Forum Replies Created
Try someone like Washington Brown as they have an office in Melbourne.
They have a Nationwide Quotes and Queries number which is 1300 99 06 12
Richard Taylor | Australia's leading private lender
Hi Carl
Firstly welcome to the forum and I hope you enjoy your time with us.
Yes in an ideal world you would not have repaid all of the principal on your current IP loan especially where you have now non deductable debt.
In saying that as you mentioned this property is merely a stepping stone and therefore i think i would structuring the loans differently. It sounds to me like the loan for the PPOR was secured against the IP and therefore cross collateralised which again could come back to bit you in the end.
Might just mean a little of tweaking the loans and restructuring them so that the work for you and not the lender.
Without a lot more of the hard data difficult to provide some structured advice.
Richard Taylor | Australia's leading private lender
Jimmy
If you want to drop me an email with the full property address i can send you a free Residex report which might help you.
Richard Taylor | Australia's leading private lender
Hi Future
Firstly welcome to the forum and I hope you enjoy your time with us.
Can you tell me where you are based so i can see if i can recommend anyone.
Richard Taylor | Australia's leading private lender
Yes Vacant Land is acceptable but again not enough data to provide a recommendation.
Richard Taylor | Australia's leading private lender
Pleasure Craig.
Must admit i have found the reports on the properties i am looking at very informative.
Glad they can help other members also.
Richard Taylor | Australia's leading private lender
Lenders use a Living Expense Allowance which varies depending on your marital status and whether you have dependants.
In most cases the scale is based on either the Henderson Poverty Index (HPI) or (the higher) Household Expenditure Survey (HES) data from the Australian Bureau of Statistics.
Richard Taylor | Australia's leading private lender
Hi Nat
Yes 95% is still available (just) although lending conditions are fairly stringent.
You would want to have good credit history, employment & residency longevity.
Richard Taylor | Australia's leading private lender
Simplified Assets & Liabilities statement together with an income & expenditure break up would help.
Richard Taylor | Australia's leading private lender
Michael
Sorry i cant see that I made any reference to how Jazz account for his income merely what net Taxable income he would need to be showing in his Personal return to qualify for the sort of loan he was enquiring about.
I certainly wouldn't be providing him any Accountancy advice and agree with you that he needs to confirm with his Tax Accountant to ensure that the Annual Return represents a true and accurate picture of his affairs for the year.
Richard Taylor | Australia's leading private lender
Great news to hear that you will be in at the weekend Maree after those floors are finished.
Very excited for you and glad we were able to assist.
Richard Taylor | Australia's leading private lender
Most lenders will only lend against purchase price or valuation whichever is the lower (there are the odd exception).
Richard Taylor | Australia's leading private lender
In general lenders will take into consideration your net monthly income plus a percentage of the anticipated gross rent.
From this figure they will deduct any existing loan expenses, a set living allowance dependant on the size of the family as well as a percentage of your credit card limit etc. This will give them a net surplus and from this the borrowing amount can be calculated factoring in a principal & interest repayment at affordability rate.
There are of course numerous variables between lenders which will mean the amounts you can borrow vary considerably.
Structuring the loan is also important to ensure you not only maximise your borrowings but also minimise your risk.
Richard Taylor | Australia's leading private lender
Sorry luvmud
Appears to be a lot of soft data missing to provide a decent recommendation.
Richard Taylor | Australia's leading private lender
Hi Shane
Personally I wouldnt use any of my own money on an asset where i can obtain a deduction on the interest.
That is not to say i would pay interest on the loan but i would utilise an offset account so if circumstances changed down the track and I need access to my own funds I could withdraw them from the offset account without interfering with the loan or its structure.
Flexibility is the key when investing as just because you dont need access to your own cash resources now you may in the future.
Lot easier to have it accessible.
Richard Taylor | Australia's leading private lender
No problems Josh.
Richard Taylor | Australia's leading private lender
Hi Jazz
Not quiet as clear cut as all that as there is a lot of soft data which has not been provided ie. marital postion, dependants, property location , other liabilities (credit cards limits) etc etc etc.
However in saying all of that assuming your net taxable income for the 2008/2009 financial year was around $90K (Subject to the above then you shouldnt be a million miles away).
Some lenders will want to take an average over the last 2 years incomes but should get away with 08/09 figures with others.
Richard Taylor | Australia's leading private lender
Thanks Jim
Hope the report helped. I certainly find them quiet useful.
Richard Taylor | Australia's leading private lender
Mick
Hard oen to answer because it all depends on where and what.
Just done one for 95% in a very small town although it was an owner occupied property.
With regards to Strata Titling yes you can differentiate on Unit prices (Have done on a Country block i bought in Victoria) but you would need to argue the reasons why i.e one was a 2 bedroom unit against a 1 bedder or bigger internal size etc etc
Of course you would need separate Contracts and the vendor to agree as his Capital Gains tax could also be effected.
Richard Taylor | Australia's leading private lender
Hi Cass
Well that would appear to be enough with certain lenders especially given the additional FHOG you would receive.
Of course assume serviceability is ok and the other credit bits.
Richard Taylor | Australia's leading private lender
