Forum Replies Created
Chris bang on nothing to stop them starting their own SMSF and buying a property with a decent gearing.
In saying all of this get them to check the wife's Superannuation as you may find it provides some income protection and TPD benefits which depending on her illness she maybe able to claim on.
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Richard Taylor | Australia's leading private lender
No Stamping of Trust Deeds in Qld.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Yes would definately be looking at double Stamp Duty.
It is a question we get asked regularly.
In saying that it takes 24 hours to have your Trust Deed registered and set up so i wouldn't have thought it was an issue.
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Yours in Finance
Richard Taylor | Australia's leading private lender
John, on a separate note have you thought how you might finance the deal as i assume they are all on the 1 Title.
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Richard Taylor | Australia's leading private lender
Must admit if the number of applications coming in from investors buying in Brisbane are anything to go by then we are certainly in for some exciting times.
Personally i think the Brisbane – Ipswich corridor has some exciting opportunities as well as Toowoomba.
We are launching our Buyer's agency service in early 2013 along with an exciting new 100% investor loan and i think the demand for SE Qld will be keeping us busy for a while.
Every property I own is in Qld but that is not to say there are not other opportunities
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Richard Taylor | Australia's leading private lender
Hi Nathan
In Qld you are required to affect Buildings Insurance on the property at the time of the Contract being executed however this is totally different to Public Liability Cover.
We normally try and obtain access after going unconditional but you have to ensure that the Special Conditions in your purchase contract allow for this. Hard to put into practice when the owners are still living in the property and if so you are probably going to be limited to access for surveyors, architects and other licensed tradesman.
Of course if you agree to release the deposit to the Vendor on going unconditional that can often sweeten the deal.
Agents dont like it because they like to hold it in their Trust Account to cover their commission.
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Richard Taylor | Australia's leading private lender
Got a deal approved yesterday where the valuer came in $45K short on a $485K purchase in Brissie because the selling agent mentioned he thought it was the buyer intention to develop the site.
We ordered a 2nd valuation which came in bang on purchase price.
The Bank wouldnt accept this an ordered a 3rd valuation to make doublely sure. This again came in at purchase price and we got the loan approved.
As SNM pointed out a valuer can only use evidence of completed sales of similar type property so don't be afraid to get your Broker to challenge the outcome. Sometimes the problem comes where the loan is mortgage insured and to switch lenders due to a better valuation can be an expensive.
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Richard Taylor | Australia's leading private lender
Bricks to me sounds more fun than shopping for handbags.
Your on when i get back from the UK.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Thxs guys appreciate the wrap.
Jac your Xmas pressie will be bigger than normal this year lol.
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Richard Taylor | Australia's leading private lender
No not a type at all.
Desparate times cause for desparate measures and you would be surpised what lenders will accept if it is a cash offer no questions asked.
Wont say it wasn't without headache dealing with a lenders legal department that doesn't answer correspondance but certainly worthwhile.
Deals like this are out there.
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Richard Taylor | Australia's leading private lender
Ok have emailed you details as requested.
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Richard Taylor | Australia's leading private lender
Agree UP.
Mine was a Mortgagee repossession previous sale price $1,240,000 we agreed on $565K.
These are the sort of deals i like.
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Richard Taylor | Australia's leading private lender
Hi chas
Yes is available although depending on how short term may not be cheap.
Would need further details to provide more information.
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Richard Taylor | Australia's leading private lender
Hi Ailime
Sure would you like to drop me an email or PM me your email address and i will happily send you a copy of the article.
In regards to the loan structure you just about have it right.
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Richard Taylor | Australia's leading private lender
Hi Cha
Could have sold the property to your spouse, borrowed 100% of the market value and then claimed the entire amount as deductible interest.
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Richard Taylor | Australia's leading private lender
Course nothing like that would happen in Qld.
Well not for 10 years after it happened in the rest of Australia.
We have only just got rid of the white shoe brigade on the Gold Coast.
On a serious note just goes to show how sophisticated scammers are getting.
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Richard Taylor | Australia's leading private lender
Surprised he didn't bounce a bid off you.
Been to many an on site Auction where the lamp post or the nearest tree has bid.
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Richard Taylor | Australia's leading private lender
No maybe not but good luck in financing anything over a 60-70% max.
I am not sure why you would want too buy something like this in an area which has peaked when you could buy something in an area on the back up.
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Richard Taylor | Australia's leading private lender
Bish, the Reserve Bank of Australia have cut interest rates over the last couple of years as when they deemed fit to ensure the Australian economy carried on moving forward.
The difference is in 2012 is there is no corrolation between the RBA cash rate and the individual lenders variable rate.
Lenders fund fixed rate loans in a different manner to variable rate loans and has been mentioned utilising a fixed rate strategy is an important risk mitigation strategy.
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Richard Taylor | Australia's leading private lender
Look don't wish too appear negative but even at a 50% lvr under NCCP if you can't clearly demonstrate that you can support the loan and that there will not be any material change to your personal circumstances within the next 2 years you wont qualify for any loan let alone enough to generate a rental income of $1500.
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Richard Taylor | Australia's leading private lender
