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  • Profile photo of Richard TaylorRichard Taylor
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    September 11, 2015 - 2:26 am

    Hi Keith
    No what you have described is a standard financing set up for most investors.
    Couple of words of caution make sure the end value of the land and construction comes in at land contract price and fixed price building contract as we see many investor caught out where the property does not value up.
    Also if you have already paid 10% deposit make sure you have structured it correctly as it is not merely a matter of reimbursing yourself and hoping you can claim the interest as a tax deduction.

    Cheers

    Yours in Finance
    0-40 properties in a decade. Ask me how.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    September 10, 2015 - 6:45 am

    And of course impossible to finance at a half decent LVR.

    Cheers

    Yours in Finance
    0-40 properties in a decade. Ask me how.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    September 10, 2015 - 6:32 am

    All depends on what the end result you want is.

    Many would you not utilise the equity and increase your investment wealth,

    Cheers

    Yours in Finance
    0-40 properties in a decade. Ask me how.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    September 10, 2015 - 6:29 am

    Be very careful with a couple of the strategies badly outlined by Cattleya as they are fraut with danger.

    Seek specialist advise before venturing down that path.

    Cheers

    Yours in Finance
    0-40 properties in a decade. Ask me how.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    September 10, 2015 - 6:23 am

    ASB there is no issue in using redraw funds in order to purchase your next property,

    Whether the funds are Tax deductible or not is a different matter.

    We structure all of our clients loans differently but using equity to fund deposits is totally acceptably.

    Cheers

    Yours in Finance
    0-40 properties in a decade. Ask me how.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    September 10, 2015 - 6:17 am

    Hi Jodie

    Have you considered looking at purchasing a property inside your self managed super fund?

    We recommend all of our forum clients look to have a mix of assets held both in their personal names as well as in Super.

    Cheers

    Yours in Finance
    0-40 properties in a decade. Ask me how.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    September 10, 2015 - 6:14 am

    Yes both are useful areas for research but nothing like being Jonny on the spot and using some useful local knowledge.

    Cheers

    Yours in Finance
    0-40 properties in a decade. Ask me how.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    September 10, 2015 - 6:11 am

    Where abouts in Brisbane are you looking and what are you looking to spend.

    We have acted for well over 100 forum clients in helping them buy in Brisbane and focus on a combination of yield and Capitsl growth,

    Both my partner and I built our multi million dollar property portfolios thru a combined strategy of returns including vendor finance, subdivisions and capital add on’s and work with our clients on a similar basis.

    Cheers

    Yours in Finance
    0-40 properties in a decade. Ask me how.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    September 8, 2015 - 9:34 pm

    Depending on the security type maximum loan could be between 65-80%. (Even 100% in certain cases)

    Lots of variances but nothing an average Broker couldn’t do.

    We do Commercial deals all the time.

    Cheers

    Yours in Finance
    0-40 properties in a decade

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    September 8, 2015 - 9:27 pm

    Md you don’t mention whether the loan is interest only or principal & interest.

    As I am sitting at an airport in Oslo, Norway I don’t have my online calculator but in essence.

    1) work out the repayment on the gross loan at the applicable interest rate and term.

    2) Then work out the interest component separately.

    Calculate the credited interest due to the offset benefit and add in the principal reduction.

    Divide by 2 and that will give you an approx fortnightly repayment but remember it will change each month depending on 101 factors.

    Cheers

    Yours in Finance
    0-40 properties in a decade

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    September 6, 2015 - 4:44 am

    Hi Sue

    Would echo the sentiments of the other 2 posters in saying sorry to hear about your current family situation.

    Personally i would not be investing any money at all with a developer in any shape or form.
    I have personally developed 101 properties in Brisbane and when i see the structures some developers establish the only loser when things go wrong is the investor.

    Have a search thru the forum and you will read a series of posts made by other members regarding a similar investment in Port Headland Western Australia. I actually financed a couple of such purchasers and these investors were concerned that the valuations came in less than they were buying the unit from the Bare Trust from.

    Sydney is definitely out of the question with such a budget but certainly you could find something in Brisbane. I would again be avoiding Units in Brisbane due to the potential glut of properties coming to the market over the next 12 months and the high costs of Body Corporate.

    You can still purchase a detached free standing property in Brisbane for your budget if you know where to look.

    We are finding a number of good yielding properties for forum clients in some excellent areas.

    In regards to your Super i am assuming you that you don’t have enough funds to consider rolling over into your own SMSF and looking at buying in Trust.

    Whatever you decide to do ensure you engage professional assistance as you still have plenty of time to retire and no reason why you can’t make the best of it.

    Let us know what you decide to do.

    Cheers

    Yours in Finance
    0-40 Properties in a decade.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    August 31, 2015 - 9:02 pm

    Kev sorry old mate i still don’t think you are understanding the lending process.

    Applying to a number of credit unions willy nilly is likely to fry our credit file and could result in a total decline of any potential loan restructure.

    I would avoid at all costs.

    Cheers

    Yours in Finance
    0-40 Properties in a decade.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    August 31, 2015 - 8:20 pm

    Sorry I am now totally confused as in 28 years of being involved in lending i have never seen such thing.

    It sounds to me like the Banker has no idea how to structure a loan on a multi dwelling property.

    Cheers

    Yours in Finance
    0-40 properties in a decade.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    August 31, 2015 - 7:19 pm

    Hi Kev

    Ok to start with I am concerned you have exchanged contracts on a property without having finance spproved in its entirety.

    I am also assuming you have spoken to your Solicitor and there was no condition on finance in the Contract going forward.

    Can I ask why did you every go the personal loan route for the balance of funds to complete.? Being your first IP purchase you wound normally get the equity loan set up correctly on your PPOR prior to even going property shopping.

    This is still an option (assuming your PPOR loan and IP loan is not with the same lender) and one I would persue quickly.

    Unfortunately there is in insufficient raw data to tell you what could be done going from here.

    Cheers

    Yours in Finance
    0-40 properties in a decade.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    August 31, 2015 - 7:18 pm

    Hi Kev

    Ok to start with I am concerned you have exchanged contracts on a property without having approved in its entirety.

    I am assuming you have spoken to your Solicitor and there was no condition on finance in the Contract going forward.

    Can I ask why did you every go the personal loan route for the balance of funds to complete.? Being your first IP purchase you wound normally get the equity loan set up correctly on your PPOR prior to even going property shopping.

    This is still an option (assuming your PPOR loan and IP loan is not with the same lender) and one I would persue quickly.

    Unfortunately there is in insufficient Rae data to tell you what could be done going forward.

    Cheers

    Yours in Finance
    0-40 properties in a decade.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    August 31, 2015 - 3:55 am

    Maximum loan to valuation on a standalone basis is going to be 90% so unless the property values at a lot higher price then you wont be able to borrow any buffer.

    Just got a valuation back from a forum client on a OTP which came in at 125K more than the initial contract price so we are doing 100% lvr + cash buffer but that is rare.

    Too often the valuation comes in < purchase price.

    No issues using the offset account if the sole funds deposited are the cash buffer but leaving it in redraw would be cleaner and linking the offset account to the whole loan.

    Cheers

    Yours in Finance
    0-40 Properties in a decade. Email me for a copy of my API interview.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    August 30, 2015 - 6:03 am

    Hi Sally

    Sorry can’t recommend anyone in Brisbane as my Accountant is Gold Coast based and act for dozens of forum members.

    Happy to review your current situation and make some suitable recommendation about moving forward.

    Cheers

    Yours in Finance
    0-40 Properties in a decade. Email me for a copy of my API interview.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    August 30, 2015 - 5:54 am

    Would avoid the new house & and packages as you can do very well in other suburbs with a lower cost base.

    Been buying some excellent properties sub 400K for forum clients with the opportunity to increase both income & capital growth over time.

    Cheers

    Yours in Finance
    0-40 Properties in a decade. Email me for a copy of my API interview.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    August 29, 2015 - 5:19 am

    Jacob which State are you located in ?

    Cheers

    Yours in Finance
    0-40 Properties in a decade. Email me for a copy of my API interview.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    August 28, 2015 - 6:42 am

    You young lads are all the same.

    When you were doing that I was cheating on my Uni exams by writing exams on my sleeve having spent too much lecture time on the golf course.

    Cheers

    Yours in Finance
    0-40 Properties in a decade. Email me for a copy of my API Interview.

    Richard Taylor | Australia's leading private lender

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