Forum Replies Created
property eclipse
This link might guide you thru the myriad of legialtion which is the National Consumer Credit Act
http://corrigan.austlii.edu.au/au/legis/cth/consol_reg/nccpr2010486/
I would do a little more research before you spend money on Rick's course.
Dont want to put you off but there are limitations at what you can do.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Whilst the Qld Govt might have approved the Alpha mine the Federal Govt have put a hold on it.
Be interesting to see how Campbell takes on the Feds to get this one over the line quick smart.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Bank of Qld the first to make a move and they have dropped their rate by 20 bps.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Mustafa
Be suprised how many times i get approached with a very similar proposal.
Without hard data it is difficult to advise further but in the main on a small deal like this:
1) A pre-sale wont do you much good. Residential lenders dont lend against pre-sales.
2) Knocking the property might initially reduce the value as you will only be left with the land.
3) Could still be done as residential loan with the right lender.All going to come down to serviceability and loan to valuation ratio.
As i say actual numbers would be needed to advise further.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Kirsty
Welcome to the forum and hope you enjoy your time with us.
At 30 sq Metres and being a studio unit i think you will struggle.
Have a couple of lenders who will do 30 sq Metres but they want the property to at least have 1 bedroom or certainly have a separate bathroom / laundry.
Also in regards to separate loans you could certainly split the loan in half but would have both names on each loan split. (Still going to be jointly and severally liable for the entire debt).
You in turn could differentiate between the 2 splits.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
David no reason whatsoever why you wont get it done as a resi deal that way.
Done a lot of them in Brisbane like that.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Brad
I am sure your passion is clear to see and no doubt you have spent a motza on seminars however i just wonder how you can describe yourself as a property investor and life coach when your serviceability is insufficient to purchase another IP.
I have 3 kids and a property or twenty two and certainly would never hang my hat out there as a property mentor.
With the number of deals out there all day long at the moment i wish you well but just dont see too many investors jumping on board.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Yes Derek my sentiments exactly but i assumed all PF wanted was an unecumbered home.
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Yours in Finance
Richard Taylor | Australia's leading private lender
coolra
If you intend to purchase a PPOR first then you need a totally different strategy and structure to ensure that you maximise the ability to still be able to purchase an IP down the track.
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Yours in Finance
Richard Taylor | Australia's leading private lender
coolra, hate top say you will never get any lender tell you too much of what they do or do not do as this is the secret domain of us mortgage brokers (No that isnt a plug for business merely a statement of fact that lenders dont disclosure their lending policy online when it comes to the nitty gritty).
Assuming you dont intend to be buying a PPOR anytime real soon i think i would be looking to cap the deposit at 10% and keep the rest up your sleeve for acqusition costs and reno funds.
I am with Jamie all of my properties we bought in their raw state, developed, reno'd or strata titled and added value to then increased rent paid the debts down to a point where we have next to nothing in the way of debt and a nice annual rental stream enough to keep my wife going in clothes and jewellery and overseas holidays for the next 10 years or so.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Wade
Yes like Jamie we do a fair amount of this sort of business for forum clients but we dont charge a fee.
There are a couple of reasons for this and will depend on the deal.
I have a couple going at the moment where the client has completed the reno and is looking to sell within 3 months of Settlement.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Albro
For someone who has run a Vendor Finance Company for a living here in Qld for some 12 years + there has always been a lot of desparate Vendors wanting to sell their over priced properties and assumed VF was the way to a golden rainbow.
You need to differentiate yourself from other VF providers and as long as you are licensed and can finance a deal the purchaser brings to you rather than a property you have for sale then there is no reason why you cant make a success in this creative area of financing.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Ryan
Firstly welcome to the forum and I hope your time with us.
As long as your loans are structured correctly from day 1 there is absolutely no reason why you go cant borrow 90% of the purchase price of each new Investment property.
Whilst lenders and in turn mortgage insurers have a monetary cap on the maximum loan exposure if it done properly you will be a while before you hit this.
The way to go forward when looking at buying multiple properties is to have cash flow / income to service the loans as well as equity to enable you to fund the deposits.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi both
Firstly welcome to the forum and I hope you enjoy your time with us.
Must admit i have done many a investor talk in Toowoomba in the past and good to see the town has really recovered after the floods of 2011. Starting to see a number of clients start to buy in the area again.
Cant help you with any local tradesman but i am not necessarily sure i would just took at the immediate area for Professional Contacts. I refer many a Qld client to my Conveyancer here in Brisbane as when you want quality service at an affordable price it doesn't matter where they are located.
Much the same with Property Accountants.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Away from the QS report remember you still have to apply to the ATO for a Tax variation and only when you receive their letter can you hand it to your payoffice and get them to adjust to your Tax deduction on your salary.
Isnt going to happen over night.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Yes thats true but i am not sure why you would do it?
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Yours in Finance
Richard Taylor | Australia's leading private lender
Tell me about it.
Cost of License renewal and compliance these days makes you nod your head and question things like this.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Johann
I hate to say he is currently breaking the law.
If he is providing Financial Advise he is required to hold a Financial Planning License.
If he is providing any form of Credit Advice then he is required to hold a Credit License or be a Licensed Credit Representative.
The legislation is quite clear and from what you have posted sounds like he has been trading for nearly a year unlicensed.
Suprised ATO has not been down upon him like a ton of bricks as prison sentences have already been awarded out for licensed brokers who have consistantly breached the NCCP legislation.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Yes if the building is strata titled then most lenders would do more than 4.
Might have to do them as separate loans.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hate to say NAB will only do 3 under the 1 Title.
There are a couple of lenders who would do 5 but probably max lvr 70% but certainly going to depend on location.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
