Forum Replies Created
If we knew who the lender was it would be a lot easier but it is probably Loan Equalisation Fee.
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Richard Taylor
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Hi Nathan
Pre 2000 wraps were taxed on the basis that the final installment price had been received on the date of possession when in fact it could have been a further 25 years until the final repayment was made.
Thankfully the ATO saw sense and now the tax is payable using the emerging profit rule.
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Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
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Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
They seem to be charging an arm and a leg for something most mortgage brokers set up for you for nothing.
Big deal they manage it for the next 3 years to tell you you are spending too much. If you don’t have your own discipline then having someone tell you this will do nothing.
I have to say in 4.5 hours i could show you long hand how to save money let alone looking at some fancy computer graphics.
I can show you how to save $5490 straight away and that is pay what they want to charge you off your principal debt and that will put you years ahead already.
My opinion – give them a wide birth and talk to a local mortgage broker.
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Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
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Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Like anything at the moment Vendor Finance is negotiable.
If you put 20 offers in a week and 1 Vendor is keen to sell then they might accept the terms and conditions you offer.
We are finding there are more and more development opportunities arising each day as vendors suffer with overburdened debt and increasing interest rates and the number of good deals is increasing.
It is just a matter of doing your due diligence and getting the contract terms right. Price can then be negotiated afterwards.
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Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
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Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Also as Josh mentions not only does the LMI percentage increase dependant on the LVR but also the premiums differ considerably from lender to lender even with the same mortgage insurer.
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Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
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Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Yes LMI is payable but as a loan cost it is deductible if the property is an IP. If it is a PPOR then it is just a cost of ownership and you can either pay it or put more of a deposit into the purchase.
Why not try and negotiate with the Vendor to leave some of the settlement monies in the deal rather than pay the costs of a high interest rate P/L.
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Richard Taylor
Residential & Commercial Finance Broker
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Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Why pay a higher rate for a P/L when you can borrow 100% + on a normal home loan and pay a sensible interest rate.
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Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
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Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
I couldn’t agree more with the 2 previous posts.
Never never sell – why not utilise the equity and increase your leverage.
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Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
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Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Yes Westpac have agreed to look at deals at 85% LVR without LMI but in saying that have a real close look at the rest of the terms. Both NAB and Homeside have waived LMI for me recently but the deals were not the queickest to go through.
As Terry mentions you are cutting it fine to settle by the 15th September espeically as you are requiring 3 new valuations.
I personally would be looking to switch one of the loans to say 90% LVR and pay the LMI and then access the balance of the money to use as future deposits etc. By having one of the loans with a separate lender the LMI will only be charged on that loan amount Get your broker to shop around as LMI rates vary considerably from lender to lender.
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Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
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Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
As in Australia there are NZ lenders who take adverse credit applications.
Those based in NZ are often only available to NZ brokers due to the PI issues.
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Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
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Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Only one big problem i can see with the whole site.
And that is that don’t seem to list properties in the most important State ……….QLD
Vendor Finance is actually not a new age concept it is old as time itself but unfortunately only recently been accepted by both Vendor and Purchaser alike over the last 10 years.
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Richard Taylor
Residential & Commercial Finance Broker
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Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Hi there
Not sure who told you that you pay more tax but i regret to say that an occupation des not define the amount of tax you pay.
Certainly as a full time developer you income would be treated as Trading Income rather than a Capital Gain and depending on how long the property had been held could make a difference to the amount and type of Tax payable.
A property purchased and renovated / subdivided etc and subseqently sold may qualify for the reduced rate of CGT which can be as low as 10% however if your occupation defines you as a Developer the halving of CGT will not be applicable and you will be taxed at you or your entities marginal rate.
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Richard Taylor
Residential & Commercial Finance Broker
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Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Credit Information is shared between the two Countries and therefore anything registered here in Australia will show up.
I have had client in exactly the same position and I was unable to place it here in Australia. I ended up having to use a NZ lender in NZ.
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Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
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Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
There are a couple of lenders who will advance more than the purchase price of the property but this is normally limited to an owner occupied property only.
For an investment property you will be limited to the purchase price and be required to come up with the acquisition costs yourself.
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Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
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Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Hi there
Yes feel free.
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Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
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Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
As Josh mentioned there is a loan out there for everybody.
Even at the higher LVR 90% + adverse credit is not such an issue if you have good serviceability and decent employment.
If you have no deposit then a wrap or LTO is an alternative if it gets you into the property at a sensible price. Most of the wrap deals we do are at a rate which is less than the adverse credit lenders.
Again difficult to assess and provide further advice without additional information.
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Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
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Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Graham
Who were you with in the UK.
I spent 9 years as a derivates trader with Chase so stockbroking is home.
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Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
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Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Tickets to the first 3 days of the Melbourne Test so can’t wait.
Will miss Brisbane as it is too early for my liking.
I can feel another England whitewash on the way.
If you need any email us.
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Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
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Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Hi Tarantula
Firstly welcome to the forum. Like you i am a fellow Pom who saw the light some years before and made the move to sunny Qld.
In my opinion anything decent in regional Qld gets snapped up very quickly and whilst i agree that the commodities boom will last for a while longer it is being in the right place at the right time.
Have you considered using a Buyers Agent such http://www.wefindhouses.com.au. Paul and Julie are great to work with and certainly do a good job for their clients. Have the edge over a feelow investor or indeed having more resources to hand can often be the difference between securing a good deal and not.
Also rather than buy solely in your fiancee’s name it might be worth exploring the option of using a Trust where the asset can be protected and the income passed through to the beneficiaries dependant on the tax bracket.
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Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
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Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
And if they don’t I do.
Cheers
Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
Email us to be added to our mailing list.
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
