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  • Profile photo of Richard TaylorRichard Taylor
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    February 24, 2009 - 12:05 pm

    Hi Jayson

    Common question with a difficult answer.

    Would need to now more before confirming one way or other as there are too many variables.

    Where is the property located, what is the lvr, what savings do you have, what is your serviceability like, is it being sold through a real estate agent etc etc etc.

    Sorry no one answer as i mention.

    Richard Taylor | Australia's leading private lender

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    February 24, 2009 - 5:29 am

    Yes regretfully so.

    Richard Taylor | Australia's leading private lender

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    February 24, 2009 - 4:08 am

    Vic

    There is no CGT on the sale of a PPOR to a Trust however Stamp Duty is payable on the full Transfer value.

    Richard Taylor | Australia's leading private lender

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    February 24, 2009 - 4:04 am

    wealthyjvd

    Stamp Duty has nothing to do with whether you are working or not or age or anything like that and is purely charged on the Transfer value of the property.

    If it is your first home then there are concessional benefits available to you.

    I think the person at the OSR you spoke to got the wrong end of the stick.

    Just on the balance of your thread.

    Yes i agree with Terry where possible an Interest Only loan is the way to go whether it is a prime residence or your 5th investment property. WHY – because circumstances change and the loan needs to be flexibale and change with you.

    Can you use the FHOG as deposit. Yes / No depending on the lender.

    2 lenders came out with a policy change yesterday saying they would not allow the FHOG to be the sole source of deposit.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 24, 2009 - 3:59 am

    Hi Young

    Unlike Terry i have a real problem in the Bank West service.

    Yes i agree the product on the surface looks ok (In fact i have done a few deals for clients who dont mind waiting a while to get their loan approved) but to me the overall service and product features mean you dont really have an option but to refinance after 3 years.

    Look at the SGB 1.5% discount off the variable rate for the first 12 months. It has the same strings and drawbacks.

    i guess if you are not in a hurry or you get your mortgage broker to apply for a Pre-approval upfront so a lot of the work is done and then only make the application formal when you find a property it could be fine.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 23, 2009 - 11:44 am

    Hi Daniel

    I wont comment about whether you should sell the block or develop it as without  alot more information it is difficult to comment on that however one thing i would say is with the block being an asset certainly look to gear against it and use the funds for a deposit to purchase other IP's.

    Probably a line of credit would be the most flexible type of product whereby interest is only charged on the funds drawn down.

    Just make sure the block of land and the new IP's are not done with cross collateralised loans otherwise you may have issues if you do decide to sell it.

    Back to the block of land unless it is going up in value just sitting there you maybe better off to construct a dwelling upon it to at least generate an income flow.

    Other consideration would be the First Home Owners Grant but that is for a separate post.

    Richard Taylor | Australia's leading private lender

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    February 23, 2009 - 10:57 am

    Skippy

    That is not quiet the case the balance of interest will be deductible even if you previously lived in the property as your PPOR.

    Richard Taylor | Australia's leading private lender

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    February 23, 2009 - 10:56 am

    SGB have just launched 5.74% fixed for 5 years.

    Richard Taylor | Australia's leading private lender

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    February 23, 2009 - 5:39 am

    Bobbajob

    Hate to disagree with you but i think those days have gone.

    We usually manage to negoitate a rate better than the clients have done directly due to the volume of business we write with each lender.

    In mid 2008 we were getting 0.9-1% discount for good clients.

    Richard Taylor | Australia's leading private lender

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    February 23, 2009 - 5:37 am

    Hi Billy

    Regretfully not as Terry has mentioned this is treated as a redraw.

    Couple of ways possibly around it however would need more information to make a comment.

    Richard Taylor | Australia's leading private lender

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    February 23, 2009 - 5:10 am

    Rams have just announced a 5 year fixed rate at 5.99% and a 10 year fixed rate of 6.19%

    It is getting very close to being attractive to start putting away a few more properties and taking a longer term perspective again.

    Richard Taylor | Australia's leading private lender

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    February 23, 2009 - 5:07 am

    Terry

    Agreed, so much for the CBA being cheaper than everyone else with their big 100 bps reduction after the last round of cuts.

     

    Richard Taylor | Australia's leading private lender

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    February 23, 2009 - 3:45 am

    GOM

    Yes MAV is their Pro Pack and w.e.f from 23.3.09 only loans over $750K will only get the 0.7% discount. 

    Richard Taylor | Australia's leading private lender

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    February 22, 2009 - 9:48 pm

    We do a fair amount with the Dragon so might be able to come up with an alternative.

    Shoot as email and I can let you now if we can help.

    Richard Taylor | Australia's leading private lender

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    February 22, 2009 - 5:38 am

    Tugger

    Given the current market not sure i would fix quiet yet.

    There are some good variable deals around with 100% offset and you can always split the loan fixing some and having some variable with offset.

    Richard Taylor | Australia's leading private lender

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    February 22, 2009 - 3:05 am

    At 5-10% Lvr you wouldnt bother it would just be approved.

    You cant claim 2 PPORs as your main residence and get be exempt from CGT on both. Not for ever anyway.

    Richard Taylor | Australia's leading private lender

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    February 22, 2009 - 3:02 am

    SHales

    It is in the structuring of the loan.

    You can still borrow 100%+ but it is the way in which you do this that is important. 

    Richard Taylor | Australia's leading private lender

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    February 22, 2009 - 12:01 am

    Look at the wording in the Letter of Offer.

    Some lenders insist on it and some just do it without you even knowing. Both would be ones to avoid.

    Richard Taylor | Australia's leading private lender

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    February 21, 2009 - 1:51 am

    Daniel

    You are right with the way in which commissions have been slashed over the last 6-9 months the amount a Broker can earn is reduced so if they are giving away a percentage then the amount of time spent on your deal is limited.

    Any Professional Broker who rebates the sort of amount you have mentioned cannot survive too long on that business model. 

    Richard Taylor | Australia's leading private lender

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    February 21, 2009 - 1:47 am

    Hi Lewis

    What is it you are trying to find out when it comes to Home Loan information.

    Maybe i can answer some questions for you.

    Richard Taylor | Australia's leading private lender

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