Forum Replies Created
Hi Wizard
Not sure which part of Qld you are looking in but we have acquired 8 properties in the last month on Qld all of which with a little bit of renovation work will be cash flow +.
One includes a block of land which we purchased for $31500 have a removal home being put on it and fully renovated probably will cost in total $120,000 and expect to get $250 – $280K for it on completion.
Another was a property which we purchased for $72,000 which is on 4 lots all of 640 square metres. Subdivision will cost around $4000 and the then to move a house onto the block maybe another $50K. Not bad considering the land cost nothing and H & L package probably worth around $80K / site.
I promise they are there you just have to keep searching.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Hi Paul
Henry requires 80% lodoc lending a Pty Ltd company name so 90% not available.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Herman
Apologies comes of typing too fast.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
As a Director of a Pty Ltd Company you are required to state your name, age and address.
This information is therefore available to anyone who carries out a Company SearchCheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
giddo
Adelaide Bank is one that will go to 76% without LMI and still offer an offset.
I believe you are in SE Qld so in Brisbane we use Greater Pacific one of the Bank’s resellers for the area and their rates are quiet competitive if you need to go that high.
Citibank charge LMI over 60%.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
No Sebastian it is not.
95% is available although you will incur LMI.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Hi zyn
It is never to early to start.
Rather than try and team up with a partner why not see if you can’t go it alone first.This day and age many lenders will consider investment loans of 95% of the purchase price or even 100% at a slightly higher rate of interest.
If you have funds to be able to purchase the property then why not structure it correctly and get the tenant working on paying of your debt.
I would disagree with MGR that the Brisbane IP market is cut throat however as in any market you need to do your due diligence first.
Don’t forget regional Qld is still showing good growth and of course with the prices being lower you won’t need to come up with so much of a deposit.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Lance
Is you 60% loan 60% of the installment contract price.
If so i wonder why your wrappee has not asked you to take a mortgage on the property as they are entitled to do so in Qld under the 1/3 rule.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
30% represent the current Tax Rate for a Pty Ltd Company and therefore if held in this type of entity would be the rate payable.
Alternatively dependant on your personal income it could be that your marginal rate of tax is 30%.
If you are in the highest marginal tax bracket then you will pay 48.5% on the gain.
Do you have to accept the contract? Are you able to defer the sale until a year when your income will be at a lower rate. Do you have to sell. If you keep the property and utilise the equity you pay Zero CGT.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Hi Liz
There is non. Restructuring a loan does not trigger a CGT implication or does refinancing.
The lender is confused or stupid.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Nathan
Would you like to elaborate further what you are after.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Hi seven
100% finance is offered by a few lenders out there but you will pay for it somewhere whether it be a slightly higher interest rate or application fee or other.
If the property is a PPOR and you have access to a deposit then often you are better of in borrowing less and getting the benefits of a lower interest rate etc.
If the vendor insists on a 10% deposit and you are borrowing more than 90% of the loan amount then a deposit bond or similar would be an option.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
As has been stated there is no given amount merely a figure which the vendor feels confortable in accepting.
Cata is incorrect when he states “the money can’t be accessed until settlemant anyway” as with most Development contracts the deposit is released to the purchaser either on the date of signing or when the contract becomes unconditional as these contracts tend to be of a lengthy nature.
Again it is all about what is acceptable to both parties
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Hi there and welcome to the forum.
From you Post it sounds like you are in Qld and possibly even Brisbane.
I am extremely experienced in the Brissie market so would be happy to help you.
LMR – Low Medium Residential in Brisbane this incorporates the old RB# & RB4 Unit and Townhouse zoning.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Another alternative is to look at Lease Options or Installment Contracts for positive cash flow.
The demand today is greater than it was 18 months ago.
If you use a Shared Equity scheme with a Lease Option then you will get the best of both worlds.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
St George still charge LMI over 60% but will go to 80% on a Lodoc basis.
I believe the issue is the fact of trying to find a lender who will go to 80% and not charge LMI of which i can think of 6 /7 at least.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
I would hardly call it breaking news it has been the way for some months now.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
MGR
Being an ex Pom who does a lot of loans for overseas residents I can assure you if that is the case with Westpac they are an exception to the rule.
One easy answer is move lenders.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
MGR
Being an ex Pom who does a lot of loans for overseas residents I can assure you if that is the case with Westpac they are an exception to the rule.
One easy answer is move lenders.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Yes
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
