As already mentioned, if you are time poor, and the market is quite 'hot' it can be a good idea. But not one of the ones that carries on about 'project management' and 'finding cashflow + properties' etc etc. Always good to get one that specializes in the area you are looking at buying in too. Some charge a flat fee  which is a bit fairer. Again,…[Read more]

Hi goldies,While in NSW that is technically 'legal' it is in extremely poor spirit of salesmanship and ethics. An agent could do this do the other guy when (if) you offer a higher amount still etc etc……. They should present the opffer to the vendor, and if accepted leave it at that – if not, then approach you again. You will notice in places…[Read more]

Yep – read Terry's answer again and you have the 110% correct answer.Cheers

Hi Simon g.Yes – that would be a big 'no'. Same as you cannot claim travel (such as air fares) to look at 'potential properties' or even property inspections on places you don't buy. Cheers

HI MAtt007,Bummer eh? Agree with Terry though – the cra is not that bigger deal. If you apply with a lender that does not use genworth (there are plenty of them – St.G, ANZ, NAB (not homeside) plenty of credit unions etc – although I am a tad out of date but others may set the matter straight) All it will show is that an 'enquiry' was done for X…[Read more]

Hi ss -ssWelcome to the forum.While it is a tad messy, you could indeed do this. It all comes down to what the funds are used for , rather than what is securing them. So while it would be better to 'split ' the loan first, you still could 'redraw' (which is borrowing form yourself) the 60k plus enough for closing costs (ie stamp duty, solicitor…[Read more]

Hi gcp,This is a 'textbook' situation where a line of credit facility ( although usually a bit higher interest) is ideal for. Think of it as 'debt recycling''. ie You redo the loan to include (or keep separately as an I/O loan) the balance owing, and then use the LOC facility for all repairs, rates, loan interest (yes!!!) and other expenses that…[Read more]

Hi Spicy,You have had some good replys, but I am just wondering if you are doing a development of this size with the obvious goal to make money, why would you object to a comparatively trivial $750 -$1200 'early exit fee' for a residential loan (depending on the lender – as long  as it is a 'major') Less rates then the commercial deal you cannot…[Read more]

Ahh ObiwanGenerally most banks would indeed utilize the purchase price if it was less than 12 months old, unless there had been either significant renovations and improvements done to the property, (without overcapitalizing) or there had been some significant growth in sale prices (not listed for sale prices) in the area for similar properties.…[Read more]

ottg,The best answer/s I could suggest are all listed clearly and simply above in bankers reply – but with greater spelling accuracy than I can normally muster up……. He is spot on.

Well if rates from neither lender were to change (and it is likely that the major banks will have the variation in rates for some time to come while they all play tit for tat) the bottom line for you is that on a mortgage of $380k, if you do switch banks, you would save $570 per annum in interest. If it was only going to cost you 5 or 6 hundred $…[Read more]

HI,Someone I know quite well found the main problem when asking them to assist in a buyers agent capacity, was not so much the huge amount they wanted up front – but that they seemed oblivious to what what the customer wanted, and seemed to push for 'project management' and coordinating the proposed renno, as well as the high pressure 'speel' and…[Read more]

Nothing. You cannot claim interest as a deduction for a house you own that you are living in. You will howver be cgt exempt on sale, because it is your own home (principal place of residence) that you are living in.

DWolfe wrote:
Aww Ghia . Admit it, you sold your lunchbox to buy petrol! Shhh I won't tell anyone! I'm picturing one of those silver Fordadores with orange race stripes, BOSS heads, twin exhaust, 20inch chrome rims, etc…….close? Ahh need a good laugh today.D (oh wait should be using X from now on)

TO buy petrol? How dare you suggest…[Read more]

Hasn't the Melbourne comedy festival just finished?

HI mitchperth.Dont sell unless you have to. If you have a good payment history on your loan, I'm sure you will be able to easily refinance with a more suitable lender – unless you do not have much equity in your home.  I recently assisted an older couple to get out of one of these AMS loans, and even though they were 'tight' repayment wise, I got…[Read more]

DWolfe wrote:
Hey Ghia, maybe we are all now super important people. I know I already was LOL!I'm a legend in my own lunchbox.

Hey D – I think I pale into insignificance beside yourself – and since the GFC I had to sell my actual lunchbox to keep my IP's!All the best with whatever you are working on!  Cheers

sonyasal wrote:
Not sure where you are looking D?

If you log in, then look above your user name in the right hand side of screen – right above your inbox.

Hi slipper,Yep, I was talking about shorewell park. There was not one agent who even remotely encouraged us to look there – as of 2005/06. Although many acknowledge that houses used to be 'only 30 grand there, and now they are close to 100!!!' – and from keeping an eye on what median growth I have been able to it appears to have outperformed most…[Read more]

Hi D – Yep, I have too. Makes me feel kinda important!Cheers