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  • Profile photo of Richard TaylorRichard Taylor
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    October 17, 2012 - 9:32 am

    Many agencies will source the tenant for you undertake the relevant checks and balances and let you manage it.

    Normally charge you a weeks rent for the service.

    Not sure i would do it but each to their own.

    I actually employ 2 part time staff to manage my portfolio deal with the loan / rental statements etc and would never think of taking it on.

    To me it is money well spent.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    October 17, 2012 - 9:25 am

    Also remember this is merely construction costs and wont cover Council contributions etc

    For a 3 bedroom Townhouse 100 Sq M 2 internally would be a reasonable size.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    October 17, 2012 - 9:23 am

    I would certainly read some of Steve McKnights books will give you insight to what is possible.

    When you say you have sufficient funds for a deposit have you calculated all of the purchase costs ?

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    October 17, 2012 - 9:20 am

    I think you have to look back to where Blackwater house prices were pre mining boom and then also look at the mortgage insurer and see why they are not providing cover in a lot of these areas.

    Course it is merely there attitude and interpretation of the same data we are all privy to access but without them the demand reduces considerably if you ever had to sell.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    October 17, 2012 - 9:18 am

    Noticed Andrew didn't come back to clarify his incorrect comment or indeed provide us with a fascinating link from the ATO website where it was possible.

    As Terry mentioned always obtain advice from a Licensed Professional.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    October 17, 2012 - 4:40 am

    As Jamie mentioned sounds like you have had a enough responses already over the 2 forums so rather than add to the post I will leave it for you and your Broker to work thru the options.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    October 17, 2012 - 4:35 am

    As Jamie mentioned.

    Other consideration is you will get the Stamp duty concession as it is your first purchase but wont get the FHOGC unless you buy something new.

    5% of $350,000 plus registration costs etc is still nearly $20K and whether you can get LMI capitalised is questionable.

    Get a parent to kick in 20% deposit from their equity and that would certainly ease the situation.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    October 17, 2012 - 4:27 am

    There are actually more than 2 lenders who take applications from purchasers on a 457 Visa and 1 that will allow the LMI to be capitalised.

    FIRB may limit the type of property you can buy but then at least it is a foot in the market.

    I return to the UK every year and usually do a talk or two at the Britishexpats.co.uk forum.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    October 17, 2012 - 4:20 am

    Hi Renae

    There are a few lenders out there that offer better than packaged rates without any application or ongoing fees.

    It is horses for course.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    October 16, 2012 - 1:47 pm

    Jayr as has been mentioned borrowing on a 457 Visa can be done and in fact just settled a loan for a forum member on the same only last week.

    Interest rates are the same as normal so at the moment you are looking at around 6.00% variable although as i have started in another forum post fixed rates are starting to fall.

    Maximum borrowing will be depend on a couple of factors but all in all with a saved deposit certainly possible.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    October 16, 2012 - 1:40 pm

    Forget fixed rates starting with a 5 they are starting to start with a 4 now.

    4.99% fixed for 2 years effective tomorrow is getting very mouth watering.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    October 16, 2012 - 1:37 pm

    I am with Terry we would never leave insuring the property to the wrappee and always insure the property ourselves and then debit the loan account with the premium.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    October 13, 2012 - 8:28 am

    Who are you currently using ?

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    October 13, 2012 - 8:26 am

    Hi Coota

    All depends on who the lender is.

    Some will do it for nothing others will charge.

    Could be a lender that allows your Broker to do an upfront valuation without a hit on credit file.

    If so that way he can order it for you and can work out what it possible prior to lodging an application of any sorts.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    October 12, 2012 - 7:02 am

    As Terry mentioned although would need a lot more detail to be a bit more accurate.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    October 9, 2012 - 1:27 pm

    Ryan sorry old mate you are incorrect there and i don't care how many times i say you legally able to borrow in your SMSF to purchase in the US, UK or any other Country under under S67A.

    Been doing it since Sept 2007.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    October 9, 2012 - 1:11 pm

    Jac is half right.

    You cannot normally access your Super until you are "pension phase" however if you can prove financial hardship you can access it at any time.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    October 9, 2012 - 1:06 pm

    Terry i was thinking the same thing.

    Borrowing money from your own SMSF to undertake a small development in your own name now that sounds like something you average Bank would advise you to do.

    Sect 65 (1) (b) will crusify you if you do this.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    October 9, 2012 - 1:02 pm

    For what part of the advice ?

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    October 8, 2012 - 11:05 am

    WC why did you need the valuation?

    If it was for additional borrowing then always look at another valuation firm.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

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