It has been a very long time since I updated here & there’s a reason for that. The property in Townsville left us over-committed & then the escape vehicle of our dreams popped up. We went for it using a short term loan, believing that we could easily pay it off by re-financing our whole portfolio. [...]
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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, [...] 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 [...] 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 Frequent [...] 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 our [...] 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 even [...] 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 portfolio [...] After the credit crunch has come the drastic reduction in interest rates. We spent our Christmas & New Year break motoring across vast areas of northern Australia, relocating a motorhome and a 4WD camper, closely followed by some horrendous flooding. En route, we got to see our house in Mount Isa for the first time ever. [...] We received an unexpected bonus in our recent refinance process. We are refinancing away from provider #1 (no names, no pack drill) to provider #2, who is providing us with a “Time Out” loan, also known as a “shared equity” loan, which allows us to repay the loan at a reduced rate. It works like this: [...] Am I concerned about the bottom dropping out of the US financial market? No, not really, unless it adversely affects interest rates. At this stage, I see no reason to change my optimistic view of the future, although I must admit that current interest rates are killing me. I have taken steps to address that by [...] |
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