Hi everyone
Does anyone know of a lender who will give an 80% lend on 6 units on the one title? My current bank says that more than 4 on the one title means that it must be a commercial loan and will only give 65%.
If I can get a residential loan, will I be able to do so if I am purchasing as a company?
Thanks all
K
You may get 70% with the ANZ,
You can still get resi rates in a PTY, keep in mind If you’re purchasing in a Trust or a Company you will require directors guarantees.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
I got an investment loan with the national bank for 5 units with a 20% deposit.But most lenders at the time told me it is a commercial loan and wanted 30% deposit. Just keep trying
Cheers Rick
Monopoly, my favourite game
Hi Simon
Forgive my ignorance, but what is a director’s guarantee?
K
You mean Steven? Directors g’tee usually required if the trustee company borrows the funds seeing the co. is probably a $2 co. with no assets. This means the directors (you) will have to g’tee the obligations under the loan. Not too much of a hassle, just more paper work the bank needs to send out to you so a little more time consuming. But if you have a HDT, I would have thought the loan is made directly to an individual? so they can use it buy the units in the trust..etc.. Pty then reg’d in name of Co. Trustee ATF HDT. Any financiers care to add/ correct me?
Hi
where are they located?
Dave
asdf comments are spot on, cheers.
Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Thanks for that ASDF
You have just reminded me that, despite having a law degree, I would rather pay an accountant to do all my dirty work!
Steven (sorry about the Simon thing), I have spoken to your mate today and all systems are go.
Cheers
K
That’s good news Linar,
Good luck with it all, cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
You’ll find what you learnt at uni is of very little relevance in the real world of property investment and wealth creation. You’ll learn more from your fellow forumites than them case laws you’re used to trawling through. I’m thinking that Steven put you through an accountnat? I was going to suggest that you don’t just use any old accountant. You should work out what you want. Pros and cons/costs with different type of trust structures and trustees. Get that sorted first before you go shopping. We were doing it simultaneously and boy was it a pain. Good luck. Incidently, are you practising?
I’ve got an excellent accountant. I just do whatever he tells me to do.
I used to trawl around the criminal courts (where of course you don’t need to know any actual law!) but I have just had a baby and have retired. My husband will join me in retirement at the end of next year when hopefully we will live off our property investments.
Ah, life is grand.
K
hi Linar
Have you looked outside the square and costed to strata the builing.
A you would increase the value of the units.
b lending on each unit is easier.
Not sure if I should be helping a lawyer I may sit on the fence on that one. but you did say criminal law so I suppose that counts me out of that one.
Also don’t just look at banks have a chat with a broker re private lenders you’ll get 8.75% currently and they will go to 80%.
and the last but not least drag as much out of your home equity in cash and drop it into the loan as it will be at resi rates and split the loan for tax purposes.
This should not be seen as financial advice and should not be used to gain finance.here to help
Hi grossrealisation
Thanks for the advice.
The units are already strata titled – which almost makes up for the disastrous state they are in.
I have been dealing with the ANZ bank directly as well as with brokers. The ANZ came back to me today and said that they would lend at 80%. Who would believe that a major bank would come to the party? Having said that, I have been quite happy with the work that ANZ has done for us in the last few months.
I’ll keep you all up to speed on how we go with it all.
Cheers
K
Sounds like you’ve found a lender. Is it still on commercial rates? I would have thought if you said you wanted 6 contracts drawn up, it could be resi loan and can maybe borrow more with LMI?? If they’re balking, then maybe try to stagger the settlement say 2x2x2 at a time? Would need the vendor to agree to arrangement too though.
Life IS pretty good – have a baby and you get to retire! Best wishes.
Anz would certainly do 80% if they are strata titled but would limit LVR to 65% if in one line.
We have several funders who would do 80% for a non strated block with rates not far off residential.
Cheers Richard
Ph: (07) 3720 1888
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
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