Forum Replies Created
Where can we get a copy of the Prospectus as required under the Managed Investment Act.
Richard Taylor | Australia's leading private lender
apgill
It has been discussed in depth on the forum so do a quick search on past posts and you can read some of the responses.
Richard Taylor | Australia's leading private lender
Burnie
There are many variables in calculating serviceability and no 1 lender is the same.
Lenders will normally take your net income and then add in a percentage of the Gross rental and from this deduct certain expenses including existing loans, potential credit card limits and a living allowance.
Arriving at a net figure they will work normally divide this by a principal & interest factor based on a serviceability rate slightly higher than the standard variable rate to allow for potential rate increases.
Of course in saying all of this what one lender will offer can be totally different to another and therefore it is a matter of fine tuning your strategy to enable you to keep buying and moving forward.
Richard Taylor | Australia's leading private lender
Disagree a call to Anz and we could have a new set out the same afternoon.
Cant say that with every lender.
Richard Taylor | Australia's leading private lender
I agree with IP freely i would sell but utilise the equity and use the extra cash flow to reduce the interest charged on your current non deductible home loan.
Look to gear against the current equity and then use the funds released as deposit for a couple of other IP's.
Richard Taylor | Australia's leading private lender
Anz will have sent your Broker / Branch a faxed Loan approval advice with all terms and conditions mentioned.
You have no problem as long as you have sighted these.
More of a concern would be the whearabouts of the loan docs.
If they have gone astray the Bank could have a duplicate set ready within hours and you could sign them the same or following day. Once back with Anz they only need 48 hours notification for settlement so all should be sweet.
I would however be getting your Broker or banker to chase them up again as it sounds like Mombai may have sent them some where else.
Richard Taylor | Australia's leading private lender
Yes in addition to the 3 Banker has mentioned i can think of 3 others off the top of my head who would also do the deal and 2 others who would go to 90% lvr.
Not a matter of what you havent got more a matter of what you have.
The fact that you dont have Tax returns may scare some Brokers and lenders however others adopt a more common sense approach.
Richard Taylor | Australia's leading private lender
aaabbbccc
With an installment Contract Tax is paid on the "Emerging Profits" basis so incremental each year as the profit increases.
Richard Taylor | Australia's leading private lender
Wont comment on some of the individual areas in your list as i have property in them and are very happy with the appreciation and returns but if you have any particular properties you are looking at be happy to email you a Residex report on the property itself.
Richard Taylor | Australia's leading private lender
I agree.
i registered on the 3rd Apil and got my letter less than a week later.
i think as the months go by and into May / June you might find ASIC are rather busy.
Richard Taylor | Australia's leading private lender
Hi Matt
You would be suprised.
For the right applicant 95% lvr is availble with no genuine savings (in fact the saving can be borrowed) at standard interest rates.
Richard Taylor | Australia's leading private lender
Whilst i have only ever done wrapping in Qld it is not the best State when it comes to the payment of the FHOG.
Richard Taylor | Australia's leading private lender
Andrew
You called.
Richard Taylor | Australia's leading private lender
I am with Terry i think ATO so called Audits are all spruiked up to scare lodoc borrowers.
From July 1 the emphasis however moves to Broker or Banker so ensure the loan is suitable.
Richard Taylor | Australia's leading private lender
Under the new NCPP the emphasis lies with the introducer to ensure that all of the information is correct and that the applicant is suitable for the finance recommended.
Recently attended a briefing held by our Aggregator and they had a lawyer from Minter Ellison there giving everyone an overview.
Their advice was until the details of the Act could be further clarified with ASIC then lodoc loans should be avoided as there was little way in proving the applicant could afford the loan and that stating an income to meet the lending criteria could prove very dangerous and personal liable down the track.
Like everything the proof of the pudding is in the eating and i am sure time will tell.
Registration for your own license i see could range from between $465 – $26,500 annually.
And I thought Financial Planning was bad.
Richard Taylor | Australia's leading private lender
Terry agree there is a little moore appetite for debt.
Will be interesting to see whether the Lodoc / Nodoc market disappears totally under the new Credit legislation.
I for one certainly wont be writing any more lodoc deals from Jul 1.
Richard Taylor | Australia's leading private lender
Terry agree there is a little moore appetite for debt.
Will be interesting to see whether the Lodoc / Nodoc market disappears totally under the new Credit legislation.
I for one certainly wont be writing any more lodoc deals from Jul 1.
Richard Taylor | Australia's leading private lender
he new Credit Laws are going to make this very interesting.
If you go into a Wesuck (Westpac) Branch as an existing customer and they tell you that their product is for you and is the best out there they have breached the new Credit Laws as clearly you could do better and they should have referred you elsewhere.
Went to an interesting briefing today thru our Aggregator and they had a legal expert from one of the major law firms telling us just this. Bet of course the Bank manager wont be prosecuted like the poor Broker will be for not knowing your products and your custoomer.
Richard Taylor | Australia's leading private lender
Kat
If the difference between the Bank valuation and your loan amount is $50K then unfortunately this is not useable equity as in most cases you would only be able to borrow upto 90% of the current valuation meaning you would have less available for a deposit.
Richard Taylor | Australia's leading private lender
Get them to look at selling to him either using an Put & Call Option or instalment contract with a minimum term.
Either of these would appear to satisfy the problem.
Richard Taylor | Australia's leading private lender
