Forum Replies Created
If you are talking about their Toowong Brisbane office then they do not need to be licensed in Qld to offer mortgage broking advice.
If they are offering any form of financial advice or information on offset accounts etc they certainly need to be at least PS 146 compliant.
The last time i checked they certainly hold no such qualification.
As Simon mentioned we will do it between us and charge you $3000 and split the fee – lol.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Hi anna
Whilst the costs of establishing a Pty Ltd Company were halved on the 1st July 2006 i still believe such costs may prove unecessary depending on what you are trying to achieve.
Each type of entity has it’s + and – ‘s and it is difficult to make a comment without knowing a little more about you own situation and you goals i.e Do you have family, dependants, are you looking to trade these properties or buy and hold etc etc.
What i would suggest is start slowly and grow you business accordingly. Only spend money on new entities once you feel you have reached the point where there is a benefit to you.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Other managers offer the Mobius product with a cheaper rate than Carrington.
You will require 2 years S/E and be registered for GST with Mobius and there are heafty entry and exit costs.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Hi there
Whilst SMSF have an element of flexibility in their investment choices as designated by the Trustees the fund cannot borrow to purchase property.
Establishing a SMSF will only probably be viable if you have in excess of $75-$100K in Super although i have set up funds with less. This is mainly due to the annual reporting costs.
If you have sufficient funds in your Super there is nothing (subject to the investment plan of the Trustees) to stop you purchasing + Cash flow property but you would required to pay cash for the property.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Hi berry
I assume when you ask Can anyone inform me if i can use No Doc or Lo Doc loans in Australia to finance US property acquisitions? Or do you know of any institutions?
you mean whether an Australian Lender will take a property in FL as security. If this is the case the answer is a big NO.
If you mean can you raise funds against a property in Australia on a Nodoc / lodoc basis and then use the funds raised to offer as a downpayment in the US then certainly the answer is YES.
I have done 90% US funding in Florida for a Foreign National but think you will struggle to get 100%.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Hi there
First welcome to the forum and I hope you benefit from the varying views and experience that the forum offers.
With regards to your dilema i think this is a personal decision you and your partner alone will need to make but i guess all we as fellow members can do is offer you advice.
One of the main considerations of purchasing a property is affordability and I could never recommend that you over commit yourself.
From your post I assume that you are currently renting and I think you need to weigh up the weekly equivilent of interest only or P & I repayments for a similar property.
If you start your property portfolio with an IP then you may receive assistance in making the repayments from both the tenant and the Taxman. Investment decisions should however not be limited to such as Tax concessions change and no investment should be made on this basis alone.
Whilst the State has enjoyed a boom time over the last couple of years make sure you are not buying at the end of such cycle. Qld experienced a similar growth between 2001 & 2004 although now the market has certainly slowed to a more affordable pace.
A recent survey suggested that nearly 1/3 of investors would be forced to sell their IP’s if interest rates where increased by 1% so whether it is an IP or your own home make sure you buy within your income boundaries.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
If you would consider the Northern part of the Gold Coast then i can recommend you the best .
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
I have some very good mates at the NAB but they know they would not normally get my business at their product range is not upto scratch.
Their LOC product is weak and normally you would not qualify for a rate discount under a Pro plan unless you have a very strong application and many $$$ of borrowing.
I believe you can do better but without specific numbers it is difficult to comment.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Maybe Power Loans do Real Estate too.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Also remember their branches are franchised.
Your service is as good as the person who owns the franchise.
As Simon mentioned why post a Finance question which you did want brokers to answer. I assure you no one is merely here for the business they receive from the forum but to help and assist other members.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
I still own 3 separate non strata titled blocks in Brissie and wouldnt sell them for all the tea in China.
A block gives you so many options:
1) To develop.
2) To rent and retain
3) To strata
4) To renovateControlling the Body Corporate also allows you to run the building as you want and with the increase in pricing for such properties the demand is starting to outstrip supply.
Dependant on the number of units in the block will effect the interest rate and LVR you can obtain when financing but all of these sorts of things you can over come.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Far from it First Mac’s underwriting is certainly not the most favourable.
Kim Cannon is a shrewd operator although they still have their pecularalities like anyone else.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Hi Foxy
Yours is a common problem and one why we dont always suggest that a client put all of his/her eggs in 1 basket.
Each lender has a different set of lending criteria which includes both LVR and serviceability, what they do and do not take into consideration for income ete etc.
If you are not willing to consider refinancing 1 or more of the loans then i feel you will be stuck with your current lender as most organisation who are prepared to take 2nd mortgages will want to max out at 85% LVR.
If the deal is right then 90 / 95% LVR on an equity release refinance would normally be available but it would mean switching lenders.
To maximise your future borrowing you could seek an 95% IP loan and get the LMI capitalised to the loan to save the amount you need to come up with upfront.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Ben
We should point out that the minimum purchase price is $100,000 for a loan > 80% and it is made of up a 1st & 2nd lender. Min Loan $100K Min purchase price $111,000.
Unsure as to the interest rate of the 2nd lender but i assume that is it higher than the first.As most of the loans we process for our clients are under $100K it might not be of much use at this stage.
I do have 1 lender who will do 100% finance for the smaller loans on a similar basis with a 70 /30 split which is where the majority of our market is. Limit is 4 loans per person and they have no minimum purchase price. And Yes i can closed 3 recently.
Also another NY based lender does 100% loans for FN’s but minimum loan is $250K USD.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Ben
But as you mentioned we should point out that the minimum purchase price is $100,000 for a loan > 80% and it is made of up a 1st & 2nd lender. Min Loan $100K Min purchase price $111,000.
Unsure as to the interest rate of the 2nd lender but i assume that is it higher than the first.
As most of the loans we process for our clients are under $100K it might not be of much use at this stage.
I do have 1 lender who will do 100% finance especially for the smaller loans which is where the majority of our market is. Limit is 4 loans per person.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Jaffa
LMI is a single upfront premium paid for the borrower for the sole benefit of the lender. The borrower can never make a claim on the mortgagee can do this.
In the event the lender cannot retrieve the loss after persuing it then it is normally written off.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
FYI
Firstmac MI every loan even if it is under 80% and you can proove income and you the borrower pay the premium.
Power Loans coaching program on debt reduction as Simon mentions smacks as massive conflict of interest. Each Branch is franchised and I am unsure as to whether the individual owners are Licensed Financial Planners able to offer you full advice.
Without being funny who do you think makes the profits in the wholesale lending market. Most Companies are owned or co-owned by other financial institutions so i assure you the profits don’t go back to you the borrower.
Give us a bit more information and we can offer a few alternative products.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
There are dozens more all with their own differing features.
The only question i would ask is why would you want to go to a wholesale lender where every loan is MI and which will restrict your borrowing capacity as time goes on.
Can you tell us what appealed to you about these 2 mortgage managers?
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Just to add to Terry’s comments.
If of course the loan is mortgage insured the lender will approach the mortgage insurer and make a claim on any shortfall.
In turn the MI will take over the recovery of the debt by following the steps that Terry outlined.
In the UK at the end of the 80’s with negative equity in many properties in the SE of the Country selling as Mortgagee in Possession was common. The MI companies stepped in very early to take over the debts and recover their losses.
Thankfully many lenders introduced Negative Equity Loans so clients were able to carry on with life and still purchase a property albeit downsized. The shortfalls were treated as unsecured loans and everyone benefited from a touch of common sense.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
No worries Wez.
Sorry wasnt trying to correct you just pointing out the variations.
As a Fin Planner Super & SMSF are 2 areas I actually enjoy talking about.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
