edgy Posted 29March, 2020 Report Share Posted 29March, 2020 1 hour ago, smit2100 said: Question for you. Assuming you sell and with a bunch of cash, besides paying rent, what  would you  do  with that cash? Thanks for the considered response mate, I think there is a lot of truth in what you’re saying... my line of thinking re: the above was to just buy right away in the next location and rent the property out... but then rental market is about to take a massive shit if you believe the news. If we didn’t immediately buy property, we kinda agreed we’d do an opportunistic buy on some shares/stocks. 1 hour ago, LeeM said:  As a preemptive strike, I've messaged my bank yesterday to discuss the possibility of an equity loan incase one, or both of us, lose our jobs, as there is no way we can survive without it. As long as you satisfy servicing criteria, have the equity and don’t exceed their LVRs, you should be able to get it... if your mortgage offers it, park the cash in the mortgage account or associated offset so you’re not paying interest on that amount until you may need to use it (redraw)... they should be able to do this for you without an extension to the term too. LeeM 1 Quote Link to comment Share on other sites More sharing options...
Stephen Tinker Posted 29March, 2020 Report Share Posted 29March, 2020 I've not seen this mentioned, but if the bank puts your mortgage payments on hold for say 6 months, do they still hit you with the extra 6 months interest on top of the outstanding balance? Quote Link to comment Share on other sites More sharing options...
TwoHeadsTas Posted 29March, 2020 Report Share Posted 29March, 2020 6 minutes ago, Stephen Tinker said: I've not seen this mentioned, but if the bank puts your mortgage payments on hold for say 6 months, do they still hit you with the extra 6 months interest on top of the outstanding balance? Correct, interest is capitalised firstone 1 Quote Link to comment Share on other sites More sharing options...
edgy Posted 29March, 2020 Report Share Posted 29March, 2020 6 minutes ago, Stephen Tinker said: I've not seen this mentioned, but if the bank puts your mortgage payments on hold for say 6 months, do they still hit you with the extra 6 months interest on top of the outstanding balance? I think they're all handling it differently... in the case of ours, it accrues the usual interest charge, but forgoes the repayment. I've heard some are just freezing both P&I and extending the terms. Quote Link to comment Share on other sites More sharing options...
OBRUT Posted 29March, 2020 Report Share Posted 29March, 2020 Just now, TwoHeadsTas said: Correct, interest is capitalised Compound capitalised.  No free lunch. edgy and firstone 2 Quote Link to comment Share on other sites More sharing options...
TwoHeadsTas Posted 29March, 2020 Report Share Posted 29March, 2020 1 minute ago, OBRUT said: Compound capitalised.  No free lunch. No free lunch, but I'm just about to support my local caffeine vendor, and my recreation for the day shall be a 30 minute drive in the GT3 🙂  See you guys in a little while.... Troubleshooter and edgy 2 Quote Link to comment Share on other sites More sharing options...
edgy Posted 29March, 2020 Report Share Posted 29March, 2020 3 minutes ago, TwoHeadsTas said: I'm just about to support my local caffeine vendor, and my recreation for the day shall be a 30 minute drive in the GT3 🙂  See you guys in a little while.... And thats what we should all be doing (if we are so fortunate to be able to)... give your contactless love ($$) to the businesses you know & love, especially now more than ever whilst they're effectively on life support... Also no GT3 drives for me... car is still at the shop  Quote Link to comment Share on other sites More sharing options...
firstone Posted 29March, 2020 Report Share Posted 29March, 2020 The big 4 have different options but all are adding interest. Just add. CBA website says interest will be calculated at the end of their 6 month period they're offering Quote Link to comment Share on other sites More sharing options...
TwoHeadsTas Posted 30March, 2020 Report Share Posted 30March, 2020 40 minutes ago, edgy said: And thats what we should all be doing (if we are so fortunate to be able to)... give your contactless love ($$) to the businesses you know & love, especially now more than ever whilst they're effectively on life support... Also no GT3 drives for me... car is still at the shop  🙂 🙂 🙂 Lovely little drive, about 30-35kms. Very lucky that I live right at the end of one of the last suburbs of Launceston, with very easy access to some great little country roads with a few options to give the 30m loop. That will probably have to do me for a few days now, perhaps will do it again later in the week..... edgy and firstone 2 Quote Link to comment Share on other sites More sharing options...
Stephen Tinker Posted 30March, 2020 Report Share Posted 30March, 2020 ^^^ How are you finding the new Dunlop tyres? ^^^ Quote Link to comment Share on other sites More sharing options...
npvpositive Posted 30March, 2020 Author Report Share Posted 30March, 2020 Just had a part order for my RS2 cancelled due to COVID. I checked online and sure enough German Postal service has suspended sending packages to Australia. Getting Porsche parts is about to become more tricky! sleazius 1 Quote Link to comment Share on other sites More sharing options...
TwoHeadsTas Posted 30March, 2020 Report Share Posted 30March, 2020 1 hour ago, Stephen Tinker said: ^^^ How are you finding the new Dunlop tyres? ^^^ Excellent Stephen, very impressed. Excellent run with them at Symmons Plains weekend before last. Basically a hybrid road / race tyre, so very sticky when up to speed and nice and warm. Didn't feel any rear end movement except for a little bit of a hop in the sweeper, suspect their limits exceed my capabilities..... Looking forward to the next Post CV event. Talk about an ever changing landscape - since my drive this morning the Tas govt has just shut us down another level, looks like no more coffee roadtrips unless going to work. Might be able to live with that, but it's a pretty boring 100km round trip, although I guess any trip in a GT3 shouldn't be boring....... Quote Link to comment Share on other sites More sharing options...
LeeM Posted 30March, 2020 Report Share Posted 30March, 2020 4 hours ago, TwoHeadsTas said: Didn't feel any rear end movement except for a little bit of a hop in the sweeper  Not sure if this applies to cars, but rear hop usually meant too much grip in a Go Kart. Cheers @edgy 👍 Quote Link to comment Share on other sites More sharing options...
Airhead Posted 30March, 2020 Report Share Posted 30March, 2020 22 hours ago, hugh said: Are you able to provide your own sanitiser? Got it covered.  hugh 1 Quote Link to comment Share on other sites More sharing options...
TwoHeadsTas Posted 30March, 2020 Report Share Posted 30March, 2020 1 hour ago, LeeM said:  Not sure if this applies to cars, but rear hop usually meant too much grip in a Go Kart. Cheers @edgy 👍 Could be right Lee!! Perhaps they're too new??? I went with my tyreman's recommended 265/35 on the rear, on the basis that they actually measure 275/35 according to the specs, which converts pretty closely to the original fitment 285/30. Certainly they don't look too narrow!! Quote Link to comment Share on other sites More sharing options...
smit2100 Posted 30March, 2020 Report Share Posted 30March, 2020 12 hours ago, LeeM said:  @smit2100 I'm not going to quote you there, yet to the uneducated numpty (aka me) that makes a lot of sense.  As a preemptive strike, I've messaged my bank yesterday to discuss the possibility of an equity loan incase one, or both of us, lose our jobs, as there is no way we can survive without it.  Do I sell my 911? I'd very much prefer not to, as I'll never get another one (and the missus has banned that from happening anyway), yet the big question is, would a bank allow a decent loan without any income? I highly doubt it, especially if we also have to freeze the home loan payments which will accrue a shitload more interest on top, so we're probably caught between a rock and a very hard place In relation to the 911, my Mrs isn't so sympathetic and I am constantly asked about the non use / offload question. But helps a bit since its out of sight and  garaged offsite. Re, preemptive strike, if you don't ask you don't get. But if  they say no, at least have a another swing and get them to sharpen the pencil on the interest rate if your paying more than someone like me coming off the street  for exactly the same loan prior to going into any freeze. I had that WTF moment / question on an interest rate after transitioning from one loan product to another with the same bank not so long ago. Within  10 minutes of receiving a revised loan letter,  when I got through to the right person on the the phone, it was a 30 second background spray on the back of more than double the agreed fortnightly loan repayment deductions based on their algo and a surely thats a typo on the rate in the letter.  A 0.6% instant deduction in  rate  at the end of the spray to at least keep me square to keep in check with Jo Blow off the street and at least get the rate  below what I had on a margin loan at the time.  The debate on when the revised rate was going to be effective from was a bit more of a longer discussion. In the last two weeks, I had a premptive strike as well. I had to write a similiar sized thesis to my post to answer a series of qualatitive questions I have never come across in applying for a  non business loan before in the form of a lot of second round application questions  issued via an email.   In relation to the question how would you describe your relationship with the bank, after responding to saying check your records for the last twenty years on the same account and see if I have missed a payment except for that GFC slip up, along with  noting I've had  a revolving door of at least 20 to 30 account managers on statements over  journey.  I politely paraphrased the rest of the response to that question along  the lines of in absence of a headsup call on the email, thought it was pretty good prior to writing the response  to these questions ,  but now I not f'n happy Jan jumping through these square hoops responding to some of this  s#$%. Application is still pending a decision. Fair to say GF as a formal response is highly probable.  PS A foregone can of beer a week from a tight budget and redirected to the petrol budget is good for what, a 10k  extended lap around the block per week in terms of exercise for you and the 911. Looks like  you didn't get  a don't come back envelop/ eft / discussion on the 1st of March. If so, at least now that hard place looks like at  least  3k a month worst case for the next 6 months for you and the Mrs that wasn't on your radar when you penned the above post. Reckon the word surplus won't be in any politicians vocabulary for at least the next decade. GST at 17.5% by Christmas? firstone and LeeM 2 Quote Link to comment Share on other sites More sharing options...
DJM Posted 30March, 2020 Report Share Posted 30March, 2020 On 29/03/2020 at 16:48, hugh said: I'll be totally honest and declare that I'm not a Doctor, nor have any professional medical qualifications. I did read a very interesting article though on the internet (so I've no doubt that its true) that going for a drive in a GT3 has been proven (based on a peer review) to cure any sickness, mental and/or physical side effects of Covid -19. I don't believe any studies have been conducted on any other models but I feel that the research is onto something. And with that in mind its back to the lab. Empty roads helps 👌🏻 On 29/03/2020 at 16:46, edgy said: What is peoples thoughts on realestate? We listed an ex display home recently, was due to go to auction 21 March.  We pulled it due to CV19.  We sold it on Friday after OFIs had been shut down for a week.  Sold within price range, unconditional contract, Chinese buyer, cash.  Happy.  there seems to be a glut of frantic buyers wanting a chair before the music stops.  Beyond that I reckon the market will just stall.  not up or down, just little activity.  Vendors don’t want people in their homes.  Elderly in particular.  So agents are saying they are getting no new listings.  Buyers forced to stay home.   Very few will buy sight unseen online.   So I reckon it’s about to go into hibernation.  On the other side it will depend on the economic impact, job losses, etc.  I defy anyone to predict when and where this ends..... And I wouldn’t be buying a rental now tenants can decide not to pay and not be evicted for 6 months.  It’s hard enough to get non paying pricks out without that.  It will be exploited. firstone 1 Quote Link to comment Share on other sites More sharing options...
G5032 Posted 30March, 2020 Report Share Posted 30March, 2020 30 minutes ago, DJM said: Empty roads helps 👌🏻 We listed an ex display home recently, was due to go to auction 21 March.  We pulled it due to CV19.  We sold it on Friday after OFIs had been shut down for a week.  Sold within price range, unconditional contract, Chinese buyer, cash.  Happy.  there seems to be a glut of frantic buyers wanting a chair before the music stops.  Beyond that I reckon the market will just stall.  not up or down, just little activity.  Vendors don’t want people in their homes.  Elderly in particular.  So agents are saying they are getting no new listings.  Buyers forced to stay home.   Very few will buy sight unseen online.   So I reckon it’s about to go into hibernation.  On the other side it will depend on the economic impact, job losses, etc.  I defy anyone to predict when and where this ends..... And I wouldn’t be buying a rental now tenants can decide not to pay and not be evicted for 6 months.  It’s hard enough to get non paying pricks out without that.  It will be exploited. Please no racism intended and please remove if it comes across that way, but I’m not surprised it was a Chinese buyer... for some reason not worried about economic fallout from Coronavirus and happy to splurge on property hate to say but I think we’ll be seeing a big foreign take up of australian property and business in the near future...     Quote Link to comment Share on other sites More sharing options...
firstone Posted 30March, 2020 Report Share Posted 30March, 2020 Buyers are buyers. More buyers, stronger demand. We're nearly all foreigners here.  Quote Link to comment Share on other sites More sharing options...
bear924 Posted 30March, 2020 Report Share Posted 30March, 2020 Last of the Chinese buyers for a little while https://www.abc.net.au/news/2020-03-29/foreign-investment-restrictions-australian-assets-coronavirus/12101332?section=business Spets87 1 Quote Link to comment Share on other sites More sharing options...
LeeM Posted 30March, 2020 Report Share Posted 30March, 2020  Regardless of ones country of origin, opportunistic buying like that is disgusting at others expense. Nice move Australian government...should have happened long ago Spets87 1 Quote Link to comment Share on other sites More sharing options...
LeeM Posted 30March, 2020 Report Share Posted 30March, 2020 @smit2100 Ta mate We're not part of the big 4 banks, and it was our bank who contacted us to see what they can do for us which I thought was pretty good.  We've never had a problem with them, and they always pass on any interest rate drops the reserve bank does, so we feel theyll help us out if the need arises.  I'd rather not freeze our payments, as I don't want to end up paying a shed load more interest, yet as our mortgage is around $150k and a recent property value of between $500-550k (a developer has offered us near the top end there recently), so one option to me would be to sell the place, buy elsewhere and be mortgage free with a few dollars in the bank (the missus is dead against that one as she works 3 minutes from home as I do and we both like living in this area), yet we're hoping the bank would advance us up to $50k to see us through this. We live pretty cheaply with my missus being the type that waits for $10 KMart shoes to come on sale for $5 and tv dinners from Coles at the moment (I highly recommend the Tuna mornay!), we rarely go out as we prefer home life with our dog, so 50k would last us quite a while.  My job is busy and maybe getting busier with some other smaller home maintenance companies sadly going to the wall, yet I'm the type who prepares for the worst long before anything might happen. As I type, the missus just had two days cancelled this week when she normally doesn't have enough hours in the day, so maybe that's the start of her employment diminishing?  Regardless, we'll work it out somehow if it all turns to shit Quote Link to comment Share on other sites More sharing options...
DJM Posted 30March, 2020 Report Share Posted 30March, 2020 25 minutes ago, LeeM said:  Regardless of ones country of origin, opportunistic buying like that is disgusting at others expense. Nice move Australian government...should have happened long ago Did you miss this in the article......🤔 At the moment, foreign investors need to apply for approval before purchasing land or assets in Australia if the value is over a certain threshold. All they have done now is removed the threshold. The display home we just sold at 1.7M ish was already required to go through FIRB approval.  There are already restrictions such as it must be new, not established and if they buy land, they must build more than 1 dwelling so it adds to building activity and housing stock.  That’s what FIRB approval checks for amongst other things.  So you can relax...... 9 hours ago, bear924 said: Last of the Chinese buyers for a little while https://www.abc.net.au/news/2020-03-29/foreign-investment-restrictions-australian-assets-coronavirus/12101332?section=business How so?  FIRB approval has been required for years, they just reset the threshold.  An offshore buyer simply needs to apply and if FIRB approves, the deal goes through as normal.  As it should..... My understanding is there are more offshore buyers from UK and US than China but a little racism never hurt anyone, right......🤔 firstone 1 Quote Link to comment Share on other sites More sharing options...
LeeM Posted 30March, 2020 Report Share Posted 30March, 2020 6 minutes ago, DJM said: Did you miss this in the article......🤔   It seems I did! I stand corrected 👍 Quote Link to comment Share on other sites More sharing options...
DJM Posted 30March, 2020 Report Share Posted 30March, 2020 Thought so.....2018 data.  Don’t hear anyone criticising those damn Belgians but Chinese at #9, well they are fair game apparently. Which economies invest in Australia? The United States and United Kingdom are the biggest investors in Australia, followed by Belgium, Japan and Hong Kong (SAR of China). China is our ninth largest foreign investor, with 1.8 per cent of the total. However, the levels of Hong Kong (SAR of China) and Chinese investment in Australia have grown significantly over the past decade. https://www.dfat.gov.au/trade/resources/investment-statistics/Pages/statistics-on-who-invests-in-australia firstone 1 Quote Link to comment Share on other sites More sharing options...
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