Forum Replies Created
Pental
Following on from Duckster reply make sure that your Bank offer:
1) A fully transactional offset account. Lenders such as CBA, Heritage, SGB etc etc dont.
2) That it is a 100% offset account.There are a few other variations depending on who the lender is.
It is the best loan feature to preserve both interest deductability and access.
Richard Taylor | Australia's leading private lender
Hi Peter
Yes hate to say i think you may have missed the boat as the interest on the redrawn funds wont be tax deductible meaning that you will be receiveing rent on the current PPOR which is taxable income yet have nothing to write off against it.
This is one of the big big advantages of offset accounts.
Depending on when you are looking at moving I might have a suggestion if you want to shoot me an email with some actual figures be happy to give any advice i can.
Richard Taylor | Australia's leading private lender
TD
Firstly welcome to the forum and as SHales has mentioned i congratulate you on reading the advertising rules of the forum and being so polite in your opening post.
I think if you can contribute to the forum by answering posts and assisting people along the way and they happen to become clients then that is excellent.
A signature at the bottom of your post is totally acceptable and good for you in dealing in 2nd hand investment properties.
So often we get investment clubs or organisations telling us how they help investors when we now all they are in disguise are marketing organisation taking large commissions on overprices new properties and looking for unsuspecting investors to off load a developers old stock.
Thankfully when we finance these sorts of deals we can let the clients now the valuation and this puts a stop to such operations.
In saying this they still exist and prey on those clients not experienced in investing.i am all for education so look forward and welcome your contribution.
Richard Taylor | Australia's leading private lender
With additional stamp duty and costs plus GCT at your end you would need at least 20k mark up to break even so probably good it didnt go ahead.
Richard Taylor | Australia's leading private lender
Interesting to already hear that Bank West have decided not to drop their rate yet CBA their owner has cut 0.10%.
Maybe the loss leader that Bank West is still has to make it pay.
Richard Taylor | Australia's leading private lender
Excellent post thanks.
I have a couple of clients for you what lvr will you do in Kangaroo Point ?
God you have to love these posts.
Richard Taylor | Australia's leading private lender
Brissie is an interesting City and as far as activity is concerned would have to say it is busier now than it was a year ago.
I personally have picked up some bargains over the last 3 months and have clients also buying multiple properties.
Guess it depends on which suburb you are looking at and your price range.
Richard Taylor | Australia's leading private lender
Just to correct a former post CBA did drop 0.10% this afternoon.
In saying this NAB where always more competitive than the other 3 majors so is just a matter of squaring the ledger.
Richard Taylor | Australia's leading private lender
Probably a DFT.
Richard Taylor | Australia's leading private lender
Only CBA as i type have made comment.
All other lenders with the exception of Bank West (No reduction there) have it under review).
Richard Taylor | Australia's leading private lender
The Commonwealth Bank will cut its standard variable home loan interest rate by 0.10% following the Reserve Bank of Australia's cut to the official cash rate. The Bank's new standard variable rate will be 5.64% with its Line of Credit product reduced by 0.05%.
The new rates will be effective from Friday 17 April 2009 for new and existing customers.
Richard Taylor | Australia's leading private lender
You dont you merely end the current entity i.e sole trader / partnership etc and then start the Trust and the new business.
Richard Taylor | Australia's leading private lender
Terry agreed we must have got the same email.
Problem is that they wont lend to expats be there tried lol.
Richard Taylor | Australia's leading private lender
Sorry mate they are not linked at all.
Mortgage rates in the US are negotiable like anything in the Country is.
By the way just received an email from an old friend who is Head of Credit in Washington and he tells me that the Bank has never previously and has no future intention to offer provide loans to Foreign Nationals.
At the moment they cant keep up with the demand from locals and they can properly credit underwrite these clients with FICO and evidence income etc.
We work with several investors offering Vendor Finance over in many States in the US and have done for years now.
Richard Taylor | Australia's leading private lender
Sounds like a flip to me hence the reason we havent had a response to our questions.
Richard Taylor | Australia's leading private lender
Paul
i have sent you a response to your email.
A 10K mark up wont even cover half of an investors purchase costs so certainly no one is going to consider that.
$20 – $25K mark up is readily available on deals in Vic with a purchase price of $180-$220K so at $340-$370K the risk is ridiculous.
Why would someone buy and property and help someone out only to loose money from day 1.
Richard Taylor | Australia's leading private lender
KR
You are unlikely to get any of the majors to touch the loan over 80% as their respective mortgage insurers wont provide cover.
You wont get 95% LVR but maybe 90% (In fact have a couple of non high street lenders who would do 3 defaults at around 6.29%).
Regretfully in the current climate lenders can pick and choose their deals so other alternative is to wait for the default to be removed (not a short wait unfortunately).
Your income will help but not much. If you cant show you service the loan you wont get it approved anyway.
Richard Taylor | Australia's leading private lender
Yes still a hope but be wont be accepted by any of the majors.
Probably max lvr 90% and expect higher interest rate and set up costs.
Richard Taylor | Australia's leading private lender
The mortgage rate and the Fed Rate are 2 totally different indices.
I see last week Fannie Mac dropped their rate to 4.84%.
Richard Taylor | Australia's leading private lender
What is it zoned, location, land area, quality of tenant and rent reviews to start with.
Richard Taylor | Australia's leading private lender
