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  • Profile photo of Richard TaylorRichard Taylor
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    February 19, 2010 - 5:27 am

    Lenders work off your Gross income not your net and then work out the Tax and Medicare deductions themselves.

    Your income and expenses are then adjusted accordingly.

    Richard Taylor | Australia's leading private lender

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    February 19, 2010 - 5:24 am

    Hi Dylan

    It doesnt work like that regretfully.

    Each lender uses a different serviceability model so doesnt suprise me if you have come up again a Bank that says no more.

    As i mentioned earlier there are varies ways to skin a cat it just depends on what you trying to do and whether you feel you can afford the loan.

    Richard Taylor | Australia's leading private lender

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    February 19, 2010 - 3:07 am

    Many lenders do add back the Tax adjustment made as a result of the negative gearing effect of the interest cost being greater than your net rent however do not take into consideration any adjustment made for Depreciation or Capital Allowance.

    Other lenders do not add this back into the equasion.

    Just a matter of getting the right mix to keep your serviceability going.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 18, 2010 - 11:11 pm

    Can you afford to support any shortfall in repayments (post negative gearing etc etc) if so there are a couple of lodoc style products at standard interest rates that maybe able to accomadate a situation like yours.

    Course like anything further information would be required but a loan restructure should get you there.

    Richard Taylor | Australia's leading private lender

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    February 18, 2010 - 2:49 am

    Hope you have a big deposit as lenders wont be financing them in the same way even with residential zoning.

    Certainly be tying up your equity.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 18, 2010 - 1:35 am

    Dan is bang on.

    Firstly Stamp Duty will certainly be paid on the purchase and CGT on the assumption the asset had appreciated.

    I cant think of 2 many lenders who would even touch a PIT or HDT in the current climate and the odd or two that do will not be attractive in terms, conditions or interest rates.

    Richard Taylor | Australia's leading private lender

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    February 18, 2010 - 1:27 am

    Cant say i know the suburbs but happy to run you a report on any property you find if it helps you.

    Richard Taylor | Australia's leading private lender

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    February 18, 2010 - 1:26 am

    Steve certainly wouldnt do anything under hand but in realty as Terry mentioned it cant be done.

    I think there maybe some misinterpretation.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 17, 2010 - 9:39 pm

    No we have an in-house firm that does all of our installment contract in Qld.

    Richard Taylor | Australia's leading private lender

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    February 17, 2010 - 12:23 pm

    Depending on some issues( mainly who you are employed by and the available evidence) it may be possible to get to a 90 % lend on the existing properties (with the other owners permission and them also drawing their share of equity) and an 80 % lend on the 4 units on the one title.
     
    If the property is a regional security this will have some bearing on the deal. 

    Cross collateralising clearly doesnt result in what you want to achieve.

    Richard Taylor | Australia's leading private lender

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    February 17, 2010 - 10:57 am

    Hi Dude

    Firstly welcome to the forum and I hope you enjoy your time with us.

    I think if you do it propertly you can have the best of both worlds.

    I would look to take advantage of the FHOG and Stamp duty concessions whilst they are around and then after you have satisfied the criteria for both look to rent the property out.

    If you structure the loan so that it is interest only from day 1 with 100 % offset account then it will be both Tax effective and save you interest along the way.

    Richard Taylor | Australia's leading private lender

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    February 17, 2010 - 4:50 am

    Most Finance Clauses read that the Offer need to be on terms acceptable to the buyer as otherwise the interest rate could be 6% but a 3% application fee and you forced to accept it.

    Richard Taylor | Australia's leading private lender

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    February 17, 2010 - 4:22 am

    Believe or not since i answer your post i have received another enquiry from a forum client in a similar position so made a couple of calls and think you would get the rate down to around 8.25% after all.

    Richard Taylor | Australia's leading private lender

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    February 17, 2010 - 4:07 am

    Balu

    Assuming you are single have no other loan committments etc etc your income would appear not to be too far off servicing such a loan.

    Most lenders are happy at normal rates after 2 years + so 9 months wont make much difference even on a Part 9.

    Would need to see your Veda Credit Report to give you a more accurate assessment.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 17, 2010 - 2:33 am

    Hi Manohar

    Assuming you can show serviceability to support the loan then Yes you should get the loan at 75% LVR.

    With regards to rate without checking would have to be 9% + for a couple of years. 

    Hate to say these sorts of deals can vary by the day so check back in March and I can tell you further.

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    February 17, 2010 - 2:28 am

    keiko

    It all depends on the deal can be anything from a desktop / driveby to a full valuation.

    Your Broker should be able to answer that one given the details.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 16, 2010 - 9:54 pm

    Yes costs are dedcutible from the day the property became available for rent so in this case settlement.

    Richard Taylor | Australia's leading private lender

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    February 16, 2010 - 10:24 am

    Heh Steve

    Problem is my wife is the other Director of the Company so technically she owns half and I own half so she tells me that stil makes me wrong.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 16, 2010 - 9:08 am

    GOM you certainly can as Terry has mentioned.

    And not only limited to those 2.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 16, 2010 - 9:07 am

    g fin

    Depending on 101 things you might get 90%.

    Richard Taylor | Australia's leading private lender

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