"No Valuation will be required." Does this mean...?

Umm... rent?

No.

it's regarding how to pro-rata/proportion.

i just got home ... super tired. don't bother looking for the thread. i haven't made it yet and i'm not in a rush since i dont need to know until settlement (ages away 90 day settlement...)

however i do want to discuss it with others on the forum and see what other people think. just look out for it in the near future. too tired to make it now.
 
Ask your mobile banker how many investment properties they have. If the number is less than, say 4, why are you taking advice from someone who hasn't yet done what you want to do? or do you only ever want 1 investment property? If that is all you want, knock yourself out with CBA. If you want to have a portfolio of properties then get advice from someone who has however many you want.
There are plenty of folks on here with way more than 1 investment property, some have even posted in this thread;)

the mobile banker said they use to work as a broker and would always do secure separate each assets, they said they managed lots of investments for developers. they use to think all banks are muppets when it came to cross col but after a few years working for the bank. they dont see a big issue.

i'm not in any rush to buy a new investments and get a "portfolio" of properties. i know i could have bought a few 300ks and hope for capital growth but im not into that type of stuff. :)

i've made up my mind just leave me be. :p

i'd rather focus on how to not waste money on LMI and get good tax advantage and pay minimum interest.
 
Unbelievable. I'd have loved to be there to see the banker reading the thread .

That's what the bank thought when a house we now look after was valued at $1.1M. We cannot sell it for $900 now
I really do hope that last sentence was a joke :eek:.

If nothing else, your "I know better" and "my banker said..." answers to all the sincerely given advice here makes for interesting and entertaining reading. Seriously, why even bother asking anything.

I didn't c/p every single post just the main ones and the 2 examples. i gave it to them to read while i lined up did other banking at the branch and then got back to them after.

from 1.1mil to 900k ... well that's your fault for not buying in a safer place.

if you buy in an area close to supermaket/schools/public transport already developed the prices will go up for sure. simple economics. there is only so many houses, (supply stay the same), population is increasing through migration (demand increase) price has to go up.

anyways shouldn't buy too expensive house since there isn't a big market for it. most people can't afford a 1mil house. normally the 300-400k houses have the most capital growth. people have to live somewhere.... look at all the young generations migrating over here.
 
the mobile banker said they use to work as a broker and would always do secure separate each assets, they said they managed lots of investments for developers. they use to think all banks are muppets when it came to cross col but after a few years working for the bank. they dont see a big issue.

Hate to say this but most people who don't make it as brokers go back to work for the bank because they a) want the secure PAYG income, and/or b) didn't make it. X-coll is not a big issue until it is a big issue.
 
Hate to say this but most people who don't make it as brokers go back to work for the bank because they a) want the secure PAYG income, and/or b) didn't make it. X-coll is not a big issue until it is a big issue.

you could be right, i don't know what brokers get and what banker mobile lenders get.

but i understand what you are saying... just like how in Australia: alot of teachers are bad because... if they were good they wouldn't be teachers coz pay is not that high. so they must have failed and become teachers OR they are really passionate about teaching or love the life style of 9-3 lots of holidays to spend with their kids.

also i forgot to mention. i really liked the engineer analogy example. quite enjoyed that. nice.
 
I printed out everything and the two examples on this thread and showed it to the CBA mobile banker, they read it and said those situations wouldn't happen. and since i'm not doing a very high LVR i wouldn't be in those situations. even if house prices drops i would still be above 80% LVR for each property.

they gave an example where house prices dropped by 50k and the LVR was fine after selling.

And they said property prices are going up and they know the area well.

They said singling all securities are only for those investors who invest in high LVR like 85 or 95% and want loans with different lenders and don't want each lender to know all your business.

Got final approval just have to wait for the forms to sign.

I have some excellent land for sale out the back of Birdsville, with some very rare Ostriches.

ta
rolf
 
What I don't understand is that even if you don't think crossing will be an issue, why would you do it when you have a choice note to? What advantage is there to doing it besides making the job for the bank easier?
 
from 1.1mil to 900k ... well that's your fault for not buying in a safer place.

if you buy in an area close to supermaket/schools/public transport already developed the prices will go up for sure. simple economics. there is only so many houses, (supply stay the same), population is increasing through migration (demand increase) price has to go up.

anyways shouldn't buy too expensive house since there isn't a big market for it. most people can't afford a 1mil house. normally the 300-400k houses have the most capital growth. people have to live somewhere.... look at all the young generations migrating over here.

OMG :eek::eek::eek:

I didn't buy this house. It is close to everything. Have you heard of a little thing called the GFC?

I'm quite serious... Why are you even here asking for advice when you refuse to listen to experienced professionals and investors, and then tell us all that you won't use the advice because you know better ... If it wasn't so annoying it would just be funny.

I'm off outside to bang my head against a wall. Anybody want to join me?
 
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What would be your advice to Fred? Is it worth the effort to get the basics right?

Same as a recent client doing an owner build for 400k build.

Didnt want to spend the 600 bucks for a soil survey

I dont need to do a soil test to design my slab because most of the other lots on this estate are needing M class, so I will ask the engineer to design around that.

While its true that most subdivs are somewhat homogenous in soil classification, one would have that to be very very silly to take the risk

ta
rolf



ta
rolf
 
OMG

I didn't buy this house. It is close to everything. Have you heard of a little thing called the GFC?

I'm quite serious... Why are you even here asking for advice when you refuse to listen to experienced professionals and investors, and then tell us all that you won't use the advice because you know better ... If it wasn't so annoying it would just be funny.

I'm off outside to bang my head against a wall. Anybody want to join me?

:(

fine i will leave this forum... :( sorry i have enraged you guys. :(
 
:(

fine i will leave this forum... :( sorry i have enraged you guys. :(

That is just silly. You are asking questions, are being offered excellent advice and then you bag the profession of the person who has given the advice and explain why the advice is not appropriate for you. Can you see how this looks? I just wonder why you bother asking in the first place :confused:.

Stay, learn, ask... But stop justifying why your unique situation means the advice will be ignored. And stop ridiculing the professions or expertise of those who are taking time to try to help you.

It is just common courtesy and will go a long way towards you being accepted and valued here.
 
If nothing else, your "I know better" and "my banker said..." answers to all the sincerely given advice here makes for interesting and entertaining reading. Seriously, why even bother asking anything.


+1

I was going to say the same thing myself.

A train wreck in the making.

I guess some people only seek validation of their actions not real advice when they ask, the natural reaction is to get defensive when the advice is not validation.
 
Ok I get it.

So basically, I'm using up too much equity when I can use the equity later down the road to buy more stuff? yeah?

I think I'm not going to be too fussed. Coz I won't be buying another house ever after this one!

So is it correct in saying assuming I never buy another house or sell my current house corss security / collateral doesn't affect me?



If you are going to cross it, why don't you run the investment property at 100% finance and your personal property holds all equity.
I think you can do this which will then mean you right 100% tax off your investment, could save you thousands in tax per year.
Ask an accountant or someone on here
 
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