First Home Owners Grant

Hi zodovolo,If you are wanting to refi just to access some funds for persoanl use, as ooposed to get a better rate etc, as you are self employed, you may well be better gettign a low interest credit card or persoanl loan – to refi now as a lo doc will cost you, and it is unlikely that it will be a better rate than you are currently on – even if…[Read more]

COngratuations on the climb! That's an achievement and a half. Now…..on your salary, with your tenacity it should be a snack to significantly reduce your huge personal debt level to something more manageable, and then look at borrowing. Makes much more sense from where I am. If you feel you are in too much in to do anything, I would not hestiate…[Read more]

It's not up to me Mark as far as that stuff goes, but I have seen admin mark posts as spam with less advertising speel – still, it looks like you must be in the clear! I think the main concern with some is that every now and then someone pops up (especially financiers) that rather than giving helpful iinfo or general advice, make a point of…[Read more]

Hi Ken. It is just as if it was your own property – you pay for outgoings and costs – the differerence being rates, repairs, insurance and managemet fees all all tax deductable – as is loan interest. Major improvements or replacements are depreciated' or 'written' off over a period of years. Rental received is assessable income. Thats about that.…[Read more]

wow, I did'nt think we were meant to 'self plug' or advertise  on this site 'free'.

Hello Andy. It has been three days since I replied to a post on this website. …….one day at a time. So here goes……Look, I appreciate you mean well and all but for your own advantage and financial well being would it not be better to 'allude' to a "Renovators Who Are Not Tradies Anonymous"?  meeting in the form of a seminar …… Then c…[Read more]

I would be happy to forgo the fhog, and go for a "investment" loan, but I believe that currently I will need a minimum 20% deposit ($60k), which isn't going to happen for 5 years!No, you will have no drama doing a homeloan for an investment property with only 5 % deposit, if you have stable employment and can 'serivce the loan'. That includes…[Read more]

Thanks Linar and Macros for sharing those personal experiences – that is the sort of stuff that helps and motorvates others, and puts things in perspective – what the forum should be all about! Cheers.

Hi Fiona.  Please don't take this the wrong way, but the FHOG is meant just for that. To help first home owners 'stuggling to save a deposit and costs' to buy their first home. There are numerous people that still cannot, or have done so in the past and never received any grant at all, and are thus now still ineligible. I would hardly think…[Read more]

Mark.p wrote:
do you think it's a waste of time for me to look around now or should i just wait until my craa listings has been removed (early november)?

Wait another month or two before you get serious. You've waited this long. Naturally you can suss some lenders/brokers out meanwhile, but if you do decide to get serious prior, while I am all…[Read more]

Mark.p wrote:
Being new to all this how do i tell a good broker from a bad one? and how do i know a good offer from a bad one?

1. The best three ways I think are – Firstly, if you know someone personally or that you trust who recommends them from having used there services that is pretty hard to go past. . Note – that you know or trust…[Read more]

Hi. Each to their own of course……but I would be inclined to save up a bit more as you can, for a deposit, and try and buy your IP with at least 5% deposit (most lenders will only to 95% lend on an IP without conditions or some other type if security) and personally try and use a 10% deposit if you are able. You simply flush so much money on…[Read more]

Hey Todd. I'll post more details when I am not in the process of 'winding down' via a nice cab sav and a couple of Hahns…….but LVR means 'loan to valuation ratio ' – or in other words if you are buying a $100,000 property, and borrowing $80,000 (ie you have a 20% deposit) then that would be an 80% LVR. Get the idea?  As far as using your own…[Read more]

Hey Emmajane. I've seen boarded up house window pics in Broken Hill too. – that's enough said in my opinion…… However as you have a trip to 'UNZUD" booked, make the most of the opportunity there to look around at get the feel of the place. Even if there is nothing there that tickles your fancy, at least try and establish a couple of…[Read more]

Hi sauber. Unless you are applying for private funding, or have a switched on bank manager with some lending authority (and there still are some around…..) this is fairly florally (the website you show there) guff for a normal investment loan in Aust. Basically, unless you are doing a lo or no doc style loan you will have to meet certain…[Read more]

Hi Elkam. It works exactly like a P&I with offset account, in that the amount of interest you pay is calculated on the loan balance, less the amount in your offset account. For pure ease of explanation – it would be like having a I/O loan for say 100K, and if you put 5k in extra as 'redraw', then you pay I/O on 95k. Offset is different way, but…[Read more]

Hi Richard. 'Buyers remorse' and 'analysis paralysis' are two very real things when buying or commtitting to anything that costs a bit of money. That said, you do need to 'take the plunge' as soon as you can if you have a reasonable understanding of how basic property investment works. ie. Gearing, capital growth, initerest only loans and the…[Read more]

Most lenders will require the land as security and do it all as part of the construction loan THomas, although in some cases with a higher LVR it is not always the case. This is the norm however, and if you can get something that causes you less anxiety and with a better rate and service to boot…..go for it. All the best with your first IP. keep…[Read more]

Tad confusing…..I know some investors here that acutally do themselves out of money by not being up on this. Occassionally in Aust, you will see a property advertised with a rental of say $1000 PCM – meaning per calander month.  This is rregardless of how many weeks or extra days there are in a month. Whereas per week is per week regardless.…[Read more]