Forum Replies Created
Cant see an issue as long as your lender doesnt charge you too much of a premium for the facility.
Remember one of the pluses of LOC's are that you only pay interest on what you draw down.
Richard Taylor | Australia's leading private lender
Jason
If you mean 2008/2009 then Yes as long as trading stocks is not your standard occupation.
With 2 years Tax returns many lenders will take the 2009 figures and even for confort can work off the 3 Quarterly BAS statements if needed.
Richard Taylor | Australia's leading private lender
I can strongly recommend Alan at Propertunity.
We have financed a number of his clients into Sydney based properties and every one of the deals has been bought at way under valuation.
Think it is like anything if you want expert advice and value then it is worth paying for it.
Richard Taylor | Australia's leading private lender
Yes crest not that Andrew would be gaining anything from getting you to phone his mobile and then he give you some Brokers details.
If he is that good why not post his website link and we can all decide for ourselves.
Richard Taylor | Australia's leading private lender
Exactly next thing you are going to tell me he gets a kick back from the selling agent for the referal.
Another case which ASIC will have a field day under the New Credit Act. Thankfully they affect Bankers as well as Brokers.
Richard Taylor | Australia's leading private lender
I totally agree with #8 you need to work with a mortgage broker someone who owns a few properties and not just 5% equity in his own home.
There are a couple of stragies to move you forward although givening factor will largely be serviceability and the type of property you end up going for whether it be capital growth or something with higher cash flow.
Both have a place in a portfolio and certainly can assist down the track when you decide to purchase your own PPOR.
Richard Taylor | Australia's leading private lender
Hate to say providing fake payslips is mortgage fraud and certainly not something we would be involved in.
Also what income is not taxable have to enlighted me because i was under the impression all income was Taxable.
If the other income is from self employment then limited doc loan is a possibility even to 90% but the rate is ugly and the set up costs not cheap. You would need to cover these as well as your 10% deposit.
Richard Taylor | Australia's leading private lender
Yes there is a few even going upto 95% lvr but everything else needs to be squeeky clean.
Richard Taylor | Australia's leading private lender
There are many ways to achieve this subject to the usual conditions.
Lodoc and Nodoc lending is still alive should this avenue be necessary but in same cases clients think they need this way forward when in fact full doc options are still achievable.
Richard Taylor | Australia's leading private lender
Think #8 might be mistaken on that one.
It is :
At least one applicant occupies the home as their principal place of residence for a continuous period of at least six months commencing within one year of the completion of the transaction to which the application relates.
Richard Taylor | Australia's leading private lender
Terry reprints are being sold at less than that these days as it is well out of date.
Richard Taylor | Australia's leading private lender
Then when you have searched past comments and realise you cant finance more than circa 60% you can make your own mind up.
Richard Taylor | Australia's leading private lender
MD70
Bank SA is part of the Dragon empire and as a consequence owned by Westpac (Or Wesuck in the Broking world).
They dont want to lend money because they have got any and seem to have a higher cost of funds than most and this is reflected in the higher rate of interest quoted throughout the Group lead by Westpac or have already stated that they intend to increase home loan rates at a rate higher than future official cash rate increases from the Reserve Bank.
You could certainly do better at a cheaper rate.Richard Taylor | Australia's leading private lender
Ryan simple answer is can you buy a house in Australia for the equivent of 14,000 pounds?
I can in places like Rotherham and another doezen cities with good infrastructure, population and property management.
Richard Taylor | Australia's leading private lender
Hi Kong
As well as doing due diligence on the organisation I would also be doing mine on the past activities and history of the principal !!!!
Makes interest reading depending on how long you have known him.
Richard Taylor | Australia's leading private lender
Kong
Does that good reputation include the repeated action ASIC have taken against their founder for misrepresentation Wayne Ormond.
Might like to read the inside page of this months Mortgage Broker for all the comments.
Richard Taylor | Australia's leading private lender
Julie Think you will struggle at the moment.
Was going to suggest John Charcoal but i see they went out backwards 3 months ago and whilst are back in the game are trading in administration.
And you thought getting finance here was bad.
Richard Taylor | Australia's leading private lender
Nick
Wouldnt worry about the saturation of Brokers.
If we follow the UK who has lost over 35% of its Brokers since the GFC we should all be ok.
I dont think the new Credit Legislation goes anyway near far enough to whittle out the rubbish.
I have over 25 years experience in the industry and see people ever day of the week advising clients with 3 hours worth of training sessions. Mind you i guess Real Estate is another industry where you can get involved having read a couple of books and watched the odd dvd.
Richard Taylor | Australia's leading private lender
Hi Jess
Yes Bendigo would want to take all securities and wrap you up like a dogs dinner.
Why dont you look at taking our a line of credit or similar with Bendigo on your current property and using these funds to cover the 20% and acqusition costs for the new investment property purchase.
There are some excellent investor style loans out there at the moment without all the bells & whistles that maybe required with the average PPOR.
Several lenders at the moment are wiving application, valuation fees have a very competitive low rate and charge no ongoing costs at all.
An investors requirements can be totally different to those of a buyer using their principal place of residence as security.
Richard Taylor | Australia's leading private lender
It is a very good question.
In most cases No only the Trustee of the Trust or the Directors of the Company would be Guarantors but there are lenders that require Guarantees by Adult beneficiaries.
Not sure what good that does them but they do ask.
Let us know what you are needing and I would be happy to assist.
Richard Taylor | Australia's leading private lender
