Forum Replies Created
There are some excellent Commercial rates around depending on the security and the anticipated lvr.
Would need to know both before giving you an anticipated rate.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Devilz
Yes hate to say you are right.
The properties are cross collateralised and not ideal for going forward in regards to your investing future.
Of course with a fixed rate your choices are limited.
Would have suggested a fixed rate with 100% offset account but of course easy to wise after the event.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Devilz
Yes you can certainly transfer the equity from one property but i can't really see any real reason for doing so.
It won't benefit you Tax wise as the interest will still be deductible.
Only benefit would be if the properties are cross collateralised and you want the securities to standalone.
This certainly would have some value.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Devilz
Yes you can certainly transfer the equity from one property but i can't really see any real reason for doing so.
It won't benefit you Tax wise as the interest will still be deductible.
Only benefit would be if the properties are cross collateralised and you want the securities to standalone.
This certainly would have some value.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
As Jamie mentioned do your own research on the Investors Club as there are many responses out there.
In regards to their so called Independant Mortgage Brokers you have ask to yourself how independant they are when they are under instruction to get the deal thru irrespective of whether the property purchase price and valuation are a mile apart.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi roley
Cant make a December meeting as i am in the UK on holiday until mid January but certainly be interested in attending future meetings.
I have owned and ran First Home Owners Group for the last 12 year which is Qlds largest provider of Vendor Finance and be happy to offer some advice and assistance to new members starting out in the industry.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Yes might want to a search on the Investors Club before you delve in too deep there.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Alternative would be to look at a lender that offers 100% offset on a full fixed rate.
That way you would probably get the best of both worlds.
Not sure why for one property you would want to go with a CBA Wealth Package makes the comparison rate a lot higher than the quoted rate.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Joe
Nothing wrong with H & R Block for your ma & pa PAYG Tax return but for something that needs a more complex answer i would suggest a specialist.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I agree Terry should have seen the last haircut i got darn disgrace.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Joe
Settled on another mid year so does that now count lol.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Ok even at $115 / week isn't going to make that much difference on serviceability.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Yes i totally agree however sometimes it is not always the clients fault.
Some of the advice i have seen been given from so called professional advisers.
Real Estate agents are one of the worst who advertise a property for development, strata etc and then put a note that the property would be ideal for a SMSF borrowing.
Scratch your head and wonder how these guys get away with it.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thanks Gary appreciate it.
Not in Sydney but do have an investment property focus and have bought the odd IP or 40.
If you are looking for someone in Sydney i can also recommend Jamie from the forum who is in Canberra as a top lad.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I agree i can't believe anyone would give up and come back in 7 years time.
There are many standard lenders who will lend to a Discharged Bankrupt at varying rates depending on the amount of deposit that is available. We have been a provider of Vendor Finance for nearly 14 years now and have made clients who have doubled their money. If they had waited until their Credit file was clean they would have missed out on many an opportunity.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I think our poster is based in the US as Terry mentioned certainly can't do it in Australia.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
In the main you wouldn't fix the loan merely and utterly to improve your serviceability although in saying that i have done this for a few clients but mainly as a matter of planning going forward.
Fixing rates is a risk minimisation tool which can be used effectively depending on your own circumstances.
Going back to Matt's serviceability questions Yes in the main a positively geared property will mean you can borrow more than you could if the property was negatively geared but again in saying this can't remember the last deal that fell over for a few dollars of rent.
I wouldn't sell down my portfolio merely because they were costing me $20 / week as the whole picture needs to be assessed.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Gazza
Couple of comments as follows:
1) Is the stamp duty higher for an IP (in WA)?
No the rate is the same although their is a concessionary rate where the property is your first home.
2: Is there any way I can still get FHOG and stamp duty concession if I buy IP first, then PPOR next year or later?
No regretfully not. FHOG = Yes S/D = No.
3: Although It won't help buying in a trust if i'm a trustee, what about if I buy an IP in a trust, with a company as trustee and me as director or is that just as useless? Any estimated annual costs for related accounting etc?
No quite sure of the actual question. If you are asking whether you can get the FHOG / S/D concession where you have
purchased an IP in Trust initially then regretfully no. In regards to annual costs the Trust needs to lodge a Tax Return and you will need to pay the Annual ASIC fee for the Company. Bit more Accounting costs and possible Land Tax consideration but need to also think of the longer term asset protection benefits and income distribution benefits.
4: If that does help, are fees, interest rates, stamp duty, land tax, and any other costs higher when lending to /buying in a company/trust structure? By roughly how much? That could soon turn positive cashflow upside down!?
See above. In relation to additional borrowing costs in general No but some lenders will charge legal fees for assessing the Trust Deed.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Lesham
Slightly confused as to what you are actually looking for.
We are starting a new service for clients in the New Year where we source suitable property for development or which we can add value for them and then carry out the development by way of a project management roll.
Course this could be similar to what you are after or i could be miles away.
Want to let us know a bit more of the service you are after.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
If you are interested in buying in your SMSF then are worth putting on the short list but even then you can do better.
As the boys have mentioned i would never buy a deal on rate alone.
Mac's Credit policy is one of the toughest on the market.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
