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Sorry Sam can you tell us how this post benefits forum members.
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Yours in Finance
Richard Taylor | Australia's leading private lender
As Terry mentioned the lender will need to consent to the change of Title as well as the registration of the mortgage over the new separate Titles.
As long as the lvr is maintained and from what you have stated should be improved there shouldn't be too much of an issue.
I have just written an article on Strata Titling in the API magazine which i think will be out Feb / Mar 2013.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hate to say no builder is going to tell you in advance there is a chance of him / her going into administration half way thru your job so you are stumped there.
You are never going to know going forward but you can search the relevant Builder Services Authority in your particular State to see how many if any previous complaints the Builder has had.
Ask him if his house is in his or his wife's name and see what he says ………
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Yours in Finance
Richard Taylor | Australia's leading private lender
Totally agree with most of what has been said in previous posts but you have to say what was your NAB Banker or Broker thinking of when they set the loan up like this.
I guess they were not thinking of any benefit to you merely themselves as C/C and a fixed rate.
Certainly have tucked you up good and proper if you even want to move forward.
Don't be thinking NAB for your next IP that's for sure.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Belinda an application for an ABN can be done online and i have to say non of the questions are really taxing.
What questions do you nee help with.
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Yours in Finance
Richard Taylor | Australia's leading private lender
The calculation is the same as if you were running a business from home and wanted to claim a proportion of the rent / lighting / power etc.
As has been mentioned it is done on a percentage of the overall square metreage area.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Sorry re-reading your post i believe it could be done with a conventional lender.
The loan would be tied into the anticipated rent of the subject property.
I am doing a similar deal for a client here in Brisbane where his wife is buying the property and has no income at all.
Both live overseas and he earns all the money.
Loan has been approved on the basis the repayments = net rental income.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi John
I would have thought Private Finance may have been an option.
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Yours in Finance
Richard Taylor | Australia's leading private lender
I agree many Brokers are moving to a Fee for service model.
Personally we don't charge for residential loans but i am aware of many that do charge and often in addition to the commission they receive for the introduction.
As has been said Financial Planners / Accountants tend to charge an hourly rate depending on what is required.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Wobbly CBA will take Guarantor income into consideration but they don't like doing a loan over 80%.
Personally i think they are one of the worst lenders when it comes to Trust deals and think you could do a lot better
Wouldn't quite as far as Terry in saying every lender will lend but many majority will.
Difference is at what interest and the costs and charges of the loan itself.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Coming in late on the post I would make a couple of comments:
Firstly I am surprised the Bank valuer placed a valuation of some $60,000 more on the valuation than the Contract price but these things do happen. Good if the Bank gave you a copy upfront so you can go back to the original valuer for the increase.
Subject to the valuation figure i cannot see any reason why you can't finance 100% of the total build cost.
I have just had approved a 100% funding for a 3 lot subdivision for another forum member here in Brisbane and whilst that took a while to get over the line helped as we worked with the valuer.
Course in saying all of this it will depend on the actual numbers so without that difficult to comment further.
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Yours in Finance
Richard Taylor | Australia's leading private lender
God my misses charges me more than $1/week to live in my place.
I just have to cover her credit card bill each month and let me assure you that is a lot more than most.
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Yours in Finance
Richard Taylor | Australia's leading private lender
I have acted for many a forum a client who has purchased thru them where we have organised the finance.
A couple of forum clients were spell bound when their recommended Mortgage Broker told them she charged a fee as well as receiving a commission from the lenders she placed their business with.
I guess nice work if you can get it or can somehow justify the fee.
Must admit most Brokers structure the loans as part of the overall service.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Totally agree and have said it so many times before.
Would you have confidence in undertaking major surgery from a Dr who had never performed an operation before.
You want a Broker who shares the same passion and desire as you and also can lead by example.
Jamie is so right if you can't assess whether your Broker knows what he / she is talking about in the first 5 minutes of a conversation then getting them to answer a 100 questions will do you know good.
Hate to say anyone who emailed me 20 questions would not get a reply.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Neither owns half a street.
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Yours in Finance
Richard Taylor | Australia's leading private lender
mbuilding very pleased we were able to assist you !!!!!
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Yours in Finance
Richard Taylor | Australia's leading private lender
A good Broker would have recommend it to you rather than you having to ask them the question.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Dan personally i wouldn't sweat the complications of lending and trying to understand and get to grips with various credit criteria.
Why not drop Jamie an email and get him to source the loan for you.
Won't cost you a cent and you professional advice from a top investment broker rather than pen pusher who has never purchased before.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Well both in relation to redraw and spousal transfer points.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Wow amazing the number of first time endorsement posts we get from such happy MA customers.
Maybe they have found the Holy grail……… which the rest of us missed.
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Yours in Finance
Richard Taylor | Australia's leading private lender
