Forum Replies Created
Hi Patrick
It is a Company we launched earlier in the year where we provide 100% finance with a blended (85% thru a major lender and 15% provides by us from our private funds) loan to First Home Buyers.
Since inception the scheme has taken off and we have been inundated with applications here in Qld.
We are looking at expanding into other States later in the year and incorporating a investor product.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Agree and that is why we intend to roll out No Deposit Housing to investors within the next 90 days.
Certainly exciting times ahead.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Jan
Have a look at non APRA lenders is also another alternative.
Certainly doing a lot of deals in that space at the moment.
Firstly look to access the equity and then use this equity to go with a more generous lender for the new IP’s.
Always a way.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hate to say what might be an acceptable return for you might not be acceptable for an investor.
We get referred a deal a week from would developers wanting us to personally invest in deals they have found and i have to say very few of them ever meet our minimum yield and return requirements.
We find having the cash to do deals puts us in a better position to negotiate with a Vendor or Vendors agent.
We don’t invest in possibilities but only sure fire investment returns.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Michael
Yes you might need 3 months permanent employment but few ways to get over that.
http://www.realestate.com.au is a useful web sight but of course a Real Estate agent will tell you anything when they are selling you a property.
Yes I agree most decent deals don’t get listed or when they are they go very quickly.
Being an expat even with a pre-approval this will go against you as the agent may not due to time differences be able to get hold of you when he needs a quick response. Also co-ordinating building & pest inspections etc might be hard from overseas.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Michael
Welcome to the forum and i hope you enjoy your time with us.
We act for dozens of expat forum members whether it be arranging their finance or indeed engaged as a BA for them in sourcing an investment property. Being overseas when it comes to buying your first IP should not be a barrier at all.
In saying this financing such a deal might be harder than you think. If you are considered self employed for Tax and Residency purposes lenders are going to want to sight your last 2 Years Tax Returns and serviceability will be worked off your net taxable income.
The fact you have a temporary work assignment will not go in your favour although a percentage of the potential rental income can be considered.
If you have narrowed down your target area then 2-3 weeks of solid searching should be enough although ensure you have a suitable settlement period as handling loan documents when overseas can be difficult.
We normally have them emailed to our clients but some lenders will insist on posting them to you.
Very much horses for course when it comes to a suitable lender.
Buying in the US is a totally different concept and you will not find it so easy to obtain traditional style finance.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Might be slightly biased but i would not be using a Property Investment Company as you will be paying over the odds for a new property with a juicy marketing commission factored into the price.
We deal with a lot of forum clients who like the prospect of being able to manufacture equity by adding a second dwelling or subdividing the site down the track and certainly avoid brand new properties as they simply are not in the best interest of the client.
If you are look for a BA in Melbourne Jacqui (JacM from the forum) Middleton Buyers Agents acts for a lot of our Vic clients.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Macc getting finance lined up in Regional Victoria would be the same as if you lived in Helsinki or centre of Sydney as most applications are lodged online and merely a matter of gathering up certain documents.
Hate to say in 2016 lenders require a reasonable amount of documentation however a good investment orientated mortgage broker should be able to guide you thru the process.
Your location wouldn’t mean more work for either party.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Put it down as deposit.
There is no requirement to put down 10%.
Purchased many a Million dollar property with $1000 max.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
macc, firstly welcome back.
There is no minimum deposit amount required so why would you get a line of credit set up on one of your existing unencumbered properties and then draw on this to top up the deposit if required.
At the same time set up the finance for the new IP.
It is fairly standard and something most Brokers do regularly.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Pop into the local police station and ask them their attitude on crime rates in the streets in question.
That and a drive around the area at varying times of day should give you a good indication as to the activity.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Robert
To be able to incorporate a stamp duty calculator or LMI estimator into Excel shouldn’t be particularly difficulty.
Just get the figures from the OSR State you are looking and copy in the formula.
For LMI just run off Gemworths calculator. Whilst each lenders scale will be different at least this will give you a useful guide.
You should also be able to work out Depreciation, Capital Allowance etc at the same time.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi there
I think if you can find a multi unit block at the right price it may well prove to be a good long term investment.
I sold last year a block of 18 units on 1 Title here in Brisbane and have another of my 6 x 2 blocks under contract at the moment.
I have owned these for some 15 years and have proved an excellent buy for me. Still holding onto 2 blocks for the time being.
There are certainly economies of scale depending on where the block is located but make sure you consider expenses such as Land Tax which may not be applicable of you were merely buying a single unit or two.
Certainly structure is important and would definitely recommend getting good legal advice upfront.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Steve
Very informative. Brisbane and SE Qld is still crazy with enquiries from locals outside Qld as well as expat’s / non residents and this can only increase going forward.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
In most cases you won’t have to actually make the monthly loan repayments but can have the interest payments capitalised into the loan and paid out when the current PPOR sells.
As Terry mentioned stamp duty can still be paid as though it was a PPOR.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Pete
Benny has made some good points.
Like any industry there are good and bad operators but you always ask the firm you engage how do they get paid.
If you the buyer are paying them at least you know the cost involved.
If they tell you their services are free then someone has to be paying them which is often the developer or seller.
Any so call property advisory firm will give you a 101 reasons why you should buy a new property but in the main it is so the valuer finds it difficult to find a comparison sale and also because the commission they receive from the developer can be hidden.Irrespective of the so called “free services” such Property Investment offer i would avoid them like the plague.
There is nothing wrong with a second hand property especially in an established suburb.
We do not deal with new or OTP properties and tell all of our forum clients to be vary of organisations that promote such.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi John
Just wondered if you hold an AFSL ?
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Bla
Yes the demand for reasonable yielding properties with subdivision opportunity is overwhelming.
No reason why you shouldn’t be able to fund something sub 400K.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
You certainly can’t go past Jamie who has already responded to you post.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Jono
Your Professionals don’t have to be locally based as this day and age most loan application are done by email etc.
Jamie Moore is Canberra based and is an excellent mortgage broker with a healthy investment portfolio.
Send him a Private Message or shoot him an http://www.passgo.com.au
Not quiet Adelaide but a good 3 Wood away.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
