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We are a sleepy outback town here in Brissie and not recommended for clients wanting to obtain long term capital grown or miltiple property investments.
The only thing we have going for us is the sun and well that only shines half the time.
Recommendation – Stay Away leave it to the locals
Cheers Richard
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http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Paul is correct with regards to Qlds residential tennacy laws.
This is the reason in Qld you would not use a Lease Option which falls under RTA but a License to Occupy where variations can be made.
Cheers Richard
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http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
I recently settled a deal for a UK client buying Crotia but must confess Bulgarie is a new one on me.
Cheers Richard
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http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Hi corey
Firstly I don’t now Ben or his company.
I am Brisbane based also and retired last year at the age of 39 only to find myself totally bored and fed up with housework so the wife sent me back to work.
I now run a finance broekrage assisting people get on board with funding, wraps and other positive cashflow strategies.
I am happy to mentor you for the cost of a cup of coffee if you interested.
Cheers Richard
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http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
From one 007 to another – firstly welcome.
You mention that you have done some cosmetic renovation to the property and it is now homely. From this i assume that you live in the property as your PPOR.
If you were to sell the property you will need to live somewhere by either paying rent which is dead money or purchasing again meaning you will incur both sale and purchase costs. I am not fully aware of prices in the Southern suburbs of sydney but imagine prices are a little flat.
Why not stay put you have put money into the property and as your friends state you will not be able to afford to get back into the Sydney market again.
Consider utilising the available equity in the unit and purchase a +CF property.
Ensure that you structure your home loan correctly (and this may mean discussing your options with an independant broker) to make sure that you are doing everything you can to reduce the non tax deductible debt on the unit as quickly as possible. Correct loan planning with your IP will see the debt on your homeloan come down and more equity being created.
If finding +CF proeprties is hard look at alternatives such as wrapping and Lease Options. There si nothing to stop you getting someone else to repay your home loan for you.
Slow planning will create an effective long term structure to launch your finanial independance from. Don’t be in a hurry just make sure your foundations are solid first and then you can take steps to maximise the opportunities when they arise and they will.
Cheers Richard
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http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Try Cabreras in Burpengary.
Speak to Jose and tell him i sent you.
Cheers Richard
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http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Texas is very strong and we have many clients who have purchased there as well as Rochester and surrounding areas of NY State.
Certain financing legislation makes obtain loans in Texas a little unusual as the have seasoning rules and Cash Out rules on HELOC’s.
Cheers Richard
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http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Misty how can the mortgage be whatever you want it to be. It is either a PPOR or an IP.
Simons questions is not a trick question.
If it was your PPOR you could merely place the funds in your offset account and that would reduce your interest burden.
If the loan is for 12 months why not take the principal balance and multiply by the annualised interest rate you are being charged. i.e $60,000 x 4% = $2400 to give you the simple interest calculation.
From what you say the loan is from a family member of friend so why complicate matters. Remember if you borrow $60,000 and have to pay interest anywhere near the rate you are being charged it hardly seems worth doing.
If you have to calculate in using a compunding effect then it is not difficult. Take the balance at the end of each month and apply the rate of interest to the revised balance figure. Repeat this for the 12 months and that will give you the comound interest. Remember not all months have 30 days.
If you usual financial calcuator it will give you the answer easily.
Cheers Richard
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http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Scott
You really shouldnt have much problem in obtaining finance if you have a siseable deposit.
Most lodoc and nodoc deals are done at standard housing rates.
Feel free to email me if you need a few suggestions on a particular scenario.
Cheers Richard
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http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Lisa
I am sure you offer a great service but to be honest most of us on here would rather deal with someone like Westan, Alvin or Mic from Aussie House Hunters who have been around for a few years and are well known in the forum.
15/20% return in nothing special for the US.
Cheers Richard
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http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
djkm
Can certainly recommend Roy and his team as they have some good contacts and some great properties in Perth.
Cheers Richard
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http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Regrow
No the interest isn’t tax deducible.
Cheers Richard
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http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
On the basis that the original purchase price was registered and available for the Bank valuer to check on (even if a copy of the original purchase contract was offered to them) i cannot see any problem with this at all.
Cheers Richard
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http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
You are Fizzer and coffee is on you hahhaha
Cheers Richard
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http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Thanks G7 very kind of you.
Invented makes me sounds as old as the wheel but i must confess i have done one or 2.
I will PM Fisser
Cheers Richard
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http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Dependant on the zoning you will not be allowed to build 2 separate units underneath a residential house but maybe allowed to build under and then in turn the underneath to say 4 bedrooms with a shared toilet and kitchen as in a granny flat.
Councils in Qld are awake over the increase in GFA so make sure that you are within your boundaries of this otherwise it can be an expensive exercise to have to remove it if it not approved.
Cheers Richard
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http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Hi Sebastian
I have just completed a loan for a client in Crotia under a foreign nationals loan although the interest rate was slighly higher at 7.29%.
Loans in Poland are readily available for the purchase of Polish property. There is a minimum amount although this may vary from lender to lender and according to location. With Fortis Bank the minimum loan is 35000 Polish zlotys outside Warsaw and 50000 zlotys inside Warsaw.
Generally non residents can borrow upto 70% and rates of interest are offered in either USD$ or the local currency.
Hope this helps a little.
Cheers Richard
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http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Hi Coast2Coast
Welcome to the forum.
As Paul explained imagine the intallment contract repayments being exactly the same as a mortgage loan. Interest is added and repayments are deducted.
Over time the loan balance reduces assuming that repayments have been made on time.
The mechanics are straightforward.
Enjoy your time here as we are a friendly bunch
Cheers Richard
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http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Hi lemzip
This might help:
First Home Owner Grant – General Information
An eligible home must be occupied by the applicant(s) as their principal place of residence within 12 months of completion of construction or settlement of the home.If you need further infor check out the OSR website in your State or alternatively http://www.firsthome.gov.au/
I think it boils down to the work “occupied”
Cheers Richard
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http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Jacob
Zoning varies from not only State but from Council to Council.
Your local Town planner will be able to point you in the right direction.
Cheers Richard
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http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
