a lender who cannot such as ING.

Yes it doesn't need to be genuine but you do need that amount funds to complete the purchase.

There are a few lenders – I use predominately use NAB for these types of scenarios or Bankwest. However be mindful that lenders look at many other things such as the location of the security. Townsville is fine though in terms of security location.

Im not a buyer's agent so perhaps investing in a BA is the way to go for you. A lot of investor activity (based on the loans I have written) has been in the western suburbs Seven Hills, Blacktown, Quakers Hill and South West areas as well. There are existing houses that don't need renos, and provide solid yields. Sounds like you should be looking…[Read more]

Definitely speak to your broker – there are a few lenders that will lend 90%. The only thing is that you actually need a bit more than 10% to cover the stamp duty and other costs such as legals, etc. Have you factored this in?

Regards

Shahin

It comes down to your IP strategy – sounds like you want a mix of good CG with stable rent? Make sure you do the numbers but one possible strategy is to look at larger blocks of land in the west/south west that are showing good rental yields and have the potential to develop by either subdividing and selling the land in the back or putting a GF or…[Read more]

Interesting read – particularly re the sustainability requirements. 

I have a friend who is an agent in Bankstown – I had coffee with him a few weeks back and  he said that there are no buyers in Bankstown at all but there is a massive shortage of rental properties – the rental yields are also quite good so I agree with the above post. 

Landlord insurance is a must. Also don't forget to get the quarterly agent reports on the condition of the property. Don't expect that the agent is doing their job properly.

Westpac can go up to 95% but the max loan amount is $500k. What is the loan amount?

Regards

Shahin

Why are you looking to buy in the CBD and not metro? Also which city/state are we talking about? The only way someone can answer the question is we get all the numbers – i.e. rental return, strata/maintenance costs, deposit that you are using, purchase amount, other costs such as LMI, etc.