Forum Replies Created
Hate to say that is not quiet correct and indeed there are many a lender who would consider you as being rent reliant and discount accordingly.
Going back some years lenders used to only take 30% of the Gross rental income where it was your sole form of income.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi dragon
Yes welcome to the world of investing in SE Qld
The BCC have been doing this for a number of years.
I put my rents up a couple of years ago and one of tenants tried to appeal at a RTA tribunal but got nowhere when we produced our Council Rates Notice to justify the increase.
They can do what they like it us just a matter of pushing it onto the end user.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
We refer most of our Vic clients to Doug Mcracken at Ron Skeggs & Associates.
Not Geelong but right side of Melbourne.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Amy don’t know who you are or what your agenda is but Nigel is a respected and long standing member of the forum community..
He has ran many a USA tour and is an expert on Florida property.
Do you own anything in the USA ?
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Yes i believe you can have purchased a second property if the loan has been structured correctly.
A lot of it boils down to choice of lender and then individual structuring.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Chris
Is there a reason why you want to buy an IP first prior to buying your own home.
Depending in which State you are you in and where you purchase the IP you might end up shooting yourself in the foot when it comes to Stamp duty concessions etc
There are a couple of ways of buying an IP without actually putting down any deposit and borrowing 100% of the purchase price without using other equity. We have done this on a number of occasions for many other forum members in the same boat as yourself.
Course has to be the right property but can certainly be done.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Belinda i can point you in the direction there when we get together.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Bonham
Not sure where you read that but that is not correct.
Your taxable income is based on your adjusted income after deduction of both cash and non cash deductions.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Regretfully i hate to say it sounds to me like you haven’t structured the initial PPOR loan correctly from day 1 as otherwise subject to serviceability i think you would have been able to go ahead now.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
No there won’t be any tears he will tell you can afford it and direct you straight back to Investors Choice.
Also remember he is not a Financial Adviser unless he is licences. Big difference between a Financial Adviser / Planner and a Mortgage Broker.
Who is it you are seeing?
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Magic
As Jamie mentioned both commission and bonuses can be considered in assessing serviceability however realistically you probably need 12 months track record.
Many lenders will want to see it over a longer period but there are the odd or two who will be satisfied with a single Tax Return.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
If it the same Investors Choice as the one based at Logan and on the Gold Coast then it appears they make their money by receiving hefty referral fees from developer, builders etc.
As 37PG mentioned finding out how an organisation works and who pays them is important.
For example we don’t hide behind the fact that for Sourcing a property for a forum client as a Buyers Agent we charge the client a fee however for our Broking and loan structuring services we are remunerated by the lenders we deal with.
Looking thru the level of experience of the Directors it does not look appear they have too many years in property, finance, tax or accounting between them or own too many properties.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
There are a number of reasons why you would consider buying or not buying in Trust and these will depend on your personal circumstances and longer term goals.
As far as financing a deal in Trust many lenders will have no issue and offer the same rate / application charges etc as they would if you were buying in your own personal name whilst others will treat it as business purchase and limit the discounts.
Your Broker should be able to guide you thru the maze.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Keren you say he hasn’t earned a cent from the property but CGT is not based on the rental income received but on the increase in value between the net sale price or current market value and the original purchase price less adjustment.
As Terry mentioned would suggest he definitely seek some specialist advice.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Ky
No you won’t be able to use a guarantor to increase your borrowing.
Varying the Contract may have other implications in regards to Stamp duty get some legal advice before changing the Contract.
Ran some quick numbers and there are a couple of lending options i can think of which might work.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I agree. If what they have to offer is that good they would have no need to be cold calling.
We have never cold called a client in our lives as all our property sourcing business is from client referral.
Be afraid be very afraid and don’t part with your credit card details.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi mudg
Who has imposed the maximum loan on you? Your Bank or yourself.
Us 50k all you wanted to put in or the limit of your savings.
We are just buying a property for a forum member this week which is a newish brick property and we paid 184k for it so good deals are certainly out there
Personally I wouldn’t touch anything but brick as the ongoing maintenance is just too much.
With 50k structured correctly and with the right lender you could buy 2 properties so I would be inclined to spread the risk rather than jump in on a single property.
Cheers
Yours on Finance
Richard Taylor | Australia's leading private lender
Hi Ky
Firstly welcome the forum and I hope you enjoy your time with us.
Sorry to hear about the relationship split there is a never a good time for this occur.
When you say you have recently signed a contract to build i am assuming that you already own the land ?
If this is the case then i am assuming that both of your names are on the Title and changing this will have implications.
If not then then certainly subject to serviceability it is possible but further data would be required to provide a structured answer.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I agree you could be sitting on the sidelines for the next couple of years waiting.
In 1996 I had been in Australia for a year when a friend of mine said to me he thought Brisbane house prices were likely to correct in price over the next 12 months so he sat on the sideline.
Since then i have purchased and paid down 43 properties. He and his wife are so happy they have just paid off their PPOR but now realise some 18 years later they are so far behind the eight ball it is not funny.
Certainly we wouldn’t buy for our clients in a lot of Melbourne but there are plenty of other areas which are showing good opportunity.
You don’t have to spend a fortune to get on the investment band wagon just make sure you manage your risk and realise that property investment is a long term business not a short term get quick scheme.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi again Eljay
Yes hate to say Anz are not the investor lenders friend when you are looking to expand your portfolio.
We do a lot of P & I / IO splits for forum clients who are looking to protect their portfolio but also pay down their debt.
Nothing magic just a matter of working the structure correctly.Some investors like to have fixed and offset combinations which works well.
Drop me an email and be happy to send you the API interview i did on my portfolio.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
