Forum Replies Created
Hi Mitchy,
One option is to go for a 100% investment loan. That way you would only need to pay your mortgage insurance and stamp duty, which should be covered by your $8,000. The rates start from 6.89% on these loans.
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 2044Hi Mt87,
Why don’t you have a look down at the Mornington Peninsula. With the baby boomers set to retire over the next few years, there should be a sharp increase in demand with many retiring to the relaxing lifestyle down there. This won’t necessarily mean a boom, but there are pretty good conditons for growth in my opinion. Personally, I’ve bought in Somerville where there are plans for a major shopping centre. Hastings is another good spot.
Regards,
Cameron Perry
Finance Consultant
F.R. Perry & Associates
Level 13, 30 Collins St
Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 2044Hi Grant,
To answer your question, yes there are lenders who will lend on end value of the project to 65% and you could get a second mortgage on top of that if you wanted to go higher, but the rates would be high.
An equity partner is someone who would invest some more equity into the project. The more equity you have in the project the more likely it is that you would be able to obtain favourable finance terms.
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 2044Hi 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 1999
Fax (03) 9662 2044Hi 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 to join with an equity partner to do more projects.
Regards,
Cameron Perry
Finance Consultant
F.R. Perry & Associates
Level 13, 30 Collins St
Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 2044Hi 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 able to service.
Having said that, it would in all probability be preferable to not incur more debt while one of you is unemployed, so selling the property may be a good option.
Good luck.
Regards,
Cameron Perry
Finance Consultant
F.R. Perry & Associates
Ph (03) 9662 1999
Fax (03) 9662 2044Hi 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 in comparison with other inner city suburbs.
A high rise in Southbank is quite risky in terms of investment as there are a significant number of unoccupied units there and still more being built. However, it may suit your lifestyle so it depends where your priorities lie.
Regards,
Cameron Perry
Finance Consultant
F.R. Perry & Associates
Level 13, 30 Collins St
Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 2044It 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 3000
Ph (03) 9662 1999
Fax (03) 9662 2044I 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 2044Hi 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 Perry
Finance Consultant
F.R. Perry & Associates
Level 13, 30 Collins St
Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 2044Hi 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 young families with a high percentage of immigrants (who tend to have larger families), so the population is likely to increase signficantly around that region. Whether this will translate into good capital growth in Roxburgh Park I don’t know as there is likely to be an increase in both demand and supply. I hope this helps.
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 2044Hi 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 2044Your 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 2044Hi 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 process for issuing the permit is different for each council. I hope this has helped. Good luck.
Kind Regards,
Cameron Perry
Finance Consultant
F.R. Perry & Associates
Finance and Town Planning Services
Level 13, 30 Collins St
Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 2044Yes 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 2044Hi 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 improving housing in the area and will only lend to those who they see as upholding these goals. If an Aussie has a quality team on the ground and is committed to holding the properties for the medium to long term, they are still capable of getting finance.
Richard is correct in that the closing costs on loan amounts under $100k are generally prohibitive, but they will lend on lower amounts as long as the properties are in good shape.
The conditions are maximum 75% lend with 6 months repayments held in escrow for 5 years.
Regards,
Cameron Perry
Finance Consultant
F.R. Perry & Associates
Level 13, 30 Collins St
Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 204495% Finance for Commercial Properties in the US
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 2044No 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 2044Hi 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 St
Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 2044It 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 know how to work the system, but the rates and fees are pretty high.
As Richard says, finance for foreign nationals is very different for each state in the US and more options exist for foreign nationals in some states than others.
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
