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  • Profile photo of Richard TaylorRichard Taylor
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    May 22, 2015 - 5:54 pm

    Big difference between renovation and maintenance.

    This might give you some ideas.

    https://www.washingtonbrown.com.au/property-news/property-renovation/

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 22, 2015 - 5:49 pm

    Hi Kassie

    Welcome to the forum and I hope you enjoy your time with us.

    Unless your Accountant is licensed to provide Credit advice he cannot talk to you about lending options so a property focused broker is the way to go.

    You mention you are looking at paying down some personal debt so not sure if you have factored this in to get to a 90% lvr but have to say equity release over 80% these days is almost impossible.

    That and the fact you are unlikely to get more than 90% lvr on an new investment property will make moving forward difficult.

    We often see clients hitting the equity wall before they should do as their loans have not been set up correctly.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 22, 2015 - 5:43 pm

    Ah Yes that extra $20-$30K we forgot to mention was our commission on this wonderful property suggestion we made.

    What a load of rubbish.

    We bought a property for a forum member as Buyers Agents earlier in the week and the property was constructed in 2011.

    Given that construction costs have barely changed in the last 4 years the amount of Depreciation the client could claim between a property build in 2015 and 2011 is marginal.

    Start looking for another adviser.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 22, 2015 - 3:23 pm

    Hi Brett

    Welcome to the forum and I hope you enjoy your time with us.

    If you shoot me an email I can send you my interview I gave the API magazine on how I retired at 40 living off my rental income from property.

    You need to apply a number of strategies going forward but you have to start somewhere.

    A simple Buy & Hold will get you moving but be aware of what else is out there.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 22, 2015 - 3:18 pm

    There are many factors to consider as the features required for an IP loan are different to a PPOR loan.

    The 3 lenders you have mentioned are not ideal for a rate sensitive client and I am sure you could do better.

    Would be looking at 3 separate applications especially if you can get some of the fees waived.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 22, 2015 - 3:13 pm

    Hi M & S

    Firstly welcome to the forum and hope you enjoy your time with is.

    I have to say I think your existing Banker / Broker was certainly not looking after your best interest if they have advised you to X collateralise the 3 loans into one.

    This is something we rarely would recommend for a client and in fact I have written a couple of API articles on the very subject and why is definitely not recommended for investors.

    Obviously I do not have all of the facts to hand at this stage but would suggest you untangle the individual loans and free up your PPOR.

    Subject to the valuation on the existing IP’s no reason why you couldn’t set up an equity loan going forward to enable you to fund future deposits.

    Buying in Trust has a lot of advantedges but you need to be aware of some of the issues.

    Again structured correctly the benefits may outweigh these but you need to work thru the maze to fully understand you direction.

    Happy to have a look over your existing structure and throw in my 5 cents worth.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 21, 2015 - 7:10 pm

    Been a few more changes since then Harry as Jamie and I have mentioned in the other post.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 21, 2015 - 6:28 pm

    Alternatively Jamie those with a few IP’s who decide to buy their own PPOR will now struggle to do so.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 21, 2015 - 6:27 pm

    NAB change 5th June.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 21, 2015 - 4:18 pm

    All external loans sensitised from 5th June 2015 at 7.4% or 2.25% margin over and above the actual rate.

    Heaven forbid if you have a Pepper loan at 6.5% as you will need to service that at nearly 9%.

    Macquarie meeting tomorrow and expected to follow suit immediately.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 19, 2015 - 6:53 pm

    SGB and Advantedge did last week so you haven’t seen anything yet.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 18, 2015 - 12:23 am

    I must admit we have been inundated over the last week or so with enquiries from investors whose own lenders are knocking them back on serviceability.

    Half the job of a good broker is to focus on the clients end strategy and figure out a map to get there.

    Those borrowers who focus solely on interest rate are now paying the price with the discount lenders declining investor deals left right and centre.

    APRA hasn’t started yet and has so many more restrictions it can impose on lenders. This is merely round 1.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 11, 2015 - 9:41 pm

    With 24 years experience as a broker and professional investor I personally wouldn’t touch such online lenders.

    What you have to remember is yes the rate might look attractive on the way down but as soon as rates increase these lenders will be the first inline to increase them as their funding rates increase.

    Their policies are limited and certainly not for progressive investors.

    If you are after a 5 minute rate then sure they are the boys for you.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 10, 2015 - 7:23 pm

    Hi Daniel

    Welcome to the forum and I hope you enjoy your time with us.

    Ok one question at a time:

    1) Yes you will need to disclose the ATO debt and yes it will hinder your ability to apply for a new loan.

    In saying this there is no reason why you can’t apply for an equity loan with your current lender and pay out the ATO debt.

    2) Assuming this has been cleaned up and all things being equal there is no reason why you wouldn’t qualify for a 95% lvr meaning you would need to put down 5% deposit plus acquisition costs.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 6, 2015 - 11:17 am

    Hi Lickfold

    Firstly welcome to the forum and i hope your time with us. I must say North Qld is a beautiful part of the world although Brissie isnt bad either.

    Yes i agree with you the Destiny model is an expense especially when organisations like our own provide loan structuring advice etc for free.

    I have to say half the battle is getting the right loan in place to allow you to expand your portfolio at your pace and not when your Bank / lenders says so.

    Unlike Destiny we do not believe in cross collateralising your loans as this is one of the biggest deterrents to property investors wishing to go forward.

    It wont happen over night but with a structure and good discipline it will happen.

    Both my partner (JacM from the forum) and I have multi million dollar portfolios which took me 15 years to get where I am.

    Going forward there are so many opportunities for investors who structure correctly in the current climate and buy a combination of good yielding and growth properties.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 6, 2015 - 10:40 am

    Personally no level return would make me interested if it is unsecured but i guess everyone is different.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 5, 2015 - 4:59 pm

    Good luck getting an unsecured loan of 300K at 15% per annum.

    As Jacqui has mentioned we are getting upto 3% fully secured by residential property at say a 65% lvr so your rate is cloud cuckoo land.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 4, 2015 - 9:48 pm

    Of course if your adviser is advising on finance they will need to be a Licensed Credit Representative or ACL holder.

    If you adviser is making any financial recommendations including property numbers they need to be a Licensed Financial Planner.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 3, 2015 - 1:19 pm

    Hi Jon

    Yes Nodoc loans are still available in certain circumstances but you wont need that.

    Would still some additional data but i believe your deal is well doable at sensible rates.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 2, 2015 - 4:01 pm

    Terry, it was thru the advice of a certain armchair investing organisation.

    Happy to PM you there details off forum.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

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