Forum Replies Created
Hi elim
Joshua explanation of the process is good although all i would say the process can vary from State to State with regards to Cooling off periods, unconditional dates, FHOG etc etc
Which State are you looking at purchasing in ?
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Richard Taylor
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Hi Sally
I think it is your Accountant who is causing your confusion as he doesnt appear very clear on his advice.
With regards to your Superanuation issue and maybe other insurance issues it is probably better to liase with a Financial Planner.
Which part of Oz are you in.
On the matter of interest deductibiliy on your IP then this is deductible whether you are employed or self employed. Have you undertaken a Quantity Surveyors on your property. If not this maybe a worthwhile investment to see what else you claim in the way of non cash deductions.
Also make sure that you have your Accountant all the borrowing costs when you purchased the property to ensure that they have been correctly claimed.
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Richard Taylor
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DEF – Deferred Establishment Fee
It is another name for a early repayment penalty. Instead of charging you up front we will charge it later on down the track unless you keep your loan with us for a specified period of time.
For the records 4% is not considered over the top high in the world of lending.
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Richard Taylor
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Thankfully the volunteers are back then.
In Qld we have set our own Professional Standard for the provision of Vendor Finance and don’t feel that being a member of the association has any benefit.
Our in house Solicitor keep us upto date on UCCC changes but i think for anyone starting out or having only done 1 or 2 wraps then membership maybe the way to go.
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Richard Taylor
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Loan costs are deductible over a period of 5 years or the term of the loan whichever is the shorter.
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Richard Taylor
Residential & Commercial Finance Broker
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Most Accountants have a Financial Planner in their office or they refer their business to a local Planner for a split of the commission.
I have 3 separate firms in Brisbane who refer me FP business and have never come across a problem with any conflict of interest.
If you need a good Property based A/c and would look at a firm on the Gold Coast let me know and i can recommend one.
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Richard Taylor
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Wow looks so much like your first post.
Do they lend in Qld or just Connecticut. ?
Grow up mate and look before you post.
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Richard Taylor
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The process is not particularly difficult and the requirements will vary from Council to Council.
I would be talking to a local Town Planner who can walk you through the steps and costs involved. Once this information is to hand you can work our the viability fo the project.
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Richard Taylor
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Hi Sally
I dont think Terry is saying it is illegal i think he means it will have no different tax consequences and therefore seems inpractical.
If you were to purchase a property as Tenants in Common you could hold say 80% of the shares in your personal name and 20% in say Company name (not sure why you would) but if you are Sole Trader anyway you do it would still mean that the property was owned 100% by yourself.
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Richard Taylor
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You certainly cannot sell your PPOR or any residential property to your SSMF. Commercial properties come a word of warning and timing is essential due to the changing “related parties’ ruling.
As Terry has pointed out why not consider subject to Stamp Duty consider selling the property to your Trust. Remember as the property will now incur a CGT when you sell it you need to work out how long you intend to retain the property to calculate whether the exercise is viable.
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Richard Taylor
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It is like anything else you join depending on what you want to get out of your membership.
Last time i checked it wasn’t up and running. It was a voluntary run site and i guess the volenteers just ran out.
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Richard Taylor
Residential & Commercial Finance Broker
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Hi Paul
I like most other brokers do loans every day of the week with the borrower being either a Trust or Pty Ltd Company so find you Statement that the lenders outlined won’t assist.
There is obviously some other reason for you being told that the loan would not go through on a Nodoc basis as i have used a couple of the lenders mentioned in the last 2 weeks with no problem.
If you want to tell us a bot more we can assist further.
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Richard Taylor
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Colin
Yes we are not all pen and paper merchants some of us know how to operate a calculator and offer financial advice.
Long story but i couldn’t get out of soccer coaching that night. My Under 11 /1’s are demanding.
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Richard Taylor
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Hi ModernArt
Most lender will initially offer an interest only loan for a specific period of time namely 5-10 years and then at the expiry of the interest only period will renogotiate with you for either another interest only period or get you to start making Principal & interest repayments.
There are many reasons why as a borrower you would look for an interest only loan and the reasons will difer dependant on whether the property is being used as a PPOR or IP.
Get you broker to assess your requirements full in making a recommendation which is right for you both now and for your future goals. I have many clients in Melbourne so feel free to ask as many questions as you like.
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Richard Taylor
Residential & Commercial Finance Broker
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Hi erikdaphne
Yes i guess one thing you have to firstly understand is that there is no correlation between the variable rate your lender charges and the ARB Cash Rate benchmark which has recently gone up by 25 basis points.
Whilst, it is common for a lender to pass on the full 0.25% rise it is not a requirement and many lenders try and hold on as long as possible to attract market share. Others are often the first to put the rate up and then often by more than the 0.25% increase in the Cash Rate.
With a large DEF of 4% you do not have much choice but stay put although for your next deal i would be making sure your broker gives you every option and explaisn to you the full reasons why he / she is recommending a particular lender.
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Richard Taylor
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Hi Andrew
My understanding was just that. You would consider advancing against the present valuation if the subdivision was not complete.
I deal weekly with development loans and most lenders i deal with lend on either present value or GR. Undfortunately LA Trobe flatly refused the deal until the subdivision was complete despite having ample security in the project as is.
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Richard Taylor
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Len
If you want a simple answer it is NO.
Won’t go into the long winded explanation about undeducted contributions etc and RBL just to say it is a simple NO.
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Richard Taylor
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Not sure why you need to to Asia to market them.
If they are well priced I have a dozen or so clients including myself who would buy them.
Post or email me more details and I can come back to you.
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Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
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Josh
Unfortunately the lenders you mentioned will not do Nodoc in the post code Sarah wishes to purchase in.
Must admit whilst on the surface the initial service from La Trobe appears good the problem i have had with the last 2 deals i have done through them is the actual underwriting.
Most recent deal was valued at $425K and the client wanted $250K. Immediate approval in principal was issued but as it i was a big block and the client was in the process of subdividing it La Trobe made it a condition that he subdivide it first before they would proceed. Post Subdivided valuation was $750,000 so very little risk.
I ended up doing it myself on a bridging basis and will refinance it back to a standard lender afterwards. All i would say is what they offer isn’t necessarily the terms they actually lend on. And the interest rate isnt the cheapest going around.
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Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
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Would you like to tell us who that is that you work with then Andrew?
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Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
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