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Richard Taylor
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January 8, 2010 - 3:58 am
Making double loan repayments on a loan which will be an IP is not financially sensible especially when you are looking at going into a new mortgage.
Why not look at interest prepayment on the old PPOR or even a split interest / P & I loan on the new PPOR.
Many ways to structure the debt just a matter of fine tuning the details.
Richard Taylor | Australia's leading private lender
Richard Taylor
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January 8, 2010 - 3:55 am
As Terry said 10% ++ would be the go.
Might even get a short term caveat loan quicker.
I am still unsure what you dont want to go with Bank financing.
If it is a credit related issue then refinancing short term private funding will also be an issue later down the track.
Richard Taylor | Australia's leading private lender
Richard Taylor
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January 7, 2010 - 6:34 am
Unofficially one of the Big 4 thru their Commercial Dept.
Just have a good rapport with the Credit manager.
Richard Taylor | Australia's leading private lender
Richard Taylor
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January 7, 2010 - 5:07 am
Ok guys how many of us here have property in the UK which we want to sell.
Really you think these guys would have a look at their audience before the post this rubbish.
Richard Taylor | Australia's leading private lender
Richard Taylor
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January 7, 2010 - 4:58 am
Ring him and ask him.
Will aid your week to week cash flow.
Richard Taylor | Australia's leading private lender
Richard Taylor
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Post Count: 12,024
January 7, 2010 - 4:55 am
Happy to do so you have my email address.
Richard Taylor | Australia's leading private lender
Richard Taylor
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January 7, 2010 - 3:56 am
Yes – Have you ever renovated a house that change the structure of the building before Every Qlder i have raised and built under.
Yes the Bank will fund the renovation although depending on the numbers may want to draw cheques in favour of the registered Builder doing the structural work.
Certainly renovate if it adds value and increases rent.
Richard Taylor | Australia's leading private lender
Richard Taylor
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January 7, 2010 - 3:52 am
Yes you could but depending on which State you are in mind have an issue claiming the OO Stamp Duty.
Richard Taylor | Australia's leading private lender
Richard Taylor
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January 7, 2010 - 3:34 am
Hi Amy
I havent been down to the area for along time but last time i remember it was a wonderful environment.
Look i dont know whether you figures are accurate or if they are whether you should seriously consider refinancing a Interest only on a loan of $385,000 at the current rate would be around $1925 / month. This seems to be a long different to your $2600 / month.
Also have you claimed any of the loan related costs in your Tax return ?
Your Depreciation / Building Write off sounds like they are non existant however the property is fairly new.
Dont like to doubt your account but i am not convinced he has claimed anything for you.
If you are PAYG have you lodged a 221D variation.
Sounds like you might need a bit of review on the whole loan / structure as i am sure this would save you considerably.
Richard Taylor | Australia's leading private lender
Richard Taylor
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January 7, 2010 - 3:29 am
Residex give you half decent statistical information on the past and future expected growth however you need to enter an actual property address to generate the report.
Richard Taylor | Australia's leading private lender
Richard Taylor
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January 7, 2010 - 1:58 am
Not that easy Plummer depending on how many units in the block.
Under 4 on the same Title should be ok but 4 and more will normally be considered as Commercial.
In saying this like everything in this world everything is subject to negotiation.
Have a 7 pack of brick units on 1 Title i am doing at Residential rates at the moment. Would have never thought we would get it through but there are other circumstances.
Richard Taylor | Australia's leading private lender
Richard Taylor
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January 6, 2010 - 10:37 pm
YI – Adelaide Bank thru Rismark International are the only mainstream lender.
Couple of others are State based.
Richard Taylor | Australia's leading private lender
Richard Taylor
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January 6, 2010 - 10:37 pm
YI – Adelaide Bank thru Rismark International are the only mainstream lender.
Couple of others are State based.
Richard Taylor | Australia's leading private lender
Richard Taylor
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January 6, 2010 - 11:58 am
Terry i think you are right would be around 4 years.
Not nice circumstances either.
Be grateful for what you have in this world not what you havent.
Richard Taylor | Australia's leading private lender
Richard Taylor
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January 6, 2010 - 11:43 am
Yes SIS lived only a few minutes from me and that was a trajedy.
Mortgage Hunter – long story probably not for the forum but dont know what happened to the others.
I assure you the bigger portfolio you have you dont manage it yourself that's what efficient young ladies (or gents) are for.
Richard Taylor | Australia's leading private lender
Richard Taylor
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January 6, 2010 - 11:40 am
Yes the average loans officer or even Bank manager (glorified senior teller as non of them actually make lending decisions) probably doesnt even own his own PPOR let alone IP.
Considering most loans are credit scored in some form or shape these days you need to keep the total exposure under the lenders maximum loan radar or big enough to make your business be something they dont want to loose.
Midway in between you are a pawn in a bigger bowl.
Richard Taylor | Australia's leading private lender
Richard Taylor
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January 6, 2010 - 11:36 am
Yes but well worth it……
Richard Taylor | Australia's leading private lender
Richard Taylor
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January 6, 2010 - 11:22 am
Sorry Dean my point was if your own Banks appointed valuer is not giving you the sort of Bank valuation you think you should be getting then an alternative lender may use another valuer that will give you a different figure.
Nothing to say you cant refinance a couple of properties away from your Bank if terms and conditions elsewhere are more favourable and this would include the valuation.
Richard Taylor | Australia's leading private lender
Richard Taylor
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January 6, 2010 - 11:05 am
Dean i am with you.
i have 40 properties in SE Qld (well Brissie if the truth be known) but over the last 3-6 months have started to become more adventurous and started looking inter state.
Dont have to go that far but can look outside your own Bank.
Richard Taylor | Australia's leading private lender
Richard Taylor
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January 6, 2010 - 11:03 am
No worries Singer.
It is a good community we have hear and both Terry and I have been part of it for some time.
Pleasure to throw in the ring ideas and comments especially if they help other investors.
Richard Taylor | Australia's leading private lender