Forum Replies Created
Hi James
Yes there are organisations that buy trail books and the value of the books is dependant on many factors.
I have in the past purchased the trail books of many small operators who were keen to get there money upfront.
I would have not have thought that maintaining your PI cover was warranted for such a small amount.
More information would be required to enable us to provide you with more information.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Yes certainly a mortgage broker could structure a financial plan for you to ensure that your funds went further and could be used to cover a few properties but you must remember when you repay a loan usually in the first 12 months the commission the broker receives is clawed back by the original lender.
It is therefore best to honest with your broker so he can decide on a suitable strategy. Also remember than many lenders even on the standard variable products charge early exit fees or DEF.
With more information we can assist further.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
ruro
Hopefully we can assist you.
On a personal note Yes I am based in Chapel Hill Brisbane but have clients all over the City.
Email me and I will be happy to get together with you to discuss your requirements. Will be out of action from Boxing day to NY day but feel to email over the next couple of days and we can start the ball rolling.
On the legal front contact Leonnie at CSM. I have personally used her for over 12 years for all of my deals (and there has been enough of those) and also my clients. She can be contacted on 3807 2233 but might be away until around the 8th Jan. Tell her i referred you. You wont find anyone with better value service.
Let me know what sort of Trust you need and i can assist you with that. (Your G/f should be able to advice whether you need a Hybrid / Disc Trust).
With regards to investment planner you need to understand that they will only refer you to property where they receive a commission on. We can discuss this also.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Wayne,
McQuire is after a caveat loan so 3 days (even over Xmas) would not be a problem as the interest rate will be extremely high and no income verification, CRAA or even property valuation would be required.
At 8% Per Month private lenders work Xmas day i assure you.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
As mentioned to you in PM’s it is certainly doable although i cannot fathem why you would be willing to pay such an excessive amount when you could arrange a Nodoc style of loan for a considerably cheaper interest rate.
On the downside is the timeframe given. Most Solicitors are now closed until the first week in January and whilst i have many contacts who could help they would not be prepared to settle in time.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Just one thing borrowing expenses are deducted over 5 Years or the term of the loan if shorter and a proportionalised in the first year.
i.e If you settle 1 Jan then you only cliam the appropriate number of days to 30 June.
If the loan is over a 3 year period then the deductions are spread over the loan term and not 5 years.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
One of the tricks of the trade if you are wanting to sell is to ensure that the Contract (remember CGT is based on the contract date and not the settlement date) is dated in a Tax Year where you may have some capital losses to offset.
As Marc mentions why sell the place why not use the equity and get your MB to structure you loan in such a way that enables you to carry on claiming the deductions as well as utilise the equity for further investment purchases.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
What a load of rubbish.
If you want my honest opinion i would be switching MB now.
We process many applications each month with a Pty Ltd Company as the Trustee of a Trust (whether it be Hybrid / Disc) and I assure you that many lenders will accept this borrowing entity to 95% LVR.
Admitedly your MB may not have the experience in this area of the market and be unsure how to present the deal but don’t reduce your borrowing because your broker is unable to assist you.
I am working this weekend, Xmas day and Boxing day although on holiday so would be happy to assist if needs be.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Why are you unable to purchase them all now ?
I must admit i would need a lot more details to ascertain whether I am interested or not.
20K – 100K seems a large range for a unit even if some are 1 bdr. Don’t know of too many 1 bedroom units going for 20k anywhere.
Email me more details and I will let you know if i am interested.
I already hold a few blocks in my portfolio (non strated) so now most of the pitfalls.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Dependant on the type & location of the property and whether you can fully verify income you should be able get 85% lvr at a standard commercial rate.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
The other issue is Wayne in the main there are only 2/3 main insurers with a couple of other self insured lenders and the odd fringe insurer so your choice is not that large.
One of the tricks is to work with a mortgage broker who nows the + / – of each MI and then can put your deal to a lender you uses that particular MI. Where the lender uses both most lenders will give the MB the initial option of who they wish to the loan to be proposed to first.
In saying all this your perceived problem with LMI may not be such a problem after all once your Broker has had a look at the complete picture.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
As Terry mentioned 80% would available without Mortgage Insurance however if you are happy to pay this and wish to access more equity then 90 / 95% LVR would be available.
In most cases an estimate of the property valuation is made and the Bank’s valuer will come back with what he assesses the valuation at. The Bank will make an offer on the valuation received from their valuer and this will be the amount available to you to using a line of credit.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Marc standing now.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Josh
Hate to disagree with DrX but i think you have clear remedy to have the tenants evicted.
The standard Tenancy Agreement in Qld certainly names the individuals permitted to reside in the property which unless modified are the named tenants. It also precludes the property being sublet and this should be sufficient in its own right to have a eviction.
Secondly talk with your Solicitor about commencing legal action against the Managing Agents. It would be appear quiet clear that they were negligent in their actions and might like to come to the party to avoid both costly legal action and the publicity.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
MI = Mortgage Insurance
DEF – Deferred Establishment Fee (or early payout fee)Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
As Terry mentioned also look at entry / exit fees including DEF’s and whether all loans are MI (at the lenders costs or yours) See whether they offer free 100% offset accounts and you can interest only loans and how their range of fixed rates compare.
Whether it be 1 loan or 100 loans all these factors need to be considered.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Please note that I have no relationship with the author of the last post and his views bear no resemblence to mine. I have never met him and the fact that we both have the same name is pure coincidence.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Please note that I have no relationship with the author of the last post and his views bear no resemblence to mine. I have never met him and the fact that we both have the same name is pure coincidence.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Well hopefully the answers on this post given by myself and Terry as well as other recent posts should give you an indication.
If you are not interested in customer service or growing your portfolio and just want a cheap rate with no frills or benefits then they maybe a consideration. If you intend to purchase additional properties and grow your portfolio you will find that their lending parametres more stringent than most standard lenders.
It is horses for course. All i know is most of my clients want to map out a future in the lending and grow their wealth.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Both previous posts are spot on.
One Direct are wholly owned by Anz Bank which in the surface you would think was fine. However as has been discussed you cannot walk into an Anz Bank and query your loan or request a variation.
Your broker has no right or authority to act on your behalf in rectifying any mistakes that may happen along the way and a short term gain (ask yourself how long in reality can these lenders hold off passing on the RBA rate increases to you) can end up costing you more if you intend to grow your portfolio.
Sure if you think you will only ever take out 1 loan and are not too fussed on customer service then this might be an avenue to consider but you need to ask yourself if it such a good avenue for finance why would Anz Bank customers not all switch their loan to One Direct.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
