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  • Profile photo of Richard TaylorRichard Taylor
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    May 10, 2014 - 6:35 pm

    Which part of Melbourne are you based Ben ?

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 10, 2014 - 6:34 pm

    Mark all of my Ip’s are closer into the Inner City suburbs but i have financed 101 deals up in NL / MH.

    Stock getting quite tightly held now and some interesting new developments when it comes to retail and business activity up that part of town.

    All in i like the area and valuations holding up well.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 8, 2014 - 9:59 pm

    Hi Mikal

    I think the boat has sailed in Roma.

    I had a few places there around 10 years ago and did very well in the town but to me there are plenty of better places to invest.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 7, 2014 - 8:46 pm

    Hi Ollie

    You would be surprised how many forum clients we get in the same position to yourself.

    Building a sustainable long term property portfolio is more about structuring the loan correctly and then selecting the appropriate property to allow you to keep investing.

    We are having more and more clients wanting us to source properties that meet this criteria and done properly there is no reason why you can’t have a healthy income come retirement.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 6, 2014 - 10:30 am

    Fairly straight forward process depending on the Council etc

    A good Town Planner should be able to knock it out for you fairly quickly.

    Darryl Richards from thr forum is as good as they get so PM me if you would like his details.

    Financing is a conversation for another post but can be interesting with certain lenders. Others done as a standard deal.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 6, 2014 - 10:21 am

    Hi Cards

    Yes you have it in one.

    Keep the loans separate and give yourself flexibility and choice.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 4, 2014 - 8:59 am

    Hi Jonathan

    Yes interest is Tax deductible where the purpose of the funds was for investment irrespective of the security used.

    As I have said many times over the years on this forum interest charged on an investment loan where the deposit was secured on a pogo stick would be Tax deductible.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 3, 2014 - 7:33 pm

    Assume all things being equal you would get 800k.

    Course not quite as cut and dry as that.

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    Richard Taylor | Australia's leading private lender

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    May 3, 2014 - 10:43 am

    The New Guy, hate to say there is a big difference talking to an actual Bank Manager and a Credit manager.

    One talks a lot and does nothing the other doesn’t talk at all but decides your future.

    65% is possible of GR but remember it is net of GST.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 3, 2014 - 10:40 am

    Guess to be redundant you have too be employed in the first place.

    Other than 6 months with one of the Big 5 Banks when i first arrived in Australia i have spent the last 18 years running my own property empire / finance consultancy.

    Thankfully now in a position where i could never get close to spending what i earn.

    I talk to a lot of clients looking to start in property development / investment and half the battle for them is getting finance.

    Without a track record and 2 Years worth Tax Returns unless it is a non coded loan you won’t be able to get nodoc finance so will need BAS or similar to support potential borrowings.

    Get over that hurdle and life becomes fun.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 3, 2014 - 10:32 am

    You are not going to go far wrong with Darryl.

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    Richard Taylor | Australia's leading private lender

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    May 3, 2014 - 10:29 am

    Hi Keith

    Welcome to the forum and i hope you enjoy your time with us.

    Unfortunately there are too many variables to give you an accurate assessment but have a look at the following website and that might give you a good estimate. http://www.bmtqs.com.au/construction-cost-table.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    May 3, 2014 - 10:23 am

    Be surprised how confusing clients get when they get their letter of offer and it shows the massive increase in monthly repayment at the end of the interest only period as the calculation is based on the remaining term and the current principal balance.

    NAB actually only do 5 year interest only terms but several lenders will do evergreen loans.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 29, 2014 - 8:17 am

    Nothing surprises me these days when it comes to information provided to clients by lenders.

    Redraw and offset are definitely not the same thing and vastly different Tax consequences.

    The credit unions have a place but they are certainly not price competitive and from the sound of it you could do a lot better.

    Cheers

     

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 28, 2014 - 10:52 pm

     MelPO

    You bet your Bank didn’t give you that option as it is not in their interest to do so.

    There are so many variable it is hard to give you and real structured advice without some actual numbers.

    Bottom line with any structure is to have flexibility to allow you to move forward.

    It is something i am dedicating a whole chapter too in my new book.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 28, 2014 - 9:29 pm

    Hi MelbPropertyOwner

    Firstly welcome to the forum and i hope you enjoy your time with us.

    It only seems like a fairly big loan as the majority of the loan is non deductible. Had the loan been for investment and the interest tax deductible then subject to your income level it wouldn’t appear that large.

    Ok so let us see if there is anyway of transferring some of that non deductible debt. Do you own the property in your sole name or jointly with a partner / wife etc?

    Whilst you are coming back to us on that let us cover some basic investing principals.

    You do not want to be cross collateralising the 2 securities and you definitely do not want to be paying down the investment loan whilst you have a PPOR loan as it doesn’t make financial sense.

    What i would looking to do if you were a client of mine would be to restructure your current investment loan to interest only and be looking to take out an equity loan secured against the investment property solely.

    Then with a separate lender you look to take out the PPOR loan using a combination of your cash savings and net equity loan proceeds. The requirements for each loan are different and therefore we would look for a lender to cater for each of these situations.

    Definitely do not pay your 100K off your IP loan without getting some professional advice.

    Cheers

    Yours in Finance

     

     

     

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 24, 2014 - 12:15 am

    It is fine fsatar.

    I do some of my best forum work after midnight.

    Cheers

    Yours in Finance

     

    y

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 23, 2014 - 7:12 am

    Ah folks another come and go newbie with wares to sell so be careful.

    Seriously sunshine if you think the poster is in a high tax bracket then I think your total understanding of the negative gearing is flawed.

    Just we move ….

    Oh by the way suggest before you come in trying to throw your weight around you have a look at where you are trying to throw it.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 22, 2014 - 11:02 pm

    Frank you maybe new but you obviously have not read the Terms or Conditions of forum membership.

    Please ensure you do promote your business in the contents of future posts or i will be forced to edit them.

    I will continue to monitor your activity and hope that i do not have to issue a formal warning going forward.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 22, 2014 - 10:56 pm

    Hi Azza

    Yes totally agree with what you are trying to achieve and as i mentioned it is possible with the right lender.

    Not sure why newbie Frank would make such a comment as there is absolutely no reason why you would do it this way around.

    If interest risk is a concern then you can always take a fixed rate on the land and construction loan.

    Cheers

     

    Yours in Finance

    Richard Taylor | Australia's leading private lender

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