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bambam
I wont comment on whether i believe you can sell the property now as i assume you have spoken to the OSR.
As far as i am concerned it is 6 months in the first 12 months.
Now how you on sell the property (assuming you dont wish to sell it in the open market) doing it by some form of rent / buy, instalment contract, License to occupy will vary.
Initially all you would so is decide on a end price you want for the property and an interest rate you wish to charge and then decide which method you want to offer potential buys.
Each has its advantages and disadvantages depending on what your long term goal for the property is.
Do you want immediate income, good long term income, a quick capital gain ?
Once you figure this out you will be able to move forward.
Just remember as from July 1 you will need to be licensed under the new National Credit Act
Richard Taylor | Australia's leading private lender
Sorry Emej78 regretfully it is not as easy as that.
You need to contact the company who listed it, obviously pay the debt, and speak to someone about lifting the default.
Whilst Veda might show the default as being repaid it wont be removed from your record.
Banks wont touch a Part X for a minimum of 2 years so would be only be a non bank lender.
Richard Taylor | Australia's leading private lender
Yes there are.
Richard Taylor | Australia's leading private lender
Probably would need to be less than a 80% lvr and at least 12 months.
Richard Taylor | Australia's leading private lender
Yes depends on the level of bad credit you are referring to.
Richard Taylor | Australia's leading private lender
You may also want to check out the rules of the FHOG as if you purchase and use your FHOG your partner will not be elligble.
Richard Taylor | Australia's leading private lender
Terry is right if you think you are ill disclined then pay off the loan and the positive cash flow will serve you when circumstances change.
If you are good at budgeting then interest only will serve you well in the long run.
Richard Taylor | Australia's leading private lender
If you have already signed a purchase contract it is too late to amend the Title to buy in Trust without incurreing double stamp duty so that one is out.
As the property is off the plan you have plenty of time to arrange finance but the normal recommended loan strucure would be an interest only loan with a 100% offset account.
Richard Taylor | Australia's leading private lender
Depends if he has an allocated number of searches he can do each month before he reaches his maximim allowance and has to pay extra for them.
If not why not come clean and ask him.
Richard Taylor | Australia's leading private lender
Thanks Kim
Hope you are having a good restful day.
After a frantic week we got there in the end.
Richard Taylor | Australia's leading private lender
Hi Grug
Love the avatar by the way.
To be honest personally i would still look to use as 100% offset account on an interest only basis at least for one of the properties even if you place 20% deposit down on the first purchase and keep the rest up your sleeve for future deposits.
The funds in the offset account will still make the properties positively geared as you will only be paying interest on the net balance yet preserves the deductability of the interest and the flexibility of the account balance in case you need to access for non deductible purposes in the future.
Remember this could include a deposit for a PPOR.
Be happy to assist you if you want to drop me a line and we can run through some ideas.
Have 101 forum clients scattered all over the Country and with email and electronic loan lodgement these days distance has never caused a problem.
Richard Taylor | Australia's leading private lender
Shoot me an email with the address and I will run you off a Residex report so you can see some of the Statistical information and comparative sales evidence.
Richard Taylor | Australia's leading private lender
Andrew
Rather than using a personal loan you could fund the deal from a investment line of credit or even capitalise the interest.
This is a structure we establish for many client undertaking small developments.
Richard Taylor | Australia's leading private lender
See not just a pretty face.
(If you are a current client please do not respond to this comment as you run the risk of having your loan declined lol)
Richard Taylor | Australia's leading private lender
Hi Zan
To safe guard the deal why not take out the LOC secured against your PPOR with the Commonwealth for 20% of the investment property purchase and acqusition costs and then look to take out the investment with an alternative lender.
When the property value on the IP increases increase the loan and payout the LOC with the CBA.
This way your IP lender will have no interest in your PPOR.
Richard Taylor | Australia's leading private lender
Hence loan structuring is so important from day 1.
Richard Taylor | Australia's leading private lender
Assuming they are no common walls and serviceability is sufficient to cover all 7 properties.
Must admit in 15 years of doing developments i cant say i have ever seen a DA approval on a community or strata title block that has ever allowed separate titles from day 1 without the need to have them complete.
Richard Taylor | Australia's leading private lender
80% Margin Loan on ASX 50-100 is fairly standard now with the right Margin lender,
GOM Yes you are correct about the nominal interest rate you can claim under a GPL.
Richard Taylor | Australia's leading private lender
Because the ATO use the "purpose test" for the funds to decide whether the interest is deductible.
You could secure an investment loan on a herd of cows and the interest would be deductible but purchase a overseas holiday and offer your investment property as security and the interest certainly isnt claimable.
This is why you need to be vary careful and a specialised mortgage broker should be able to structure the deal for you to maximise your deductions and minimise your interest payable.
Richard Taylor | Australia's leading private lender
There is nothing new in this and is readily used by investors.
Depending on the State you may still find that Stamp Duty is payable.
Richard Taylor | Australia's leading private lender
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