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Richard Taylor
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June 18, 2009 - 5:49 am
No you are right Terry the MISA is not a fully transactional offset account and therefore has significant shortcomings.
Richard Taylor | Australia's leading private lender
Richard Taylor
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June 17, 2009 - 12:15 pm
Varies from State to State.
In Qld there is absolutely no requirement whatsoever.
Where are you based ?
Richard Taylor | Australia's leading private lender
Richard Taylor
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June 17, 2009 - 12:14 pm
Hi Tommy
Yes they will but you wouldnt want to structure it that way.
You would split the loan and secure say 20% + costs against the PPOR and have a totally seperate standaone loan on the IP.
Your Broker should be able to structure the loan correctly for you.
Richard Taylor | Australia's leading private lender
Richard Taylor
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June 17, 2009 - 11:12 am
Plenty of red wine !!!!
Richard Taylor | Australia's leading private lender
Richard Taylor
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June 17, 2009 - 5:19 am
At the moment Yes.
Richard Taylor | Australia's leading private lender
Richard Taylor
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June 17, 2009 - 4:09 am
Rudiga
Hate to say no.
A mortgage broker is not allowed to give any form of investment advice unless he is a Licensed Financial Planner
Richard Taylor | Australia's leading private lender
Richard Taylor
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June 17, 2009 - 3:04 am
Quick question for Fin Spec.
Can you tell us what investment of $40,000 4 years ago you put clients into and is now worth $250K.
Just curious.
Richard Taylor | Australia's leading private lender
Richard Taylor
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June 17, 2009 - 3:01 am
I have no problems with either but would throw the NAB Choice package into the ring.
I think it is not the product that is important but more the way in which it is set up and structured.
Richard Taylor | Australia's leading private lender
Richard Taylor
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June 17, 2009 - 2:58 am
It is also illegal for a mortgage broker (who is not PS146 compliant) to give advice when it comes to offset accounts and yet believe it or not it happens every day of the week.
I see so called advisers breaking the law and getting away with it so i am with wealth4life i hope they throw the book at the unlicensed guys on the block.
Only been in the industry for 25 years and have seen it all so nothing suprises me. What is a suprise is that clients still fall for the same old tricks and scams each and every time.
Richard Taylor | Australia's leading private lender
Richard Taylor
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June 16, 2009 - 12:20 pm
Hi Maree
I think what Tommy is asking is who will give him an Interest only loan with 100% offset account on a PPOR rather than a 100% lvr.
Still a few lenders that offer such a product Tommy but would need more information to give a valid assessment.
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Richard Taylor
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June 16, 2009 - 10:25 am
Nit
Yes remember Pre-approvals have a limited life span and this varies from lender to lender.
If you had a loan pre-approved today but didnt sign a purchase contract for 45 days you would still need to start again with verification and supply of income and liability documentation.
As Terry has mentioned many lenders have a priority on full approvals where the client has signed a purchase contract and time is of the essence. Pre-approvals are low down on the pecking order list.
SGB offer in todays market nothing better than anyone else and serviceability is not easier. Begs the question why at the moment you would use them.
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June 16, 2009 - 5:09 am
John
Patriot Act might hurt you there with any loan under 50K and remember you cant cross collateralise in the USA.
Richard Taylor | Australia's leading private lender
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June 16, 2009 - 2:55 am
I am with Terry a Pre-approval means absolutely nothing and is really a bit of a waste of time unless you are ready to go.
Most Brokers would have access to 25+ lenders but whether they use them all or not is a different matter.
Approal in a week with almost anyone is ni impossible these days.
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June 15, 2009 - 12:47 pm
Possibly they do but unlikely a lender will accept a valuation which is 90 days old.
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June 15, 2009 - 11:20 am
A quick search of the Body Corporate records or the last AGM minutes held by the Body Corporate will reveal the split between the Sinking and Adminstration funds.
Richard Taylor | Australia's leading private lender
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June 15, 2009 - 11:18 am
The days of having to wait 6 months for a property to be revalued for many lenders have been and gone and you can revalue 1 day after settlement if you believe there is a reason why the property will have increased in value.
In saying that i havent seen to many valuations come in on an increased valuation in such a short period of time.
If you can support the reasoning with other comparative sales then all should be sweet.
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Richard Taylor
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June 15, 2009 - 11:12 am
Thanks ITbloke for your insight.
I think my earlier assumption was correct.
Just dont use a Line of credit but an offset account to avoid contaminating the interest deductability.
Richard Taylor | Australia's leading private lender
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June 15, 2009 - 5:16 am
Cosmic
They said then we would only be able to tax offset $200k of the IP, not the full $250k of the house. Is this the standard situation?
Good to hear the Bank are right up to date on current Tax legislation.
Absolute rubbish you would be able to claim a deduction on the full $250K borrowed for Investment.
Where possible do not cross collateralise your loans and talk you partner out of it.
Richard Taylor | Australia's leading private lender
Richard Taylor
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June 15, 2009 - 2:53 am
Yes.
Richard Taylor | Australia's leading private lender
Richard Taylor
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June 13, 2009 - 11:15 pm
Neety
Your Quantity Surveyor will not provide you with a registered valuation as he is not licensed to do so and only a registered valuer can perform this service.
It is common these days for Banks and lenders do either do a full valuation, driveby or even used computer operated systems like Australian Property Monitors to carry out their appraisals.
Remember in most cases they cover the valuation cost so get to choose what risk appraisal steps they take.
Richard Taylor | Australia's leading private lender