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  • Profile photo of Richard TaylorRichard Taylor
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    April 29, 2007 - 8:56 am

    Jenny

    Each application is treated on its own merits and it is difficult to make a sweeping statement without all of the facts i.e property location, size of and mix of each unit, income strength of the applicant etc etc. 

    Richard Taylor | Australia's leading private lender

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    April 28, 2007 - 10:37 am

    Just prey like mad that he does not settle on the settlement day and requests and extension. Terminate the Contract and sue for Specific Performance.

    Alternatively if the finance and building inspection dates have not gone do not offer an extension on either of these.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 28, 2007 - 10:34 am

    We have out lending company that offers both full doc and lodoc first and second mortgages if the property is in Qld.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 28, 2007 - 10:31 am

    The other issue is the lenght of the lease.

    Many lenders will not touch a property where the lease is greater than 2 years.

    If they have to take possession then they are unable to sell the property to an owner occupier.

    As Terry says dependant on the size of the unit you would be lucky to get 70-80%.

    Richard Taylor | Australia's leading private lender

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    April 28, 2007 - 10:12 am

    I am with Terry you have bucket loads of serviceability and some good equity on your PPOR.

    Borrowing should not be an issue structured correctly. 

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 27, 2007 - 1:47 am

    Hi Giulio

    Why dont you post a litle more information and we can give more of a accurate assessment.

    There is always a way it is just a matter of going through the numbers.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 26, 2007 - 1:21 pm

    Mike

    Can you tell me how many propeties you currently have under management in the Brisbane area ?

    Richard Taylor | Australia's leading private lender

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    April 26, 2007 - 1:17 pm

    The Bank will not allow separate loans in that respect of a joint title as they will be jointly and severally liable for the entire debt.

    They may each have a loan of half the total amount with the statements in their own individual name but would still be underlying responsible for the entire debt.

    Richard Taylor | Australia's leading private lender

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    April 26, 2007 - 1:15 pm

    Hi Cam

    Doesnt matter what structure you use with less than 1 years self employment you will not qualify for a traditional loan.

    In saying that with the equity you have a straight forward Nodoc loan should be easily achieveable. An alternative is to look at a higher LVR loan and use your BAS returns to demonstrate your income.

    Richard Taylor | Australia's leading private lender

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    April 26, 2007 - 1:12 pm

    Hi Stanners

    I cannot see a problem as this merely sounds like a regular Nodoc deal to me with no evidence required of your income details.
    As long as the post code is acceptable i think the deal is fairly standard.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 25, 2007 - 9:20 am

    You will not find 1.

    Both MI companies will not cover more than 4 units on the 1 Title. 

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 24, 2007 - 2:32 am

    Guess it is horses for courses

    A low rate is not the most important factor when mapping out a investment path and i think if it you look at investors with decent size portfolios very few of them use no frills type lenders.

     

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 24, 2007 - 12:59 am

    Very simple

    1) Gross Salary & Wages – $70,000 (most lenders work on net incomes)
    2) Gross Rent – $14,000 (Most lenders take between 70-80% of Gross rent)
    3) Add back negative gearing benefit on difference between Gross rent and Interest costs.

    Richard Taylor | Australia's leading private lender

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    April 22, 2007 - 7:18 am

    I dont necessarilly agree with your MB.

    As long as you can show you have sufficient funds to complete you should get a long term deposit bond.

    Richard Taylor | Australia's leading private lender

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    April 22, 2007 - 4:12 am

    In addition to Depreciation several lenders take 100% of rent into consideration on properties they are not financing and also use the charged rate rather than a sensitised rate of variable rate + 1.5 -2% margin.

    This 2 aspects can considerably increase your serviceability. 

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 21, 2007 - 9:32 am

    I am with Terry purchasing it in your name makes no sense.

    If you are concerned about the ATO ruling over HDT why not consider a simple Unit Trust structure.

    Richard Taylor | Australia's leading private lender

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    April 21, 2007 - 7:28 am

    As Terry mentioned why would you not hold the savings account in Trust as an offset account against your loan account.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 21, 2007 - 12:48 am

    I wouldnt ever use Suncorp unless you have the odd month of your life to spare.
    They would have to be the most useless lending bank out there in terms of administration and documentation.

    A BDM who never gets back to you and all the promises in the world get you nowhere.

    Oh and by the way they dont accept finance on wraps.

    Richard Taylor | Australia's leading private lender

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    April 19, 2007 - 10:42 pm

    Anz will certainly go to 95% LVR on a refinance we do that often.

    Richard Taylor | Australia's leading private lender

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    April 17, 2007 - 11:06 am

    Regretfully Not.

    Richard Taylor | Australia's leading private lender

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