Forum Replies Created
Hi Carole
Sorry i am still not fully understanding the issue.
If the loan has been fully approved (irrespective of whether it is a bridging loan or not) and the loan documents issued then really there should be no problem.
Any senior member of staff should be able to get the Settlements department to take a booking even with less than a week to go.
I hate to say it sounds like the loan has not been fully approved yet.
I would never have gone unconditional on a say so from a Bank employee without getting the letter of offer in writing.
I wish you well but wouldn't let the lender off the hook for one minute.
Tell us the lender and we can certainly see whether we can recommend anything else.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Aloha as i mentioned earlier just make sure your lender knows your intentions as too many lenders wont allow multiple properties on the 1 title and that's where so many clients come unstuck.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
If the property is new the admin & sinking funds budgets will be readily available to you.
You do however have to remember that they are only a budget prepared for the first 12 months after which time the Body Corporate will make adjustments going forward once they get an indication of the actual expenses.
Course there could be a big difference between the budget and the actual's.
In saying all of this being a small development there should be a limit to the amount of expense.
In regards to the Building Insurance you can merely ask for a copy of the Certificate of Currency and this will give you an indication as to the premium and the policy inclusions.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
SSM
I think you are referring to the 2 ways of calculating and applying Depreciation being the Prime Cost and Diminishing value method.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Also another point worth mentioning is that the date for CGT purposes is the Contract Date and NOT the Settlement date.
You could go to Contract on the 31st December 2011 and then Settle some 8 months later.
Decide to sell the property immediately and eventually get a Contract on the 1st January 2013.
You would still be entitled to claim the CGT discount on the sale.
In relation to Depreciation just remember any Building Alllowance claimed during ownership is deducted from the initial Cost Base of the property as and when you sell it so you have it both ways.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Many lenders have already filled their Settlement bookings and are struggling to take additional ones.
Just because the loan is unconditionally approved and the Letter of Offer and Mortgage Documents have been issued there is no guarantee that the lender will be ready to settle when you want.
As Terry mentioned the Bank are not a party to the Contract and therefore have no say in whether the contract goes unconditional.
All they do is approve a loan based on the information they have been given and it is upto the purchaser to decide whether the Terms as set out in the Letter of Offer are acceptable and decide whether theycan go unconditional.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
If you are referring to FOFA whilst most of the reforms came into play from July 1 2012 they are voluntarily upto 1 July 2013.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Yes and Yes not a nice position to be in this time of year.
I would be getting your Solicitor to be liaising with the Vendors solicitors as soon as possible as you don't want too risk loosing your deposit.
Get immediate legal advice.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Ben
In Qld a quick Title search thru The Dept of Natural Resources will give you the registered owners details.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
At $1M on a Commercial property at a 50% lvr you should be able to get a half decent rate at the moment
Hate to say that is not the case with shares or bonds at the moment as neither loans have come down much wiithrecent RBA cuts.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Carlio
Welcome to the forum and i hope you enjoy your time with us.
I cannot see why you wouldn't buy your first PPOR in joint names as Jamie mentioned as you will need to utilise the equity in the property for your future IP projects.
In saying this you will need to ensure the PPOR loan is set up correctly from day 1 to avoid any issues down the track.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Terry are we talking NAB Retail as if so the maximum at 95% lvr is $1.5M.
They have DUA with QBE to a maximum of $2.5M and 95% however you won't get Credit to approve anything over $1.5m
Homeside is different although of course they use Gemworth.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
A couple of lenders will do 85% at varying interest rates and charges.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
PFranky
Don't worry you are not alone with Anz as non of the major lender now offer a refund on your LMI premium.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Terry
They used to but hate to say those days have gone.
QBE put a stop to that.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Aloha
Yes you can certainly borrow 100% of the construction price subject to a few variables however i would probably suggest that you borrow say 80% of the initial site price and keep the balance in an offset account initially.
This will give you flexibility when it comes to the construction.
Also remember if you knock down the existing property you might have to reduce the loan to a percentage of the land value.
One thing to make sure is that your Broker finances the deal on the initial property with a lender that will allow you to construct 3 properties on a single title.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Next thing we will be hearing that a SMSF can invest in a luxury car such as a Bugatti Veron and use it on weekends only as long as you clean before it goes back.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Nat
Hate to say Thomas seems to left the forum.
Probably gone off to sprook his wares elsewhere.
Funnily enough financed one for a client a month or two back.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
For Phil's benefit the Isle of Wight is off the East coast of Lymington in Hampshire and certainly is part of the UK.
You could always look at lending the funds to a Company that specialises in secured funding or 2nd mortgages.
Currently probably earning 10% per annum.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
HI Matt
Hope you are keeping well.
In Qld we prefer License to Occupy deals rather than Lease Options but in saying all of that you need to find a Vendor who will agree to such Terms and that is the hard part.
Of course you have to accept that you will pay a higher rate and a higher sale price for such a product.
We are hoping to launch a new 100% investment loan product when i get back from the UK so we can certainly chat about this. In the meantime good luck with the mother in law.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
