Should I go “Unconditional” before my finance is formally approved?

“Unconditional” is a word you’ll hear your solicitor or conveyancer and real estate agent use when you have no conditions left to fulfil before you confirm you’re going to purchase your property.  Typical conditions include:  Finance Building inspection Sale of another property Due diligence But there can be many others as well.  Unconditional effectively means – you have no other conditions and you are confirming you are going […]

Read More | 05 Jun, 2019

Basic home loan or fancier package home loan?

These days most banks offer two main types of products:  Basic home loans Usually are a home loan with the following features: –  a low or zero cost set up fee ($0 – $600) –  a low variable rate read this article–  no ongoing monthly or annual fees –  most have redraw options but no offset facilities  Pros:  no ongoing costs you can put extra funds into the home loan to […]

Read More | 28 May, 2019

Cross Collateralising – the do’s and don’ts.

When you own one property with a significant amount of equity, there is often a way to use that equity to purchase a second (or third or fourth etc).  And there are two main ways to go about doing this.  Cross collateralising This can often seem like the most simple solution and it is very commonly the strategy put forward by banks. You use the overall value in […]

Read More | 03 Mar, 2019

Back to Basics – how do I make an offer?

1. Get pre-approved Firstly – the VERY best way to make an offer on a property is to be pre-approved so you have an understanding of what the bank you’re going to go with thinks your borrowing capacity is. Your broker can help you start the pre-approval process so you can make an offer with confidence about your ability to get a loan (and then it’s mostly down […]

Read More | 19 Dec, 2018

Pre-settlement inspection – What to look for

We’ll always recommend you schedule a pre-settlement inspection on a property you’re buying about 2-3 days prior to settlement day (sometimes closer if furnishings haven’t ben removed). You can do this by booking in with the agent you purchased from, or if you’ve purchased privately – directly with the owners of the property. What are you looking for? Well – most of the time you’re just looking for […]

Read More | 05 Dec, 2018

Santa Clauses – I mean helpful clauses to insert when you’re buying an investment property.

You’ve just bought your new investment property – wohoo!!  You’ve worked out your rental return, you have an awesome property manager (hopefully!), wouldn’t it be great if you could have a tenant day one of you owning the property to go along with that winning combination? There’s two simple clauses your solicitor or conveyancer can help you word up and insert into your contact which can help with that: […]

Read More | 19 Nov, 2018

Offset accounts when you want to rent the property out – things to know…

In many situations when I’m working with a buyer with a low loan size and no strong need for a package option with the banks  – I’ll often recommend a basic home loan. The contrast to this is the package options that many banks offer that come typically with offset facilities and an annual fee – usually around $395 per year at the time of writing. If however […]

Read More | 29 Oct, 2018

Buying a property to rent out as an investment property ?

Here are some handy hints. Get your property manager sorted before you find the property. In fact, as early as you can in the process. Your property manager can be an amazing guide as to what to look for and why to avoid some properties or areas based on the type of tenant you’ll attract. A good one will talk you through the pros and cons of any […]

Read More | 08 Oct, 2018

What happens if I need to break my lease ?

Sometimes the right property to buy doesn’t come up at the same time as the expiry on your current lease. Or perhaps you’re building and your build is coming to an end prior to your rental lease expiring? What to do: Talk to your property manager and give them as much notice as possible. Explain the situation to them and give them all the dates and information you […]

Read More | 30 Sep, 2018

SMSF Borrowing

The very first step if you’re keen to look at borrowing to purchase property in your SMSF is a good long conversation with your accountant and or financial planner. It’s not something that’s for everyone and here’s a quick checklist to see if it might be right for you: Do you have at least $200,000 in super to establish an SMSF (ASIC recommends that no less than that […]

Read More | 12 Sep, 2018