Forum Replies Created
I am with Paul the boat hasnt even come ashore yet.
We settled on the possession of more installment contracts in October than this time last year and more than for Jan / Feb 05 put together.
Keeping up with the demand is half the battle at the moment.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
As Terry mentions not only does it vary with the LVR but also if the amount is less than $300K or between $300 – $500K or $500K and above.
Also it varies with the loan type whether than be IO or P&I and whether the loan is an IP or a PPOR for the Stamp Duty calculation.
Finally it varies from State to state.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
KP i am off to Singapore this afternoon but always happy to lash out and buy you a coffee if your in town.
Feel free to give me a call after the weekend or shoot me an email an i can respond whereever i am.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Simon
I have come across this with developers trying to finance their projects out of purchaser funding but you will not find any lender release stage payments with the security of the land.
As A Perry has pointed out I would want an enormous discount if ever contimplated doing something like this which by the way I wouldn’t.
Who is to say the builder is not a $2 Company.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Don’t you love it when they start with an opening post about telling you what they do for a living or how they could sell you something.
On a serious note Dave i have just financed a small residential development up in NB happy to work some figures for you if you would like.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Roger
Which part of the UK are you from?
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Liz
Not sure how extensive credit problems are but there are a few out there. Try someone like La Trobe.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Red
Thanks the $50 note is in the mail.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
KP
Feel free to give us the details and we can assist.
I am licensed in WA through Mortgage Force.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Janus
I have been involved in International Finance for over 20 years financing projects in Countries as widespread as Peru to Poland and South Africa to the Sudan.
Just had an offer out for a client buying an IP in Malaysia from Maybank.
Give us a few more details and we might be able to assist.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Simon
The title would normally read John Smith & Jane Smith ATF for the Smith Family Trust or Smith Pty Ltd ATF the Smith Family Trust dependant who the Trustee was.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Westan is right it ia all about your stretegy and what you want out of your investment.
I purchased a single dwelling and 4 unit complex in San Juan Capistrano, California over 20 years ago because my Auntie lived next door to the house for sale and well i had visited her from the UK.
Both of the properties have full water views and although the return i get is ok the capital growth is incredible.
The house is valued at well over $1M USD and i paid a fraction of the current valuation for it.
It is a decision between income, growth or a combination of both.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
PK
a) If I buy land build a home and then sell it immediately, I can claim the GST as a refund during the buiding process and when I sell I pay GST on the sale.
“Yes you would be completing the transaction under the margin scheme and claiming your input credits as you go and then be up for GST on the sale price on sale”
b) If I buy land and build and claim the GST credits during construction, but then change my mind about selling and keep hold of the property, I believe I then have to pay back the GST credits I’d claimed as credits are not avilable on a property used for rental purposes. Is that correct?
“No you can claim the input credits back and if you rent the property out for a couple of years you will not be required to repay the GST. Remember when you sell the property it will not be new and therefore there will be no GST payable on a 2nd hand property
We often keep a property in each of our developments to reduce tax liabilities and build up asset base. You can still retain the GST credits”
c) If I do as per point b, but within 5 years sell the property, then I believe I can calima aproportion of the GST. If this is the case, I assume I also have to pay a proportion of the GST upon the sale?
“Why would you only claim a portion of the GST? You would claim it all. You would however have to pay CGT dependant on the end sale price. CGT is paid on the profit between the end sale price less sale costs less purchase price plus purchase costs”
You may receive an enquiry from the ATO why you are making a claim for input credits and then not be making payment on the end sale price but that is easily explained.
In saying all of this i assume you are GST registered.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Unfortunately the banks certainly dont look more favourably on a future loan if your existing payments on another IP are P&I rather than IO.
It is all based on serviceability. often a P & I loan can work against you as the costs of your monthly repayments are higher.
You would certainly never recommend to a client to take a P&I loan on an IP whilst the client still had non tax deductible debt on their PPOR.
My preference is IO with an offset account however each client has different goals. If you would like to repay the debt and then gear up again and use the rent to reduce other loan repayments then consider a split loan between P & I and IO.
Remember when pating IO you will have greater disposible income and this will help fund other investments.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Cabo
Neither.
Again there is no easy answer and varies from lender to lender.
In essence the negative gearing benefit is added as non taxable income to calculate service ability.
Assume that at your marginal rate of interest the tax credit is worth $100 / month.
The lender will calculate your net income and a percentage of the rent and then add back the negative gearing credit to calculate serviceability.
It varies considerably with lender to lender.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
That reminds me Mic you owe me lunch.
Anyone looking to buy in the US i can certainly recommend Mic and his team.
PS. I will take cash in a brown paper envelope if lunch is too much.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Wasp
Many of the lodoc nodoc lender charge the same interest rate if not better than the standard variable rate so why wait.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Xenia
1 at 110%
1 or 2 at 106%
3 at 100%
Around half a dozen at 95%
many many more at 90%.Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Shelley
Your landlords policy should have aloss of rent provision so check that out immediately.
Yes in Qld she will need to wait 7 days before serving them the next notice. Hate to say it doesnt get any easier might want to check out the Qld RTA web site and have a look for yourself.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Called it a day at 39 but got bored at home so went back to finance broking again and love every minute of life.
Can travel the world when i want to see the kids grow up and still work at the same time.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
