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From: Mike .
How do i organise a "no cash Deposit"?
From: Peter A
Date: 07 Jan 2001
Time: 20:08:15
Hi all,
We are about to jump into our 2nd IP and i need some advice in relation to deposits and mortgages.
1. With our 1st IP which we picked up at auction i was required to present a $5000 deposit within the next 2 to 3 days to the land agent which i was able to do by drawing down on our homeloan offset account. We were then able to return this money after we had arranged our IP loan some weeks later.
Jan talks about no cash deposit being necessary to purchase properties. But my question is how can we go about organising a deposit as was the case at auction without dipping into our own home loan account? How can this be arranged given the time needed to arrange finance, sign lengthy documents and have legal eagles do a lot of paper shuffling? Or am i being naive as this is what must be done???
2. When arranging finance for the next IP should i create a new mortgage or refinance and put both loans together???
Many Thanks for any advice - Peter A
PS Can anyone suggest any reliable property management companies operating in Adelaide?
How do i organise a "no cash Deposit"?
From: Peter A
Date: 07 Jan 2001
Time: 20:08:15
Hi all,
We are about to jump into our 2nd IP and i need some advice in relation to deposits and mortgages.
1. With our 1st IP which we picked up at auction i was required to present a $5000 deposit within the next 2 to 3 days to the land agent which i was able to do by drawing down on our homeloan offset account. We were then able to return this money after we had arranged our IP loan some weeks later.
Jan talks about no cash deposit being necessary to purchase properties. But my question is how can we go about organising a deposit as was the case at auction without dipping into our own home loan account? How can this be arranged given the time needed to arrange finance, sign lengthy documents and have legal eagles do a lot of paper shuffling? Or am i being naive as this is what must be done???
2. When arranging finance for the next IP should i create a new mortgage or refinance and put both loans together???
Many Thanks for any advice - Peter A
PS Can anyone suggest any reliable property management companies operating in Adelaide?
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