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Richard Taylor
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@qlds007
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Post Count: 12,024
January 1, 2010 - 3:23 am
Happy NY Ben and great start. Wow i was 21 once lol
Refinancing your PPOR to release equity is going to fairly tough in the current market place as unlikely you will get more than 90% equity release and then you have LMI again on the increased amount.
Using this to cover the deposit and acqusition costs is going to mean your buying is going to be fairly limited as unlikely you will get anything more than a 90% lvr on an investment loan with curren credit scoring.
Suggestion would be to restructure and then be ready to go if and when something turns up.
If you intend to stay in the PPOR for ever and a day then certainly keep the loan as P&I so you can pay the debt down and then in turn increase the Investment LOC by the same amount. If not i would make it IO immediately you restructure and then utilise a 100% offset account until you decide what you want to do long term.
Richard Taylor | Australia's leading private lender
Richard Taylor
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@qlds007
Join Date: 2003
Post Count: 12,024
December 31, 2009 - 11:56 am
And i am sure if we were in the US of A this link would be relevant but as the Tax and Mortgage structure in Australia is totally different most of the points made are irrelevant and misleading.
Richard Taylor | Australia's leading private lender
Richard Taylor
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@qlds007
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Post Count: 12,024
December 31, 2009 - 11:15 am
NE i think you might want to review the amendments to beneficiary distributions for children as it still has significant benefits.
Also what is say you and your wives marginal Tax rates will stay the same until the day you wish to sell the property.
One of the biggest benefits of using DFT's is the flexibility both now and into the future.
Richard Taylor | Australia's leading private lender
Richard Taylor
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@qlds007
Join Date: 2003
Post Count: 12,024
December 31, 2009 - 6:53 am
Well then it is a 70% Max lend Min Loan $100K simple as that.
Rate is a little higher Stock Loan was an option if you want to borrow outside FL.
Richard Taylor | Australia's leading private lender
Richard Taylor
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December 31, 2009 - 1:11 am
If you hold unencumbered shares or managed funds we do a US Stock loan at 3.25% to 70% of value.
Richard Taylor | Australia's leading private lender
Richard Taylor
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@qlds007
Join Date: 2003
Post Count: 12,024
December 31, 2009 - 1:10 am
Can do 70% LVR in FL but minimum loan is $100,000 so min purchase price = $142 and a bit.
Richard Taylor | Australia's leading private lender
Richard Taylor
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@qlds007
Join Date: 2003
Post Count: 12,024
December 30, 2009 - 11:30 am
Denis
Quick answer – Am I able to claim depreciation on a PPOR – NO not whilst it is your PPOR.
When you rent it out you can.
Richard Taylor | Australia's leading private lender
Richard Taylor
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@qlds007
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Post Count: 12,024
December 30, 2009 - 11:29 am
Exactly Terry lol.
Richard Taylor | Australia's leading private lender
Richard Taylor
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@qlds007
Join Date: 2003
Post Count: 12,024
December 30, 2009 - 11:28 am
GOM i think that response means she is looking for broker of the half decade.
Richard Taylor | Australia's leading private lender
Richard Taylor
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Join Date: 2003
Post Count: 12,024
December 30, 2009 - 11:12 am
Wow marry you on a mission.
Richard Taylor | Australia's leading private lender
Richard Taylor
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@qlds007
Join Date: 2003
Post Count: 12,024
December 30, 2009 - 10:15 am
marry great link but your 5 years too late.
Richard Taylor | Australia's leading private lender
Richard Taylor
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@qlds007
Join Date: 2003
Post Count: 12,024
December 30, 2009 - 3:52 am
What State are what sort of purchase price ?
Richard Taylor | Australia's leading private lender
Richard Taylor
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Join Date: 2003
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December 30, 2009 - 3:52 am
Which State are you looking in and what sort of purchase price ?
Richard Taylor | Australia's leading private lender
Richard Taylor
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December 30, 2009 - 1:25 am
Ray
Yes you can use the land as security for the construction but will need to borrow against it to fund the building.
Richard Taylor | Australia's leading private lender
Richard Taylor
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December 30, 2009 - 1:24 am
Hi Matt
Not being funny but if you work for one of the big Banks wouldnt you know about the internal works of your own personal loans.
If not rather than Terry or me try and answer your questions wouldnt it be easier to ask someone in the office that does.
Richard Taylor | Australia's leading private lender
Richard Taylor
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December 30, 2009 - 1:22 am
Yeh thanks Maurice i think you might be in the wrong Hemisphere my friend.
Richard Taylor | Australia's leading private lender
Richard Taylor
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December 30, 2009 - 12:38 am
Ray
Yes you can use the land as security for the construction but will need to borrow against it to fund the building.
Richard Taylor | Australia's leading private lender
Richard Taylor
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December 29, 2009 - 11:36 pm
70% would be max at the moment and then it would depend what other exposure the lender had in that complex.
I cant see at the moment any reason why lenders or more importantly the mortgage insurers will change.
Richard Taylor | Australia's leading private lender
Richard Taylor
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December 29, 2009 - 1:15 pm
How hard can it be?
Sorry i had to chuckle when i read this statement.
Do you honestly have any understanding of the mechanism of development in a foreign country.
Of financing of dealing with tradesman, builders, Local Councils, corrupt Governments etc etc etc.
May mattnz is correct are you sure you are not a middle man looking for a cut somewhere.
Richard Taylor | Australia's leading private lender
Richard Taylor
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Join Date: 2003
Post Count: 12,024
December 29, 2009 - 5:54 am
HI Grant
Havent read the book but understand the concept so will comment on what is currently available in the market.
1) 80% of cost would be available in the current climate Yes.
2) You wont be able to capitalise interest on a residential loan at an 80% LVR.
3) GRV is an accepted method however not at 80% LVR. No standard lender offers such and you are looking at private lenders so maximum LVR is likely to be around 65% depending on your experience, income, assets and any pre-sales.
4) This will go against you as it is borrowed funds but makes it possible to achieve would work.
Richard Taylor | Australia's leading private lender