Forum Replies Created
Benny you have hit it on the head and one of the reasons we wouldn’t touch it with a barge pole.
It is amazing what a spin you can put on a suburb if you call it “Upper” or “Heights” etc.
In essence same old suburb which is on the wrong side of the highway now as it has been for the last 15 years ago.
Next thing these spruikers and certain Buyers Agents will be saying Studio Village is making a come back. I ask you.
Cheers
Yours in Finance
0-40 Properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
Sure but that wasn’t the question.
Question is how much can I borrow against the property ?
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Yours in Finance
0-40 properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
P Donnelly how do Australian residents go for borrowing in Asia ?
What is the maximum lvr we can borrow.
Funnily enough we can’t cope with the demand from Asian investors wanting finance to invest in Australia.
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Yours in Finance
0-40 Properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
I see an APRA report released yesterday suggest the issue might be as much as a $50B (Yes billion not million) dollar mistake.
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Yours in Finance
0-40 Properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
How many properties are you talking about.
We have used a decent Excel formulated spreadsheet for our 46 properties and never had an issue.
Why spend money you don’t need to.
Cheers
Yours in Finance
0-40 Properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
Benny you are so right.
This particular forum member had an investment loan with a 3rd party where his existing Bank was considering him jointly and severally liable for the entire debt however only taking into consideration 50% of the rental income.
Thankfully we have restructured the loan to a lender who considers 50% of the rent and 50% of the loan liability thus solving the problem.
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Yours in Finance
0-40 Properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
Hi Harv
I have to say the wording “is due for delivery soon” in your post makes me very nervous.
I am assuming from this the property is an off the plan new property ?
Firstly, I hope the property values upto the purchase price as more and more are not and secondly sounds to me with a rental guarantee this has been built into the price itself.
Do you have to rent the property thru an onsite manager who has purchased the management rights ?
If this is optional you may find renting it thru a local agent might be preferable.
The furniture will be Tax deductible so that is something but how regularly will you need to replace it.
Will your landlords insurance policy cover any damage to the contents ?
I think the first thing i would do is make sure your Bank or Broker order a valuation as soon as the unit has been completed as this could be the initial problem.
Then talk to a few independent property managers in the area and get a feel for what they say.
Broadbeach is a good area but starting to see more of an abundance of high rise OTP units and they are not valuing up.
Cheers
Yours in Finance
0-40 Properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
Sammy no stamp duty exemption on an IP in NSW and it actually gets worse.
If you added your partners name to the Title you may incur CGT on any increase in value.
You say your Bank have told you that the loan doesn’t service have you looked at refinancing rather than adding your name to the Title.
Certainly be a lot cheaper and you maybe surprised the difference in the amount you can access with another lender.
Did a loan for a forum member this week in a similar situation and we managed to squeeze out another 300k of borrowing compared to her original bank.
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Yours in Finance
0-40 properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
Call Option or extended settlement.
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Yours in Finance
0-40 properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
Hate to say every application is lodged electronically these days so even in the event of a face to face get together your broker will go back and lodge your deal on line.
In the old days you would sit down with a client and do up an manual application and then run it round to the local Bank manager who would assess it. I remember sitting having coffee with a number of Banks in the mid 90’s looking over a clients deal and they would print the approval off and we would then drop it back to the client.
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Yours in Finance
0-40 Properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
There is no minimum amount required but realistically you would need circa 80K +.
Yes there are still lenders that will lend a SMSF to buy a NRAS property but whether it is a good investment is a different matter.
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Yours in Finance
0-40 properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
Where on the Sunshine Coast ?
I own a place in Noosa which i come upto regularly.
Do you need someone on the SC for a face to face interview. Most of our SC clients we deal with by phone or email.
Let us know what you are after.
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Yours in Finance
0-40 Properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
Agree with bender.
3. Pay the investment debt off and live off the increasing rental income forever.
Cheers
Yours in Finance
0-40 Properties in a decade. Ask me how.-
This reply was modified 9 years, 1 month ago by
Richard Taylor.
Richard Taylor | Australia's leading private lender
Hi Amit
Without pre-sales you will need to show serviceability for the entire peak debt plus your other liabilities.
A non coded no loan might be possible but certainly isn’t going to be cheap.
Welcome to the world of development funding.
Cheers
Yours in Finance
0-40 Properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
Trust me you won’t be the one making the decision on the security they take possession of irrespective if the loans are crossed.
We always recommend a client structure their set up along the lines of what Benny has mentioned.
Should be looking at circa 4.19% for this.
Cheers
Yours in Finance
0-40 Properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
Cartman
Hate to say doing anything in a hurry is usual a fatal long mistake.
Forget Liberty if you need anything done in a hurry as due to the volume of loans they have blown out on delivery time for assessment.
Seems to me like you haven’t really considered where you want to be in the future and that this might merely be a bad aid solution.
It sounds like settling the IP purchase is #1 priority to avoid being in default and then maybe getting things sorted.
In saying that still no reason why you can’t do both things at the same time subject to the settlement date.
With the equity you have in your current property i believe you could obtain a very competitive rate of interest as well structure your loans in a manner to help you move forward when you want to.
In the current climate often a matter of taking what you can get from a lender when you don’t necessarily need it as when you do you might find it is not available.
Plenty of options available from what i can see.
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Yours in Finance
0-40 Properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
Which Bank are we talking about ?
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Yours in Finance
0-40 Properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
I am assuming the property is solely in your name.
If so i don’t see an issue.
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Yours in Finance
0-40 properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
Hi Angela
You mention you are looking for a Property Investment Advisor.
Not sure whether you are wanting a Buyers Agent to help you with your future acquisitions or someone to review your existing property portfolio.
If you are looking at someone to review your current credit set up and provide advice then a mortgage broker can do this for you.
Slightly confused at what you are after.
Cheers
Yours in Finance
0-40 properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
Being Halloween tomorrow I can say this.
“Be afraid be very afraid’ it sounds to me like your banker has no idea and i think you are heading to a classic case of cross collateralisitus.
No need for a separate offset account but a separate loan is imperative.
Cheers
Yours in Finance
0-40 Properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
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This reply was modified 9 years, 1 month ago by
