Forum Replies Created
Having a TFN will have no benefit in getting a loan above 70/80% as even with a decent FICO score you will still be treated as a FN.
As a consequence an investment property falls under the Patriot Act and your choices are limited dependant on the State you purchase in.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Angel
Some lenders offer 100% and some believe it or not go upto 106% of the purchase price.
I organise many loans for self employed clients at high LVR’s and assure you that lenders in general dont have a problem with the S/E.
Many lenders take into account certain expenses to add back to the bottom line net profit and others take other expenses i.e Super Contributions, Directors Salaries, Depreciation etc etc.
Some lenders average your income over say a 2 year period others are happy to take the last years figures.
Without having all the figures to hand it is difficult to provide you with an exact answer but without that amount of saving never dispair.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Cathyrob
Financing using a US property isnt that difficult if you stick to a few basic rules. One is accept the lower LVR 70/80% and understand some of the legislation which prohibits lending for investment property in certain area and under certain loan amounts.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Those sorts of rates are available to Aussies wishing to purchase investment properties in this country even if they reside in the Country or overseas.
Currencies which we arrange loans in are:
Hong Kong dollar (HKD)
United States dollar (USD)
Singapore dollar (SGD)
British Pound Sterling (GBP)
New Zealand dollar (NZD)
Euro (EUR)Main criteria is that the loan is done in the same currency in which you are earning i.e if you are working and earning pounds in the UK then then interest rate is pegged against 3 or 6 LIBOR.
I have many Australian clients living and working abroad who have loans on investment properties here in Australia and are paying around 3.53%.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Leighton
Simon is as always bang on.
Try checking out the OSR in your particular State and you can see the requirments for qualification.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Firstly i would have throught with a combined residential / commercial residence you would get more than 70% LVR.
On the assumption you can’t wouldn’t you just refinance maybe the PPOR or IP to 90% (work out what is required for settlement and calculate the lowest mortgage insurance cost) and utilise the funds to bridge the difference.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
From what you say he will not accept an offer of $180K even if he strapped for cash however maybe be interested in you wrapping it from him.
Assume you offered him the 270K although payable on a series of installments over say 25 years he would get the benefit of the cash flow and reduced tax liability (working on the emerging profits rule) and you would get the benefit of the property with deferred payments.
Alternatively you could purchase it for say $270K and take out a loan of say $150K and get him to take a 2nd mortgage for the balance of say 25 years.
This way he gets some cash up front and a regular income from the cash flow.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Hi Brizza
There are a few lenders that will waive the requirement of seeing a saved deposit and they offer the same terms conditions, fees and charges that they offer their other clients.
Some charge a higher interest rate but in the main you should be able to obtain a great deal these days.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Again depending on what State you are in The Law Society used to regulate the fees charged by lawyers.
With the opening up the whole financial services market it became open for lawyers to charge accordingly to what they could get away with hence the growth of conveyancing firms.
I wish you luck but I think you have little chance of getting a refund as they could easily justify the amount they have charged. Just out of curiousity didnt you get a quote first?
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Mike
it is not a matter of serviceability that lenders have an issue with wrapping more importantly the issue with the wrappee making payment to the wrappee and then the wrapper not making payment to his lender.
Protection of a caveat or not if the loan isnt paid the Bank will have the right to take possession and sell the property.
When we started in 1996 the major Bank we approached had never heard of Installment contracts or LTO and we had to hold their hand and guide them through. They took an assessed rental income rather than installment receipts as income to assess the loans.
This worked fine for the first dozen or so but in 2003 when it reached 187 loans they had to take the installment contract income to show some form of serviceability.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
It all depends on the State concerned and the amount of work carried out but from my past experience we have never paid more than $550 + cost of searches etc for a purchase or a sale.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Cheers Simon
Shows how boring Friday nights are in Brissie.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
I agree Kiwi.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Wow just read another ad just like yours on the other forum.
You get around.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Wow 20 mins now and the moderators havent canned this wonderful display of advertising.
Must be a busy Friday night in Sydney and everyone is on the town.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Hi Markus
You can use a Call Option for a small subdivision which you might look to flip or a large residential block which you might develop.
Just bear in mind in some States you still pay stamp duty on the Call Option but at least you can make the Option subject to you obtaining a DA on terms satisfactory to yourself.
I picked up one during the week here in Brissie which has a house on the block and i intend to cut off the side and construct a small lot on the spare block.
The conditions include that the Vendor must sign all applications in relation to the subdivision and also allow the erection of advertising signs or anything else as required by the local Council.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Alfa
Ok Suncorp may have a problem with that as they are not best with new Contractors.
Tell your broker to place the pre-approval elsewhere. If he can’t i can think of a couple of lenders who would welcome the business.Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
The answer is Qld is NO.
You will trigger a double stamp duty payment by changing the nominee on the contract.
You could in Qld use a nomination letter as long as this was minuted and date prior to signing.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
As i stated earlier funding the deal is no problem but you would not fund it from an Australia Bank based here.
Double Tax Agreements
There are Double Taxation Agreements between Australia and a number of countries. These agreements mean that, in most cases, taxation is only imposed by the country of residence and not by the country where the income is sourced. However, the country where the income is sourced may impose withholding tax on dividends, interest and royalties.India if you check from the ATO website is one of those Countries.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Must admit i have financed deals all over the world but India would be a first.
You will not find that either of the lenders you mentioned here in Oz would lend on an Indian security. Possibly if you approached their Indian branch they could give you their poilcy on FN lending.
It is the same for clients wishing to purchase in the USA and maybe even Citibank or HSBC clients and wonder why they won’t lend to them over there.
Good luck.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
