Forum Replies Created
Carlos
Appreciate that. In sending Delboy his cheque i got my .’s mixed up.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Delboy
Thanks for the plug your cheque is in the mail.
Just to correct your post our website is http://www.fhog.com.au.
Wrap kits are not State specific however our Qld Wrap Kit includes a sample Installment Contract for wrapping in Qld and all other relevant documentation to comply with the UCC.
Not much good to you if you are wrapping in NSW.
We have been providing Vendor Finance so like to thnk we know what we are doing.
Also the Shared Equity wrap kit will be out by June 30th.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Lee
Try Bellbowrie in the West which is nice.
We have just subdivided 2 separate properties which purchased for around $320,000 each and they where on 2400 sq M and 2600 Sq M.We have sold the front house off and separately and just completed construction on the back 2 blocks.
Still purchase a nice 4 bedroom house on 1200 SqM for around $350,00 with pool. Around 35 minutes away from the CBD. Can’t tell you about schools but Ipswich Grammer is only over the Moggill Ferry if your want to go private.
Sorry my boys go to BBC so can’t help you that far out.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
I totally agree with Scott.
If a dozen deals a week is a slowing market i hope things dont get busy again.
We are looking at taking on further assessors to keep up with demand.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Hi Mel
No always happy to share information.
We receive around a dozen deals a week and probably discard 50% of those as they fail our underwriting policy for whatever reason.
Out of the 6 deals left we probably will proceed on 1/2 of these a week and offer the balance to our existing investor clients.
Hope this helps.
[suave2]
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Gavin
Depends on the termns of your installment contract.
If the interest rate shown on your contract is a variable rate one and the Special Conditions allow for increases then simply YES. Recalculate and advise the wrappee of the new repayment.
If it is a fixed rate then NO. Lets hope if you have offered this option then you have fixed your own rate of interest.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Ezy
Sell the property at say $195,000 charging the wrappee 9.25% over say 25 years.
You make your repayments at 7% on the $170,000 and receive P & I at 9.25% on the higher installment price. Put the extra monthly payment directly into your loan and repay the debt that much quicker.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Mel
You are right that the Pty Ltd Company will pay tax at the Company Rate of 30% on its profits.
If you distribute the profit from the Company to yourself you will received a franking credit for the tax already paid and only get taxed on the difference between your marginal rate and 30%.
fjficm
I think if you reread Terry’s post it might make things a little clearer for you. The Pty Ltd Company is the Trustee of the Trust.
If you distrubute to relatives they will have to include this deemed income in their tax return. Remember older relatives maybe in receipt of pension entitlements which maybe lost or reduced under an income capacity test.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Rob
I am not sure after reading your post 3 separate times whether i really understand it or whether it was just another attack at Pisces.
If you mean that one of the Big 4 will not lend on properties which are subsequently sold under an Installment Contract I totally disagree with you. We as a company have acquired over 148 wrapped properties and all bar a dozen or so have been funded by our Bankers with their full knowledge.
Certainly we might be slightly different to the average Joe starting out in the wrapping field but I assure when we started in 1996 offering Vendor Finance to clients we still had a bar to jump over. The Bank held all Directors properties as security as well as significant cash deposit.
After dealing with the Qld State Office for 6 years we have had the last few deals done directly by the HQ credit department of this Bank in Melbourne.
I think what all potential wrappees want is a standard lender who will accept their deal without having to hide behind the guise of a Broker who will not disclose the facts anyway.
If you read what Terry and Pisces write I concur with their comments.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
We insist that all of our wrappees obtain independant legal advice before entering into one of Contracts.
The Property Act makes provision for the wrappee to register a caveat against the property after the possession date. In practice it needs to be registered after the wrappers mortgage has been registered at the titles office.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Other than a wrap my fried i think you have buckley’s
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Steve
Our offices are in Brisbane.
We have done a few wraps (148 to be exact and around another 100 on behalf of Investors)
Would happy to answer any questions you may have if you would care to email me.
Feel free to look at the web site.[cowboy2]Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Stephen
It’s a big State which part?
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Chris
I think illegal is a little too strong.
Certainly in some States you will need to be licensed – Qld is one of those.Suggets you check first with your States Office of Fair Trading.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Misty
In Qld Terry is correct about the 12 month rule.
The other stipulation is that you must have made repayments equal to a least 10% of the original Installment purchase price.
Quiet easy to cater for this on a Contract.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Non disclosure to a lender is fraud and carries heavy penalties.
I’m sure the full time mortgage brokers on the site will tell you lenders who finance properties that are to be wrapped are not exactly queueing up for your business.
Saying that we have financed the majority of our 148 wraps with one of the BIG 4 and all have been with full disclosure. Establishing that relationship in the first place did take time.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
hoarel
The simple answer is YES.
You would normally calculate your capital gain on the square meterage area of the subdivided block.
Assume that the land value of the 2 blocks is 1000 Sq M and that you sell off 400sq M. The capital gain would be calulated on 40% of the difference between the original ULV and the sale price.
I.E.
The land value of the total project is $200K and you sell off the 400SqM block for $160,000. Your Capital gain would therefore be calculated on $80K.
Cost price of 400 sq M = $80K
Sale price = $160K
Capital Gain $80KWith regards to subdivision costs these can be relatively high and I would suggest that you discuss the matter with a surveyor first. Council Headwork and Park contributions can spoil a deal once you have set you budget so plan first before proceeding.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
I would be wary paying off some of the capital on the basis you can redraw the funds at a later date.
You certainly might be able to do so but would the interest then be non tax deductible!!!
Mel is right an offset account gives you the best of both worlds.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
I never show properties.
We let our wrappees find the home they want to live in and approach with most of the hard work done.
Why settle and risk trying to find a buyer?
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Mel
Many thanks for the “wrap”.
By the way $50 is in the mail.
Steve on a serious note PM me and let me now what you need.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
