Forum Replies Created
In Qld
You can claim a home concession if you:
- buy a home and move into it within one year of the date of transfer
- live in the home as your principal place of residence
- do not sell, transfer, lease or otherwise grant exclusive possession of part or all of the home to another person(s) before moving in or within one year of the date you move in.
Richard Taylor | Australia's leading private lender
In Qld
You can claim a home concession if you:
- buy a home and move into it within one year of the date of transfer
- live in the home as your principal place of residence
- do not sell, transfer, lease or otherwise grant exclusive possession of part or all of the home to another person(s) before moving in or within one year of the date you move in.
Richard Taylor | Australia's leading private lender
In Qld
You can claim a home concession if you:
- buy a home and move into it within one year of the date of transfer
- live in the home as your principal place of residence
- do not sell, transfer, lease or otherwise grant exclusive possession of part or all of the home to another person(s) before moving in or within one year of the date you move in.
Richard Taylor | Australia's leading private lender
Hi Happy
Buying a block inline can make good investment sense however finance can often be frustrating.
Have a few lenders who will do 80% on upto 6 units but it does make a difference of the post code and town.
Would need additional information to advise you further.
Richard Taylor | Australia's leading private lender
moira,
Firstly when you say you have 15% equity do you mean at present you have a 85% lend against the current market valuation or15% equity to make the deal a 90% lend which is the maximum most lenders will go to on a top up as there is a big difference.
If it that you currently have a 85% lvr then i think you are going to find to access any equity at all.
Now regretfully your partner will not qualify for the FHOG anyway if you have already received it (check out the rules for Partners and Spouses in the OSR guidelines) so i think you need to consider that you will have to purchase the new property in Joint names and between you come up with the deposit and acquisition costs from your savings or a split loan to access limited equity.
Richard Taylor | Australia's leading private lender
Depends on which State you are referring about.
Check with the OSR in your State.
Richard Taylor | Australia's leading private lender
I agree with Steve i love the true 1 bedder as they are so practical to occupy and make a great return as far as yield is concerned.
I own a block of 14 units here in Brissie with 10 of them 1 bedders and I wouldnt have had a days vacancy since the day i bought them.
At 63 Sq M that is a good size so go for it.
Richard Taylor | Australia's leading private lender
Hi Cath
With the NAB usually if the valuation is within the last 3 months they will work off the last figure unless you can convince them the property has increased in value and can provide evidence so support this.
Richard Taylor | Australia's leading private lender
I am only aware of 3 standard lenders who still consider full doc applications where an HDT is involved.
Richard Taylor | Australia's leading private lender
Not quiet right Geraldine banks don't like to loan on things that are under 50 sq but admitedly the lvrs are reduced.
Richard Taylor | Australia's leading private lender
Hate to disagree with Ryan again but if the property is a residential house upto $300K both Gemworth and QBE PMI will provide cover upto 95% in Moree.
Richard Taylor | Australia's leading private lender
Buying 3-4 properties worth 100K is financial suicide even if they are positive cash flow today.
Firstly at those prices financing them would be difficult and remember even property you buy irrespective of the yield will reduce your borrowing capacity.
Keep some of your funds back for contingency or maintainance, vacancy etc and divide the rest up and maybe look at 1 property initially to ensure you are confortable with the risk. Then after 3 -6 months if all is going weel look to add another property to your portfolio and grow slowly.
Last thing you want to do is blow the lot because the property looked cheap only to fund you have bought a complete lemon.
Just because the property is cheap doesnt mean it is a good buy.Richard Taylor | Australia's leading private lender
Jarad
Yes it is too late to fix but you could still do it and then take your chances on an Audit come the time you rent it out.
Interest only is the way to go with every loan as it gives flexibility.
There is of course times when you want and need to pay down the principal but from what you have stated your plans are no need at all.
Richard Taylor | Australia's leading private lender
Well wont give all the Trade secrets away but ING for one charge a reduced equity fee which depending on the loan amount can be less than half the LMI premium.
There are 2 other lenders off the top of my head i can think of who also dont charge LMI.
Richard Taylor | Australia's leading private lender
Hi Matt
Not quiet right "all Banks will only lend you up to 80% of the value of the properties without mortgage insurance"
and there are several options to reduce this.Richard Taylor | Australia's leading private lender
Rather being concerned about the monthly fee i would be asking yourself why you are looking at making extra repayments.
Why wouldnt you convert the loan to interest only and retain the offset account fee and all.
Richard Taylor | Australia's leading private lender
Dont worry i get a man in to mow and trim i just get worn out watching him.
Richard Taylor | Australia's leading private lender
Hi Ben
Cant see an issue with the strategy and as long as the lending part is set up correctly there is no reason why you wont be able to expand your portfolio over time.
Remember living with a mate might sound all well and good short term but last thing you want to do is fall out over some minor issue so I would set down some ground rules i.e who does what and when.
Must admit i have a decent portfolio and would rent myself if my wife would allow me.
She is not the one who has to maintain a property on 2800 sq M but sometimes a happy wife is a happy life (As a client said to me yesterday).Good luck.
Richard Taylor | Australia's leading private lender
Ryan
Not quiet that easy.
Firstly how long has the ABN been registered and it is registered for GST.
Anything less than 2 years and you are going to struggle at anything over 60%.Documentation will depend on who the lender is and their mortgage insurer requirements.
Gemworth require BAS and in some cases Trading Statements.
QBE PMI dont require a lot other than a signed Lodoc Declaration Statement.
The odd variation with some of the in house insurers.Every lender will require 3 months Bank Statements showing where the 20% deposit is coming from or evidence of equity and a line of credit showing available funds.
With regards to the entity will depend on what type of Trust and whether there is a Corporate Trustee.
Lodoc lenders offering these faciliites to Trusts are not thick on the ground.Finally lodoc lending is very much post code orientated so anything too regional and you might have an issue.
Richard Taylor | Australia's leading private lender
Hate to say NO they dont source their funding from the same place as major Bank.
Firstly they cant source any retail deposits so it is all down to RMBS.
As has been mentioned previously Rams, Aussie, Mac all had attractive low rates at one stage in the game.
Richard Taylor | Australia's leading private lender
