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  • Profile photo of Richard TaylorRichard Taylor
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    February 20, 2015 - 4:45 pm

    Or it could be that at 80% lvr you never really know the true value of the property as Westpac will not do a full valuation……

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 20, 2015 - 2:19 pm

    Doesn’t matter if you are married you mentioned she was your partner.

    OSR use a different measure to gauge your suitability but still fraud is fraud doesn’t matter how you spell it.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 20, 2015 - 1:50 pm

    Tom of course that assumes the loan is a residential loan in a personal name otherwise NCCP does not apply.

    A complicated deal could well be a Company loan or Development deal or similar.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 20, 2015 - 1:31 pm

    Away from Jacqui’s excellent comments there is another alternative.

    What State is the property in ?

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 20, 2015 - 1:26 pm

    I think Rob means “I have been operating for 10 years” rather “They have been operating for 10 years”.

    I am assuming his opening post on the forum is one of self promotion being the principal.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 18, 2015 - 7:27 pm

    Hate to say you wont be eligible for the FHOG as you partner has purchased before.

    Won’t make any difference if you buy the PPOR in your name or not.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 18, 2015 - 7:21 pm

    That certainly helps and on that basis 95% of 450K appears possible.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 16, 2015 - 10:41 pm

    Hi Brizza

    Bit more information needed to make the assessment accurate.

    Single / married / credit card / Personal loan / How long has inheritance been in your Bank A/c etc etc.

    For a gifted deposit then in the main you are going to be limited to 90% + LMI although couple of lenders who might still do 95%.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 14, 2015 - 5:29 pm

    All residential property purchased in your own personal name comes under the NCCP legislation so evidence of income to service the loan is a requirement on every case.

    That is not to say every lender uses the same serviceability model and adopts the same assessment criteria.

    You would be amazed the difference between the most generous lender and the most conservative.

    I built up a portfolio of 40 unencumbered properties over a period of 12 years and whilst some of the principals may have changed the basics have not.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 11, 2015 - 11:29 pm

    Being an Australian property forum I suggest most readers would expect you to be selling Australian property.

    If not post in the Overseas Property Forum where you will get a better response.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 11, 2015 - 11:23 pm

    Hi Rebecca

    If you want to drop me an email I can give you the details of a Town Planner we use in Ipswich.

    Calling the Council will be fine in theory but I hate to say Ipswich Council will refer you to 101 sections of the online Town Plan and tie you up in theory.

    A Private Certifier will give an answer whilst you are hold.

    The other consideration is whether financier will accept with potentially 2 dwellings on the same Title.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 11, 2015 - 11:14 pm

    Hi Keldyn

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

    Certainly you have the borrowing capacity and on the surface borrowable equity to restructure and go again.

    In fact i spent the afternoon with a Brisbane forum client in a similar position to your own looking at ways to increase his equity to enable him to purchase a couple more IP’S.

    There are several ways on improving your overall cash flow position and it often starts with a review of your existing facilities.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 11, 2015 - 2:20 pm

    I can think off the top of my head without looking any deeper 1 major lender who is at 4.54% for their offset product and you would probably end up getting that at 5-10 bps less.

    There are a number of others you would be just as competitive.

    If you can put up with their back end admin Suncorp on loans submitted before the 20/2 are at 4.49%.

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    Richard Taylor | Australia's leading private lender

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

    Doesn’t have to be Nodoc if your clients can service the loan they can borrow against the existing property security.

    Would be a matter of their Solicitor correcting the Title / Mortgage documents before they move forward.

    Seems to be a fairly straight forward deal if these matters can be overcome.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 10, 2015 - 6:32 pm

    Why can’t the current owners raise it on the security of the property itself.

    Just do it as a Nodoc Short Term Business Loan. I am assuming their is some value in the present site.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 10, 2015 - 6:20 pm

    I have been in the industry for 28 years both here in Australian and in the UK so welcome to Finance in 2015.

    Compliance is the order of the day.

    As a Financial Planner also the requirements for broking are going along the same lines as Planning.

    Still see many a broker who has never purchased an investment property giving advice to a potential investor when they are paying off their PPOR. The whole industry is a joke.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 10, 2015 - 5:39 pm

    If they bring in a minimum Degree standard (Finance related) which is one thing being considered I think it would be good for the industry.

    As part of your License or ACR requirement ongoing education is required.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 10, 2015 - 5:26 pm

    Hate to say you would be paying a darn sight more than 1.3 x Annual trial income in the current climate.

    1.9 – 2.1 x is the acceptable industry norm these days.

    As Terry said no guarantees but if you service your clients you would expect to make a considerably more than the purchase price.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 10, 2015 - 5:20 pm

    Hi Liana

    You certainly don’t need 20% deposit to purchase an investment property unless of course you are buying it inside your SMSF.

    90-95% lvr is possible and even 105% subject to certain criteria.

    A good investment property mortgage broker should be able to give you an honest assessment of your situation.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 9, 2015 - 9:54 am

    Hi Mikko

    I would be happy to order a full valuation for you if you wanted to email me some details.

    Once we get the valuation report back we can certainly see how much equity you have in the property and look at the various refinancing options for you.

    Also as a Buyer Agents we can certainly assist in sourcing a property for you when the time is right.

    Both myself and my partner personally own over 50 properties between us so have plenty of experience in the field.

    Shoot me an email and we can see what we can do for you.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

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