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  • Profile photo of Richard TaylorRichard Taylor
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    @qlds007
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    May 18, 2014 - 8:52 pm

    Hi eljay

    First welcome to the forum and hope you enjoy your time with is.

    Congratulations on achieving what you have to date.

    Trust me buying property is addictive. I intended to stop at 10 but then 34 more i am still buying, trading and flipping properties and love every minute of it.

    I like you made a conscious decision to pay down all of my investment debt (thanks again to a strong English Pound when I moved to Oz) which I will do in August of this year and therefore the annual rental income is more than enough to live off comfortably for the rest of my years.

    I am surprised at a 9% yield and the position you are in your Accountant suggested not to go with an acquisition in Trust but i guess he must have had reasons for doing so.

    Everyone to their own but for me P & I when you have no other non deductible debt is the way to go.

    No need to tell you to ensure you structure the lending correctly and avoid cross collateralising the securities.

    Personally I think I would split the loan to fixed rate interest only and then maybe fixed principal & interest with 100% offset account. Course you would have 2 separate loans anyway as you would not be cross the securities and that would give you the best of both worlds.

    You could focus on paying down the principal on one of the splits whilst having the majority of the loan on interest only.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 18, 2014 - 3:50 pm

    Yes both new potential income from the property to be purchased as well as an existing income from other rental properties and your own person exertion income.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 18, 2014 - 1:13 pm

    Yes the Dept of Nat Resources issue a Land Tax assessment notice to each owner in the block on an annualised basis.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 17, 2014 - 11:01 pm

    Yes that is better but even at 5.1% I wouldn’t touch it.

    Just make sure whichever property you go for you don’t have a single loan over the 2 properties which is something your Bank will encourage.

    Loan structure is paramount especially if you are trying to build a long term income and most Bankers have no idea.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 17, 2014 - 9:20 pm

    Sorry Ollie don’t want to appear negative but did you say the yield post body corporate, insurance and Council Rates was in the low 4% and you were happy with that !!!!

    I will assume your kidding as you get a similar amount in a Term deposit.

    What happens when interest rates increase and the Body Corporate fees go up which of course they will.

    I have to say we would never buy a unit for a client ( there are the odd exceptions of course ) and would focus on freehold property that generates 5.5% +.

    You are never going to be able to retire on a rental income that starts that low and going forward financing number 2 will get harder.

    Seriously if it is not too late review your investment decision and buy something else as you cannot live off capital growth alone.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 17, 2014 - 9:08 pm

    Hi again abrogard

    Yes that would not have any bearing on the deal as long as serviceability is evident.

    Most investors borrow 105% + of the purchase price and don’t out any cash down.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 17, 2014 - 5:52 pm

    The unapproved Land Value shown on the Council Rates Notice should give you a good guide.

    One way to reduce it would be to look at buying in another entity as there is no aggregated Holdings in Qld

    When we buy a property for a client we certainly look at their Land Tax position and if necessary would suggest buying in another State.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 17, 2014 - 4:44 pm

    Yes 600K in a personal name or 350K for a Company, Trust or absentee owner.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 17, 2014 - 3:59 pm

    I am unsure why you would have taken out a personal loan to fund the renovations when you could have taken out a line of credit or credit card at home loan rates which would have been a lot cheaper.

    We do many a finance deal for clients who are looking to renovate the property but don’t have cash to do so and of course can’t borrow the reno costs until the property has increased in value.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 17, 2014 - 3:52 pm

    Hi Demkel

    Yes it certainly payable on each and every land holding in Queensland (assuming the property is an investment property).

    Tax is based on the assessed land value by the Dept of Mines and Natural Resources as at the 30th June each year.

    There is a threshold which varies depending on who owns the property.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 16, 2014 - 7:21 pm

    Hi Manley

    No hate to say transferring the property into a Trust will not enhance your borrowing capacity in most cases.

    There are many other ways to increase how much you can borrow without the added costs.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 15, 2014 - 9:55 pm

    All boils down to compliance and what documents would required.

    I would not do a coded loan but lend on non coded stuff all day long.

    In saying that i would never personally touch a deal at 8.% P/A when you get 1.75% / month + on your money in the non coded market.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 15, 2014 - 2:22 pm

    Hi Newgen

    No reason why you couldn’t get your Broker to and order a new valuation with an alternative lender to see what it comes it at.

    In fact some lenders you can choose the panel valuer or at least choose who you don’t want to do the report.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 15, 2014 - 2:20 pm

    There is no hostility at all from most members although having been on board since 2002 i see so many new Brokers come onboard with a view to seeing if they can’t attract business from forum members, flogging their wares and then moving onto newer pastures.

    Consequently we monitor the contents and tones of the posts to ensure that no one is abusing the rules or reasons why the forum was set up.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 15, 2014 - 12:59 pm

    orangje, Big V is not quite right as there are 2 Aussie lenders that will lend on NZ securities however will depend on where the property is located.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 14, 2014 - 11:15 pm

    Whether it is being purchased for owner occupation / investment in a persona name or whether it is being acquired in a Company name etc and not classified as falling under the NCCP legislation.

    Makes a bid difference for financing.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 14, 2014 - 9:08 pm

    We refer a lot of our clients to Ron Skeggs & Associates, 275 Geelong Rd, West Footscray VIC 3012

    Doug is a partner and is excellent.

    I think he is on holiday this week but can be contacted on 03 9687 0933.

    Tell him i sent you and i am sure he will look after you.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 14, 2014 - 9:01 pm

    Kira repeated posts like that will see your comments be edited or deleted.

    In answer to the original post what security are you offering and is it a Coded or Non Coded loan.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 14, 2014 - 8:59 pm

    Hi Kathlene

    Sorry i can see you clearly have not read the Terms & Conditions of the forum when you signed up.

    The forum is not here for anyone to promote their own business but to assist others and generally share ideas on property.

    Should members decide you offer a service they require and decide to contact you then all well and good.

    Maybe you can contribute with a few thousand posts first and then market your services.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 13, 2014 - 8:28 pm

    Hi Wanting TP

    Would need a few more details but i think it is a doable deal depending on the amount of the default and who it is in favour of.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

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