Forum Replies Created
Ecl
Hate to pick holes in your pat on the back for Anz wholesale but Mortgage Documents cannot be faxed to the borrower.
On a separate note one client rang me yesterday to advise me that One Direct still hadnt decided as to whether they would be reducing their interest rates after the 100 bhps reduction from the RBA.
Doesnt sound good.
Richard Taylor | Australia's leading private lender
NOS1
Simple anser to Am I able to refinance this loan to say around 200K so it is negatively geared and use the 128k difference and 50k in Savings to Purchase our new PPOR is regretfully NO.
However depending on numerous factors you might want to consider selling the property into a Trust structure borrow 100% of the current value and use the net amount as deposit on your new PPOR. This way 100% of the valuation becomes Tax deductible however Stamp Duty and possibly CGT (Arguably Not) may be due.
All depends on your marginal tax rate and the State in which the property is located.
Richard Taylor | Australia's leading private lender
Never like to disagree with my learned collegaues but Duckster is incorrect.
Up until yesterday if you have never owned a home that you have occupied as your main residence (an investment property does not count) then you have always been eligible for the $7000 Grant.
As from the 14th October 2008 nothing has changed other than the fact that the Grant has increased to $14,000 for the purchaser of an established home.
In Nepash's case you would qualify for the $14,000 Grant however in the case of RWEBB unfortunately as the Building Contract was entered into prior to the 14th Oct you would not get the additional $14,000 amount.
Richard Taylor | Australia's leading private lender
Regretfully not as you her Spouse have purchased previously.
Richard Taylor | Australia's leading private lender
NOS
Regretfully when you purchase your new PPOR the interest will not be tax deductible so porbably the initial structure was wrong and means that you loose valuable Tax deductions.
Moving on as no lender will take a 2nd mortgage against either unit you may have to consider breaking one of the fixed rate loans and using the available equity to fund the new PPOR.
If both loans are in Joint names then you might want to look at a prepaying interest for the year ahead when you are both working and taking the rental income in the year when you are back to one salary.
Careful planning will be required to maximise your deductions.
Richard Taylor | Australia's leading private lender
There is absolutely no reason why with a stable employment background and good credit history you wouldnt be able to borrow 95% LVR on your first IP.
If you are targetting the $150-$200K price range then depending on the Stamp Duty in the particular State you are looking at you should be able to start looking now with the deposit that you have.
Richard Taylor | Australia's leading private lender
GST will only be payable where the renovation work is described as "substantial in nature" a normal Strata and touch up will not incur this and GCT will only be payable if the development is not consider Trading stock.
Richard Taylor | Australia's leading private lender
I have done 1 or two wraps around QLD so feel free to drop me an email with any information you require.
I also have a complete wrap contract which we sell and that was prepared by our Qld lawyers and has proved effective in over 200 wraps over the last 10 years to date.
Richard Taylor | Australia's leading private lender
Also rememember depending on the number of units in the block will determine the lvr you can go upto.
4 or less and probably wont have too much of a problem but more than that and max 80% LVR and more likely 65 -75%.
Richard Taylor | Australia's leading private lender
Prad
Investing with a friend or family member is fraught with problems let alone someone you dont really now from Adam.
Is there a reason why you dont want to go it alone.
I guess we all started off wondering whether we were doing the right thing or not but sometimes you just have to go and do it yourself.
Personally i would never invest with others.
Richard Taylor | Australia's leading private lender
Yes wonderful isnt.
Richard Taylor | Australia's leading private lender
Lance
As Terry has already mentioned SGB will go to 80% and as long as the deal is full doc so will First Mac.
In fact i can think of a couple of other lenders who will also go to 80% LVR.
Much above that and you are fightning the mortgage insurers.
Richard Taylor | Australia's leading private lender
Muchkin
Many of us do use Options effefectively to buy and sell property however this biggest hudle is finding a Vendor who will accept a strategy without you going to Contract.
Also many States do now charge Stamp Duty on Call Options so you arent savings a great deal there.
Richard Taylor | Australia's leading private lender
Try someone like "Depreciator" they have a National practise so certainly should be able to help you.
http://www.depreciator.com.au/driver.asp?page=main/home
Richard Taylor | Australia's leading private lender
Hi Barbara
Yes as long as you satisy the conditions to become eligible to be a Company Director you can purchase in Trust.
Have done numorous deals for clients like this.
Just a little more expensive to set up of course but other than that all is ok.
Richard Taylor | Australia's leading private lender
Erik
That is the big difference. You cannot have a Australia Company without a Australian resident Director.
If you have 1 of these then all is fine.
Not too many people hanging around willing to be a Director of someone elses Company.
Other than that all is good.
Richard Taylor | Australia's leading private lender
Hate to disagree but this is not the case
Are you saying that if set up a structure with a company acting as a trustee, we will be able to purcase properties for investment purposes?
Richard Taylor | Australia's leading private lender
Erik
Yes i have done many deal in the US for Australian clients but to be honest most of the lenders i have dealt with are no longer with us WAMU, Alliance Bancorp, World Savings etc etc.
You wont find any lender want to do a Foreign National loan in todays climate.
Richard Taylor | Australia's leading private lender
Which State are you referring to.
Richard Taylor | Australia's leading private lender
K
They are not the same product type. Like comparing apples with oranges.
If you intend to stay in your home for ever and a day and want to discharge the debt as quickly as possible then I would probably take a Principal & interest loan linked to an offset account and then sit an investment line of credit in behind this so you can access this equity for investment.
Not that easy to make a quick recommendation without knowing the full story.
Richard Taylor | Australia's leading private lender
