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  • Profile photo of Richard TaylorRichard Taylor
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    July 11, 2012 - 9:57 pm

    It is not illegal in any state.

    You might wish to buy more than 1 property at a time and decide to put out a few offers.

    In regards to a BA fee then what you need to be careful with is that the organisation doesnt have in house Mortgage Brokers, so called Investment Advisers etc and as a group they end up earning a substantial commission which makes the 1% fee they charged you look like chicken feed.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 11, 2012 - 1:07 pm

    Yes it is a very useful tool for SMSF investors.

    We had a SMSF deal approved today and the client insisted on an offset account so he could maximise his SMSF return on the property.
     
    As i mentioned not too many lenders offering such a product.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 9, 2012 - 7:29 pm

    Personally i still wouldnt buy an off the plan property especially with so called high yielding returns.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 9, 2012 - 7:27 pm

    Also The Dragon is one of the only SMSF lenders that offer a offset account which can be very useful.

    We do a fair amount with SGB with their SMSF product and they do certainly have their underwriting pecularities.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 9, 2012 - 2:13 am

    I am happy to let you have a copy of Trust Magic if you drop me an email.
    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 8, 2012 - 10:54 pm

    Deekay i am just jumping on a plane returning from holiday in Canada but if you shoot me an email i can send you send you my Ebook i wrote on SMSF and Super Loan borrowings.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 7, 2012 - 6:14 pm

    Brian good luck on getting unconditional pre-sales in the current Brisbane market.

    Might be a matter of putting in more cash or equity and going for a net GST GRV loan.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 7, 2012 - 4:07 pm

    Hi Dorzy and subbats

    The statement is correct in the majority of situations but subject to certain occupancy requirements.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 7, 2012 - 4:04 pm

    Certainly second that.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 6, 2012 - 7:46 pm

    Hate to say neither of which giving him any legal qualification to provide you with ANY credit advice.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 6, 2012 - 7:42 pm

    Did someone mention Credit Card and holidays.

    I think my wife has just maxed out one of my CC here in Whistler, Canada so thankfully we are coming home Sunday night.

    As the boys said above just because you believe you have purchased below market value convincing the lenders valuer is a different matter. Also many lenders wont do a full valuation and run off their internal valuation which could even show a figure of less than you paid for it.

    All depends in the lender.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 5, 2012 - 5:18 am

    Agree with Jamie unless your Accountant is Licensed he is unable to provide you with any credit advice.

    Obtaining that sort if passive is certainly possible but will take time (Took us 8 years to get a bit more than that but times have changed) and structuring your finances correctly from day 1 is imperative.

    Must admit with only 160k available going to take carefully planning and Anz would not necessarily a place to start as they have one of the poorest serviceabilty / lvr model in the market.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 5, 2012 - 5:10 am

    Hi anand

    Yes one or two.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 5, 2012 - 4:48 am

    Am i missing something here.

    If it is a standard Real Estate Contract i believe you would get 80% of the purchase price.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 5, 2012 - 4:28 am

    Very difficult to go out on a limb without any real information but i am going to say there might be a couple of ways in getting an 80% lend.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 5, 2012 - 3:59 am

    Hi Marky
    At the request of forum members i am doing a number of investor nights in both Sydney, Melbourne and a few regional areas where i will run thru how i built up my portfolio and then looking at how i can help individual investor structure their portfolios to meet their own investment objectives.

    Let me know if you like me to add you to email list for an invite to the Sydney investor night.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 5, 2012 - 3:09 am

    No not necessary to set up a new Trust for each IP and whilst there is no maximum number you can have in any 1 Trust i try and make each of our 5 Trust have equal value of asset.

    Some lenders will not want to cover Corporate Trustees in their Pro packages or want to discount their applic fees or interest rate but on the other hand there are a few lenders who will treat such loans the same as though if you were buying in your own personal names.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 3, 2012 - 5:21 pm

    Hi Kija
    Hate to say your Accountant will not be qualified to assess a Strata Report.

    He might be able to churn a few figures make some right noises and generally pass comment but you would probably better having your Solicitor or even a Quantity Surveyor review the report and make some suggestions on renegotiating the price to cater for forthcoming expenses.

    Wouldn’t be too concerned with the position of the Admin Fund but certainly want to make sure the Sinking Fund Report reads well.
    Get a copy of the last years AGM minutes and read up on the comments passed by the Strata Manager.
    Some of the items could be covered by Insurance.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 3, 2012 - 6:47 am

    Senajav assuming we could get 95% lvr then you would still need to come up with 5% deposit us your acquisition costs and Stamp Duty alone is going to take a fair share.

    Would need further information to properly crunch the numbers for you.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 3, 2012 - 5:16 am

    Exactly my thoughts and hate to say the proof of the pudding is in the eating and i am seeing it happen every day of the week.

    There are a few products that offer an unsecured loan at around 15% with no CRAA which certainly helps when it comes to credit scoring on the main loan.

    I would run a mile at such a deal on an off the plan basis.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

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