Finance

[SLED]

Whats wrong with loans? if you can afford payments it saves having to wait 3-4 years to save the money plus it gives you a good credit rating.

Very good point Dave.....first thing a loans officer will look at when you apply for your 1st home loan (other than affordability) is what your credit history is like and how you coped with the payments on previous car loans etc.

ive often thought of a investment property but have seen to many horror stories tenents from hell ect and the law seems to be on there side and not the house owners . all our extra goe's into super atm till something better comes up

Alot of those horror stories come from landlords that were desperate to put a tenant into their rental at the expense of thorough reference checks......thats why I manage it all myself cause agents are a waste of money, they don't check references thoroughly, they are slack with regular inspections and unlike you or me they won't discriminate against unemployed or ex crims. Nothing against some unemployed people but the few that I've experienced would be at the pub on dole day drinking, gambling & smoking then nothing left for rent, bills or to feed their kids.....too much time on their hands!

I've been doing commercial & residential for 8 years now and have seen 2 bad payers and 1 filthy tenant that I got rid of one way or another but have learnt since then not to be too lenient or a charity case and no probz since.

[MsSkyline]

I work for a bank and I'd go to a Broker. If you have an existing loan, apply for a 'top-up' or redraw if you have surplus funds. Just don't go for a Line of Credit as they rates are higher.

As for an investment property, I'd recommend it. However, just beware of insurance companies (as we all should be -sorry) as I've just collected the keys to mine and found that the tennant dropped the Iron on loungeroom floor. Insurance won't cover it as it's an "accident" (classed as tennant neglect) and they only cover "malicous' damage. Aghhhh.

[morbsy]

im with commonwealth bank, personal loan. took out $16,000 over 5 years, $100 per week repayment

[Madaz]

^^ im with connonwealth too 21g over 7 year was $89/wk but i put in $100 i should really put in $200 but i keep buying things for the car (thanks Luke)

[Damo_R34]

Mines about 25,000 over 7, 100 a week but i pay a bit more.

[rad100]

i took 16 to cover rego and stamp duty and insurance with commonwealth..

i pay 100 a week over 7...

pretty expensive car over 7 years hehe but i love it!

[Nightcrawler]

^^^ $100 per week = $5,200 a year x 7 years = $36,400 EEK. Especially given your R32 will be worth in the vacinity of $5 in another 6 years! Ouch.

[morbsy]

yeah the interest is pretty epic

banks fail. HARD

[SLED]

I work for a bank and I'd go to a Broker. If you have an existing loan, apply for a 'top-up' or redraw if you have surplus funds. Just don't go for a Line of Credit as they rates are higher.

As for an investment property, I'd recommend it. However, just beware of insurance companies (as we all should be -sorry) as I've just collected the keys to mine and found that the tennant dropped the Iron on loungeroom floor. Insurance won't cover it as it's an "accident" (classed as tennant neglect) and they only cover "malicous' damage. Aghhhh.

yeah I've had a couple things like that happen, don't you just hate that.......only option then is to go the tenant for damage & what a hassle that can be with the Residential Tribunal.

gee MsSkyline, you've been on here for a few years with not very many posts....have you ever come out on any cruises?

[Rocky88]

I got $13k from CPS Community, $77pw over 5 years (paid fortnightly). The interest rate is quite low, because it's a credit union... could be lower, but it's pretty good considering I'm only 19.

[MsSkyline]

yeah I've had a couple things like that happen, don't you just hate that.......only option then is to go the tenant for damage & what a hassle that can be with the Residential Tribunal.

gee MsSkyline, you've been on here for a few years with not very many posts....have you ever come out on any cruises?

I joined as I knew someone on here. I don't own a Skyline, just bought a WRX actually, so if that's still ok, maybe a cruise soon I think Went on a cruise with SAU people like 3yrs ago or so.

As for the tennant, tennant of course says she knows nothing about the mark. I threatened the Tribunal (agent said they'd only rule about 5%, as it's 5% of the room....) and we ended up going 50/50.

[SLED]

I joined as I knew someone on here. I don't own a Skyline, just bought a WRX actually, so if that's still ok, maybe a cruise soon I think Went on a cruise with SAU people like 3yrs ago or so.

Well you're definitely overdue & you'd be very welcome even with the REX......come on Kellies Cruise on the 12th July

As for the tennant, tennant of course says she knows nothing about the mark. I threatened the Tribunal (agent said they'd only rule about 5%, as it's 5% of the room....) and we ended up going 50/50.

Sometimes just a bluff or the threat of the Tribunal works....I always put stuff in writing with my company's letterhead and usually does the trick if they think you're pretty serious.

[rad100]

^^^ $100 per week = $5,200 a year x 7 years = $36,400 EEK. Especially given your R32 will be worth in the vacinity of $5 in another 6 years! Ouch.

hahah nah i pay 100 wich is more than i should! so it works out to something like 22 after interest or some shit! but yes banks FTL!

[kralster]

my repayments for my bike now are about 30 dollars a week now cos i'm so far ahead. When i get my bonus this week, goodbye loan hello start saving for something useful.

[Damo_R34]

hahah nah i pay 100 wich is more than i should! so it works out to something like 22 after interest or some shit! but yes banks FTL!

But Skyline FTW