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The Cash Transactions Act requires institutions to advise of any large cash receipts and recent legislation changes to the Anti Money Laundering Act also requires a Bank to make investigation on suspicious receipts.
In saying this from what you have mentioned I wouldnt think you will have any issue at all.
Just make sure the funds are cleared and in your account well prior to settlement.
Richard Taylor | Australia's leading private lender
Soudns good Jimmy.
Can i ask you how many you own yourself ?
Richard Taylor | Australia's leading private lender
Which part of regional Victoria.
There are a couple of builders here on the forum from Vic who are clients of mine so they maybe interested.
Richard Taylor | Australia's leading private lender
Meg
Without fishing for your business (promise i dont do that or need to) if you want to shoot me an email with what you are after i am happy to come back to you and give you some suggestions and then you can go direct to the lender if that helps.
Richard Taylor | Australia's leading private lender
Hi Abbruzzi
MB certainly does not seem to be putting your interests first on this one.
Richard Taylor | Australia's leading private lender
We have a Commercial trade account at Harvey Norman and seem to pay a fraction of the price of the RRP.
Admitedly we buy a few but still the savings are well worth checking out.
National backed name, service and price competitive.
Richard Taylor | Australia's leading private lender
Tugger
It is called marketing.
All Wizard did was try and make polictical mileage over the anticipated RBA cut in the official cash rate which is anticpated to be announced tomorrow afternoon.
From what i can make out the initial cut is only for new applications which they now will not get drawn down for 30 days at the earliest. For existing clients it will probably take effect within the week or 30 days time when the short term cost of funds will have been reduced anyway.
All in all clever marketing for a day or two but no real benefit to the borrower.
Richard Taylor | Australia's leading private lender
Hi Maggie
Thankfully this is incorrect It is the purpose of the origional loan which determines that it is tax deducible or not.
You are half right. When the property is offered for rent the interest on the balance is available to deduct for tax purposes. If however you have redrawn or refinanced then only the original balance can taken into consideration.
Kezzah. If your loan is Principal & Interest I would suggest switching this to a interest only loan and assuming you have no non deductible debt linking the loan to a 100% offset account. If the loan is fixed depending on the lender the options maybe limited.
Some fixed rate loans still alow offset accounts but these are few and far between.Richard Taylor | Australia's leading private lender
Abbruzzi
I have re read your post twice and not sure whether YOU understand what you are trying to achieve.
Depending on the terms and conditions of the Dragons fixed rate loan will determine whether you are able to make a partial discharge and even if you can whether it is viable to do so.
Dont get swept up in the euphoria of uncrossing the securities if there is a cost of doing so by way of early repayment or break cost in relation to the IP.
Without the actual numbers it is difficult to comment on the available options to you.
If you care to provide some actual numbers then I would be happy to comment on the situation.
Richard Taylor | Australia's leading private lender
Hi Vucko
Welcome to the forum and I hope you enjoy your time with us.
Even a Deposit Bond provider will require you to show satifactory serviceability as they wil be the ones fronting up with the deposit to the Vendor in the event that you are unable to obtain finance and eventually not settle on the property.
Either way there maybe a option or two so feel free to provide us with some additional information and we can comment on your options.
Richard Taylor | Australia's leading private lender
Hi Lnm
In addition to the entity that you intend to use to purchase your IP's you should also start considering how you will structure the financing of these acquisitions as not ever lender will be upto date on Trust or Investment structures and the terms and conditions will differ greatly.
Obviously depending on your personal circumstances with regards any existing non deductible debt will have a bearing on your ultimate structure and the entity you should use as the two will go hand in hand.
Make sure your mortgage broker is au fait with structures and not straight out of the franchise sausage factory.Good luck in your endeavours and take my word for it they are out there.
Richard Taylor | Australia's leading private lender
Hi Aegcp
Welcome to the forum and I hope you enjoy your stay with us.
One thing I would certainly suggest is that you do not put all of your deposit (less of course acqusition costs) into the deal and on the basis that you have $40K only would strong suggest that you look at a 95 or even 100% IP loan and then utilse a 100% offset account to give you a combination of interest savings but more importantly flexibility.
Certainly at this level you will incur LMI or similar (Remember any premium is Tax deductible) but in most cases this can be added to the loan (with the exception of a 100% advance) and will give you choices that you will not have if you utilise all of your cash savings as deposit.
Richard Taylor | Australia's leading private lender
Megan
All of the Big 5 Retail Banks offer a Pro Package of some sort but the terms, conditions and benefits vary considerably.
It is very much a horses for courses type product. If you have 1 property and cant see yourself buying anything else then probably not for you. I have many clients with dozens of properties under the 1 package (some lenders limit you to a number of loan applications) and they are saving literally thousands in application fees, valuation costs and interest each year.
I am sorry that your experience to date with Mortgage Brokers has not been a happy one but as i continously mention it comes of allowing a plumber in the morning to be a mortgage broker in the afternoon.
Richard Taylor | Australia's leading private lender
Sure Sandy shoot me an email anytime and I would be happy to answer it.
Richard Taylor | Australia's leading private lender
Thankfully i wont use RAMS anymore but from memory i think you will find it is only available on their First Home Buyers Loan these days.
Richard Taylor | Australia's leading private lender
Sandy
100% finance with no other equity or other assets might prove a little harder than you think.
Couple of lenders left in this market and they are very picky. Especially when it comes to the security property, post code and your asset backing.
Richard Taylor | Australia's leading private lender
Common guys before we completely knock off outfits like this I am sure there is value in paying an upfront membership fee.
Maybe when my information pack arrives it will tell me in it what the benefits are and I can enlighten you all.
Although
given the time
Richard Taylor | Australia's leading private lender
Common guys before we completely knock off outfits like this I am sure there is value in paying an upfront membership fee.
Maybe when my information pack arrives it will tell me in it what the benefits are and I can enlighten you all.
Although
given
Richard Taylor | Australia's leading private lender
Common guys before we completely knock off outfits like this I am sure there is value in paying an upfront membership fee.
Maybe when my information pack arrives it will tell me in it what the benefits are and I can enlighten you all.
Although
given the
Richard Taylor | Australia's leading private lender
Common guys before we completely knock off outfits like this I am sure there is value in paying an upfront membership fee.
Maybe when my information pack arrives it will tell me in it what the benefits are and I can enlighten you all.
Although
Richard Taylor | Australia's leading private lender
