Forum Replies Created
As i mentioned be happy to email you any report for nothing but they are specific to actual properties so would need a street address to run off one for you.
Richard Taylor | Australia's leading private lender
YI
My advice was irrespective of the LVR NAB always requires PG even if the lvr was less than 50%.
Done a few with them and very low lvr's.
Happy to be proved wrong but that comes from the top of Qld Credit.
Richard Taylor | Australia's leading private lender
Asset protection is just one reason you would consider buying in Trust.
The other main reason is the ability as Trustee to distribute the income to any of the beneficiaries starting with those on the lowest marginal Tax rate.
You would never hold a property solely in a Company as there is no concession on the CGT if the property is sold.
Sure Land tax is a consideration (you want to see my Land Tax bill each year which is a lot more than $8400) but i would never buy in other structure than a DFT with a Corporate Trustee.
Flexibility is key as personal circumstances change as time goes on.
Richard Taylor | Australia's leading private lender
DSR is just one calculation lenders use and means very little.
As i mentioned in an earlier post most loans are credit scored these days so DSR has little bearing on serviceability esepcially where the loan is mortgage insured.
Also bear in mind every time interest rate move DSR will change and could be meaningless.
Richard Taylor | Australia's leading private lender
After 5 days definately there should be some action even if they only told him a date when the valuation was going to be undertaken.
Richard Taylor | Australia's leading private lender
Hi Tom
Hate to say your Broker is correct.
In fact some lenders will not even issue the letter of offer until such time as you give them a copy of the purchase contract or similar to evidence where the funds are going.
Not sure who you are going through but just get your Broker to switch lenders and use someone who doesnt impose such condition or where he can put some weight on the lender.
Richard Taylor | Australia's leading private lender
Ok we have the Annual subscription to Cordells and it doesnt work out too bad.
Richard Taylor | Australia's leading private lender
I fail to see why anyone would tell you it is that bad. It is merely an opportunity cost.
You pay it and you get the opportunity to move forward.
Dont get me wrong the premiums can vary from lender to lender and from mortgage insurer to insurer so your Mortgage Broker really needs to shop around for you.
Richard Taylor | Australia's leading private lender
Because they dont offer a lodoc PAYG loan.
Richard Taylor | Australia's leading private lender
As long as benq and his partner are not in a spousal realtionship their is nothing immoral about claiming the FHOG.
Richard Taylor | Australia's leading private lender
Z
I would get the to lend you the deposit funds rather than use their property as security.
Certainly a newer property will likely have increased Depreciation and Capital Allowance however may yield slightly less than an older property which has lesser Capital Growth.
It is horses and whether you want cash flow or capital growth or a mix of both.
Richard Taylor | Australia's leading private lender
benq
Wouldn't refinance the loan merely take out a separate loan and therefore the interest and loan balance can be easily distinquished.
And Yes she can use her property as security and take a loan against to lend to you.
Richard Taylor | Australia's leading private lender
Mike Bendigo do not require PG's.
Settled one with them last week.
Richard Taylor | Australia's leading private lender
Hi Ben
Simple reason it wouldnt be allowed is that without any financial interest in the security it would be very difficult for a lender to enforce your girlfriend to pay a part of the loan.
Each of you would treated as jointly severally liable for the entire debt yet only you would have anything to loose being the Title.
Now on a separate front nothing to stop your girlfriend gifting you $50K and then in turn you put in $100K deposit to the purchase in your sole name. You then draw up a mortgage document that states her $50K receives either interest or a percentage of the capital growth or any other formula you wish to use.
Remember if you are classifed as in a spousal relationship then you wont be able to claim the FHOG anyway.
Richard Taylor | Australia's leading private lender
Drop me a line or give me call be happy to meet up with you.
General advice over a coffee means i dont have to charge you for it lol
Richard Taylor | Australia's leading private lender
Sure please do.
Richard Taylor | Australia's leading private lender
Possibly ……. to discuss what.
Dont mean that sinically but as a FP myself find that many clients dont really want FP advice but something else.
All boils down to whether we have to charge for the advice or whether it can be done with a coffee and chat.
Richard Taylor | Australia's leading private lender
Hi Ben
Me thinks you are referring to a 3rd party mortgage where the Title owner and the loan names vary.
You wont find in the current climate that would be acceptable and to be honest the arrangement you have described would not have been acceptable anyway.
Nothing to stop someone gifting you a deposit though and you buying the property in your own name and then them registering a caveat or 2nd mortgage to protect their financial interest.
If i am way off on what you are trying to achieve come back to me.
Richard Taylor | Australia's leading private lender
Hi Smoule
Firstly welcome to the forum and I hope you enjoy your time with us.
Whilst i wont comment directly on what you should do with your funds I personally would be looking at buying somewhere in Brissie for investment and then gear to an 80% lend placing the balance of the money in a 100% offset account.
I certainly wouldnt be using more than 20% deposit as when you return from traveling you may decide you want to purchase a PPOR and want access to these funds. An offset account will protect both the deductability status of the interest as well as giving you immediate access to the oncall funds.
Richard Taylor | Australia's leading private lender
Hi Plummer
I can think of a couple of lenders who would probably look at that but maybe they would want a P & I loan over say 30 years rather than IO especially at 95%.
At that LVR will depend on the rest of the deal.
Drop me a line if you need any other information.
Richard Taylor | Australia's leading private lender
