Forum Replies Created
Pay down your PPOR loan by $110K from your offset savings and then set up a separate sub loan. (Do not use a redraw facility).
Just bear in mind you will still need consent from your IP lender to construct the granny flat even if they are not funding it.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Hullo
No hate to say as a consumer a lender will not publish a copy of their Credit Policy which sets out all of the internal lending parametres.
Each lender has it’s own policy so there is no 1 lender fits all.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Yes and she would also pay Stamp Duty on the market value rather the actual amount paid.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Certainly is and number of enquiries we are getting for both German and French mortgages is starting to increase.
Lower Euro rates and strength of the AUD is helping.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Depreciation and Capital Allowance claim would still be available to you.
Let us know how you go with Xenia.
Let her i said Hi.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Liam
If you want an opinion on the rental estimate let me know and I can shoot you over the details of the firm we deal with and refer all of our clients too.
Big enough to have some clout in the market yet small enough to still care and have that personal touch.
Sent them 30 or so clients this year alone and all seem extremely happy.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Thanks Jamie appreciate the wrap.
Yes own a property or 5 myself in Brissie so like to think I have done alright for myself.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi RTF
Welcome to the forum and i hope you enjoy your time with us.
I have to say it is unusual for a Buyers Agent to based in NSW and yet be recommending property here in Brisbane.
For that reason I have a feeling they are acting as a property marketer rather than a BA and are recommending to you new property where they have been paid a commission from the developer rather than charging you a fee for their service.
We never purchase off the plan or new House & Land properties for our clients and would be very wary of anyone who does.
Plenty of good stock here in Brisbane but also in saying that plenty of rubbish being marketed.
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Yours in Finance
Richard Taylor | Australia's leading private lender
We cover Brisbane & Melbourne and charge $6000 + GST.
We don’t buy new property or receiver kick back’s from developers and find many clients like the fact that they are dealing with fellow investors.
Course if you decide to buy in Sydney then you might find a BA down there charges you a little more than this.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Nan
Financing a purchase inside your SMSF has certainly got a lot harder than it used due to the minimum balance / cash asset requirements.
Whilst still doable many lenders require you to have a minimum of 200K in the fund before they will look at the deal.
There are certainly no legal requirements as to what minimum balance you need to establish a SMSF but as long as you balance up the costs of establishment and maintenance against flexibility and the choice of investment etc.
Couple of private lenders in the market doing fairly good deals for the smaller loan balances.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Looking at the website i see they only recommend NEW property.
I wonder why !!!!!
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Richard Taylor | Australia's leading private lender
Yes sure do.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Nan
The cost base of the property is adjusted by any Capital Allowance claim you have made during the period of ownership.
Your Depreciation Schedule will show you what you have claimed.
Other adjustments such as stamp duty, selling agents fees etc need to be made to the cost base before calculating your Capital Gain.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Sha, sorry don’t want to burst your bubble but I had assumed you owned your own home unencumbered.
If you do not have equity / cash saved deposit you won’t buy an investment property.
You will need 10% deposit plus acquisition costs as a minimum.
Then of course your credit score with a car / personal loan will not be good.
You will need to pay these off first i hate to say.
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Yours in Finance
Richard Taylor | Australia's leading private lender
I started broking pre-aggregators in the late 80’s when qualification were not a requirement.
From memory i used Intellitrain for my Cert V which is now Australis College and they were very good.
As Jamie mentioned finding a good Aggregator is the hard part.
Someone like FAST, PLAN or Choice probably won’t take you on as a new broker so start with someone who is likely to offer you some element of support which i hate to say you will pay for.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Sha
Welcome to the forum and I hope you enjoy your time with us.
Do you own your PPOR outright or are you currently living with friends or relatives ?
If you own your home outright then a deposit would not be required as you could structure the new loan to ensure you borrow 100% plus all of your acquisition costs.
Depending on the rate of interest you are being charged on the personal loans i would probably incorporate these as a sub loan at a lower rate of interest as it will improve your serviceability.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi FTI
Whereabouts did he suggest you purchase and what sort of property.
I have a couple of properties on the SC and be interested to see where an organisation like that is recommending.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Mandy
Best property Accountant I can think of is Steve Hodgkinson who is a partner at the Gold Business Group – Southport and has been my Accountant for 20 years.
Steve is a forum member and an expert in Property Tax structures. Acts for dozens of forum members.
Tell him I sent you down and he will look after you as you will find most good property based accountants aren’t taking on new clients.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Jaish
What is it you are seeking ?
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Richard Taylor | Australia's leading private lender
Good luck but don’t think you will find anyone to touch it.
Would be a coded loan as I am assuming you are intending to occupy the property for residential purposes so they will need to hold an Australian Credit License. Also be surprised any first mortgagee is going to consent to a second RM on such a security.
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Yours in Finance
Richard Taylor | Australia's leading private lender
