Hi Hiphopsupamix,

You sound like you would be able to get a loan now if you wanted to. Is the apartment you are looking at in a high rise? If it is it is more difficult to get mortgage insured loans (but still possible).

Regards,

Cameron Perry
Finance Consultant
F.R. Perry & Associates
Level 13, 30 Collins St
Melbourne VIC 3000
Ph (03) 9662…[Read more]

Hi Grant,

How much equity do you have to put into further projects? If you have an ABN/ACN Possibly you could look at doing low-doc construction loans using your income from developing/investing for serviceability. If you are developing 5+ dwellings you will need to look at business finance, which is a whole new kettle of fish.

Another option is…[Read more]

Hi Robibob,

I suggest you speak to your solicitor to see if there are any clauses that can get you out of the contract.

How much deposit do you have for the new property? If you can come up with 30% you may be able to use this to get a no-doc loan (the rates for these start at 6.99%), however you would of course need to make sure you will be…[Read more]

Hi Straw 610,

I don’t know much about Point Cook, but both Yarraville and Seddon are areas that look to be on the way up (Newport is a little close to the industrial areas for my liking) and have been looking around that area as well as West Footscray myself. I like the proximity to the city and Williamstown as well and prices are still quite low…[Read more]

It is certainly possible to find deals that are almost cash flow positive around Melbourne, which can then be made cashflow positive with a bit of work. I’m looking at putting an offer down on one at the moment that fits this description.

Kind Regards,

Cameron Perry
Finance Consultant
F.R. Perry & Associates
Level 13, 30 Collins St
Melbourne VIC…[Read more]

I think the Irish were attracted to the cheap beer. [biggrin]

Regards,

Cameron Perry
Finance Consultant
F.R. Perry & Associates
Level 13, 30 Collins St
Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 2044

Hi Hernus and Merinda,

There are a couple of Australian lenders who will accept New Zealand property as security, so you do not necessarily need to go to a NZ bank. I would also have a look around (or contact a good broker) before going with ANZ as they are generally do not have the best rates for loans around $500k.

Regards,

Cameron…[Read more]

Hi Michael,

I did a due diligence for a client looking at purchasing a shopping centre in Craigieburn a couple of years ago and the area is certainly going to expand. Hume Council is planning to adjust the urban growth boundary to release a large amount of land to residential zoning around Craigieburn. The demographic for the area is very much…[Read more]

Hi Ruby,

In a word no, you should have no problems getting finance with a 50% deposit. The majors will look at your income from New Zealand as long as the loan amount doesn’t exceed 80%.

Kind Regards,

Cameron Perry
Finance Consultant
F.R. Perry & Associates
Level 13, 30 Collins St
Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 2044

Your definitely paying way too much. With a loan amount over $500k you could probably get a loan specially priced at around an 0.8% discount off the standard variable (currently 6.52%).

Regards,

Cameron Perry
Finance Consultant
F.R. Perry & Associates
Level 13, 30 Collins St
Melbourne VIC, 3000
Ph (03) 9662 1999
Fax (03) 9662 2044

Hi Guilio,

If you do have objectors, the council is unable to issue a permit straight away but will instead will issue a Notice of Decision. If the NOD is for an approval, the objectors have the option of appealing within 21 days and if the NOD is a refusal to grant a permit you have the option of appealing to VCAT. The actual decision making…[Read more]

Yes Richard,

You are correct, they only lend to US entities. I should have said CPC are still open to lending to US entities controlled by Australian investors. Is that better?

Cameron Perry
Finance Consultant
F.R. Perry & Associates
Level 13, 30 Collins St
Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 2044

Hi Guys,

Bardon is correct in that CPC are still open to lending to Australian investors but are extremely picky on the condition of the properties they will lend to and who they deal with.

Tish is fantastic to work with, but has been overun by Aussies trying to finance sub-standard properties. CPC is a non-profit organisation with the goal of…[Read more]

Hi Mark,

What you are looking for is certainly achievable. I suggest you speak to a broker and ask for the best low doc products without LMI.

Regards,

Cameron Perry
Finance Consultant
F.R. Perry & Associates
Level 13, 30 Collins St
Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 2044

No problems Ozi,

I have sent you a private message.

Regards,

Cameron Perry
Finance Consultant
F.R. Perry & Associates
Level 13, 30 Collins St
Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 2044

Hi Ozi,

How high is the building? If it is under 10 floors we can do it at 95% with a good rate. If its over that, the max we can do is 70% and the rate will be up around 8.7%. We would also need to know the size of the apartment to see if it is viable.

Kind Regards,

Cameron Perry
Finance Consultant
F.R. Perry & Associates
Level 13, 30 Collins…[Read more]

It is still possible to finance multi-family properties in NY state. But there are heavy restrictions. I have only had success with clients of high net worth buying good quality properties. You require 6 months of P&I payments to be placed in an escrow account and there is a 75% maximum LVR.

Finance is also available through some NY brokers who…[Read more]

Hi Seanlisa,

As long as the loan is for investment purposes you can use the existing equity in your house to purchase an investment property and still claim all tax benefits.

The problem with transferring the old house would be the stamp duty that you would have to pay. It may provide greater asset protection but would be quite costly. I would…[Read more]

No problem Afghangirl,

I have sent you an email.

Kind Regards,

Cameron Perry
Finance Consultant
F.R. Perry & Associates
Level 13, 30 Collins St
Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 2044

Hi Afghangirl,

Unfortunately, there is no way to be sure about council approval until you submit a permit application, and for this you will need plans and a site survey (if you are subdividing). However, you don’t need to spend thousands. You should be able to get some sketches done by a good draftsman for a few hundred dollars. I would also…[Read more]