Finance

[WebBoard]

From: Mike .


Finding the right finance
From: Sandy
Date: 4/24/00
Time: 8:48:35 AM

I understand the reasoning behind finding the right finance. Jan says in her books that she spends more time looking for the right finance than looking for the property. How do you know you have the right one? I'm not quite sure on the right questions to ask the banks/accountants/financial advisers and what to do with the mountain of information we are generally given.

Is there any information in the form of books or websites that help the first timers unravel the mysteries of asking for finance and how to analyse the information given, so as not to get ripped off by the professionals?

Thanks

P.S. this forum is so good for the newer players. It gives us confidence to go that next step.

 

[WebBoard]

Les

Reply: 1
From: Mike .


Re: Finding the right finance
From: Les
Date: 5/2/00
Time: 11:14:30 PM

G'day Sandy,

Reread Story 39 in Jan's "Story by Story" book. That's always a good start.

Re the various Finance options, check out URL http://www.freeol.com.au and find the "Compare Loans" section, then play with the numbers (go really high, more than you want) and check out the different lenders' criteria before you even set foot in the place (in fact, I think freeol will actually arrange the loan with the lender, AND give you some "freebie" for going thru them).

Other than that, if you're prepared to walk in, talk, and walk out without signing anything (and come back if they are Mr. Right Bank) then you will learn heaps anyway and can use that knowledge to make even better decisions into the future.

The only other "gotcha" is to watch out for Basic or Honeymoon Rates (they usually tie you tighter than Standard Variable). Usually go Interest Only for Investment Properties and either Fix up-front, or be sure that you can fix at a later time (without having to wait up to a month to do it!!!!).

Hope this helps,

Regards, Les

 

[WebBoard]

Barry

Reply: 1.1
From: Mike .


Re: Finding the right finance
From: Barry
Date: 4/24/00
Time: 11:45:54 PM

Go to The Investors Club website http://www.investclub.com.au and you'll find a finance enquiry form that you can submit. This is a no obligation free service they offer and if you decide to go ahead with property investment they help you avoid many of the pitfalls (again all free). They get paid by the builders/developers to run the club but have no link with them.