Forum Replies Created
Hi Terry
Very good question and must can't answer that but until recently SGB Pro pack had a condition in the T & C that said that all loans were crossed and this condition overode all other conditions.
With 6 months I left and started Broking . That was 1994.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Or alternatively as was the case when i was State manager at the Dragon some 19 years ago our staff were paid bonuses on a variety of key performance measures.
One of those measures was the number of properties you could get secured for a single loan.
Others of course included how much insurance you could sell or number of useless bank accounts you could sell.
Needless to say i didn't last very long with them.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Whilst normally you cannot finance the renovation costs in the same loan as the initial purchase there are a couple of ways of getting round this.
We have done a couple of loans recently for forumites where we have we funded nearly 100% of the initial purchase price leaving them with cash over to carry put the reno when they needed it.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi there
Sorry can't help you on the Solicitor front.
As far as I am aware we don't have any Solicitors from SA who are regular contributors to the forum.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Jate remember if the loan incurred mortgage insurance it is also a Tax deductible expense.
Had a new forum client contact me at the weekend whose Accountant had not claimed his LMI on his existing IP for the last 2 years.
LMI is deductible over 5 years or the term of the loan whichever is lesser and is proportional in the first year of ownership depending when you settled in the year.
Don't rely on your Accountant read up yourself on what you and cannot claim.
The following link to the ATO website may help you.
http://www.ato.gov.au/Media-centre/Articles/Tips-for-rental-property-deductions/
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Yours in Finance
Richard Taylor | Australia's leading private lender
Yes there is a big market in NZ for installment contracts and you will not be alone in offering such a product.
I would checking with the NZ equivalent of ASIC to see what licensing you need.
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Richard Taylor | Australia's leading private lender
What did your Town Planner say ?
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Yours in Finance
Richard Taylor | Australia's leading private lender
Had an enquiry today from someone wanting to do exactly the same think but with a kit home.
Going to depend on a couple of things as most lenders don't like lending on removal homes until they are Council Approved.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi MB
Welcome to the forum and hope you enjoy your time with us.
I can understand the attraction to Brisbane for investment as we are getting hammered with finance / property related enquiries.
If you are unsure there is no reason why you could look to purchase an investment property on a 100% loan using the cash as collateral security so that if you decide to purchase a PPOR in the future can maximise your deductible interest.
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Richard Taylor | Australia's leading private lender
Agree with what has been said.
Do Not pay it off your current mortgage …………..
Offset is the way to go.
Offset = flexibility
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Richard Taylor | Australia's leading private lender
It won't be.
It is upto you to find that out.
Only the zoning which is likely to be Residential will be noted in the Contract.
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Yours in Finance
Richard Taylor | Australia's leading private lender
And their other arm being Advantedge has no ongoing fees or charges at all.
Certainly you can do better than the NAB for a standard fixed rate loan.
A couple of lenders even do fixed rates and 100% offset accounts so best of both worlds.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Must admit like the others have mentioned fees are becoming more common in the industry but i for one don't charge on residential deals.
Had one into today from a forum member for 85K and felt like charging but they are starting their portfolio and i remember when iw as in the same position.
If he still wants to charge for a pre-approval / full application take your business elsewhere.
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Yours in Finance
Richard Taylor | Australia's leading private lender
I think it is about time that Accountants are required to be licensed in order to give the advice the same as i am as a Financial Planner.
I wouldn't expect to have a loophole that allowed be to give Tax / legal advice without the appropriate qualifications.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi MHL
Hate to say those days are a thing of the past post NCCP.
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Richard Taylor | Australia's leading private lender
I have to disagree with the others.
With 42K in your offset account you may well be able to buy another IP subject to a few consideration.
Even at a 90% lvr there maybe a few ways of covering the acquisition separately.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Kate
Ok see what you are talking about.
Will depend on each State as to whether double duty is charged but you could either do it as a Call Option or Transfer by Direction.
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Richard Taylor | Australia's leading private lender
Hi Preethy
For what purpose do you want the properties valued?
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Richard Taylor | Australia's leading private lender
I don't mind Rocky at all and in fact until recently seemed to own half the town with a variety of buy & holds, wraps and couple of developments etc.
Never going to see prices in the town accelerate in leaps and bounds but at least you will get good steady long term returns.
Just watch for your low lying areas but at those sorts of prices you can't go too far wrong with the right property.
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Richard Taylor | Australia's leading private lender
Although the 100% financing in France can be attractive on new properties as a non resident.
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Richard Taylor | Australia's leading private lender
