So due to the credit crisis in AU currently my move to refinance has been severely f***ed up. To clarify, had I refinanced 3 months ago I could be sitting on 60-80K that I could use to consolidate debt and contribute to purchasing a property with a friend, but no. Instead the lender will only give me 21K

Now for those with untapped equity and/or cash THIS is a GREAT time to be purchasing property.

Check out Steve Mcknight's July market update. Some really interesting info there.

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quote:

Originally posted by eRRaTiK Now for those with untapped equity and/or cash THIS is a GREAT time to be purchasing property.

yeah, but only if you can afford the (relatively) high interest rates at the minute, and then refinance when they go down in the future. that's the question. i err on the side of caution.

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I'm about to get my investment property on. Have it all worked out (as best as theory without practice can provide) and am pre-approved, just need to find a place now!

Speaking of, was going to purchase you a drink or two and vacuum your brain on owning an IP pkc I promise I won't be as drunk as our last meeting

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quote:

Originally posted by pkcRAISTLIN yeah, but only if you can afford the (relatively) high interest rates at the minute, and then refinance when they go down in the future.

good point. side business peddling drugs usually helps :P

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well, interest rates are on the way down, and the government has increased the first home-buyers grant which will help push up prices.

get in quick!!

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Had a laugh at all my property owning/selling mates who said "lol, my place just went up 14k"

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Man I wish I had money to invest. I would have sunk a big chunk into stocks a week ago

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quote:

Originally posted by Fledz Man I wish I had money to invest. I would have sunk a big chunk into stocks a week ago

then borrow some investing your own money in stocks or houses is just silly! the advantage of property is that you can get the bank to lend you huge amounts of cash that they would be hesitant to give you otherwise.

consider this: you buy a house for $200,000. in two years (assuming average growth) your house is now worth $240,000. you then tap into that $40,000 of equity in your house, and then invest it into stocks.

i want to get to the point where to afford a new property, all i need to do is send out rent increase letters to established tenants, bridging the gap between mortgage and rental return.

no time like the present.

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True that. I've been saving and waiting a while, timing the market as it were, but there isn't a better time after the past few years then now. We might see a rate drop which will help, but waiting for that may almost certainly see housing prices rise due to the increased FHOG.

Rental vacancy rates are at an all time low in every state if you are buying IP.

New FHOG gives you more coinz before you start.

Thumbs up all the way. Provided you can afford it of course, it's no longer timing the market, it's time IN the market.

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lol the gap is never going to be bridged anyway.. who the fuck is going to pay your mortgage via rent? they might as well buy their own house. the reason that they rent is because they can't afford a mortgage in the first place

good luck bridging the gap mr trump

quote:

Originally posted by pkcRAISTLIN i want to get to the point where to afford a new property, all i need to do is send out rent increase letters to established tenants, bridging the gap between mortgage and rental return. no time like the present.

quote:

Originally posted by pkcRAISTLIN then borrow some investing your own money in stocks or houses is just silly! the advantage of property is that you can get the bank to lend you huge amounts of cash that they would be hesitant to give you otherwise. consider this: you buy a house for $200,000. in two years (assuming average growth) your house is now worth $240,000. you then tap into that $40,000 of equity in your house, and then invest it into stocks. i want to get to the point where to afford a new property, all i need to do is send out rent increase letters to established tenants, bridging the gap between mortgage and rental return. no time like the present.

Oh definitely but I'm in no position to do that right now. I graduate in 2 months and will be then but like always, I miss the best time

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sif now is the best time O_o
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