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  • Profile photo of Richard TaylorRichard Taylor
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    August 27, 2014 - 11:03 pm

    Standard deal and structured correctly can’t see an issue.

    Sure there maybe some LMI payable but it is a Tax deductible expense.

    Anz certainly aren’t up there with the best when it comes to serviceability or indeed “cash out”.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    August 27, 2014 - 1:23 pm

    Being a Commercial property doesn’t necessarily mean you get charged a darn site more just means you will need a greater deposit to start with.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    August 27, 2014 - 12:47 pm

    Hi Jary

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

    I hate to say I am not convinced you would get a 95% lvr being your first IP purchase as you won’t stack up well on credit scoring and without owning other property unlikely the mortgage insurers will approve it.

    You are also correct that with the odd exception all lenders require a minimum of 5% genuine savings however in saying this there are many ways around this.

    This also goes with the renovation monies as depending on the costs of the reno there are always of raising this.

    You have to understand that finance is not easy when you start out and getting the loan ad structure right is more important that the interest rate or application fee etc.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    August 26, 2014 - 7:44 pm

    Sorry Jasmine that statement is clearly not correct.

    There are more benefits for the client if they invest in new property or off the plan

    If the property is 1 month old then the difference in Tax deductible claims i.e Depreciation benefits / Capital allowance are almost identical.

    The Stamp Duty saving on the Transfer only applies to properties in Victoria.

    In every other State it is the same.

    Course you have to offset the potential Stamp Duty saving to the possibility the property is overpriced due to the commissions being paid to 3rd parties.

    The Stamp duty is not a Tax deductible claim so relatively little difference over time.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    August 26, 2014 - 2:06 pm

    There is no reason to think they would call in the loan if the account conduct was satisfactory and the property values were maintained.

    Nothing to stop him using the funds for any purpose at all.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    August 26, 2014 - 1:50 pm

    Sorry one quick question Jasmine.

    Does your Company ever recommend a second hand property.

    Even something 3-6 months old ?

    Be interested to read the answer.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    August 26, 2014 - 1:49 pm

    How did we guess Jasmine ?

    Maybe it was the promotion of your employers services on your maiden post.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    August 25, 2014 - 7:05 pm

    Hi Glenn

    I have one or two or 40 properties in Brisbane and it is a big City.

    Which part of town is your property in ?

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    August 25, 2014 - 7:02 pm

    Hi Kendall

    Good to see you on the forum and not just in a coffee shop lol.

    I don’t think you can’t go too far wrong with Toowoomba especially seeing you know the area well with the family connection.

    Still seeing a lot of deals there that stack up well.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    August 24, 2014 - 7:11 pm

    Going to need deep pockets to fund the deposit as lenders do not like this type of security post Childers.

    The other consideration is insurance as this will eat into your gross returns.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    August 24, 2014 - 6:22 pm

    CBA will not do 95% lvr on an IP if you do not own any other properties or if you are not an existing CBA customer.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    August 24, 2014 - 5:32 pm

    Hi Abundantone

    Simple answer is Yes and there is no difference to taking out a Private loan or a loan from an established lending institution.

    A formal loan agreement would be drawn up setting out the Terms & Conditions of the advance and your would claim the interest paid as a deductible expense.

    In turn your hubby would declare this as income.

    Of course if the rate he charged you was the same as he was receiving then his Tax position would be neutral.

    For the purposes of the response i am assuming the funds would be used for investment.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    August 24, 2014 - 5:21 pm

    Firstly you wouldn’t get 95% lend on 4/5 properties so don’t waste time going down that path.

    As Jacqui wisely said it depends on a number of factors and what is right for one member would not be right for another with totally different aims and objectives.

    I own 43 properties in a variety of entities and with next to no debt (in fact Nil from next Friday) so for me $125K would be 1 months Gross rents however someone starting out could sensibly with some planning and financial discipline start a portfolio with that sort of deposit.

    Without indepth knowledge of the posters requirements a response if fairly aimless.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    August 22, 2014 - 3:48 pm

    3 defaults marks out any standard lender for the next couple of years to non standard lenders only.

    As far as I am aware only 2 that would do 92% on such a deal and one of the wouldn’t do construction.

    Going to also need funds for their risk fees, applic etc.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    August 22, 2014 - 11:53 am

    Our clients who have subscribed to Units within one of our Investment Trusts are getting upto 24% per annum paid monthly.

    Many forum members have subscribed and enjoying their monthly payments so whilst I appreciate it difficult to compare apples with apples I know where I am sticking my funds at the moment.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    August 22, 2014 - 11:46 am

    Eagle, many ways to skin a cat.

    Yes you can do a deal using your last years Tax Return information as long as you have been in business for 2 years plus.

    More information needed to ascertain what could be done.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    August 22, 2014 - 11:42 am

    Hate to say Darryl is so much in demand that is the problem.

    Worth persuing though.

    We have a couple of deals going with him at the moment.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    August 22, 2014 - 10:43 am

    DM A Deed of Partioning certainly sounds like the way to go to me.

    Rather concerning that your current lawyer can’t do this for you. Perrsonally i would stop there and get some proper legal advice.

    Darryl Richards (who is a regular forum member) is both a highly experiences Lawyer and Town Planner and eats this sort of stuff for breakfast.

    Give him or his office a call at Pro Town Planners (07) 3399 4969.

    Tell him i sent you as he owes me lunch again lol.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    August 22, 2014 - 10:02 am

    Buy a property (It doesn’t really matter whether it is an IP or PPOR) and link it to an external income generator.

    Get the balance of your money working for you at a higher interest rate that the interest you are being charged on the loan.

    This will increase both your Asset base and income.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    August 22, 2014 - 9:54 am

    We see it all day long. Clients with good Asset positions and limited income evidence (on paper).

    There are many ways around this especially in the Commercial sphere.

    Lodoc and lease doc is very much alive and well.

    Further information would be required in order to give a more accurate picture.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

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