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  • Profile photo of Richard TaylorRichard Taylor
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    April 22, 2014 - 10:52 pm

    No sensible investors buys for tax reasons alone so i think it is best if we ignore the last posters comment.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 22, 2014 - 1:03 pm

    Nether of you are in a particular high marginal tax bracket so i think it is relatively immaterial.

    As Jacqui mentioned without any current PPOR debt your broker will i assume split the loan up between the property being purchased and your PPOR and link an offset account to one of these splits.

    The loan can still be in joint names even though the Title is in one name only.

    There are other considerations especially if you are happy living where you are and are interested in paying the IP debt down to generate more cash flow. If so then a DFT structure comes into consideration.

    Not a black and white answer.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 22, 2014 - 12:57 pm

    Not quite as simple as all that post NCCP but with the right lender Yes it can be done subject to a maximum lvr of 80%.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 21, 2014 - 3:18 pm

    Have to disagree with your Broker.

    No set time although often hard to get valuers to place a higher valuation figure on a property (over and above land + construction) within 3-6 months.

    It is going to depend on who the lender is and the panel of valuers they use amongst other things.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 21, 2014 - 3:13 pm

    As Terry said.

    One of the beauties in Qld is there is no Stamp Duty payable on the Call Contract.

    If I was a seller I would be wanting a deposit to cover me if you decide not to take up the Option. I would also be expecting you to cover my legal fees as well.

    We have done many an Option Contract in Qld but these tend to be on the bigger development sites where the Seller is expecting to wait 6-12 months to maximise his sale price not your average home and average sale price.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 21, 2014 - 8:50 am

    Chris is correct you would need to be a Buyers Agent to offer such a service.

    Depending on the purchase price / location we charge a flat fee or a percentage upto 2.5% of the purchase price.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 19, 2014 - 1:12 am

    Hi Irene

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

    In essence when you purchase an investment property you are probably going to need 10% deposit and another 6-8% to cover your acquisition costs.

    You have limited equity in your own home and i think you would definitely need to apply some of your cash reserves to improving your equity position.

    Certainly don’t use the cash as deposit but look to pay down your PPOR and create a separate sub loan. This will ensure the interest charged on the loan becomes a Tax deductible expense.

    There are a couple of lenders that will let you borrow your purchase costs so if you can come up with 10% of the purchase price and serviceability is ok then you should be able to get the deal over the line.

    Cheers

     

    Yours in Finance

     

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 17, 2014 - 5:29 pm

    The idea has been around for more than a few years now and is very popular in the mining areas of Western Qld.

    We had a few on a site of ours other side of Roma which we did nicely out of.

    Not sure how you would go trying to one an empty block in Balmain as the locals might object but ideal for the Country areas where accomadation is needed and needed fast.

    Cheers

     

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 17, 2014 - 5:22 pm

    Hi Carl

    I am also a little confused as to the post.

    Business Finance is something that most of the Banks pulled out of post NCCP and GFC and therefore is more of the domain of the private lenders.

    In saying this of course a private lender is still going to want some sort of security whether it be a second mortgage in your PPOR or an IP or a charge against some other form of chattel.

    If you give us a little more detail we maybe able to assist you further or point you in the right direction.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 11, 2014 - 7:21 pm

    LSP wouldn’t everyone like to know.

    Hate to say we run a Buyers Agency operation and my business partner who is a long standing former member would divorce me overnight if I started publically starting where we are buying for our clients.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 11, 2014 - 7:19 pm

    No i prefer 5-6% rental yield and 5-8% capital growth with low price risk.

    That is why we are not putting clients into Brisbane

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 11, 2014 - 2:56 pm

    Nor me Jamie.

    <span style=”line-height: 1.5em;”>Went to a National Conference a fortnight ago attended by the Heads of Mortgage Lending for the top 6 Banks and the question of LMI portability / refund was bought up.</span>

    <span style=”line-height: 1.5em;”>All of them </span><span style=”line-height: 1.5em;”>unamoniously stated it wouldn’t happen and even if did they would not be refunding any part to client.</span>

    Cheers

     

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 11, 2014 - 2:49 pm

    Little Stone i don’t own any properties in Brisbane CBD.

    All of mine are in the Inner West suburbs (Toowong, Taringa) as well as Inner North in Clayfield, Nundah etc

    I don’t feel getting 5.5% Gross return and then paying Body Corporate fees to be a good investment.

    We are not putting any of our clients into Brisbane at the moment.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 10, 2014 - 11:38 pm

    Good luck in getting NAB to send you a cheque for the refund.

    Remember the LMI is not taken our for your benefit but for the lenders and you incur the cost.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 10, 2014 - 11:29 pm

    Arun we went 20% in the end.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 10, 2014 - 11:26 pm

    Gerald yes you can do it at the same time.

    We have done 2 applications this week for forum members where we settled the refinance on 1 day and lodged a pre-approval application the same afternoon.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 10, 2014 - 11:23 pm

    Hi Michelle

    Hope you are keeping well.

    Have to say you are correct and there is no requirement to set up a Strata for the common area.

    Can’t remember the full details of the property but you will probably find that the land has access easements on it which is common.

    Just ring a good General Insurance Broker and get a quote or two.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 10, 2014 - 11:17 pm

    Shank just make sure you understand that any Div 43 Building Write Off that you claim is deducted from the Cost Base when you sell it so if you are thinking of selling remember the cash flow effect will be limited as the CGT will be higher when you realised the asset.

    Great believer in holding property for the longer term and building your portfolio but there is also a time to review your holding and assess.

    Cheers

     

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 10, 2014 - 11:09 pm

    Not convinced i would be rushing in to Brisbane either.

    Whilst 99% of my properties are in Brisbane we are certainly not putting our clients into the City at the moment.

    There are better low risk areas for both growth and cash flow.

    Cheers

     

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 10, 2014 - 11:03 pm

    As far as LMI is concerned it is deductible over 5 years or the term of the loan whichever is the lesser although in Year 1 it is claimed proportional to the number of days the asset is held in that Tax Year.

    Glen if you intend to rent the property out you maybe better off to borrow 100% and utilise your cash savings as collateral security.

    That way when you move out you can claim 100% of the interest on the property.

    Cheers

     

    Yours in Finance

    Richard Taylor | Australia's leading private lender

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