Major kudos to George Karandjias of PFA Private, who got us the funding for the property in Townsville (3 posts ago) in just 10 days from application to settlement – that’s 10 calendar days! We have now asked him to use his contacts to make the transfer of our whole portfolio & the winner is CBA, aka the Commonwealth Bank. They offer a very attractive interest rate along with the usual raft of banking accounts, services & facilities. We are moving a couple of high equity properties first to generate enough funds to pay off the caveat loan before the end of the month, followed by the rest shortly afterwards.
We are also applying to AMP to bring our existing loans up to the 80% level, generate enough capital to pay off the caveat loans. This is the first stage of a process of amalgamating everything back into an AMP Master Limit, so that I only have to remember one set of account details.
Hopefully, it works like this: AMP agree to up our existing loans & issue a formal approval. We than take that formal approval back to the caveat lender to demonstrate that we can repay their loan & they remove the caveats, allowing AMP to proceed with their normal loan process. The funds from that process are then repaid to the caveat lender & we get rid of them for good.
The next stage is to bring all of the other properties into the AMP portfolio & then somehow generate enough spare cash to be able to escape in our freedom machine permanently. More on that when it happens!
After consultation with a finance consultant, we have opted to sell the house in Mount Isa, on the basis that it has taken its rise in prices & with the current global recession, it is unlikely to grow anywhere near as much as it has recently. So this is one of the very rare occasions when we sell a property. As it happens, the tenant who moved in recently is very keen to buy the place, so we are starting price negotiations. And the place is overdue for some substantial maintenance costs, which means that now is the time to move it on.
We did in fact settle on Wednesday, largely due to my turning the mortgage documents around, from receiving them via email, getting them signed & witnessed by our local Justice of the Peace, & back in the Express Post box in just 50 minutes flat. We made the Express Post deadline of 6 pm by [...]
The bridging finance did eventually come through, just in time as I predicted earlier. We had already locked in a visit to Bundaberg on the weekend after Easter, knowing that the finance probably would not be ready in time. It wasn’t, but we went ahead anyway, as all of the flights were either using up [...]
Just following on from the previous post, Mary & I have just been through the process of acquiring private finance in the form of a short term caveat loan, so that we can pay for the motorhome in time for us to collect it.
Translation: The lender places caveats (like a second mortgage) on some of [...]
At this point, we have submitted all the applications & we wait. And we wait. Ugh!
Because the unit in The Sanctuary is the last one for sale in the complex, & Glencorp have to sell it quickly in order to get the finance needed to move on to new projects, the contract came to us [...]
In order to pay for the converted bus that will serve as motor home & mobile workshop, we are re-financing the whole portfolio for the last time. The funds generated will also finance out travels for (I think) about a year, by which time the “Outback IT Service” needs to be making an income, maybe [...]
Fascinating article by Christine Kane, whom I have been following online for some time. Perhaps this is why everything seems to be coming together so quickly.
“Start by becoming a pack leader in your own world and healing your own world, and the [...]
Wow, when the idea & timing are right, the universe combines to make it happen. Here’s the new Outback IT Service website, which coincidentally looks remarkably like this one.
Meanwhile, back on the property front, we have commenced negotiations for a major re-finance, so that we can put all of what we are doing into one [...]
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