Forum Replies Created
Dont you need to be 18 to legally enter into a Mortgage Contract or have your name on a title of land ??
Cheers Richard
Ph: (07) 3720 1888
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http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Hi one-step
I think this is one you should take straight of the forum as it onvolves a lot of personal details.
Feel free to email me and i will be happy to make some suggestions
Cheers Richard
Ph: (07) 3720 1888
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Thank you Westan for your kind comments.
The Ashes ae back in their rightful home and that means we can go back to getting a decent nights sleep.
To all those who had a wager with me on the result let me now if you need my postal address. I have warned the local post office to be expect large amounts of cash to arrive in sealed in envelopes.
Bring on the return in 4 years time.
Cheers Richard
Ph: (07) 3720 1888
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Paul
At 126-5 I am getting very very nervous.
Cheers Richard
Ph: (07) 3720 1888
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
AB
If you want to shoot me an email i can pass your details onto a guy we use as a buyers agent in Brissie who finds undervalued property on a regular basis.
Cheers Richard
Ph: (07) 3720 1888
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
The only ocassion that an Australian lender would consider it as an Asset for loan purposes is if that lender had an operation in that Country and then only on rare cases.
Lets say you have property in Sydney and want to borrow against it for a loan in the US then the likes of Citibank would just say NO.
New Zealand would a possibility but then only with certain lenders.
If you want to tell us a little more of what you are trying to achieve I might be able to point you in the right direction.
If it involves personal details then feel free to email me rather than discuss it on the forum.
Cheers Richard
Ph: (07) 3720 1888
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
The only ocassion that an Australian lender would consider it as an Asset for loan purposes is if that lender had an operation in that Country and then only on rare cases.
Lets say you have property in Sydney and want to borrow against it for a loan in the US then the likes of Citibank would just say NO.
New Zealand would a possibility but then only with certain lenders.
If you want to tell us a little more of what you are trying to achieve I might be able to point you in the right direction.
If it involves personal details then feel free to email me rather than discuss it on the forum.
Cheers Richard
Ph: (07) 3720 1888
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Geoffrey
There is a button on your keyboard called “Caps Lock”.
It is usual decorum on the forum to take it off when you respond to a post.
Cheers Richard
Ph: (07) 3720 1888
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Sure is all set with 2 days to go.
Must admit i never realised Billy Bowden was an Aussie or maybe he has a quid on the Aussies to win the 5th Test.
How was Ricky Pointing not given out with a bat bad catch?
How was Ashley Giles given LBW with a ball that was spinning so much that first slip could have caught it.The list goes on
All we can hope for is good old fashioned English weather and England to get what they deserve and that is for the Ashes to return home to their birth place.
Cheers Richard
Ph: (07) 3720 1888
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Hi Lee
Must admit i think you maybe slightly confused in your thinking. Certianly if you sell the property to a Trust then you will be able to claim the interest on the loan as a tax deduction.
You quiet rightly point out the stamp duty issue and for an exact cacluation you might like to check out the OSR site http://www.osr.nsw.gov.au
If however you decide to rent them you are paying dead money and getting nowhere. Remember when you negatively gear a property you still can only claim back any expenses at the highest marginal tax rate.
Would you not be better off to ensure that you structure your loan on the family home correctly and then purchase an IP using the available equity.
With your husbands income and the rent received you should be able to reduce your loan term quickly if it established correctly.
Doing things this way you won’t have the added expense of Stamp duty on the transfer of the PPOR to your new Trust and the costs of moving.
Suggest you consult an independant mortgage broker before doing anything else.
Cheers Richard
Ph: (07) 3720 1888
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Hi Willie
Yes no only will have an effect on your future borrowing capacity but also could have a dramatic effect if all goes sour.
Just remember if anything happens to the business and your future brother in law (Who may i guess never actually become your brother in law) is unable to make repayments the lender will come looking to you.
I must admit unless you can see some benefit in getting involved then i would steer clear.
Do we presume the your Brother I L and sister have no equity or security to offer hence you are being asked?
Cheers Richard
Ph: (07) 3720 1888
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Christian
Not in Sydney but have plenty of experience in wrap financing if you want to email me what you are chasing.
Cheers Richard
Ph: (07) 3720 1888
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Shiv
Why wouldn’t you just buy the property as tennants in common with a 99/1% share of ownership.
The bank would be happy as they are not interested in the ownership split merely the serviceability and the ATO would be happy for you to split the deductions in the percentage that the property was held.
Cheers Richard
Ph: (07) 3720 1888
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
batts
It will also depend on the zoning of the land.
I am assuming that the property is approved for multi flat dwelling? Many of the properties in Brissie aren’t and are on Res A land.
As Scott mentions the costs may well outweigh the benefit. You be better off to convert it back to a Queenslander and renovate it.
Cheers Richard
Ph: (07) 3720 1888
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Anne
Steven as usual is bang on.
Sounds like it might be time to change Accountants.We process many loans in the entity structure you have described and it is standard practise in the finance industry to lend with an individual director as guarantor.
For all of our wraps we use a Pty Ltd Company ATF a Trust and there has been a lot of these. Never had a bank complain yet.
Cheers Richard
Ph: (07) 3720 1888
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
David
I have to disagree with you.
“The next issue is the mortgage insurance. There are only two in Australia. GE & PMI. Anything under 50m2 G.E. won’t touch.”
From GE’s website
“For good quality properties located in desirable and high demand capital city metropolitan locations, the minimum living area is 40 sq M.”
For PMI
“PMI will only mortgage insure selected high density securities. Contact PMI if you have any questions.
The acceptable minimum size for units is 40 sqm.”
Cheers Richard
Ph: (07) 3720 1888
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Kenneth
There is a range of institutions that will lend 90% plus for land on the basis that you intend to build on the lot within 12 months.
If not then land only normally 90% LVR.
One or 2 go to 100% on construction capitalising the mortgage insurance to a level of 107%.
I have just done 90% on a block on Rockingham for a client. That would include non foreign residents who are Australian Citizens.
Cheers Richard
Ph: (07) 3720 1888
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Ok Thanks Kevin
We really only wrap in Qld.
Although must admit with the attractiveness of the $7000 FHOG upfront it looks attractive.Cheers Richard
Ph: (07) 3720 1888
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Which State are we talking about?
Cheers Richard
Ph: (07) 3720 1888
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Rob & Ky
That one is difficult answer:
Is it the loan with cheapest rate of interest, the lowest fees, limited charges, flexibility, portablilty, lower mortgage insurance premiums, redraw, offest a/c, professional package the lust goes on.
I would suggest that you contact a independant mortgage broker to get a clearer picture of your position.
Cheers Richard
Ph: (07) 3720 1888
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
