Forum Replies Created
Coming in late to the discussion sounds to me like another marketing group which is just what Qld needs.
Anyway no so called Financial Adviser (And by the way from a quick search i couldnt find anywhere that Members Alliiance were licensed to provide Financial Advice) worth their grain of salt would recommend a Line of Credit especially considering the Tax consequences if you ever rented out your PPOR.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Even better when you do it inside a SMSF.
Remember when purchased outside a SMSF the Cost Base is adjusted on sale by the amount of Capital Allowance you have claimed over the period of ownership and Capital Gain Tax is paid on the net profit.
Inside a SMSF if the property is sold whilst in Pension phase there is no CGT so you get the benefit of the Capital Allowance claim during the owner to offset any other SMSF profit and don't have to pay it back on sale.
An excellent Tax haven for long term wealth.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
TYP again your Finance Professional should be recommending this to you.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
There is no Australian based lender who will take Australian property as security yet lend in another currency where the applicants is earning AUD.
St George used to offer a Foreign Currency loan but was withdrawn a few years ago.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Carmen
I assume you hold an Australian Credit License ?
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Shedin
Sorry for the late response to your post but been one of those with applications coming out of my ears and at 12.50pm i am still knocking the out.
Without knowing all of the facts it is difficult to comment but one observation would be that one of your existing securities is a serviced unit and this type of property is certainly not loved by lenders in the current climate irrespective of the lvr.
I am assuming the properties are cross collateralised and to free up equity you are going need to restructure or refinance and that could be harder than you think.
As i say need the full info to advise further but at this time i thought i would throw it in as a possible spanner.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Alex
As Jamie said welcome to the forum and congrats on taking the plunge into your first property.
Look hate to say buying your first property and getting the structure wrong from day 1 could be an expensive mistake you just don't want to make.
What not save yourself the hassle and time and drop Jamie a line and get him to sort the loan out for you.
That way you get free Professional advice (Jamie like most of us doesn't charge anything) and have someone else do all the worrying and negotiating of playing in a snakes pit with lenders all telling you how good they are and what the can do you for.
Course what they mean to say is that they only act in their interest and really couldn't care less about you.
Jamie is a top bloke and an expert in loan structuring.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Heh Terry i still use pen and paper as well.
Apparantely they have these new things called mobile phones now.
Alexander Bell and me stick together and could do without our land lines ………..
Course i have embrassed the email world and next going to tackle Twitter lol
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Aussie K you are bang on and when i see property spruikers selling their wares to uneducated miners (not minors) on exceptionally high salaries but limited experience or understanding it makes you cringe.
Cooper Review a year or so ago made reference to the Govt on just that and whilst i understand the ATO are happy with the level of borrowing at the moment it makes you wonder whether some zealous spruikers will kill it for the rest of us.
That's' why i am always cautious about marketing firms whether they are selling to SMSF or merely mum and dad investors. You have to accept the fact they are not doing it for nothing and you want to make sure the property is worth what you are paying for it.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Maree
No hate to say no lender will take your valuation.
All lenders use a panel of valuers (The odd exception being those lenders that accept any valuer subject to the valuation being in a format they accept).
With many lenders they allow us as the broker to order the valuation upfront prior to submitting an application and we can release a copy to the client. Regretfully we still have to use a valuer from their panel and not anyone.
Commercial properties are slightly different but again need to be in a format acceptable to the lender and from an appropriate valuer.
Hope this helps.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi red
Can you explain why it is "not as straight forward as people would like to think especially on the residential side"?
I have just settled my 41st SMSF deal and never had a problem as long as the client deals with an Accountant who has some idea of what he is doing (And as Jack mentioned you would be surprised how many do not have a clue)
Done deals for clients as old 61 where the lender wouldn't take his S/E Contributions into consideration due to his age to a 28 year old who had less than $50K but was making a lump sum contribution.
I would like to understand your reasoning for such statement.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Terry beat me to it.
Spousal Transfer is an option. Had a loan approved today for a forum client in the same boat.
Often takes a bit of number crunching but can be very worthwhile.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Yes i agree i second Jamie as a decent broker and a good lad too and that's often just as important.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Good if i am still here at aged 100 i will have been a PI.com member for nearly 62 years.
My typing must be a bit slower and i might dribble a little more on the keyboard but looking forward to it.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I had the same problem using IE8 but actually JacM who is a puter wizz suggested Firefox and i must say it is a lot quicker.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Harrison
I have to echo Terry's comment and would strongly suggest you make sure you set about ensuring your existing loans are structured correctly before you venture into your next project especially if it some form of development.
I can think of many a lender that will love to swallow up the equity in your PPOR at the expense of a development deal.
In cases like this when i work with clients who want to uncross their loans it is usually a matter of starting at the end and working backwards.
By this i mean we look to unravel the existing IP and have it standalone and then we look to work on the PPOR and look at an equity loan which gives the client access to funding for the IP or Development.
Then we work on a pre-approval depending on the size of the development.
Hate to say does take a few weeks to all get set properly but is well worth spending the time now to get iit right to go forward.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
PakGirl
You only require 2 members where the Trustee is not a Corporation.
Sole Director Trustee's are fine.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Investor
Yes it will be in the Letter of Offer under security.
Your Banker may not understand how to do the deal with C/C.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Rob
Sure happy to send you a copy.
Would you like to shoot me an email and i can respond to you with the PDF attachement.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Pak Girl
Great maiden post advertising your services…..thanks.
You can actually go upto 80% on a SMSF loan and start the fund with anything over $60K.
You don't need an Accountant to the Financials however it is wise given that the fund needs to be Audited.
If Ford Fairline is looking to buy in her Super i can email her a copy of my Ebook i wrote on the subject for forum clients.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
