Hi Brad,Also keep in mind if you borrow more than 80%, you will be up for mortgage insurance, so it would be preferable to keep your borrowings below 80% wherever possible, as this is a big hit for borrowing a relatively small amount extra. Kind Regards,Cameron PerryPerry Financial StrategiesPh (03) 9662 1999[email protected]

Hi Brad and welcome to the forum,The way the bank has suggested you structure the loan is basically correct, however it would be advisable to split the loans into two facilities on a stand alone basis rather than have an all in one loan of $280k. This is because you don't want to give the bank  too much control over what you are doing in the…[Read more]

Very interesting first post.Kind Regards,Cameron PerryPerry Financial Strategieshttp://www.perryfinance.com

Hi Go Coastal,In which country are you looking? Generally the best bet is dealing with international banks like HSBC who have a presence there. Also, how much are you looking to borrow?Kind RegardsCameron PerryPerry Financial StrategiesLevel 13 / 30 Collins StreetMelbourne VIC 3000Ph: (03) 9662 1999Fax: (03) 9662 2044email: [email protected]

Hi Alastair,Purchasing the development site should not be a problem with that much equity injected. However obtaining the development finance would depend on quite a few factors, such as your own experience, the margin on the project (according to valuations), the builder used, pre-sales etc. What is the estimated cost of the build?  In terms of…[Read more]

I think this has more to do with Macquarie stopping lending than any issues with Virgin the company, as the Virgin Money product was just a re-branded Macquarie loan. Regards,Cameron PerryPerry Financial StrategiesLevel 13, 30 Collins StMelbourne VIC 3000Ph (03) 9662 1999Fax (03) 9662 2044

Hi Tuggerwaugh,As Kum Yin says, the first step would be to look at the zoning for the property, which will determine the minimum size for blocks to be subdivided into. Next, I would chat to a planning consultant about what you might be able to do on the land given its current zoning. If it is possible to subdivide, or perhaps re-zone the land,…[Read more]

Hi Blaze,I think you would have to look west if you want that price within 10kms of the CBD. Maybe Altona, or some parts of Footscray and the surrounding suburbs you might get a town house or villa unit for somewhere around $300k. You would have to go a long way east or south of the city to find townhouses for that price. Kind Regards,Cameron…[Read more]

Hi Dhillon,I am based in Melbourne and would be more than happy to have a chat if you want to speak with somebody local. Kind Regards,Cameron PerryPerry Financial Strategieswww.perryfinance.comPh (03) 9662 1999Fax (03) 9662 2044 

Hi Hari,I would suggest you speak to your finance broker rather than go to LaTrobe (I'm assuming your first loan is with LaTrobe), as there may be a more appropriate lender. if you are looking at buying a commercial property, you will need to have at least 25% deposit plus costs. Kind Regards,Cameron PerryDirectorPerry Financial StrategiesLevel…[Read more]

Hi Bronte,If you are not too far from Melbourne, I can recommend Guest's Accounting services who are our accountants and are fantastic. Their number is 95097033, ask for Morry Kalkopf. Crashy,Financing through new companies is fine if the directors are earning a wage as Brontes partner is, as this can still be used as income for servicing.Kind…[Read more]

Hi Fiona,In response to your question, yes there are low doc and no doc products that would enable you to get a loan, but your husband would not be able to be on the title. In terms of your serviceability, I have to disagree with the other posters on here, I think a $300k loan is well within your capabilities, particurlarly given your strong cash…[Read more]

Hi BMW330Ci,The future income from the taxi plate can be used to service the debt so it doesn't necessarily matter that you can't service the loan right now, although you would have to demonstrate a capacity to service the existing debt as well.  It is basically the same as if you are buying a business. There is no way you would be able to do a t…[Read more]

Hi BMW330Ci,Hard to say what the rates would be as they are priced individually, but 8.5% would probably be at the lower end. It may be possible to do 65% or even 70% LVR under some circumstances so the amount you have to put into the deal is no problem at all providing you get a decent price. The servicing can come from the future income from…[Read more]

Hi Andy, As Richard said this is common for securitized lenders. Take it to a bank, avoid the mortgage insurer and you will get it approved easily with that sort of deposit.     Kind Regards, Cameron PerryDirectorPerry Financial StrategiesLevel 13, 30 Collins StMelbourne VIC 3000Ph (03) 9662 1999Fax (03) 9662 2044

Hi D,I'm not sure that I understood your question properly, but if you borrow to buy future properties, yes you will need another approval from the bank at that stage. If you are talking about whether you need any approval from the bank as to putting cash proceeds from your sale towards buying another property, no what you do with your cash at…[Read more]

Hi BMW330Ci,Yes a taxi licence is commercial security and will be subject to much different rates and conditions than home loans. For a start you would probably be looking at a maximum LVR of  around 60% and the rates will be quite a bit higher than for residential property. Kind Regards,Cameron PerryDirectorPerry Financial StrategiesLevel 13, 3…[Read more]

Hi Joel,That is good that the val was accepted. Through most lenders (not all) you can re-assign a previously done valuation to the lender and have it accepted provided the valuer is on that particular lender's panel. Kind Regards,Cameron PerryDirectorPerry Financial StrategiesLevel 13, 30 Collins StMelbourne VIC 3000Ph (03) 9662 1999Fax (03) 9662…

It is possible to get short term private funds at 80% as a straight asset lend, but the rates are up around 10% + and you would be looking at around 2% in set up costs. Kind Regards,Cameron PerryPerry Financial StrategiesLevel 13, 30 Collins StMelbourne VIC 3000Ph (03) 9662 1999Fax (03) 9662 2044http://www.perryfinance.com

Hi Richard, Sorry I hadn't read your earlier post. It is a bit of a shame as the no doc was a really good product, but the rates are now getting a bit unworkable. Kind Regards,Cameron PerryDirectorPerry Financial StrategiesLevel 13, 30 Collins StMelbourne VIC 3000Ph (03) 9662 1999Fax (03) 9662 2044[email protected]