Forum Replies Created
Michael
When you say commercial what lever of lending are we referring to and on what type of security.
As you are sware a 5 unit block in the US is commercial. Are you a US Citizen?
Cheers Richard
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
The following lenders offer a Professional Package
Adelaide Bank / Amp / Anz / Aust Credit Union / Bank of Qld/ Bank West / CBA / Citibank / Colonial / CUA / Heritage / Homeloans Ltd / Homeside / HSBC / IMB / Macquarie / NAB / RAMS / Savings & Loans CU / St George Bank / Suncorp / The Rock / TIO/ Westpac/ Wide Bay
Others i have probably forgotten but a few names that come to mind.
Cheers Richard
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Happy to give up my time if anyone wants to chat on the Gold / Sunshine Coast or Brisbane.
Cheers Richard
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
$600 Application Fee and $300 switch fee at the end of Year 1
Cheers Richard
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Hellman
Don’t want to disagree with but having done 1 or 2 I must correct you.
“The Tax Office accepts that the likely correct way of treating income for a wrap is via “the emerging profits” rule. This is the recommendation made within the Position Paper.
Although it is acknowledged that CGT will apply, it is also acknowledged that the CGT is reduced by the income otherwise declared from the same transactions. In most cases, because income was declared greater than, or equal to, the Capital Gain, there should be no need CGT payable on the sale of the property.
The Tax Office also considered the situation whereby the purchaser defaults on the contract and concludes that the vendor should declare a Capital Gain on the forfeited deposit less any costs incurred in selling the property.
Cheers Richard
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Hi parkdog
Yes try Westan, Alvin both of who are in the US at the moment or Mic at househunters in Newcastle.
If you are Melbourne Chad Simmons can also help out.Email me if you need a hand with the finance over there.
Cheers Richard
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
As Simon stated
6.29% with $150 / year
6.14% fixed converting to 6.76% at end of year with monthly fee of $6
6.65% var no monthly fees.But as we always say there is more to a product than merely the cheapest rate of interest.
Cheers Richard
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Alistair
Wow wish i developed in Victoria in Qld and expecially Brisbane DA can take 6-10 months.
Hence most projects are purchased on Option or extended settlement.
Would never purchase a property with a DA in place.
Cheers Richard
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Hi Skippygirl
Yes i purchased the property 6 x 2 units on a non strata basis and inline. Then made application to strata title the property.
I certainly could if i wanted to pull out the avaialble equity in the property but have no need to do so and am happy with a small mortgage on each of them.
Each of my 3 kids has a paying in book and knows which unit is their’s. If they want to do extra jobs around the house they earn extra pocket money and can pay off their own home loan quicker.
Cheers Richard
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Assuming you will be using the Margin Scheme what about GST.
Advertising and selling costs
Concil Contributions
Insurance – Both Construction and PI
Assuming they are going to be a small lot body corporate – BC contributions from registration to settlement.
Title fees to DNR and legal costs.Cheers Richard
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Chris
As mentioned to you I would always use a Oz mortgage broker but in saying that i am slightly biased.
Cheers Richard
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Hi mkofsky
I decided to do the same for my 3 children a year ro 2 ago although mine are a little younger being 7,9,11.
I purchased a block of 6 x 2 bedroom units which i strata titled and refurbed 3 and paid down the debt on the other 3 to next to nothing.
I now have the 3 units in Trust one for each of them and whilst i have Tax to pay on the profit of the first 3 there will be no arguing as to who has a better unit or whose is bigger as they are identical and all on the top floor.
Buying 3 houses separately you need to decide up front who is whose and thats when arguements could occur.
Cheers Richard
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Hi ecchhoo
Most lenders offer some form of Pro Package in fact i think i counted 25 earlier this morning.
The all differ slightly and as a broker it is a matter of tailoring the package to suit your clients needs and requirements.
The lowest interest rate or cheapest fees is not necessarily the best product on the market if the client has other requirements.
Cheers Richard
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Hi and welcome to the forum. Fear not we don’t bite.
To add to the previous 2 constructive posts bear in mind that with only a $30000 PPOR loan you negotiation on a rate of interest will be limted.
Lenders offer discounts off higher loan balances however so you might like to consider a “No frills type rate” or a honeymoon rate linked to an offset account to at least get some interest rate benefit.
I would then look at combining this with a Professional Plan where you would certainly obtain an attractive rate of inetrest for the interest only IP.
Whatever you decide get rid of that PPOR of debt first. Flexibility and structure in your IP purchases is paramount.
Cheers Richard
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Less than 50 Sq M is not necessarily an issue.
Feel free to give us more details and we can advise accordingly.
Cheers Richard
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Yasmina
In Qld the $7000 Grant is not available until:
1) A minimum of 12 months from the date of the installment contract.
and
2) The purchaser has paid a mimumim of 10% of the original inatllment contract price in monthly repayments. These can be of a principal nature.
I.e Installment Contract say $150,000 monthly repayments say $1000 / month/ The to pay 1-% of the original contract price would be $15,000 and would take 15 months.
If however the repayments were $1500 / month then 10 x $1500 = $15000 however you would still need to wait a further 2 months.
There are also a few other minor requirements but this is more to with the processing of the Grant and the paperwork rather than the mechanics of when it is due.
Please feel free to email me if you need further assistance.
Cheers Richard
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Hi Yasmina
Which State are you in?
Cheers Richard
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Andrew
Feel free to email me some details and i would be happy to analyse your borrowing capacity and suggest a few ideas.
Cheers Richard
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Don’t now what State you are in dumpy but in Qld you certainly would need to be licensed accoridngly to the OFT
In fact if you sold more than 6 properties a year using a Call Option or through your own efforts and you owned or had the rights to own the property (i.e An option) you would require a Property Developers License.
Cheers Richard
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Hi ladybird
Yes staging a development is common especially on the bigger developments.
We are often asked to provide funding on staged basis which makes the bank feel a little happier depending on the size of the project.
In saying that for 4 houses you might find the costs will outweigh the benefit. it is likely that Council will charge more for a staged application to start with.
Secondly, your builder will prefer to build 4 in one go rather than 2 and 2. His trades and subbies will not want to return to a job more than they have to. This extra cost will be pased onto to you.
Then you have the marketability issue. Trying to sell 2 new houses at the back whilst construction of the front two is going on maybe less desirable to a buyer.
Tell me do you need to loose the house?
Can you not just move it and keep it on a separate title. Maybe a battle axe block.
Cost savings may outweigh the marketability issue. You can live on site whilst the proejct is taking place then renovate the house on its own separate lot.
Email me if you have further details
Cheers Richard
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
