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Congrats on the purchase jp, looks to be perfect for development!:)

3 bux extra a week letting fee isn't the big deal... It's the percentage I'm looking at. Why pay 7% when I can probably pay 5%.

Approx 320pw.

Will do, thanks DT. Property is located in Ascot vale. 7% with 1.5 weeks letting fee is what I have currently been offered. Bit steep!

Hi all, Whats the going rate for Property Management fee's in Melbourne? Are fee's dependant on property location? Can anyone recommend some PM's or even better, some to stay away from?

Thanks all for your replies. We will now be moving into the Melton Property and making the new purchase an IP. In saying that, I'd still like the new purchase to have good land content and potential for development as its something I want to try eventually. We have been looking...

Hi Ivan, thanks for your reply. I have a little more info I can share. I have just turned 23 and my partner is 22. Combined we have savings just shy of 100k... With another 30k sitting in the mortgage for the Melton property which I purchased in 2011 at age 19.. Jumped in too quick I...

No one has any advice? need more info?

Hi all. My partner and I are looking for a place to buy as our PPOR, however we'd obviously like to make the most of our money and try to buy in a suburb that will give good cg in the coming years..we may also turn it into an IP in the future. Our budget allows us to look in areas like...

Thanks for the links spiderman. I did wonder about journey time and wave swell, its definately a problem that will keep the ferry service from getting its feet off the ground. In relation to property prices, does anyone agree that they are overpriced for the area and what it offers atm...

BUMP. How's this cracking along? People's opinions still the same on the area and the costing of the apartments etc? Who currently has a poor or ip within the harbour, feedback?:)

Yep very true. Will be interesting to see how the township develops in the coming years.. I guess some people enjoy the isolation.. for a PPOR I guess that'd be fine, but its obviously not for everyone. Any forum members currently live there? how do you find it?

Bump. What are peoples thoughts on buying in eynesbury? Anyone invested or currently live there? Pro's and cons? (besides no town center and schools just yet)

Thanks. I have arranged a meeting with my bank to swap the loan etc. Now, off to do some more research! Thanks all for your help and patience!:)

This is what Im having trouble with... I have trouble believing that it will do the work. So, to recap: I have a PI loan with an outstanding debt of 208k, which Im paying extra into fortnightly. The property is currently rented so I should change the loan to IO, then put the extra money...

Okay I think Im starting to understand it.. But I have more questions:o Is there a limit on how many years you are able to make the loan interest only? If I reached the end of the loan term, still owing $208k would i be forced to pay that amount in full? By setting up my loan with...

Thanks JacM I understand the difference between the two.. But the reasoning is what I have trouble with. I consider the money I have paid back.. to be.. well.. exactly that, money that I have paid back and is no longer mine, so i never re-draw and dont plan to. I suppose what Im trying...

Okay, so this means my principle amount that I owe will stay the same and I'd only be paying off the interest charged to me.. I can then put that extra money ive been using to pay down my loan into the offset account which will effectively free up my cash, allowing me to save more and have a...

The 32k is in redraw, my personal savings are in the offset:)

Hi Colin, Is it essential to amend the loan type? What are the pro's and cons in doing/not doing so? Thanks, Mark.