Archive for September, 2009
In the past, self employed borrowers and investors were able to declare their income using Low Documentation Home Loans. Proof of income was simple by signing a “Low Doc Declaration Form” replacing the need to provide any proof of income such as 2 years business and personal tax returns.
This week we have been notified that most of the Low Doc Home Loan lenders that supplied this product have joined the other major banks and now require copies of BAS Statements for 6 to 12 months as additional proof.
This will impact many self employed business owners and professional investors in the coming year who may have complex tax structures, or multiple source of income that aren’t recorded on BAS statements. It could stop quite a few investors with their next purchase, or anyone who has used this policy in the past.
It’s extremely important for any client considering a property purchase to talk to an exeprienced Loan Advisor BEFORE they exchange on a property as many changes have occurred throughout the finance world in the past twelve months.
To discover alternatives for your next purchase and strategies around this policy change, call 02 9449 2333 to speak to our team of experienced Plan Assist Loan Advisors.
 St George’s National Property Report released today has revealed 24 locations across the nation that are likely to provide the strongest value for home buyers.
Suburbs have been chosen based on their location attributes, the value of housing in the area, the level of amenities in the suburb and the demographic mix. According to St George chief economist Besa Deda, the locations should continue to grow and therefore suit buyers looking to live in a blossoming area and investors seeking capital growth. In Sydney the best ‘value for money’ suburbs were Granville, Rockdale, Lidcome, Riverwood and Waterloo. Granville’s 18.5 km distance to the inner city and median house price of $347,500 made it the standout performer in Sydney. In Melbourne the city’s hotspots were Chadstone, Ashburton, Brunswick, Flemington and Fawkner. According to Ms Deda, the 24 hotspots included an interesting mix of older demographic areas where the dwellings have great potential for renovation, and younger demographic areas where the dwellings offer good value for money. “Savvy home buyers and investors should look outside the square and consider the areas which have not attracted the same level of attention as traditional blue-ribbon locations,” Ms Deda said. “For example, some of the suburbs identified in the National Hotspot research include light industrial areas which are expected to eventually transform into residential areas with amenities.” Hotspots: Sydney Granville, Rockdale, Lidcombe, Riverwood, Waterloo Brisbane Keperra, Margate, Cannon Hill, Fairfield, Kedron Melbourne Hobart North Hobart, Canberra, Dickson, Perth, Bassendean, Thornlie Adelaide Thebarton, Glanville Darwin Rapid Creek Regional Australia Gulliver, Redan |
The Plan Assist Group has recently completed and sold five completed dual occupancy projects in Sydney’s Upper North Shore for $9m.
Each development consisted of creating 2 luxury homes, completing the sales to owner occupiers with an average price of $1.1m for a total of $9m.
Most of these developments were completed in early 2009.
Currently they are working on a diverse range of new development sites, including other dual occupancies, major renovations, land subdivisions, a major multi-unit development site and a town centre mixed use development in Sydney’s Upper North Shore.
Harry Charalambous, Managing Director of the Plan Assist Group, said:
“The sales represent a successful conclusion to our dual occupancy developments and ensure the company is well placed to progress its other projects and secure new development opportunities as they arise”.
Many people think (incorrectly) that you can only succeed in real estate when the economy booms.
In reality, poor economic times are great for real estate investors. You may find properties at deep discounts. You might also f ind deals that simply would not exist in a booming economy. Change brings opportunity.
Experienced investors and developers will always tell you: “you make your money when you buy”. That is a strong statement right now as this could be one of the best opportunities to invest before the economy picks up momentum.
To put it another way, watch the small video and see what Warren Buffet says… Advice from Warren Buffet
To understand how you can capitalize on property opportunities in today’s economy, call 612 9449 2333 to speak to an experienced Property Advisor to discuss your investment strategy.
- Why invest in Property – http://bit.ly/UqSrf #
- Just added myself to the http://wefollow.com twitter directory under: #australia #sydney #realestate #austral #speaker #property #