Forum Replies Created
Hi Aussie
Hate to say the introduction of NCCP eliminated for all intense and purposes portable loans so in reality you wont be able to transfer the mortgage. Each loan will require a new application, credit assessment etc etc etc.
In saying this from your post i think i think what you are trying to do is maximise your deductions from the old property and use the net funds for deposit on the new property. This maybe possible by way of a Spousal Transfer and depending on which State the property is located could be Stamp Duty exempt.
Again without further information it is difficult to comment.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Patch
A deposit and secure employment is two of a number of requirements lenders / mortgage insurers may have.
It is > over 80% lvr, do you credit score well or do you need a non credit score lender ever had a credit enquiry in the last 12 months etc etc etc.
Sorry i am not trying to be facitious but the list goes on and a deposit and a job does not get you over the line these days with everyone.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Sorry Patch you didn't ever mention any particular loan criteria your original post related to a Borrowers Agents website and us to comment on what we thought of them.
Again absolutely impossible to make an open recommendation without all of the facts and figures.
A lot of lenders offer the criteria you are after but whether you meet their lending criteria is a different matter.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
As Terry mentioned unusual maiden post but we get all sorts here hence the skepticm.
It all depends on what you are looking for i guess.
If you want a Yes man i guess they might suit you but most serious investors look for a little bit more than that.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Doreen, As Terry mentioned Yes it can be done but i would have to ask WHY you would want to do it.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Scott
If you are not receiving a PAYG income or in fact have not completed a 2010/2011 Tax Return with sufficient income to evidence serviceability then it is unlikely any lender will consider the application.
In saying this of course it is difficult to comment further with full details of your income position.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I agree with Jac and that's how i started back in the mid 90's (although admit we owned 5 IP's unencumbered from Day 1 and that helped with the repayments).
When you get to a level where the rental income is healthy enough and assuming you have no non deductible debt nothing wrong with paying down the debt as quickly as possible and eventually living off the rental income.
A combination of rental increases, interest rates falling and a improved equity certainly helps although when the market doesn't do this for you try and create it youself.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
On $30K / annum make sure your Financial Planner doesn't charge more than 1% of your Annual income in consultancy fees.
Don't know which suburb you are talking about but have you considered wrapping it under a Vendor Finance arrangement.
Might at least claw some of your cash flow and turn it from negative into a positive holding asset.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Course Crest a sceptical person could ask are they one in the same persons.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Chance of being able to grow a pony tail would be good.
Well at least one that hasn't got grey bits all through it.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Kate
Perhaps your Accountant could tell you the lenders which are doing this as i am only aware of 5 lenders who will lend to a HDT and only 2 of those that will go to 90% lvr.
Your Broker if he / she is experienced in Trust borrowing should be able to point you in the right direction of these 2 lenders.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Rob
Yes you have it about right.
As Alistair has pointed out a Commercial valuation can be assessed differently all things being equal but of course it is going to come with higher set up costs, interest rates etc.
Balancing item of what works out better for your particular case.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Rick as Terry has mentioned i would say No initially but without knowing your situation it could well be viable.
What you have to bear in mind is cost v choice of investment and realistically how quickly will the fund grow.
If you a PAYG employee earning 100K per annum and your employer is making contributions of $9K per annum then would take a few years to build up to level where the cost of managing would be equivalent to a retail fund.
Of course if you intend to be making an employee contribution then the fund will grow at a quicker rate.
Reason most Financial Planners don't recommend it is because they can't see much of a commission in a $50K SMSF when it comes to Managed Fund investment etc etc.
I have had a few clients set up their SMSF with $50K and then stick the whole lot in a Term Deposit.
Their attitude was the fund was at least growing by 5% wheare as their Retail Fund had gone backwards for the past 5 years.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Rob
Course one thing you need to consider is what the land value will be once you know the existing house down as lenders will be concerned as to the lvr both now and pre- construction.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Terry no residential properties are securing the business loan.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Not a big ask and i am sure anyone with an IP in the area will respond.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Not a big ask and i am sure anyone with an IP in the area will respond.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
On a separate note i realise that the property is only 4 years old.
I am unsure whether buying something with issues after only 4 years is a good investment or not.
That's my 10 cents worth anyway.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
It is not uncommon to have a negative amount in the Admin fund depending on the Accounts have been prepared.
Remember Levies might be due on the 1st of the month but if they are not paid and received until the second them the Admin fund could show as in arrears.
Certainly with 88 lots in the complex this could well be the case.
Personally i would ask for a copy of the last years Annual General Meeting minutes and see what they reflected.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
All read and understood Derek.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
