W
WebBoard
Guest
From: Marc Krisjanous
Hi all,
I have just purchased PIA and have attempted to enter in my first IP's data. Here are the values:
Purchase Price
Property Value = $270,000
Purchase costs
Deposit = 15,000.00
Stamp Duty = 10,960
Conveyancing costs = 250
We brought OTP and placed a deposit on the IP that was valued at that stage for 255,000.00. Then when settlement came we had the IP revalued and got 270,000.
We then applied for the loan - which was about 91% of value.
Outlays
Loan 243,000 - includes title reg, stamp duty both on IP and mortgage
When I entered this data into the appropriate sections (as above) the following values are displayed:
Outlays Section
Property Cost Outlays = $44,767 - Loan 225,233 (I entered in the loan value as recorded from the loan documents)
Renovation costs = nill - Loan nill
Purchase Costs Outlays = 15250 (this is the convey. and deposit) Loan - 10960 (which is the stamp duty that the loan covered).
Furntiture package nill - nill
Loan costs - 6807.
The Loan total is correct - 243,000 - this is what we borrowed.
But the outlays total seems wrong - 60,017. This is 44767.00 (which is 270,000.00 - the IP value) + 15250 (15 deposit and convey. costs.
243,000 + 60,017 = 303,017.00 - I am very sure we have not forked out this much!!
What am I doing wrong? Plus - is there a larger guide that I can read for PIA?
Best Regards
Marc
Hi all,
I have just purchased PIA and have attempted to enter in my first IP's data. Here are the values:
Purchase Price
Property Value = $270,000
Purchase costs
Deposit = 15,000.00
Stamp Duty = 10,960
Conveyancing costs = 250
We brought OTP and placed a deposit on the IP that was valued at that stage for 255,000.00. Then when settlement came we had the IP revalued and got 270,000.
We then applied for the loan - which was about 91% of value.
Outlays
Loan 243,000 - includes title reg, stamp duty both on IP and mortgage
When I entered this data into the appropriate sections (as above) the following values are displayed:
Outlays Section
Property Cost Outlays = $44,767 - Loan 225,233 (I entered in the loan value as recorded from the loan documents)
Renovation costs = nill - Loan nill
Purchase Costs Outlays = 15250 (this is the convey. and deposit) Loan - 10960 (which is the stamp duty that the loan covered).
Furntiture package nill - nill
Loan costs - 6807.
The Loan total is correct - 243,000 - this is what we borrowed.
But the outlays total seems wrong - 60,017. This is 44767.00 (which is 270,000.00 - the IP value) + 15250 (15 deposit and convey. costs.
243,000 + 60,017 = 303,017.00 - I am very sure we have not forked out this much!!
What am I doing wrong? Plus - is there a larger guide that I can read for PIA?
Best Regards
Marc
Last edited by a moderator: