Forum Replies Created
Regretfully Mark neither a Buyers Agent or indeed a Property Investment Adviser can provide any form of Financial Advice unless they are licensed to do so.
Such advice relates to any form of financial planning including a strategic assessment of their current financial position and where they wish to be in a particular number of years.
At the moment Property advice is not regulated however where it is related to any form of financial advice then it changes things and requires licensing.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Appreciate it Redwood thanks.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Michael
Simple reason i am hard to get on the phone is my father died last week so i am in the UK attending the funeral and dealing with family affairs.
Yes been offering our BA service for over 18 months but only recently been advertising it due to the demand from forum members.
Popelich ,
Remember that you cannot claim the costs of the flight, accomodation etc when you visit an area to undertake your research.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Hank
Yes the catch with the retirement apartment is the maximum loan you will probably get will be circa 65%.
Restrictive covenants as to who can occupy the property hence lenders know that re-sales will be limited and difficult.
Majority of lenders won't touch them and they are certainly considered specialist securities.
No state lending scheme such as Shared equity in Qld Colin. We looked at providing our own SE finance but just too many other opportunities.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Carlito
Nothing really wrong with Wodonga in fact i was there earlier in the year looking at some properties for some clients.
Certainly like ever suburb there are good and bad areas / streets but avoid Lavington and the new estates and you can't go too far wrong.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Tom, You can undertake the required qualifications to become a MB in a matter of weeks however that is only part of the equation.
You wont get a decent Aggregator take you on without 2 Years industry experience so might have to work for someone for a while.
Someone like Aussie might give you a decent training and a few free leads however are going to want a decent cut of the commission.
As to when you can earn 100K per annum i am not sure whether you are relating this to upfront or trail income.
If you assume you will say 0.6% of the loan amount upfront for ever $1m you write you will earn $6000.
Of course from this your Aggregator will take their cut which could be upto 20% and then of course you will have your ACL or Credit Rep costs.
As far as trail income is concerned this will build over time although regretfully remunerations have fallen considerably since the GFC with more than a few lenders not paying trail in Year 1 of the loan.
Factor in claw backs and the general costs of your operation i.e PI, MFAA & COSL fees etc and you get to keep the rest.
Course the more business you write the more you are going to earn.
As a FP as well as a Mortgage Broker i have too say the income level is probably 50/50.
Good luck in your decisions making.
Just remember you might struggle to get financing on any deal you personally want to buy for a couple of years if you end up as beiing self employed.
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Yours in Finance
Richard Taylor | Australia's leading private lender
We have financed a number of deals down in Southport over the last few months as my Accountant is Southport based.
Whilst we are seeing some real discounting come into the market i would like to say the GC market will improve and strengthen on the back of an improving Qld economy as well as the forthcoming Commonwealth games.
I can't comment about Brisbane as i wasn't in Oz in 1982 but certainly the London and SE England market took off after the Olympics on the back of both Govt and Local Council spending.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Hank
Any competent Broker should be able to do it for you.
We certainly offer it as a service to all of our investor clients.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Wilko Commercial lending is totally different and to borrow against the valuation is often acceptable practice.
You would normally only borrow against valuation on a residential property where it is a favourable purchase.
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Richard Taylor | Australia's leading private lender
Yes would be certainly payable in Qld.
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Richard Taylor | Australia's leading private lender
Really Thread another valuable contribution.
Thankfully some of us give back and we are not all in it for the money.
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Richard Taylor | Australia's leading private lender
Given their current servicing levels wouldn't be a lender you would touch at the moment irrespective of the credit policy.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Hank
1) No you cannot use the assumed equity as deposit. Lenders advance against purchase price / valuation whichever is the lower. (Course off exception)
2) There are a couple of ways around saving up for a deposit each property however it does take correct structuring from day 1.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Luke
Yes they would be claimed as an expense in your Australian Tax Return.
Your US income would be declared however you would get a credit for tax paid in the US.
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Richard Taylor | Australia's leading private lender
Hi Ben
Can i ask you what State the property is in ?
Hate to say the legislation is different in each State.
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Richard Taylor | Australia's leading private lender
Jade welcome to the forum and i hope you enjoy your time with us.
Can i ask you what lvr you are looking at for this investment property purchase?
Are you wanting to use cash savings for your acquisition costs and renovations.
Reason i ask is most investors prefer to retain their cash for their next IP Purchase and there are a couple of tricks of trade you could look to employ.
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Yours in Finance
Richard Taylor | Australia's leading private lender
90% lvr would be available thru a variety of specialised lenders. (Pepper is just one of them)
You can refinance to a cheaper rate once the credit is cleaned up.
Could also have a look at getting the defaults removed.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Welcome to the forum HK and hope you enjoy your time with us.
Yes fairly simple transaction although you will be up for stamp duty etc.
Also make sure the Transfer goes thru at Market value as otherwise your parents might have issue in trying to claim Centrelink benefits.
Should be able to borrow all of your costs.
We are doing a similar deal for a Hong Kong forum client at the moment.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Amit
Well if that's the case they are overcharging you.
We charge $4950 + GST irrespective of the purchase price.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Agree with Jamie their is something up here.
Don't get me wrong I have nearly a dozen SMSF deals with AMP Bank and they are so far behind it us not funny.
ME Bank and others are out to 8 days + due to the volumes going thru.
Suggest you get your Broker to make some calls and see if the deal can escalated.
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Yours in Finance
Richard Taylor | Australia's leading private lender
