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Vic Wasteland Thread - 15.0

R31Nismoid

By R31Nismoid,
in Victoria

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This is where the cost of a Tax accountant that knows what they are doing outweighs the costs   FYI $300/h

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this has been covered many times before on this forum, please use the search function.

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tokyo is so f**king cool.

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Down_Shift Veteran

Down_Shift

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Dezz having too much money and can't be bothered spending it...

And here I am having no money and wanting to spend on lots.

Dezz, I can be your son while you'll still be forever alone.... Pm me for details

alr33x Grand Master

alr33x

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What's the demand like for rental properties at the moment? I should probably get one instead of not getting one because I can't be f**ked....

Our leasing teams just done back to back best months ever think they leased out 55 last month

joeyjoejoejuniorshabadoo Grand Master

joeyjoejoejuniorshabadoo

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Catch us likely interest rate. Also the personal loan for balance of deposit is probably a high rate. These things usually are ok but best to source your own financing.

You can put all your money into this and just have a redraw facility on the loan so when you find what you want you can just take the cash out but in the interim reduce your interest substantially.

I know a guy who works for Dennis family if your keen pm me your details I'll get him in touch if he is still there.

Personal loan is to pay for balaance of depost AND government charges. (VIC so massive stamp duty + the rest)

Depending on deposit size (assuming less than 20%) you probably get stung with LMI

In any circumstance you will be lending at the maximum equity of the property so there is no room to refinance the personal loan into the home loan for a good 3+ years. There is also no opportunity to refi any credit cards or existing loans to reduce monthly commitment.

In short you will likely end up paying high rates on a mortgage that is most likely from a 2nd tier lender in addition to LMI and a huge personal loan with massive monthly commitments (+ any other existing lending) for at least 3 years until you finally refinance to a decent product if you don't go broke first.

Oh and if it doesn't work out and you want to sell, you will have a terrible time because you will be too highly geared and remain stuck

joeyjoejoejuniorshabadoo Grand Master

joeyjoejoejuniorshabadoo

Posted
Posted

These things usually are ok but best to source your own financing.

You can put all your money into this and just have a redraw facility on the loan so when you find what you want you can just take the cash out but in the interim reduce your interest substantially.

?

Redraw on what?

alr33x Grand Master

alr33x

Posted
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His stamp duty will be negligible it's off the plan & a first home buyer so it will be payable on land only.

I said source own finance for all the reasons you stated and it sounds like he has money to put into it anyway but if he wants to keep cash available borrow the max but put his cash straight into it and have it available for if / when the land he wants pops up.

Isn't that what everyone does?

joeyjoejoejuniorshabadoo Grand Master

joeyjoejoejuniorshabadoo

Posted
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His stamp duty will be negligible it's off the plan & a first home buyer so it will be payable on land only.

I said source own finance for all the reasons you stated and it sounds like he has money to put into it anyway but if he wants to keep cash available borrow the max but put his cash straight into it and have it available for if / when the land he wants pops up.

Isn't that what everyone does?

People that take those offers don't have cash... if they did they would be doing what you said ;)

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dezz Grand Master

dezz

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Probably a bit of a broad question, but say on a 430-450k property, what kind of rent would I be looking at?

Don't think going to 450 would be a problem, maybe even more as she pretty much pre approved me to around 400 almost a year ago, and there's a lot more $ sitting there now...

dezz Grand Master

dezz

Posted
Posted

More about having someone else paying off a property for me... Start with one, then get another, and so on... A straight up rental sitting there paying for itself (for the most part anyway) just so I feel like I'm doing something with my money rather than it just sitting in the bank doing nothing..

Might look into something else like a joint on a bigger block of land like you prefer later down the track when I have some energy/motivation to do something with it..

joeyjoejoejuniorshabadoo Grand Master

joeyjoejoejuniorshabadoo

Posted
Posted

just so I feel like I'm doing something with my money rather than it just sitting in the bank doing nothing..

You could always pay down your existing mortgage in the meantime... same same

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