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  • Profile photo of Richard TaylorRichard Taylor
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    Juergen

    Thats totally understandable.

    Sorry to hear about the situation.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    Sorry to say if you are moving overseas then the Fund will be non complying as the Trustee will not a Resident.

    Richard Taylor | Australia's leading private lender

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    Juergen

    Why not post some questions on here and we can all respond.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    I agree with Wealth about the over compliance.

    What next we will be providing personal guarantees over the performance of any investment.

    A Financial planner cannot receive any commission from an investment what a joke all because of a small percentage who do the wrong thing when it comes to greed. To me many small investors will suffer and not receive any form of advice because they cant or dont want to pay the upfront fee. Others will end up paying more for the advice they do receive.

    The mortgage broking / Credit provision industry is going thru a similar regulation and again many part time Brokers will end up leaving the industry because of the increased costs of regulation and compliance. (Not a bad thing in my opinion).

    Like with anything I will see what plays out before deciding which way i turn.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    Lilo No short selling here my friend.

    Richard Taylor | Australia's leading private lender

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    Hi Col

    Dont know your entire situation but find it strange to understand why a lender would not finance a deal for you on one income.

    Assuming you can get finance then what you would do is gear against the first property and look for this facility to fund deposits for other loans.

    Certainly would have been easier to fund on a purchase rather than now having to do a "cash out" refinance however still very doable.

    As i say would need a lot more information to provide further advice.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    I agree with Terry there is no right or wrong answer.

    No 1 lender can suit everyones situation and wouldnt try and pigeon hole them like that.

    There are so many variables it is not funny.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    Why not ring this bloke you advertised on an earlier post as he might have a friend who can do it for you for nothing.

    Just to let everybody know i have came across a great person willing to give free advise from experience and as well as helping you obtain all kinds of loans. Feel free to call me anytime so i can pass on your details 0420-496-076 –  Andrew.

    Kind regards.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    urban

    No dont think he provides anything for free.

    Richard Taylor | Australia's leading private lender

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    I am with Shane i am unsure why you feel you could not afford it.

    I appreciate that we only have a small amount of information but certainly from a servicing point of view you would appear to qualify.

    Richard Taylor | Australia's leading private lender

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    Not normally in the residential sphere but yes certainly in Development terms.

    Issue with knocking down a single dwelling is that the Bank will probably only lend against the land value which maybe less than the initial purchase price.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    Yes there are motel specialist and you are right the lending criteria would be much the same although might find the interest rate set up and ongoing costs might be more competitive.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    Hi Nit

    Yes you can combine both you and your partners Super into the single SMSF as long as you are both Trustees and is something we set up for clients regularly as a  Fin Planner.

    Remember running your SMSF there are certain fixed costs such as Accountancy, Audit and ASIC Annual return fees and Bank fees.

    These will relate to a higher percentage portion when you only have a less than say $75,000 than they would if you had $750,000 in  the fund.

    All boils down to the aspect of choice and whether you believe you can outperform a retail fund. Not difficult in the current climate.

    Richard Taylor | Australia's leading private lender

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    Hi Casmit

    Yes i think purchasing a freehold motel would be a lot easier when it comes to financing.

    Richard Taylor | Australia's leading private lender

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    Had a client ring me today who was buying an NRAS approved property.

    The marketing agent rang him and said he was sending out the purchase contract out but also was sending a separate "side agreement" that he was not to show his Bank.

    He rang me to ask me what i thought and my comments were if they have to prepare 'side agreements' then doesnt it tell you something.

    Lenders just love clients who have side contracts or special conditions with "rebates" off the purchase price in them.

    I mean if you have to commit fraud to get the deal over the line then probably not worth doing in the first place.

    Ask yourself why do some lenders not like NRAS.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    Imagine if we had a system that in Qld there was no recourse lending yet in NSW there was. Thats what happens in the US.

    We had dealings with 5/6 US Banks which are no longer with us.

    The Adelaide Bank 70% product (if it ever arrives. My mail is that the Adelaide Bank board have decided to hold off and see what the new Credit Code brings with it) will be a lodoc product and not nodoc.

    Even the Anz Bank 60 product has changed so that the applicant needs to have a ABN for 6 months compared to 1 day as previously.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    Yes Rams used to use Gemworth / PMI and Prime but replace Prime with WBLMI.

    As Terry mentioned not ideal if you dont want to have your whole loan mortgage insured irrespective of the loan amount.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    Yes you certainly appear to be in a good position to move forward however how you structure the loan is important in order to achieve your end goals.

    A pre-approval makes sense especially if you are looking to move fairly shortly.

    A good broker with investment property knowledge should be able to help.

    Drop us a line if you need some ideas. 

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    You wont get any lender offer a lodoc refinance especially where you are looking to draw out cash as neither of the mortgage insurers support "cash out" under lodoc.

    If the NAB thru their Specialised Mortgage Dept have offered that i would take it and run to the hills as you wont get anything better.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    Welcome to the forum and I hope you enjoy your time with us.

    There is little point transferring the property into your name as you are unable to support the borrowing and he is unable to be a co borrower from what you have written with his track record.

    The fact whether you are able to refinance and consolidate will depend on the extent of his credit history. 

    Without knowing what is showing on his Veda Credit report or with whom the current loans and how these have been conducted it is difficult to comment further.

      

    Richard Taylor | Australia's leading private lender

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