Forum Replies Created
Hi Winadil
No definately not as this will be seen as a redraw and wont be Tax deductible.
When the time comes what you need to do is get the lender to cancel the advance repayments and take out a separate interest only sub loan. Your lender may not like it or indeed have any idea why you want to do so hence you might want to get your Broker to process it order to get it done correctly.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Jack if you can time it right and have triplets in the next 5 months you can buy 2 more IP's lol.
Isnt it ridiculous……………
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Yours in Finance
Richard Taylor | Australia's leading private lender
No worries Seville i have just responded with some basic answers.
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Yours in Finance
Richard Taylor | Australia's leading private lender
As Jamie said i am sure there are knowledge Brokers in WA just dont know any off the top of my head.
Just came off the phone from a client who was also looking for a Broker South of the River….. trouble is they were referring to the Singapore River as they work and live in downtown Orchard Road and couldnt find any so rang me in Australia.
What i am getting at is your MB is at the end of an email address or a phone call and doesnt have to be in the same suburb.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Jenny
No i hate to say i dont think you will at that size.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Tippi
Firstly welcome to the forum and i hope you enjoy your time with us.
Whilst i take my hat off to anyone who starts their own business (I started mine 26 years ago) i have to say to you that model is alive and well in SE Qld and has been for many a year.
I assume you are a Licensed Agent in order to receive a commission but to be honest any potential client would need to pay Tax on the income you pay them if it was for investment and most would prefer to negotiate a lower purchase price and reduce their stamp duty cost.
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Yours in Finance
Richard Taylor | Australia's leading private lender
I agree with the previous comments made that i hate to say i think there is little room for the lender reversing their decision but would be very interested to see how this pans out.
Whilst you have already lodged the complaint with the Banking Ombusman you might also wish to see what the Banks publicity department have to say. Tell them the local paper wanted to know who to contact to run a story on Big banks squeezing mortgage battlers. Always works wonders.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Sorry if it is a studio then will need to have a separate bathroom area and you will probably get 70%.
Rate on the last one we did was 6.95%.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Jenny if you are referring to CBA Colonial (their Broker division) as long as the property has at least 1 bedroom and the lvr is less than 80% there is no minimum square metreage.
Just settled one for a forum member in Melbourne and his property was 32 square metres.
If it is a studio then depends on a couple of other factors.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Jane
Unless your MB is a Licensed Financial Planner i am concerned that he is giving you such advice but that is a separate issue i guess.
If the question is can you negative gear in your SMSF then the answer is YES.
I am at a loss as to why you need to hold 1 years cash in your SMSF as the future contributions made you you or your employer would cater for any potential shortfall and the non cash deductions claimed once you had lodged the Super Fund Tax return.
Which lender is your MB recommending ?
Some MB's are fairly inexperienced at SMSF lending and be suprised how many common mistakes we see if this sphere.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Exactly Tom and Bank West and CBA changed yesterday.
OMG being single and they crusify you these days.
And there is me some days wishing i was single after my wife goes on a serious shopping spree with her AMEX card.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Leah
Without further specific details it is difficult to provide you with an exact answer but there are a couple of ways of combating the problem. Bottom line is not to overcommit yourself.
A more detailed answer could be provided with a wee bit more information.
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Yours in Finance
Richard Taylor | Australia's leading private lender
If you didnt want to sell first nothing to stop you apply for a relocation loan where the interest could be capitalised for a period of months whilst you sell your current property.
This buys you time to sell the property first whilst relocating.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Well 11 years represents 572 weeks !!!!
Wont comment on the other point lol
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Tesst
I am unsure who your lender is but this gets better by the day.
They now want you to secure the whole loan against your PPOR which places the entire property at risk.
Obviously the bank johhny had to meet his security target this week in order to get his bonus at not thought to the clients risk.Look not be using an unencumbered property to secure the entire loan you are going from the develop to the deep blue sea.
Obviously your lender has no idea whatsoever and certaintly isnt out to look after your interest.
Simple advice would be switch lenders tomorrow.
If you are under pressure to sign something i would walking away as if you cant buy it how you want to then dont proceed.
Get you loan structure right first and then you will be able to sign it.
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Yours in Finance
Richard Taylor | Australia's leading private lender
What actually really concerns me that some spent 6 months at Melbourne Uni only to come up with the fact that 2 Adults with 6 kids spends less than 6 adults with 2 kids.
That and the fact that lenders listen and then agree.
Go figure is about right.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Yes no charge on something you havent yet had.
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Yours in Finance
Richard Taylor | Australia's leading private lender
if it is a refinance then i am not aware of any lender that will definately do a desktop valuation.
Most would do either a driveby or full valuation depending on the lvr (you mention LMI which usually means FULL).
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Yours in Finance
Richard Taylor | Australia's leading private lender
Is it a purchase and do you reside in Vic as well ?
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Yours in Finance
Richard Taylor | Australia's leading private lender
As Terry mentioned you would split the loans accordingly and link the offset account to the non deductible debt. (Can't see any real reason why you would have multiple offset accounts but thats always possible with certain lenders).
Nothing to stop you getting your Broker ordering a valuation upfront so as to ascertain the available equity before you even lodge the application.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
