Forum Replies Created
Fun, i was drawn by the heading 'Anyone need a lifeboat'?
I though freckle was setting up a business selling them as a mode of transport in Brisbane as the roads are covered in water most days and cars are darn useless.
Had a discussion with my neighbour lunchtime who had bought a new boat.
I asked him was it to get into the City quicker than driving thru the flooded tunnels.
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Yours in Finance
Richard Taylor | Australia's leading private lender
As Terry mentioned Fixed Unit Trust but remember that is far reached to a HDT.
Wont get 95% lvr easily in a HDT without paying for it.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Only one of the Big 4 said no i am surprised.
I can't think of any of the majors (with maybe 1 exception) who would even understand how to such a deal let alone approve it.
With that amount of equity there is many ways to get a deal over the line on servicing.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Would have thought you might have added Toowoomba in the mix there as well.
Was out the a few weeks back and some very interesting activity there.
Hard to believe it is Australia's largest inland town with the exception of Canberra.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Have you also considered your dad's possible CGT and possible other issues in regards to gifting you the property.
The ATO wont wait until you eventually pay him back.
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Yours in Finance
Richard Taylor | Australia's leading private lender
I agree with Freckle i am unsure why you wouldn't use the valuation to your advantedge and tell them you are terminating unless the Contract price is re-negotiated in your favour.
Never sure why you would you would pay 20K over the valuation as that will shoot you in the foot in the future should you ever want to realise equity in the property.
I don't know the area but sure for a settlement and capital reduction to keep his financier happy the developer would rather bank something that be trying to re-market the property.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Neil
Yes welcome to the forum and hope you your time with us.
Do you want to throw the bone out a little more and tell us where they are based and then might get some further feedback.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Neil
Yes welcome to the forum and hope you your time with us.
Do you want to throw the bone out a little more and tell us where they are based and then might get some further feedback.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Bought a PPOR house 5 bedroom on the water in Palm Beach in 1996 for $296K.
Some 5 years later it was worth $1.2M.
In saying this the GC in my opinion is a complete basket case.
There are good parts and there are parts i wouldn't buy if they were giving the Titles away in cornflakes packets.
Agree with Andrew some good bargains to be had with many distressed sellers but if you want regular and hassle free cash flow i think you can do better in other parts of Qld.
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Yours in Finance
Richard Taylor | Australia's leading private lender
I started doing Deposit Finance in 1996 and it was the foundation stone of our Vendor Finance business (FHOG Pty Ltd).
Still very much alive and kicking some 17 years later.
As long as the lvr is less than 90% you will get around the genuine savings problem with a few lenders / mortgage insurers although 1 of the insurers will allow a 5% gifted deposit.
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Yours in Finance
Richard Taylor | Australia's leading private lender
As i assuming you are not contesting the fact that it was wrongly registered ?
Had one removed for a forum client this week although the account was sent to a previous address.
Can't think of any good excuse off the top of my head but i guess there are options.
Also assume you haven't considered not being a party to the loan or Title and having it in the other parties name solely.
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Yours in Finance
Richard Taylor | Australia's leading private lender
LC I have to agree with JacM your current Financial Adviser should not only be sacked but hung drawn and quartered at the same time.
Without appearing crude it sounds like a bit of ass about face solution although without knowing exactly your own personal numbers it is difficult to give you exact information.
What you need to decide is not only what do i want to do know but where do i want to be in 3 years, 5 years and even 10 years out. Some of these questions you may have already asked yourself.
When you know where you want to be you can start to design a strategy to get there.
Certainly Capital Growth is important but many investors fail to understand the importance of yield.
Regretfully you cannot retire on Capital growth alone.
Solid rental income thru good and bad times will prove more important.
What happens if when you want to retire the property market is flat or has fallen do you want to sell the property at a loss just so you can curl your feet up.
If the property was producing a decent annual return there is no pressure to sell as you can live off the rental income.
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Yours in Finance
Richard Taylor | Australia's leading private lender
As long as the Fund is not seen as operating as a business there is no issue in the member making an non deductible contribution and subdividing the property.
I have done similar inside my SMSF (without the need of an non deductible contribution).
Also have a few properties i have sold on Vendor Finance increasing the return.
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Yours in Finance
Richard Taylor | Australia's leading private lender
There is no issue in purchasing a property as Tenants in Common with your SMSF however neither party could use the asset as a security for a loan.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi BM
Without knowing all the facts and figures i would be looking at an equity loan or similar to enable you to finance all the items you do not want included in the Fixed price contract which you can save money on my outsourcing or buying yourself i.e blinds, landscaping, fencing etc.
That way you can get the Builder to quote for just what you want him to build and can negotiate a better price for the extras by paying cash.
As i say without the full facts can't summarise much more.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Vin, Max hasn't got any as he intends to build the house as an owner builder.
May look at contracting later in the peace.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Beauty thanks Terry i am not sure the same applies in Qld.
Always good to be forever learning.
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Yours in Finance
Richard Taylor | Australia's leading private lender
As Terry suggested i would be seeking the opinion of a Solicitor (Terry is one by the way but too modest to tell promote his services) as sounds like a case of imcompetance.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Ok thanks Terry see we all live and learn.
I was aware a person under the age of 18 couldn't enter into a mortgage agreement but wasn't aware that could take Title of the property.
I was aware they could in certain circumstances enter a Contract but didnt realise that included the purchase of land etc.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Investors and home buyers alike often have short term memories
When i arrived in Oz in 1993 variable rates with certain lenders were up there at 18% and coming from the UK where housing rates in the UK peaked at 13.25%.
I thought all of my Xmas's had arrived in 1 go and with the GBP at 2.42 / AUS bought half of Brisbane.
Hindsight is a wonderful thing and as the setting of interest rates rely on so many economic measures i think if you are a person who panics and is concerned fix the rate now.
Loan planning and structuring is about building a model to enable you to ride out the good as well as bad times and risk minimisation is more important that trying to outdo a lenders treasure department.
There is no right or wrong time to fix as it all about personal circumstances.
My loan exposure sits at around $1.3M but i intend to pay that out in full in the next 18 months or so, i would never take a fixed rate. Others may have a loan of $100K and want the re-assurance of their monthly expenditure.
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Yours in Finance
Richard Taylor | Australia's leading private lender
