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Originally posted by DianeOZ
Going off the rails a bit, maybe should be a separate thread but I am amazed at how much debt young people get into here. My nephew has just bought a new UHT on finance and this weekend announced he is buying a house with his girlfriend. He is 20.
My neice has a big mortgage, finance on a new car and a new baby (not financed!). They seem to think nothing of it. It worries me a bit that this is the norm here or is it just my mad rellies.?Think I'd better start putting a few more cents in the kids saving fund.
Diane
Going off the rails a bit, maybe should be a separate thread but I am amazed at how much debt young people get into here. My nephew has just bought a new UHT on finance and this weekend announced he is buying a house with his girlfriend. He is 20.
My neice has a big mortgage, finance on a new car and a new baby (not financed!). They seem to think nothing of it. It worries me a bit that this is the norm here or is it just my mad rellies.?Think I'd better start putting a few more cents in the kids saving fund.
Diane
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Last meeting with my bank manager he tried to give me more cash than I can afford to pay back to buy an investment home , a few weeks without rent would have seen me in deep crap its the road to hell.
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Originally posted by paula m
I do read some very negative posts and just wanted to tell you our story in a nutshell.
We arrived in the counrty 18 months ago. I did have a job to come over to. and started work after a week. We arrived with $80,000 so were not in a position to get a house straight away. we rented and had a good look around. After 3 months we got a morgage and bought our dream home. It has 5 bedrooms a study an upstairs with a balcomy and sea views and a fantastic pool surounded by palms. It is a great house and we live in Mandurah which we feel is the best place around the perth area.
At this stage my husband still had not got a job so we managed on my salary and midwives dont earn a lot but it was fine. after a year we found that our house had risen by so much and my husband had a job so we thought about investing the banks money and we got another house, this one we rent to recent arrivals. 4 months later we were so booked up and turning people away that i rang the bank and asked if we could get another house, they said No worries!! so we did and we got the keys yesterday and the first family moved in today. Baldbutts you may know him!
I think we are en example to all we came here with $80,000 and we now have three houses. That would never happen in the uk. We still have no money mind you but we are happy and having a really good life and when we do eventually sell them we may have some money. In the man time we are meeting some really great people.
paula
I do read some very negative posts and just wanted to tell you our story in a nutshell.
We arrived in the counrty 18 months ago. I did have a job to come over to. and started work after a week. We arrived with $80,000 so were not in a position to get a house straight away. we rented and had a good look around. After 3 months we got a morgage and bought our dream home. It has 5 bedrooms a study an upstairs with a balcomy and sea views and a fantastic pool surounded by palms. It is a great house and we live in Mandurah which we feel is the best place around the perth area.
At this stage my husband still had not got a job so we managed on my salary and midwives dont earn a lot but it was fine. after a year we found that our house had risen by so much and my husband had a job so we thought about investing the banks money and we got another house, this one we rent to recent arrivals. 4 months later we were so booked up and turning people away that i rang the bank and asked if we could get another house, they said No worries!! so we did and we got the keys yesterday and the first family moved in today. Baldbutts you may know him!
I think we are en example to all we came here with $80,000 and we now have three houses. That would never happen in the uk. We still have no money mind you but we are happy and having a really good life and when we do eventually sell them we may have some money. In the man time we are meeting some really great people.
paula
We were thinking of renting out our house (with furnishings) with a car on a short lease contract basis for business men etc visiting Brisbane( when we return to the UK). Basically something similar to what your doing. I'm a bit reluctant to sell up my property here when we return, so thought about doing something like what you are doing - but using an estate agent to do it.
I do not think property is going to go bust here (just my opinion) - but unlike the UK, Australia is trying to attract people to migrate here as it's not up to it's ideal population numbers.
Can I ask a nosy question? Does that rent cover the whole of the mortgage with cash left over? or does it just cover the mortgage repayments?(I don't want to know the exact amount etc)
Why I'm asking is when we go back (we own our - soon to be completed built home- and not the bank) I was thinking of re mortgaging the home - taking the cash with me back to Britain to use for a house over there- and let the renters pay the mortgage on the aussie house here, but of course the rent also needs to cover things like renters insurance, and repairs over the years, plus estate agents fees.
Anyway I can not see the house market here going bust, interest rates yes I can see rising as it's the lowest it's been in what 30 years (?) besides the point really, if interest rates go up - you put your rent up to cover the rise which is easy to do in a short lease contract, unlike if you were renting out to long time tenants where the rent is fixed for that year
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Originally posted by DianeOZ
Going off the rails a bit, maybe should be a separate thread but I am amazed at how much debt young people get into here. My nephew has just bought a new UHT on finance and this weekend announced he is buying a house with his girlfriend. He is 20.
My neice has a big mortgage, finance on a new car and a new baby (not financed!). They seem to think nothing of it. It worries me a bit that this is the norm here or is it just my mad rellies.?Think I'd better start putting a few more cents in the kids saving fund.
Diane
Going off the rails a bit, maybe should be a separate thread but I am amazed at how much debt young people get into here. My nephew has just bought a new UHT on finance and this weekend announced he is buying a house with his girlfriend. He is 20.
My neice has a big mortgage, finance on a new car and a new baby (not financed!). They seem to think nothing of it. It worries me a bit that this is the norm here or is it just my mad rellies.?Think I'd better start putting a few more cents in the kids saving fund.
Diane
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I'll never forget selling my house and still owing 10 grand on the mortgage.
But, no, it will never happen again will it.
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Originally posted by renth
Doesn't ANYONE remember when interest rates were 13% or so?
I'll never forget selling my house and still owing 10 grand on the mortgage.
But, no, it will never happen again will it.
Doesn't ANYONE remember when interest rates were 13% or so?
I'll never forget selling my house and still owing 10 grand on the mortgage.
But, no, it will never happen again will it.
Had friends try this get rich quick investment home thing before and pull out after less than 2 years , there is a glut of rentals coming on line.
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Originally posted by Kiwipaul
If you never take risks you will never be rich, whereever you are, in my opinion their is more oportunity down here than in the UK so Good luck to Paula for grasping her opportunity and running with it.
Property is one of the safest investments because no matter what people cut back on they are always going to want somewhere to live and with the nubmber of people wanting to come to Australia their is no shortage of punters. Houseing is as Blue Chip an investment as you can get down under.
If you never take risks you will never be rich, whereever you are, in my opinion their is more oportunity down here than in the UK so Good luck to Paula for grasping her opportunity and running with it.
Property is one of the safest investments because no matter what people cut back on they are always going to want somewhere to live and with the nubmber of people wanting to come to Australia their is no shortage of punters. Houseing is as Blue Chip an investment as you can get down under.
I think it's risky taking on many properties relying "soley" on the rental income to pay off the mortgage - what about maintenance costs on the property(ies)? Even new properties need maintenance.
I think you can make money but you need to research thoroughly and be smart, constantly looking ahead and trying to predict the next boom area PLUS selling up when an area starts to show signs of deterioration ie. crime, negative development etc.
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Originally posted by Ceri
Can I ask a nosy question? Does that rent cover the whole of the mortgage with cash left over? or does it just cover the mortgage repayments?(I don't want to know the exact amount etc)
Why I'm asking is when we go back (we own our - soon to be completed built home- and not the bank) I was thinking of re mortgaging the home - taking the cash with me back to Britain to use for a house over there- and let the renters pay the mortgage on the aussie house here, but of course the rent also needs to cover things like renters insurance, and repairs over the years, plus estate agents fees.
Cheers
Can I ask a nosy question? Does that rent cover the whole of the mortgage with cash left over? or does it just cover the mortgage repayments?(I don't want to know the exact amount etc)
Why I'm asking is when we go back (we own our - soon to be completed built home- and not the bank) I was thinking of re mortgaging the home - taking the cash with me back to Britain to use for a house over there- and let the renters pay the mortgage on the aussie house here, but of course the rent also needs to cover things like renters insurance, and repairs over the years, plus estate agents fees.
Cheers
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Because you are taking the money abroad you might get away with it claiming you were going to use it to invest in the UK, I doubt they would check.
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Originally posted by renth
Doesn't ANYONE remember when interest rates were 13% or so?
I'll never forget selling my house and still owing 10 grand on the mortgage.
But, no, it will never happen again will it.
Doesn't ANYONE remember when interest rates were 13% or so?
I'll never forget selling my house and still owing 10 grand on the mortgage.
But, no, it will never happen again will it.
The only way we got out of it was saving (extra jobs) and buy our way out of the debt. We stayed with the housing market and bought a complete dump, renovating it over 5 years, the market eventually turned around and we did OK. But thanks to our hard work, you don't usually get something for nothing.
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Originally posted by Kath
There's too much over in Australia about 'how to become a property millionaire' and 'increase your property portfolio by using existing property equity' - as with all investments there are risks. Property is usually a safer bet but property markets do fall and rental yields fluctuate - if it was that easy we'd all be rich!
I think it's risky taking on many properties relying "soley" on the rental income to pay off the mortgage - what about maintenance costs on the property(ies)? Even new properties need maintenance.
I think you can make money but you need to research thoroughly and be smart, constantly looking ahead and trying to predict the next boom area PLUS selling up when an area starts to show signs of deterioration ie. crime, negative development etc.
There's too much over in Australia about 'how to become a property millionaire' and 'increase your property portfolio by using existing property equity' - as with all investments there are risks. Property is usually a safer bet but property markets do fall and rental yields fluctuate - if it was that easy we'd all be rich!
I think it's risky taking on many properties relying "soley" on the rental income to pay off the mortgage - what about maintenance costs on the property(ies)? Even new properties need maintenance.
I think you can make money but you need to research thoroughly and be smart, constantly looking ahead and trying to predict the next boom area PLUS selling up when an area starts to show signs of deterioration ie. crime, negative development etc.
Personally, I have a natural disinclination to invest in anything, stocks, property, tulip bulbs where there is a "get in now or miss the boat for ever" sort of mentality.
So many people here are mini property moguls it reminds me of the time I had nearly a million quids worth of share options in the dot.com I worked for. My colleague used to comment on how his trophy wife had just got bigger tits each time the price went up.
I'd love to buy in Ocean Reef but the fact that they've gone up 25% in a year puts me off. I hope for many people's sakes that there isn't a crash, but if there is, that's when I'll buy. Otherwise I'll rent on and continue having all that extra disposable income.
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Originally posted by pommie bastard
You start talking sense and the rabble will drive you out , highest interest rate in Australia was 17% , as Mr Keating said the recession Australia had to have and will again.
Had friends try this get rich quick investment home thing before and pull out after less than 2 years , there is a glut of rentals coming on line.
You start talking sense and the rabble will drive you out , highest interest rate in Australia was 17% , as Mr Keating said the recession Australia had to have and will again.
Had friends try this get rich quick investment home thing before and pull out after less than 2 years , there is a glut of rentals coming on line.
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#25
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I know what you mean, hubby thinks we should get a mortgage & go the rental route. I think we would make money in the long term but I don't want all the agrro to go with it. It's bad enough trying to get him to do jobs in our house, never mind a rental!!
No, I'm happy with my lot for now.
Diane (AKA Mrs easily pleased)
No, I'm happy with my lot for now.
Diane (AKA Mrs easily pleased)
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Originally posted by Ceri
That's not a bad business
We were thinking of renting out our house (with furnishings) with a car on a short lease contract basis for business men etc visiting Brisbane( when we return to the UK). Basically something similar to what your doing. I'm a bit reluctant to sell up my property here when we return, so thought about doing something like what you are doing - but using an estate agent to do it.
I do not think property is going to go bust here (just my opinion) - but unlike the UK, Australia is trying to attract people to migrate here as it's not up to it's ideal population numbers.
Can I ask a nosy question? Does that rent cover the whole of the mortgage with cash left over? or does it just cover the mortgage repayments?(I don't want to know the exact amount etc)
Why I'm asking is when we go back (we own our - soon to be completed built home- and not the bank) I was thinking of re mortgaging the home - taking the cash with me back to Britain to use for a house over there- and let the renters pay the mortgage on the aussie house here, but of course the rent also needs to cover things like renters insurance, and repairs over the years, plus estate agents fees.
Anyway I can not see the house market here going bust, interest rates yes I can see rising as it's the lowest it's been in what 30 years (?) besides the point really, if interest rates go up - you put your rent up to cover the rise which is easy to do in a short lease contract, unlike if you were renting out to long time tenants where the rent is fixed for that year
Cheers
That's not a bad business
We were thinking of renting out our house (with furnishings) with a car on a short lease contract basis for business men etc visiting Brisbane( when we return to the UK). Basically something similar to what your doing. I'm a bit reluctant to sell up my property here when we return, so thought about doing something like what you are doing - but using an estate agent to do it.
I do not think property is going to go bust here (just my opinion) - but unlike the UK, Australia is trying to attract people to migrate here as it's not up to it's ideal population numbers.
Can I ask a nosy question? Does that rent cover the whole of the mortgage with cash left over? or does it just cover the mortgage repayments?(I don't want to know the exact amount etc)
Why I'm asking is when we go back (we own our - soon to be completed built home- and not the bank) I was thinking of re mortgaging the home - taking the cash with me back to Britain to use for a house over there- and let the renters pay the mortgage on the aussie house here, but of course the rent also needs to cover things like renters insurance, and repairs over the years, plus estate agents fees.
Anyway I can not see the house market here going bust, interest rates yes I can see rising as it's the lowest it's been in what 30 years (?) besides the point really, if interest rates go up - you put your rent up to cover the rise which is easy to do in a short lease contract, unlike if you were renting out to long time tenants where the rent is fixed for that year
Cheers
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Originally posted by Kiwipaul
PB ideas of investments is to feed the pokies at his local and celebrate when he hits the $50 jackpot by buying everyone and their dog a round.
PB ideas of investments is to feed the pokies at his local and celebrate when he hits the $50 jackpot by buying everyone and their dog a round.
Love CGT the 48% paid was worth it not.
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Last edited by pommie bastard; Jun 30th 2003 at 1:48 pm.
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Originally posted by pommie bastard
You judge not had a few wins on the share market but paid the tax too , now what did I say about keeping you.
Love CGT the 48% paid was worth it not.
You judge not had a few wins on the share market but paid the tax too , now what did I say about keeping you.
Love CGT the 48% paid was worth it not.
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Originally posted by Kiwipaul
If you paid 48% CGT in Australia you've been had big time.
If you paid 48% CGT in Australia you've been had big time.
Yes my accountant was less than helpful too , now I deal without informing the taxman .
You can half tax if you keep hold of shares for over a year but then gains are made over a month or a week , shares are a gamble and time scales are not linked to profits buy today and sell tomorrow before the heard sell out.
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Originally posted by pommie bastard
Yes my accountant was less than helpful too , now I deal without informing the taxman .
You can half tax if you keep hold of shares for over a year but then gains are made over a month or a week , shares are a gamble and time scales are linked to profits..
Yes my accountant was less than helpful too , now I deal without informing the taxman .
You can half tax if you keep hold of shares for over a year but then gains are made over a month or a week , shares are a gamble and time scales are linked to profits..
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