Forum Replies Created
And also don’t get pressured into being told that if finance is approved you have to proceed. It is finance on terms acceptable to you the purchaser.
So if some cowboy tells you they can arrange it through M Mouse Home Loans at 16% you dont have to take it.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
No the OSR has no interest other than merely collecting your Stamp Duty.
If a caveat is registered by the purchaser you the owner of the property are notified but not the mortgagee.
The only thing to make sure is that your loan is always P & I not interest only and never X collarise the loans. It is a breach of the Property Act.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Heh Stuart
We were looking at someone to blame for not being able to understand the original post so thanks for sticking your hand up.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Hi Rob
As Simon has indicated you as the borrower is only half of the equasion the rest of the required information relates to the project itself.
Have you ever completed or undertaken a development before if so what amount and size?
Will you be contracting the work out. Do you have a fixed price building contract? Any presales.
These are all the basic bits of information a lender will want before committing to a decision.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Yes the purchaser is entitled to receive the $7000 FHOG but the timing of the payment varies from State to State.
Unless you have a very good rappor with your Bank then they are usually done as IP’s without the Bank knowledge. In saying that there are 1 or 2 non mainstream lenders that accept wraps.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Wow Brizza just stop right there.
The title certainly does not change into the purchasers name as otherwise how would you be able to raise funds against a property that is not in your name.
What happens is they enter into an Instalment Contract and make a series of payments normally over say 30 years which reflect sufficient amounts to repay the purchase price plus interest over that time.
The Transfer Form is also signed and depending on which State the property is based will pay stamp duty against that Transfer assessed against the instalment contract purchase price.
Title remains in the original owners name until such time as the purchasers either refinance or make their last instalment payment.
As security the purchaser has the right under the Property Act to register a caveat against the property to avoid it being sold with their proper consent or lnowledge.
On the funding side the majority of Banks will not allow the property to be wrapped and therefore if you request their permission it will be denied.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
No problem
I think you mean you will be buying the property in Trust with a Corporate Trustee.Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
fbd1
Are you referring to your PPOR as the Master Facility if so yes that is a sensible way to go. Are you purchasing the IP in Trust?
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Mike
Being 19 will have no bearing on his application. However if he is seeking a high LVR (Over 80%) then he will need to demonstrate 2 years income through his Personal Tax returns.
Whilst 100% + loans are available self employed clients are required to produce 2 years worth of figures.
I would suggest that he start a regular savings plan so that when he is a position to purchase he can reduce the amount he needs to borrow and will be able to negotiate a better all round rate and deal.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
I would hold investing until they build the bridge across from the mainland.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
For simple construction costs for Townhouses we are finding we allow around $1400 / Sq M and that is at cost with a partner who is Builder.
All depends on the quality of course but for a nice 2 storey Townhouse i think you are probably looking at around this sort of figure.
Then of course you have all of yoru soft costs.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Let me which part of Brissie you are in and I might be able to point you in the right directtion.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
There is no confusion for Taxation purposes the dates to consider are the date of the contract for both buying and selling.
The settlement date is irrelevant.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
I am with Brahms totally lost.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Someone else who has seen the light and is making the move to the Sunshine State.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Not wanting to correct Westan but
So to answer the question no you don’t need to have income.
Isnt quiet true. As far as i am aware there only 4 institutions that offer lodoc finance to FN’s in Texas and all of them require the income section of the 10 03 to be completed.
Not to say that they verify this income but the S & P section has to be completed so you would need an income
The 1 nodoc lender will not go over 55% and requires proof of deposit, assets and an interest rate loading
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
HI ASDF
Yes you can approach the self insured lenders if you have maxed out with PMI or GE.
Each MI has slightly different terms.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Brizza
Crusher is almost there.
There are 2 main 1 secondary and at least 3 lenders that self insure.Mainly Genworth whose Post code restrictions can be found on their website http://www.genworth.com.au and PMI -www.pmigroup.com.au.
There is then Mobius who currently only operate through a limited panel and the self insurers.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Hi Brizza
Regretfully this is not the case as CBA like everyone else have their Post Code restriction areas and are governed on the higher LVR’s to their MI’s.
If you wish to give us a Post Code of the area you are looking at i can check it out for you with the 2 MI that CBA use.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Sharon
The ATO make an exception for you.
Fear not i could not get it through any other way. Also if you do a stretch you now i will come and visit you on visiting days lol.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
