Forum Replies Created
Absolutely Jamie
Where would we be if Bankers and Brokers gave clients accurate information !!!!!
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Darryl
Welcome to the forum and i hope you enjoy your time with us.
Stay around and join in the fun. Most of us don't bite.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Headspin
Whilst the interest will deductible against the property for which the funds were used irrespective of the security which was taken as long as the buying entities are the same it will all be netted off come Tax time.
Ideally when we structure an investors loan we like to see the 100% of the loan secured against the property for which the funds are used but in this day and age that is not possible.
With regular debt restructuring and the right property in the first place you can there over time.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Jude
Welcome to the forum and i hope you enjoy your time with us.
Consult a investor based mortgage broker and he will structure it correctly for you so that you don't loose out when it comes to mixing loans or cross collateralising the securities.
Set up an equity loan secured against your PPOR loan and use the funds to put down as deposit on one or more investment properties.
Each loan will have different requirements so your Broker should be able to show you what suits your individual needs.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Cubster
Sorry can't say i did (although in saying that i do get 60-70 finance emails a day so apologies if one slipped thru the cracks).
Been down in Sydney a lot this year doing investor presentations but not sure i will be down before my Winter holiday in Europe.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Nothing with CBA happens overnight so no surprise there.
Next thing they will be bringing their lending policies into line with most other lenders……. In saying that dont hold your breath.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Roxy
Yes i think you might have seen the light in time.
Lovely little strategy for the lender and broker but not for you the client / investor.
I am currently untangling the mess made by lenders / brokers for 3/4 other forum members and is always a matter of trying to get it right from day 1.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
In the current climate without additional security you have no chance whatsoever.
We get approached on a daily basis to consider Mez financing from experienced developers and wouldn't consider doing a deal at less than circa 18% per annum.
Without a track record or security no investor worth his salt would want to take a second mortgage.
That and you wont find a Bank lender consider a deal without any cash input from you.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Yes maybe for 1% of the loan amount upfront it might be worth considering i guess.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I think Freckle comments on Italy are putting it mildly.
The Prime Minister is supposedly making a Confidence speech to the nation tomorrow to try and hold the financial system together.
Good luck………
The Portuguese Government has been punished and if the Germans ever decide to cut their losses on Greece the whole place will collapse.
Europe is a can of worms and will be for some years to come. The question is how long will it before the Banks come clean and we flush out the bad debt.
If you are investing in the Euro Zone at the moment in my opinion you need your head seen to.
A Non resident can't even borrow to buy a decent pasta so forget getting a lender to fund a deal to buy residential real estate.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Agree with JacM.
I would contacting Scott directly and ask him to do it for you.
Seems a bit of a nerve to be charging for a newsletter. Would have thought with that high moral ground he would do it for nothing.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Totally agree you need to find the right Broker especially one who has a bit of experience in property and maybe purchased 1,2 or 40 + himself.
As a Financial Planner i see it all the time so many planners only recommend property where they feel they can earn a nice fat commission from the developer and surprise surprise non of them recommend second hand properties. Both my business partner and I are also Buyers Agents and are licensed in QLD, NSW & VIC.
We find the ability to act for the client gives you opportunity to be more objective and cater solely for the clients goals rather than having to worry about how much you get paid from the developers kick back etc.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Astroboy
It depends on what you are after.
We are Licensed Buyers Agents for Qld and do a fair bit in Toowoomba.
By business partner is licensed in NSW & Vic.
Was only up there last week buying a couple of properties for forum clients.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
HI Hiruni
Welcome to the forum and i hope you enjoy your time with us.
I have too say i think the simple answer is don't use ETax but get yourself a property based Accountant.
I see it so often that clients try and save a dollar or two when realistically if they invested i building a team around they would be far more successful.
It is not a matter of what you can claim it is a matter of what you might miss claiming that will cost you.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Was that the same week Akshay you started on the payroll !!!!
Seriously mate you sign up and your first post in to support an organisation that until the last positive wrap hadn't been mentioned for over a year.
Give me a break…..
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Depending on the purchase price of the property you might be able to borrow 100% of the new Investment property plus acquisition costs without using your equity or cash.
We purchased a property for a forum member only last week for $121K (No not a typing error) with a 100% loan and managed to add the stamp duty, legals and our property sourcing fee into the borrowings.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hate to say Albert bang on.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Mikand
Firstly welcome to the forum and hope you enjoy your time with us.
Lenders will certainly take into consideration the current or potential rental income when assessing serviceability so that is not an issue.
You will however need to provide equity or cash deposit (not recommended) to cover the acquisition costs and balance of purchase price.
Your equity is fairly marginal so you might to look at a 100% standalone investment loan.
Certainly out of the question but will be fairly tight depending on your current PPOR valuation.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Nicole
Be vary wary of such offers.
Unless they are Licensed Financial Advisers like myself they are unable to provide you with any advice in relation to establishing a SMSF and even then you need to ensure what you are doing is right for you and not for the company concerned.
To many of these organisation pray on individual thru tele marketing and all they want you to do is buy a brand new investment property in an over priced area where they are receiving a hefty marketing fee.
Don't get me wrong there is nothing wrong with restructuring your home loans and setting up a investment portfolio which will pay for itself. I do it ever day of the week for forum clients but there is a real issue when it comes to transparancy.
Personally i would run a mile from such an organisation.
Seek comment from other forums members as well as get a collective opinion.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thanks Connolly.
Always good to spread the word about spruikers to other members of the property investing community.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
