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  • Profile photo of Richard TaylorRichard Taylor
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    June 27, 2014 - 6:25 am

    Can still aid you slightly as lenders often sensitise their rate at a margin above the rate they charge.

    This could be 2.25% above their Standard variable rate or their 1-3 year fixed.

    In saying all of this if serviceability is a concern then there are many better ways to overcome this issue.

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    Richard Taylor | Australia's leading private lender

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    June 27, 2014 - 6:17 am

    No can’t be done you will need to use a local lending institution.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 26, 2014 - 10:38 pm

    Hi Allister

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

    Both Jacqui (JacM) who is my partner and I did an interview with API magazine a year or so back on a couple of Unit blocks we were developing. I have personally done over 30 separate unit block projects in Brisbane over the last 15 years.

    In answer to questions:

    1) In some cases there is no difference between the 2 loans. Admitedly for a Commercial loan you tend to get charged the valuation fee and incur the lenders legal’s but depending on the deal the rates can be similar.

    2) There is no magic number but in the main 3 and above (off exception with 1 lender going to 6 and 1 going to 10 units) will be considered Commercial.

    3) Start small, have a fall back position and make sure you factor in a contingency factor. It doesn’t matter how many deals you have done before you still need to be prepared for the unexpected.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 26, 2014 - 6:16 pm

    Also think it was a few years since Tommy last purchased as LMI premiums have gone up rapidly and for a loan over 300K it is certainly more than a couple of thousand.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 26, 2014 - 6:13 pm

    There are also a few other requirements other than just your Professional requirements.

    Minimum income etc.

    LMI is a Tax deductible expense however I agree if you can avoid paying it all well and good.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 26, 2014 - 6:09 pm

    Agree with Terry not sure how they could register the mortgage without signing the loan documents.

    We do a lot of short term business loans and certainly would never do a deal without the Title holders both executing the mortgage.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 22, 2014 - 10:53 pm

    Hi magic

    I think you half answered your own question when you stated that there is Stamp Duty and CGT to consider.

    If you factor this in and believe that the higher price IP will provide you with a better rate of return over the longer term than Yes i guess it is worth considering.

    Personally not my style of investing but everyone is entitled to their own opinion.

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    Richard Taylor | Australia's leading private lender

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    June 22, 2014 - 7:59 pm

    Hard to know whether it will cross collateralised as this will depend on your employer and the terms of the loan they approved.

    Accessing equity will mean a sub loan secured against the equity however the sub loan will need to be in the same name as the current Title holders.

    Your Sister is going to have be borrower even though she may get no immediate benefit from the borrowing.

    This might be your first hurdle to overcome.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 22, 2014 - 5:12 pm

    Of course not all desktop valuations will come up to what you expect so a matter of carefully choosing which way you go.

    CBA would have to the worst lender for equity release out there.

    ANZ are so so but their serviceability model causes most serious investors to fail the affordability very early in their investing career.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 21, 2014 - 4:26 pm

    In Qld there is a concessionary Stamp Duty rate on every property you purchase as a PPOR.

    Not quite as generous as the 500K exemption you get when you buy your very first property but still very generous.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 20, 2014 - 9:56 pm

    I agree with Wilko save up a few dollars and do a project or 3 yourself and get some runs on the board.

    Any serious investor isn’t going to do a JV just because you have spent a dollar or two in setting up a basic structure.

    I would get an email or a phone call or two from forum members a week asking me if we would JV them or invest in their projects and i have to say we reject 99% of the deals as we can get a better return ourselves without the risk exposure.

    You will need to be offering something rather special if you are expecting an investor to put 100% cash into a project and i have to say 40% of the profit just isn’t going to be cutting it.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 20, 2014 - 9:45 pm

    I guess when you have been in the industry as long as i have you have seen all sorts of clients.

    I still have a number of forum clients from 2002 when Steve started the forum who we have partnered with them to help then build their own substantial property portfolios.

    I consider part of my job is to help and educate a borrower and investor and work with them in order to achieve their long term goals.

    A lot of time is spent with forum members answering questions and giving them the benefit of your experience.

    I say too many a client there is no such thing as a silly question when you are investing your own hard earned money.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 20, 2014 - 9:27 pm

    Hi Mick

    Hate to say that is actually not correct the Security Trustee Company can be the Corporate Trustee of a number of Bare Trusts.

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    Richard Taylor | Australia's leading private lender

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    June 20, 2014 - 7:53 pm

    Hi sundipb

    I see you are quite new to the forums. Welcome, and I hope you enjoy your time with us.

    As Jamie has mentioned, if there is any possibility you may convert your PPOR to an IP, then it would be best to stop paying down the debt but instead pay into an offset account. This will allow you the flexibility of maximizing what your money can achieve later, without deciding what you are doing with your PPOR just yet.

    In terms of how to amass money in that offset account faster than you could currently do with your salary alone, you might consider looking at putting your offset moneys to better use earning a higher interest rate elsewhere. We are able to get our investors up to 2% per month (ie up to 24% per annum) which would be more than sufficient to cover your monthly PPOR mortgage interest obligations with plenty left to spare.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 20, 2014 - 7:52 pm

    Hi Hot Stuff

    Welcome, and I hope you enjoy your time with us.

    Excluding the $30k you plan to use for the renovation, that leaves $50k in your offset. If you take that $50k out to fund a deposit on a subsequent property, you will increase the interest payable on your existing property.

    A more comfortable way of achieving your goal may be to collect additional cash for the deposit on a subsequent IP. You might consider looking at putting your offset moneys to better use earning a higher interest rate elsewhere. We are able to get our investors up to 2% per month (ie up to 24% per annum) which would be more than sufficient to cover your monthly PPOR mortgage interest obligations with plenty left to spare.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 19, 2014 - 10:39 pm

    Hi Renovator

    How much of you own cash are you tipping in to the deal and what sorts of rates of return are you expecting.

    We offer investors between 1.75%-2% per month on some of our investment products and personally tip around $10M.

    Be in interested to see how much you are putting in to the deal or what other investors expect.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 16, 2014 - 11:35 pm

    I would hardly say plenty but there a few who will accept an Accountants declaration solely.

    Most want 2 from 3 Accountants letter / BAS / 6 months trading statements.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 16, 2014 - 11:31 pm

    Sorry have to disagree you won’t get an unsecured personal loan for 10% of the purchase plus acquisition costs even if you do have a half decent income.

    Without Asset backing your scorecard will never get you over the line.

    Also only aware of 2 lenders that although will accept non gen savings allow for a borrowed deposit.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 16, 2014 - 8:35 am

    No 5% of an extended period is fine.

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    Richard Taylor | Australia's leading private lender

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    June 15, 2014 - 5:59 pm

    Hi Magic

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

    Obtaining a 95% lvr is going to be extremely difficult unless you have other property as it won’t score well with the Mortgage insurers.

    Certainly if your parents are prepared to gift you a deposit then that will be fine however they will need to sign a Stat Dec stating that no interest is charged on the loan and it is non repayable.

    There is another alternative which might be more suited but without knowing all the facts and figures it is hard to say.

    New job shouldn’t be an issue with many lenders depending if there is a probationary period attached to the role but even then could get around it with a few lenders.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

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