Forum Replies Created
Hi Patrick
We can certainly look at further options when i get your Fact Find back but in essence Interest only with 100% offset would be the way to go.
Couple of lenders offer a fixed rate loan with 100% offset account.Many lenders do not allow IO with offset account on a hgher lvr but plenty do.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Going to depend on the location.
An acceptable return in a small regional town in going to be a lot higher than an Inner city block in Western Suburbs of Brisbane.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Totally lost when it comes to the question.
Please re-ask.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Boarding house financing is possible albeit at a lower lvr than a standard residential / commercial
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Personally i would look to go with a more specialized unit builder than a general house and land builder.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Darryl Richards who is a forum member owns Certus and you can’t far wrong there as all of his conveyancing staff are Solicitors and not just legal clerks.
Leonnie at CSM knows the industry inside out and has been in Beenleigh for 20 years +
For a Contract review i would use Certus every time.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Taylor
Hate to say he was referring to Commercial lending as your relationship with a personal banker / lending manager has no bearing on a residential deal whatsoever.
Thanks to the introduction of NCCP if the deal does not clearly show your ability to service the deal the loan will NOT be approved irrespective of how well you present the deal.
In most cases loans are credit scored without human intervention especially under / over a particular lvr.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Brett
Jacqui (JacM) from the forum is my business partner and covers the Buyer Agency side of our business.
She is a Geelong expert and can certainly tell you whether the property you are buying is overpriced and also give you some information on the suburb.
Shoot her an email or PM and I sure she will give you some independent advice.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Sorry to hear than Moonman.
Sure Erin from Park Trent will pop back in to give us their side of the story.
She is not a regular contributor as she is probably out at nights doing charity work or raising money for the homeless……
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Yours in Finance
Richard Taylor | Australia's leading private lender
Of course it will also depend on the lvr both now and when you initially purchased the property.
We are finding a lot of properties aren’t coming up to client’s expectations but there are a few ways around it.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Andrew
As has already been stated there are many lenders out there that lend to Trusts without any loading on the rate of interest or increased fees and charges.
Would need additional information of your requirements before making a suitable recommendation.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Sundipb
If you are convinced the property will not be rented out in the future then sure go for your life and pay the additional 35K into the principle and carry on paying the loan down.
As far as the amount of loan you can claim as Tax deductible interest this will be the $132K which will reduce with each principal repayment so based on this figure the property is likely to be positively geared if you do decide to rent it in the future.
Big difference between the current equity position and the useable equity.
Care needs to be take to ensure that you don’t end contaminating the whole loan.
Your Broker should be able to guide you thru the maze.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I have a few clients who purchased in NQ thru a so called BA guru where the BC fees are the same as they are getting each year in rent.
Then then have the Council Rates and of course interest on the loan.
Complex is lovely and has a pool but of course as you can live in the place the tenants and holiday makers are enjoying it at your expense.
If the complex is new then the developer will have prepared the budget and guess what they will have underestimated as it doesn’t look good when you are trying to sell the place to be too honest with the actual expenses.
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Yours in Finance
Richard Taylor | Australia's leading private lender
If the loan term is the same and not being extended then there should be no additional LMI.
Get your NAB Banker to give you a written explanation before proceeding.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Agree won’t get 6 done unless you can service the total loan without having to rely on rent.
BoQ won’t touch it unless you have a very strong asset position. Local managers have no credit discretion and HQ are very picky.
Westpac certainly won’t do it on a conventional basis.
Bank West are ok but as Sharin said rate is neither here not there if you can’t fund the deal at all.
We have just financed a 30 townhouse development i am doing with my business partner from the forum although our asset position is a bit different to most forum clients.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Are you sure you want to reduce LMI as it is a deductible expense.
Personally I would increase the loan amount and use the additional funds to either invest again it or cover a basic internal Reno. There is one lender that provides additional funds at settlement which can be used for renovation or even for deposit on your next IP.
As for whether you should buy an apartment this will depend on a number of aspects but as long as the Body Corporate expenses are not too expensive and the property is in a good location wouldn’t have a problem.
Sometimes it is a matter of getting on board and building your portfolio from there.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Maximum loan would be 60-65% lvr of net GR value.
You won’t get anything like sub 6% unless you are in a very good financial position and can support the peak loan repayments without needing to take potential rental income into consideration.
Even then you would need 2 Years Tax Returns.
If you have these and you can do 80% of net GST then probably looking at late 6%.
Without this then private finance only option and you are looking at around 11.5%.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Email me the concept Ripa and i can let you know whether i would be interested in a meet / chat.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Ripa
Yes I am sceptical.
As someone who owns a multi million dollar portfolio here in Brisbane and had purchased over 240 homes in Qld over the last 18 years i have seen a lot of scams and shams.
After 13 years of being involved with the forum and helping 100’s of forum members I am always suspicious when a newby pops up and starts offering members such offers.
Perhaps you can enlighten us further as to what your new venture is so all forum members can consider your offering.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Don’t want to disagree for disagreeing sake with Kylie but NOT all Brisbane properties have gained capital.
Certainly we have seen some good growth in a number of suburbs but we spend hours each week analyising deals where clients have rushed in on the advice of so called experts only to find they would have considerably overpaid for the property if they had proceeded.
With the Town Plan changes there are some definite areas that we would expect to see growth over the medium term.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
