Forum Replies Created
Yes
With the loan application the Pty Ltd is the applicant and presumably you both are Directors will be need to be Gurantors.
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
SK2
The easiest way to avoid getting the run around with all these lenders is to give someone like Terry a call and get him to arrange it properly.
Just email and tell him your requirements and he can arrange it for 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
Many lenders have no seasoning requirements however will only allow you to refi upto purchase price (of course there are ways around that).
We have now successfully completed 2 separate Vendor Finance deals where the client have had to put down NIL / ZIP / Nothing.
Vendor finance is enormous in the US and is a way that FN’s can get into the market without the usual hassles.
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
Jimi
Terry has touched upon a few answers on remortgaging so there is no need to go there again.
LVR issues may occur if you are a non resident and are not an Australian Citizen. You may require FIBR approval to be able to purchase over here in the first place.
I have a dual passport but originally a British Citizen with PR in Aus and do exactly what you do to great effect.
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
SK2
No it can’t so get them to set up a separate Int only / P & I account and link it to their 100% offset A/c.
That way you will have no problems.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 6.89%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Hi Andy
Firstly welcome aboard.
As a fellow pom I nkow exactly what you mean.I arrived in 1992 and thought even being in the financial industry obtaining a loan would be a walk in the park. Regretfully no.
In saying that the lending market has come a long way in the years I have been here and as Terry mentions it can be done.
No doc / lodoc Development funding is a specialist area so make sure you contact someone with knowledge of what you want and not what they want to offer you.
Good luck and feel free to get in touch.
PS. Which part of the UK, I am an old Bournemouth boy myself.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 6.89%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
As far as I am aware there is only 16 in the entire US.
Some of these are State specific one or two of them lend USA wide.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 6.89%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Hi Sk2
Yes it will effect your deductibility. I would be getting CBA to split the loan so the potential investment portion is clearly identifiable.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 6.89%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Claude
If you are happy to travel to Southport ring Steve Hodgkinson at the Gold Business Group on 553202855.
Tell him i referred you as he and I have done many property deals together over the last 8 years and he is a close mate. Most Accountants worth their salt aren’t taking on new clients.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 6.89%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Don
Which State are you looking at doing the Vendor Finance in.
If Qld feel free to email me any questions. My company First Home Owners Group Pty Ltd has done one or 2 to say the least.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 6.89%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Grreg
As per previous post for NODOC.
Lodoc dependant on the loan amount – 6.72% + 0.25% rate increase (80% lend) serviceability statement signed.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 6.89%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Markus
If you want to part with some information we can try and advise accordingly.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 6.89%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Hi Glenn
As Stuart & Paul have already mentioned an LOC or similar will give you flexibility and an ability to increase your borrowing to enable you to invest in other areas.
You appear to have good equity in both properties so i would be checking that your loan structure is correct and that you are diverting all your funds into your non tax deductible home loan and merely servicing the interest component on the investment loan.
Ensure that you direct other generated incomes into the loan and you will be suprised how quickly the principal will start to fall.
Given the variances in your income levels and the apparant fluctuation a Trust structure is worth considering which will give you both Asset protection as well as the ability to decide at year end to whom the income distributions would be made to.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 6.89%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Dan
Interesting to read your comments i was under the impression the market was dead and going backwards.
May i can start referring my clients to you again.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 6.89%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
That has always been the case.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 6.89%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Try W/Pac or Liberty.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 6.89%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Hi As i say can only comment for Qld but i am sure that many States will be similar.
Where an amount of in excess of 10% deposit is taken or paid the contract can be considered a Terms contract. This has legal implications if settlement does not take place on the due date and ramifications for things such as penalty interest.
Check with your lawyer about the regulations in your State.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 6.89%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Whilst it may vary from State to State it is certainly legal in Qld and in fact common practice especially on lengthy Development style contracts which usually have many conditions.
Most Vendors would certainly want the deposit to be released.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 6.89%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Hi Jeremy
Have done over 200 wraps in Qld but none in NSW.There is not much difference other than Qld is a bit cheaper. Feel free to get in touch if you need any assistance.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 6.89%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Before you decide on what State or the structure you want to set up i think you need to ask yourself if you are looking for finance on the property or not.
If the answer is Yes then you will need to be purchasing in your own name as a Foreign National and deed the property into your LLC or SCorp after closing.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 6.89%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
