There is a lot of the population that have the “LIVE NOW, PAY LATER” attitude.

And there are a lot people living the “CREDIT FUNDED DREAM LIFESTYLE” new cars, boats, furniture, latest electronic equipment and having the best holidays, using credit to fund it all.

Financial Wellbeing Coach
W:…[Read more]

If you have changed jobs and the jobs were in the same industry, you shouldn’t really have a problem. I had client who had been in his new job for 5 weeks (in the same industry for 5 years) and didn’t have any problems obtaining the loan or mortgage insurance. Tell the lender you have been headhunted and have been given a much better package…[Read more]

If its under 50sm2 and hasn’t got a kitchen, you will find it is virtually impossible to get finance for.

Financial Wellbeing Coach
W: http://www.pfsfinance.com.au
E:loans@pfsfinance.com.au
E:financecoach@optusnet.com.au

Development Finance Specialist

Serviced Apartments/hotel rooms are very hard to obtain finance on.You are looking at maybe 50%-65% lvr and lenders do not like doing them as a stand alone deal and expect other security to be lodged as well.

They can be very hard to sell, as there is a limited market.

Lenders do not like rental guarantees as they are often inflated rents and…[Read more]

You will find that because you haven’t had a tax return lodged in Australia in 7 years, that the loan would have to be done as a low doc loan. 99.9% of low doc loans are mortgage insured so therefore any indicative letter of approval will have subject to approval by mortgage insurer on it as well as the standard clauses of valuation, providing…[Read more]

I purchased my first property when I was 19. Actually it was a block of land and as my brother in law was a builder I saved $30k by having him build a house for me. This was my start, it also helped that my older brothers and sisters were all into property investment. I used to always get negative comments from my friends who were always telling…[Read more]

Will it be a full doc loan or a lowdoc loan.

What is the postcode.

Financial Wellbeing Coach
W: http://www.pfsfinance.com.au
E:loans@pfsfinance.com.au
E:financecoach@optusnet.com.au

Development Finance Specialist

One tip I can give people contemplating development projects is to make sure they use a broker who is experienced in this type of finance as there is a limited amount of lenders that provide finance and if you broker doesn’t know what they are doing, what will happen is the project will go from lender to lender and it wil get to the stage that…[Read more]

You will probably find that the banks won’t lend over 80% because the property is in a undesirable location as far as the mortgage insurers are concerned. So therefore 80% is the highest he lenders will go.

Financial Wellbeing Coach
W: http://www.pfsfinance.com.au
E:loans@pfsfinance.com.au
E:financecoach@optusnet.com.au

Development Finance Specialist

1st Tier Lenders have pretty strict criteria regarding funding construction & development.(Funding against Cost)

The lenders that do Gross realisation funding are not necessarily private Finance Companys. Some of the lenders receive funding from international banks/superfunds etc and you can get rates from around 8.0% – 14.0% depending on the…[Read more]

They can be really expensive.

Here are some funding options available for

CONSTRUCTION & DEVELOPMENT FINANCE

FUNDING AGAINST COST: Is the more traditional, institution based type of lending. The actual cost of development are assessed and the lender will advance funding against cost.In most instancesBanks will require a developer to have…[Read more]

There are a few brokers that do this.

Here is an article from Mortgage Magazine discussing the concept, which is interesting.

http://www.mortgagemagazine.com.au/pdf/06_2004_mpa4.6_cash_back.pdf

Financial Wellbeing Coach
W: http://www.pfsfinance.com.au
E:loans@pfsfinance.com.au
E:financecoach@optusnet.com.au

Development Finance Specialist

This is probably the best example I have in my property portfolio in regards to capital growth over 15 year period. I purchased my first ip in Pakenham in 1989 for $98.000-.

Property is now valued at $235,000-. We had it valued June 2000 and it came in at $115,000-. Basically there was no movement out there for 11 years. But it has nearly doubled…[Read more]

All I can say is Research, Research and Research. With the uncertainty of the Property Market and interest rates at the moment, who knows what is going to happen. Talk to people and make sure you have an exit strategy with whatever you end up doing. DON’T RUSH INTO ANYTHING.

I have been in the finance industry for 20 years and now run a Finance…[Read more]

I know two really great buyers agents in SE Qld. One of them has 118 people on his waiting list. He is great at negotiating and very creative with contracts.

The other one has semi retired but has been involved in RE in SE Qld for 25 years and knows the market backwards.

If anyone wants some info, please contact me.

Financial Wellbeing Coach
W:…[Read more]

This is what my sister & her husband have done ovr the years.

First property was purchased in husbands name only. (this was before they got together)Husbnd lived in property.

When they purchased 2nd property in both names as ppor, 1st property was then sold to my sister by her husband at market value at the time. (she had to pay full stamp…[Read more]

I know a couple of great buyers agents in SE Qld. One of them has 118 people on his waiting list looking for property. The other one does it occasionally.

Financial Wellbeing Coach
W: http://www.pfsfinance.com.au
E:loans@pfsfinance.com.au
E:financecoach@optusnet.com.au

Development Finance Specialist

Also the lender will also need valuations done and will also require new mortgages to be done over all titles for the new subdivision.

Financial Wellbeing Coach
W: http://www.pfsfinance.com.au
E:loans@pfsfinance.com.au
E:financecoach@optusnet.com.au

Development Finance Specialist

Haven’t done one of these for along time but this is what I remember.

Plan of Subdivision has to be approved by the lender. As the lender holds a mortgage over the title, normally what happens, your solicitor lodges the plan of sub divison at the titles office after the bank has put a consent on the plan. The bank lodges the mortgage & title at…[Read more]

Interest rate of 6.0% yu are looking at P&I repayments of around $1,320 pm.

Everything else you are looking at doing depends on what the property values at on completion.

Financial Wellbeing Coach
W: http://www.pfsfinance.com.au
E:loans@pfsfinance.com.au
E:financecoach@optusnet.com.au

Development Finance Specialist