Forum Replies Created
GFB
Before you rush out and:
sell both IPs and pay off more of your home mortgage downsize your home, thereby reducing your personal debt
Sell one IP and reduce personal debt on home
think of the CGT implications.If the properties are in good locations and have minimal maintainance and you beleive have good chances of further appreciation then you could then consider selling the properties to a Trust. Yes both stamp duty and CGT maybe payable but the surplus funds could go towards the reduction in your PPOR debt.
Other suggestion would be to look at the structure of your home loan and other loans and ensure these are working for you and not for your lender. Correspond with a mortgage broker before doing so.
+ cash flow properties are out there and so is the demand for wraps still very much alive.
I don’t mean you have to buy in Bulgaria!!!!
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
Lawrence
80% Max regretfully. Company and Trusts accepted.
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
See another broker.
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
Don’t be so modest.
With the speed your portfolio has been increasing it is a lot more than than that.
Thought you would have least known a good mortgage broker.Not sending my ironing down any more !!!!
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 Dan
With that amount of equity and structured correctly funding should not be an issue.
Serviceability varies from one lender to another and the difference in amount can be substantial.
You state that you are receiving a current rental so i assume that the property you own is an IP and maybe you are renting or own your PPOR outright. Obviously you will also receive rent from the new IP as well.
Rule of thumb:
1) Take your net monthly income and add
2) Between 75-100% of rental income deduct
3) All principal & interest mortgage repayments using a rate of say 2% higher than you are actually paying.
As well as any other loans and a 3% limit on any credit cards.From this figure take away a living allowance for a couple and 1 dependant and this leaves a monthly figure. Divide this amount by the principal & interest factor / 000’s using a rate of say 8.75%.
This will give you the likely amount avaialble for new borrowing.
Remember as mentioned these figures vary considerably and also the method of calculation varies but it is it least a way to start off.
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
Steve
I am with you not bad at all.
And from Qld the service levels are quiet good too.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
GR
As stated Mortgage Saver which is there standard product not construction. PPOR or IP security
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 Karin
Many lenders will ignore small defaults if they are paid and therefore you maybe closer than you think.
Unlikely to get 100% IP loan even saying that so you will need some sort of a deposit plus closing costs.
I am assuming that you own no other property because if you do have a PPOR with some equity then i beleive you should be able to fund 100% plus costs.
Really a little more information is required to give you a proper recommendation.
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 Anita
Without going to all of the expense of refinancing every loan why not just ask Anz what it would take to have each loan on a standalone basis and then if necessary consider refinancing the PPOR and structuring that correctly to enable you to push forward with new purchases.
It wouldnt be that difficult for the Bank to give you the information and any broker can then steer you accordingly.
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
Mapleleaf is Brisbane based and offers Vendor Finance all over Qld.
Ask him to send you his information pack as i think you will findit very professional.
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 Anita
Any lender that ask you for the IP as security as well as your own PPOR has obviously no idea about to structure a loan correctly for you.
Certainly make sure that you un Xcoll the loans with ANZ Bank but dont fall straight into the same trap with someone else.
I would have them all sitting as stand alone deals and if necessary use the equity in your own home to draw down 20% deposit . Approach a new lender for a totally separate loan of 80%. Dependant on how you want to proceed you could have a separate lender for your own PPOR than the IP’s.
Structure it so that all incomes, salaries rents or similar are being directed into a 100% offset account and have this offset account linked to your PPOR. Have the IP repayments feeding off the Offset A/c.
The Wizard rate is about right although certainly as a securitised lender the features and overall package lacks a lot. Suggest you correspond with a mortgage broker who can give you a overview.
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
If you are in Sydney you can’t go far past someone like Terry or organisation
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
Took the words out of my mouth Terry.
NAB the same on the retail side.
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
Nigel is some respects is correct with his post.
As a Financial Adviser i would never recomend a client invest in Mez finance unless their risk profile indicated that they were happy and prepared to adopt a high level of risk for what could be perceived as a high level of return.
The investors in Westpoint would have known that the FIn Planners were receiving a commission to this level as it is a requirement under Section 849 of the Corporation Act to disclose it as well as in the Statement of Advice document they would have been issued.
This is not to say that it was right and in fact i am against high return investments for just this very reason. Anyone who has anyalsed the Westpoint PDS could have made a valued judgement as to the likely success of the operation given the fees, charges and commission being paid.
The role of the Financial Planner is to make recommendations to his or her client only after anyalsing their financial position now and where they want to be in the future taking into consideration risk profile. Diversification is a key to spreading the risk and often it is a matter of making a recommendation where you will not receive any form of recompense. Direct property would be one example.
There is no quick way to wealth creation although the use of Rule 72 enables clients to calculate where they will be in the future given current rates of return.
This Rule can be applied to every investment from Bank deposits, to equity investment and property returns.
“Even an accountant cannot give advice” – not quiet true but admitedly it is limited.
Sourcing a good financial adviser is a matter of looking at their past experience, how you get on with them and asking them what areas they invest their own funds in. I doubt very many of the Westpoint Adviser invested in Mez Financing themselves.
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
Caroline
Try a good mate of mine – Richard Young who can be contacted him on [email protected].
Tell him dogsbreath sent you. DONT ASK
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 guys back from the cold of the UK.
Firstly whoever told you that a 20% deposit was required as you were an ex-pat didnt now what they were talking about. I have dozens of expat clients living in Pommie land and around and regularly arrange IP loans at 90 / 95% loans for them.
Why not make the equity you have work for you. Structured properly you could look to pay down your PPOR as fast as possible yet not be having to wait around to expand your investment portfolio.
You do not mention details on your income or rent (and we wouldnt expect you to air this on the forum) from the IP so it is difficult to make a recommendation on structure but talk to a mortgage broker and i am sure you will receive some unbiased advice.
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
AJ
First things first. You make the assumption that you do not have enough equity in your current home loan have you had a mortgage broker run over the figures for you.
Assuming you took out a high lvr loan a year ago the equity may have increased with a combination of an increase in your place and the reduction in the loan amount.
Secondly remember 100% + loans are available for investment property purchases and you maybe slightly suprised when you actually look at the figures.
I have introduced clients to several postively geared properties over the last couple of months where they have been making a suplus on the IP and used this to repay their PPOR quicker.
If you deposit funds into your mortgage and then redraw it you will not be able to claim the interest on this money so it would better to direct the suplus funds into a 100% offset account.
Deposit your salary, rent and any other income into this account. At 7% Tax Free you effectively receiving around 10% if your marginal rate of Tax is 30% and more if you are in the higher brackets.
Look at a Trust set up for your IP to give you more flexibility and Tax saving and channel those dollars into your correctly established PPOR.
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
MissLily
Don’t think you are too far away at all.
Why not make it -Subject to the approval & registration of plan of subdivision at the vendors expense and on terms satisfactory to the purchaser. (This will give you the chance to read the conditions in relation to commencement etc)
If you are trying to finance it on the basis of 2 individual Torrens Title Lots then it will be easier for your financier if the Plan of Subdision has been registered.
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 Alex
Working backwards obtaining a loan will depend on a couple of things:
1) Your credit history.
2) Your ability to service the loan. Combination of income and rent
3) The security being offered.From what you mentioni assume that not falling into regular income refers to being self employed so a lodoc loan maybe a consideration. Alternatively a NODOC loan maybe required.
Remember when you purchase a porperty it will generate rent and this will be considered by the lender.
If you are purchasing a +cash flow property and subject to your income either 95 / 100% loan maybe available. If this is the case you current amount of $50,000 will be more than sufficient.
What i would suggest is forward your figures to a broker and let them fully assess your position.
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
Pleasure as i say the amount will vary from lender dependant on other issues but maybe a guide for you.
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
