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NRAS – National Rental Affordability Scheme
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Yours in Finance
Richard Taylor | Australia's leading private lender
Oh well cant add and value to the conversation over there.
Terry W has property in Japan and maybe able to advise further.
Coming from the UK I know you can't even pay fortnight with most lenders so offset accounts are still a thing in the future.
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Richard Taylor | Australia's leading private lender
Where are you buying CG?
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Richard Taylor | Australia's leading private lender
As Wolfie mentioned just get the offer in writing and have it state that you want to inspect what they are installing, confirm that you are happy with the electrician installing it and also that when they leave the fans remain the property of the landlord.
Now whether you can claim Depreciation on them is another question !!!!
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Richard Taylor | Australia's leading private lender
Yes Qld is wonderful in that respect.
SD Concession available even if Spouse owns a 100 properties.
Spousal transfer is something we do in conjuction with a couple of Accounting firms on a regular basis
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Richard Taylor | Australia's leading private lender
Have to agree with Derek Lodoc as we used to know it is a thing of the distant past.
ALL lenders require on a lodoc loan either Accountants confirmation / BAS / Trading statements or a combination of all 3 / all.
There is no such thing as a self declaration without ANY form of income verification even at a very low lvr.
Any Broker fudging figures deserves to get the full force of NCCP down upon him.
In relation to finance for a display home it can be done but restricted number of lenders.
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Richard Taylor | Australia's leading private lender
Hi interested
No legal strategies in getting around this.
As i mentioned how you come up with the deposit / equity release is the important part as this could save you a lot.
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Richard Taylor | Australia's leading private lender
No that's exactly what I was referring to.
What i was suggesting that using a husband as a Director in 1 Company and Wife in the other wont increase your borrowing capacity all things being equal.
Unrelated parties would be different.
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Richard Taylor | Australia's leading private lender
Derek interestingly went to a HSBC economics briefing yesterday morning and their economist predicted "Definitely no rate reduction today" and probably 1 more in this cycle.
Also suggested fixed rates are very close to the bottom and could start to turn upwards shortly.
God these guys are useless yet paid a mottza for getting things wrong.
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Richard Taylor | Australia's leading private lender
Of course you could always de-strata the block after you took ownership of all units.
Would of course have to work out if the savings on Council rates makes up for the potential increase in Building insurance premiums.
As to whether a BC is required will depend on the State in which the property is held.
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Richard Taylor | Australia's leading private lender
What sort of education are you after Cristy ?
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Richard Taylor | Australia's leading private lender
Interested , your strategy of paying down the investment loan does not make financial sense especially where you have non deductible debt.
You would be better off linking an offset account to the property you are residing in and then linking this to the new PPOR once you move in.
To maximise your deductions you need to structure the loan correctly.
Taking a 95% lvr loan on the new property will not do you any good in the long run as LMI is a loan cost and deductible over 5 years or the term of the loan and proportional in the first year. Would only be deductible when the property was being rented out and not when you decided to make it your PPOR.
Why would you pay more LMI than you needed to.
As i say careful structuring is required.
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Richard Taylor | Australia's leading private lender
Thanks Scott no problems in doing a VF deal in Vic then or selling a percentage of the property.
Course you would need to make it attractive to a potential investor given the quality of good deals out there.
Other issue i can see is that if you sell part of the property your lender is going to need to consent to this.
You would both be considered as Jointly and Severally liable for the entire debt and I not sure and potential purchaser is going to want to be paying 9.75% for his share of the loan.
You are going to need someone who will do a private loan rather than sell part of the Title and he / she is not going to be able to borrow anything against the security property.
Course if you sell the whole property on VF terms and agree to rent it back from the buyer this maybe different.
All in all messy and not easy to put together.
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Richard Taylor | Australia's leading private lender
Exactly Terry you know what i am relating to.
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Richard Taylor | Australia's leading private lender
Hi Peter
Yes in simplistic terms but not in reality if they are related.
If husband was Director or one Company he would still be consider a married person in regards to a living allowance expense even though his wife was not a Director or party to the loan.
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Richard Taylor | Australia's leading private lender
Jamie i think you and most economists alike especially given the news that capital property prices have increased quite significantly.
I personally thought they would wait to see the results of the 3rd quarter GDP figures.
Not convinced they will go again Melbourne Cup day.
Bank of Qld starting the ball rolling with a 20bps cut this afternoon.
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Richard Taylor | Australia's leading private lender
Can you remind in which State the property is located.
Hoping it not South Australia.
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Richard Taylor | Australia's leading private lender
As i say to most new investor clients when choosing a mortgage broker it is matter of looking at someone who walks the walk and talks the same talk as you do.
No point in going to a local broker telling him you have $300K equity want to build a portfolio and ask him to structure a loan set up for you when he tells you he has 5% equity in his PPOR and has never purchased an IP.
I mean would you go to a Dentist telling him you had toothache when he tells you that he has never done an extraction but very keep and read all of the books.
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Richard Taylor | Australia's leading private lender
Brodie
Try http://www.rightmove.co.uk and go to their overseas property section.
I use it for all my UK Purchases.
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Richard Taylor | Australia's leading private lender
No hate to say too late now as it.
You cant even claim a Tax deduction on the interest being charged now you have stopped making payments and allowing the debt to increase back again.
Sure your NAB Banker will confirm that.
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Richard Taylor | Australia's leading private lender
