Canterbury Property Services

Discussion in 'Property Experts' started by armorris007, 14th May, 2009.

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  1. Hosko

    Hosko Well-Known Member

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    Hey Venom,
    I know nothing about CPS, but great effort on putting $60k into your buffer in 3 years. That looks like $20k per property for you?
    Can I ask how much of this percentage wise is "your" saved monies from salaries/income which you would save anyway vs how much of it was generated through the properties and/or CPS?
     
  2. venom

    venom Well-Known Member

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    Hi Hosko,
    We didn't put 60k into our Buffer in three and a half years, our buffer went up 60k, but we paid off our PPoR in that time 220k which works out to $5,238.00 per month.
    About half that was from Rents the rest from our salaries, we were paying $2400.00 a month on PPoR before we were with CPS, but had only paid $80,000 in 10 yrs.
     
  3. dp

    dp Member

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    melbourne
    Thank you Venom.. I didn't get any updates from this forum for a while I thought its group is inactive and suddenly got message, so decided to pay a visit ;-). Glad to hear its all positive for you so far.. I will keep doing the same see this will finish off quickly
     
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  4. Auzichef

    Auzichef New Member

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    29th Oct, 2017
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    Location:
    Springfield Lakes
    Dear All
    Been reading the posts for some time now. Seemed to take forever to get finance sorted but just rented our new IP with CPS so on our way. We have 300k left on out PPOR and hoping to buy our second IP in around 2 years time. The only thing that makes me nervous at this stage is we originally went for IO loans but ended up with P&I loans for all, due to the added government restrictions. The addition of Government restrictions really slowed the finance side of things as they came in during the process! But anyway the journey has started and have faith in CPS and will keep you all up to date with progress.
     
  5. Kraftette

    Kraftette New Member

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    12th Jan, 2018
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    Brisbane
    Hi all - yes, I’m another new member. Yesterday we signed a contract for our first property with CPS. I have been following them for years but am now sending our youngest to school which is freeing up some $$ for us. Our property is earmarked for the greater Springfield area and it all seems to check out. Looking forward to seeing our money work for us. Thank you all for this forum. Like many others I tried to research to find compelling reasons to show that this was a scam. I haven’t been able to find anything negative - anywhere.

    In any case - finance has not yet been approved (unconditionally or otherwise). Macquarie have been verrrrry slow. Will keep you all posted. Cheers!
     
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  6. pdg

    pdg Member

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    Hi all, been absent for a while but am back, not much chat of late I see. I am wanting to know from any of you who have property in Griffin, what property manager you use and whether or not you can recommend anyone other than RMP. RMP have been appalling of late, I now practically manage my own property but pay them a management fee. I have had problems and was unable to contact anyone in the Redcliff office, that's right, no reply or returned call after several attempts. I then managed to contact the new " BDM" who couldn't tell me why there was nobody in our area office, she would look into it, well I have yet to hear back and am fed up with this service. So any recommendations would be greatly appreciated since my rental renewals are due soon..
     
  7. venom

    venom Well-Known Member

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    Hi pdg, our first IP is in Griffin, and yes we use RMP, had a bit of an upset with them, as our second lot of tenants were asked to leave as always behind on rent etc, and when it was time to clean up the property, they had left it in such a mess, all I can say is lucky we had Insurance. The biggest prob was the guy going around to inspect the property would always say yes it all looks fine, but when tenants moved out, I was so shocked, like the oven had not been cleaned in the two yrs they were there, the white fans where black, posters had been glued to walls and ripped off taking bits of the gibrock with it, Flea's, carpets ruined blocked drain and outside was just a total mess,
    I wanted new property manager too, but after sitting down with the RMP manager in Carina, and discussing and showing him photos he stepped up and gave us 3 mths free and now we get photos of the property inside and out for every inspection, and they are doing a better job now.
    you could talk to him and tell him your concerns, name is Gaven Wood - Business Development Manager in their Carina office, 0407025777. or even talk to Tim at Canterbury Property Services. Let me know how you get on ok, and if you have anymore Q just ask me.
     
  8. venom

    venom Well-Known Member

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    Hi Auzichef, yes our properties where IO but as of Jan they were changed to P&I, the P&I interest rate was half percent lower so in all has only increased for two properties around $400.00 per month.
    let us know how you are getting on ok.
     
  9. alright_geezer

    alright_geezer Member

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    I thought I'd chip in on these topics. I've always been an interest only (IO) advocate but I'm glad CPS now recommend P/I as that is the most efficient cost wise. I'd like to support venom's suggestion to ring Tim. I have a property in North Lakes and RMP were managing it well but the tenant left halfway into the lease at the peak time of Christmas. We struggled to get a new tenant so I wanted to engage another manager. Tim was fine with that but he got RMP to prioritise my property. And I got a tenant. You have to remember as a CPS client, RMP will treat you better then a normal client as they risk losing many clients. I suppose in summary just speak to Tim.
    .
     
  10. Kraftette

    Kraftette New Member

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    Hi all - a quick update. After 2 months we are finally settling next week. Property has been secured out at Springfield Lakes. I’m a bit worried about our “buffer” - doesn’t seem to be much left over after everything is drawn down and dispersed.

    How long on average would we expect for the build to be completed (based on your collective experiences)?

    Cheers
     
  11. sss

    sss New Member

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    I agree RMP are useless our property is at north harbor we had tenants move out RMP said all was good to return bond ,went up to the property to inspect our self's and found the oven dirty draws left in the garage defect items that were noted when the tenants first moved in were still not rectified asked RMP if they were fixed before heading up there they said yes the job has been closed off to find they have not been fixed questioned why the job order was closed off with out confirming the items were fixed they couldn't give me a straight answer. Once my 18 month rent subsidy is up i definitely will be looking for another agent so also interested if anyone else can recommend another agent up that way.
     
  12. pdg

    pdg Member

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    Thanks Venom, been down that road and to be fair Gavin did fix things for a while, two years ago. They have a new BDM, Susan whom I have been in touch with, was told it's not really her area but would get back to me, that was two weeks ago, still l waiting for an explanation.
     
  13. alright_geezer

    alright_geezer Member

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    21st May, 2017
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    Hi Kraftette, I went and had a look at my property in Springfield Lakes, and it took about 8 months from Jan to Aug 2015 from soil testing, to building, to completion. Hope that helps. Regards, AG
     
  14. JayJay100

    JayJay100 New Member

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    There will always be different experiences when humans are involved. From my view point I have only ever had a good experience. This reminds me of the Michael McIntyre joke about forum sites. He was going to a restaurant but noticed a forum post that said the waiter had spat in their food and attacked them. The humour was when he told his wife "We can't go to that restaurant because they will attack us and spit in our food" Ha ha.
     
  15. Switchtronics

    Switchtronics Well-Known Member

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    10th Oct, 2015
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    Location:
    Sunshine Coast
    How's everyone's experiences with canterbury? I can comment on how mine has been when I first started my property journey. They are knowledgeable and offer a complete service. Strong sales and very professional outfit.

    In relation to my portfolio I was suggested 3 properties. 2 I bought.

    North lakes property hasnt seen a gain in 4 years. Purchased for 350k bank valued 2 years later for 330k. Saw large rental vacancies in the first 6 months, probably due to north lakes having significant new builds. Was appraised for loan purposes at 370 by rent my property actually got 330 rent. The first couple of years tenants were difficult comments of the investment style construction and small block attracted short term tenants. Now not having much issue with tenants and market starting to stabilize.

    Purchased a property in Brisbane about 7 years ago. Purchased 420k most recent bank val 420k, possibly higher now as Ive not valued since last year. Rent was originally 400pw currently getting 400 per week.

    Concerns with rmp similar to other comments in the thread in the Redcliffe area however better in the other branch.

    In regards to the rental gaurantee I have utilized it and they supported the vacancies excluding the first 2 weeks. I was originally given a 5 year rental gaurantee which was originally declined but honoured when I produced the certificate due to changes in times throughout their business. When I questioned it I was informed that they couldn't afford to pay for every house to be untenanted and the rental guarantee is simply to get you started. It was honoured non the less.

    In regards to the resale gaurantee. I was originally sold it as they would take back a property for its purchase price at any time if you run into hardship, a sort of soft close.

    They offer to pay back the contract price of the property excluding govt charges, stamp duty etc. I went through a period of ill health, without work and looked at selling a property if things didn't get better. I thought I would utilize the resale gaurantee to undergo the medical work. It was explained to me it is not a simple procedure for a change of mind situation (like any property purchase) and consider all sales final unless you experience exceptional financial hardship. To ascertain my financial situation I was requested to supply a bank screenshot. The resale gaurantee I was informed would be looked at if I had insufficient funds left and only after I listed the property for sale at contact price excluding setup expenses, govt fees etc and it didn't sell by agent. If I sold the propety I would have been a 20k loss + agents fees.

    In relation to the property values it was drawn on a diagram suggesting they would have doubled in 10 years of purchase. Only a couple years left and we are close to purchase price. Noone has a crystal ball and noone can be held accountable for suggesting market trends based on the 10 year rule.

    So in a nutshell like any property purchase consider it a long term strategy. The resale gaurantee is nice at time of sale however like any propety purchase only to be utilized after all other avenues of a property sale are utilized. They do support where they can, and focus on new builds emphasizing the depreciation for non cash flow deductions.
     
    Last edited by a moderator: 21st May, 2018
  16. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I would suggest anyone contemplating dealing with Canterbury to do their research and get all claims in writing.
     
  17. GThomo

    GThomo Member

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    Brisbane
    Whoa! I am new to this forum and typed in Canterbury Services to see if there are any other clients and found this whopping thread. Good stuff.

    Thought I’d give my first contribution here. My last investment through Canterbury was at the suburb Warner (northside of Brisbane). About a week ago I noticed in the media that Warner has recently had the best capital gains in SEQ (or something to that effect) which seemed right, because I paid $430K two years ago. When it was revalued recently in getting my third investment property it came in at $500K (and that’s a banks conservative valuation, not a market appraisal from an agent) – and this happened while Brisbane supposedly had a flat market. However my first Canterbury investment hasn’t yet jumped a lot in value, but opinions suggest it might in fact jump past Warner over the next 5 year period. Anyway you have to be in it to win it. At least I’m in and the property loans are decreasing as expected. That was always my main focus. As they say, capital gain is a nice bonus.

    GT
     
  18. Mojojo__

    Mojojo__ New Member

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    Hi all the believer and non believer of Canterbury,

    What kind of mortgage solution did Canterbury suggested that allow one to not pay interest on their investment property and using the rental income on their owner occupied?

    Terry you would be quite intimate on this topic?
     
  19. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Yes
     
  20. Barnoid

    Barnoid Member

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    1st Jul, 2015
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    Ipswich, Qld
    Howdy all, it's been 4 years since I last posted - nothing sinister just getting on with life. I still have only one rental property, a townhouse in Brisbane, and I have to say we have had a dream run with tenants. We have only had 2 changeovers of tenants in 4 years and zero vacancy rate. The property is in pristine condition and I put a lot of this down to the townhouse being in a gated community with live in management.

    I have paid a significant amount off my PPOR ($160k+) - far more than I would have prior to CPS, but the capitalised interest on the investment has made the debt a lot more than the property is worth. Is this concerning? Yes, however when I do my tax return I see the 'interest shifting' advantage. Every year my taxable income is further reduced by the interest which was previously un-claimable.

    To be honest, I haven't controlled family spending as much as I should have - whilst we certainly don't live the high life there is always a repair to do to the PPOR or bills to pay, as well as feeding three kids, which prevented me from making real progress by saving. If I had tightened the purse strings we would have made far better progress, but it's been a comfortable ride and with one full time income I really didn't expect miracles. I am mindful though that my loans are currently IO so next year I assume I will have to go P&I, which will be a bit harder but holistically probably a good idea.

    In preparation for the PI, I am going to reconnect with CPS to get more advice on how to progress. Whilst I am happy with CPS they seemed to stop follow-up after about 12 months, but in reality I don't expect them to hold my hand either and I could have been a lot more proactive. I expect they will give me a slap on the wrist for not monitoring and controlling our monthly spending in order to save up a pool of money, and I fully deserve that slap. I am not unhappy with our current situation, but it could be so much better and I see that now.

    The summary is, the system does what it is meant to do, but for small fish like me it can be daunting to watch a property go into greater debt - even with a subsequent balanced pay-down of your PPOR debt. You just have to keep that tax advantage in mind and stay disciplined. If I had stayed disciplined I would have reduced my global debt balance, and probably have that 2nd investment by now. Stay tuned for next year, and I hope you are all well.
     
    Last edited by a moderator: 2nd Nov, 2018
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