I would say if you are happy to sell if the price is right i would get in touch with your neighbour and strike an agreement with them first before you do anything legal wise with the developer ie you agree with the neighbour on X amount each and then sell as a job lot for a premium to current market value.As big money is involved do not trust…[Read more]

robwilson wrote:
To start up with a mortgage aggregator or try and build up my own panal of lenders ?Major pit falls of the business to watch out for ?Is this a very tough bussiness to get clients in ? what would be the average amount of loans processed per month for a good broker working on his own ?Best lending software to use ?Ideas to start…[Read more]

Sounds a bit fishy and problematic. Why is the guy (your client) happy to forgo $150,000?

Hi,If you are looking for non bank / the loan based on end value type lenders I know a good broker in Brissie. Gavin Baker. 0431 047 035Let him know I sent you.

Richard?

Qlds007 wrote:
Just had a small development of 6 units approved only yesterday on Lodoc at $1M + so they are still around.

Hey Richard,Care to share which lender?

If you have had the funds in your account for a while you could look at a slightly higher lvr loan up to a maximum of 95% that way showing the lender you have the funds required for stamp duty etc. With the price $70k the difference in lmi costs won’t be huge.

Hi,I would suggest it would work something like this…but I am not an expert here.60%-70% of freehold value + some lenders may lend an additional say 50% ish of business value based on independent valuation which would normally be say 3 or 4 times annual profit.If you have additiional security such as a home with equity they will want a mortgage…[Read more]

– Two or 3 different lenders. Complicated but doable.
– Finance against other properties if equity available. Good option if possible.
– Do as commercial loan. Ok option but more expensive.
– Widebay building society say they do 8 on one title but I’ve never tested it, rate is a bit high too.

85% no mi with ing not possible unless main income earner is 2 years in job I think from memory. Westpac fine. Citibank should also be fine as long as property in good location ie Sydney metro.

It may not be impossible. Are you going to contract to one organisation? Will they be your only source if income? If so it may be do-able. I did once recently only 1 month self employed ang got 90% lvr $680k loan approved no issues. It really depends on your contract situation.

I should clarify I meant she would need some equity in the property is you were borrowing 100% + of your half share of the property.

Hi,You could purchase 50% of the property from her at current market value and share all ongoing property expenses. Say property is worth $300,000 (based on say the average of 2 independent valuations which would cost around $300 each but worth it for both your sakes) you pay her $150,000. On the loan side of things you would probably be best to…[Read more]

Hi,I think selling first in a flat market is the most prudent option. Sell with a longish settlement if possible and you might be able to find the right place in that window and avoid a double move.

Hi,Stamp duty is payable on value not sale price. If it were just sale price every man and his dog would be selling for less than market value with a cash deal on the side. This is deemed to be tax avoidance and is illegal. Not sure how each state picks up these favourable sales in their data but if yoir friend get caught not only will they ha…[Read more]

I believe granny flats are looked upon kindly by acpla. Contact them to see if allowed on your block first then next step is to get an idea of cost involved in building and if finance is likely available to you.

You want a granny flat with seperate kitchen, bathroom, living room and bedroom(s) to give you maximum finance options. If all seperate…[Read more]

90% no probs with 2 regional bank options, 95% second tier lenders only at this stage although this may change any moment now they way things are loosening up.

Hey,

Q for you Michael. How do you deal with hsbc? I thought they had exited the broker market.

Hi,Many lenders require all adult beneficiaries to guarantee the loan anyway so this might fly. Aletrenatively you might put both of you on as directors to start with then remove your wife as director after the loan settles. No doubt the lender would require a personal gaurantee from her anyway so they are covered.

Hi,I don't understand why you feel ripped off if a lender is paying ongoing commissions to a broker. If you are paying the same rate as if you went direct to the lender yourself isn't it irrelevant? It is just the lender spreading the cost of acquiring you as a client over the life of the loan.There are brokers who rebate ongoing commissions b…[Read more]