Forum Replies Created
Or do the deal yourself with a Nodoc loan (No evidence of income required) and receive 100% of the profit.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Wouldn’t use a LOC on your PPOR as the rates of interest are too high compared to a equity loan.
Depending on the long term objective there are a couple of loan structures you could use.
If the new property is to be used as a long term PPOR then maybe some clever debt re-cycling might achieve the eventual goal.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Maybe look at switching agents.
Purple bricks might offer a fixed price but are they getting the same exposure as another agent would do.
Regretfully you bought the property at the peak of the market just post GFC so maybe you might need to sharpen the price.
As Benny has mentioned there is a stack of new development going on in the area and you can buy a nice brick home for much the same price with full depreciation and capital allowance claims.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Unless you are offering additional security the loan will be based off 80% of the $2M.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Michael
We structure our VF sales in a variety of ways depending on the Term required but traditionally it would be over up 25 years at a variable rate of circa 6-6.5%.
It doesn’t worry me how many people purchase the property so you could look at doing it as 4 x individuals or each of you owning a share in Corporate Trustee.
Structure is something i am open to.
As far as location flick me an email and I can give you further details. Also can send you a copy of an API interview i did which covers of on some of the ways we built our property empire including offering Vendor Finance for cashflow in the early years.
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Yours in Finance
Richard Taylor | Australia's leading private lender
No nothing at $100K. Do have a property I am selling on VF for $127.5K which is rented at $190 / week to the same Tenant who has been there for the last few years and wants to stay forever.
Requiring $10k down on that property plus legals.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Agree with Adrian.
With all of our deals we would want to see a lot more than 1K deposit as it wouldn’t even cover our set up costs.
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Yours in Finance
Richard Taylor | Australia's leading private lender
How much deposit do you have too put down ?
Yours in Finance
Richard Taylor | Australia's leading private lender
CCR has been with us since April 2014 and to date nothing has changed.
Firstly lenders are not committed to the new system and don’t have to record information.
Secondly even though it might help in getting a personal loan lenders in this market still need to show servicing and that is getting tougher by the day.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Agree with Benny a lot of the Development Fund schemes have proved to be Ponzi schemes.
Then you have the associated risks with any development.
We run an ASIC approved Mortgage Trust which offers investors a monthly income based on their investment term but don’t lend to Property Developers.
Have to say we don’t pay anywhere near 5% / month which clearly is unsustainable.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hate to say without servicing a excellent credit score will have zero sway to a lender.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Normally no but depending on how bad.
Coming from the UK myself we have financed 1001 UK citizens and never had a problem.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Adam
Welcome to the forum and hope you enjoy your time with us.
Yes no reason why you shouldn’t be able to get Finance on a 457.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Mark, not convinced i would ever recommend a client buy 5 x 1 bedroom units giving the net returns after all costs.
They would better off to buy a single property with good capital growth prospects, invest some of the Funds in a Mortgage Trust and use the added return to pay down the mortgage.
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Yours in Finance
Richard Taylor | Australia's leading private lender
We use Blevins Franks for all of European purchases.
If they can’t help they can certainly put you onto someone.
Speak to Dean should remember me.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi David
What exactly are you needing from a FP ?
Is it more on the advice side of the equasion or are you wanting information on the Accounting and regulatory requirements such as Auditing etc.
Let us know and we can direct you accordingly.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Propertyboy
No Visa is required for a Non Resident to purchase a property in Australia however approval is required from the Foreign Investment Review Board.
Until recently the Developer could have the property approved however this has changed and now the individual buyer needs to make the application and pay the required fee.
In saying this there has been no slowdown of overseas buyers and despite the increase in stamp duties, various vacancy Taxes imposed by the individual States and the withdrawal of traditional finance they still keep coming in their numbers.
Seeing the demand over a year or so ago we set up our own Foreign National Fund to Finance Non resident purchasers and the Fund has grown substantially.
I don’t see them pulling out in a hurry.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Without the ability to pay the loan back it would be a breach of the nccp act for a lender to lender you money.
Not quite correct as NCCP only applied where the term of the loan is more than 62 days.
We do a lot of short term private loans where the borrower has a clear exit strategy but on paper does not appear to have sufficient income to service a traditional loan.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Steven
A Honeymoon product is 1 with a discounted rate for say the first 12 months and then reverts to the standard rate the lender charges.
This is not the case with Resimac.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Steven,
Horizon is the product that comes with an Annual fee of $295 and has a 10bps discount to the Standard product.
Where the loan is greater than say $300K it is worth it.
It is a not a honeymoon product.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
