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We have used Excel on our VF deals since 1996 and never had an issue.
At our peak our Company First Home Owners Group Pty Ltd had 180 properties and never had a problem with Excel.
Save your money and put it into the next deal.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Sure they review the rent but they don't put it up.
You are require to prove to them that the market rent has increased by gaining rental comparisons and if necessary a full rental valuation.
Other issue as Jamie mentioned is many lenders do not like leases longer than 12 months and signing a 9 year lease could be a breach of your mortgage.
Get legal advice before proceeding to much further.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Tom 95% Lvr and more……………..
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Yours in Finance
Richard Taylor | Australia's leading private lender
Love to attend Victor but hate to say i don't meet the age limit lol
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Yours in Finance
Richard Taylor | Australia's leading private lender
Yes all looks ok but i have to say sounds amazing to me that your Westpac Home Loan manager has told you "She will be right mate"
He / she has can add no weight when it comes to the credit scoring process or application itself.
I would be using a lender that individually assesses each deal.
With a good explanation of each of the credit entries i can't see too much of an issue with a 95% lvr loan + LMI.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Yes you are missing the point.
Why would reducing your Tax bill and putting pre tax dollars into your SMSF limit your borrowing?
If anything it will increase your borrowing as your SMSF as JacM has mentioned earlier can invest in property with reasonable gearing.
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Yours in Finance
Richard Taylor | Australia's leading private lender
In the main Display Homes are treated with caution when it comes to security as far as lenders are concerned.
There is the odd lender who doesn't have a problem but make sure you are not paying a premium for the property.
Your Broker should be able to give a few options.
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Yours in Finance
Richard Taylor | Australia's leading private lender
I have a feeling May wont be back to update us.
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Yours in Finance
Richard Taylor | Australia's leading private lender
I agree with Matt
What happens if they don't make payment then you have the same issue just kicked the can down the road a little.
Get them out, retain the bond if you feel justified in order to put the property back to a state it was when they first rented it and go from there.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Tom as Jamie mentioned Title will need to include your dad.
Some lenders will insist that loan and title are identical and question where the beneficial interest lies others will be ok with it.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Time to invest we always use a combination of both to develop income.
In regards to salary sacrificing the limit is 25K for 13/14 (increases to 35K for 14/15) but this includes the compulsory employer contribution of 9.25% of your salary so on your income will be fairly limiting. In saying this it is an excellent long term strategy to provide for your retirement.
Taking control of your own destiny is the only way to go as the Govt wont be handing out gold coins in 31 years time when you come to retire.
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Yours in Finance
Richard Taylor | Australia's leading private lender
HI Bergerson
Sorry to hear your first experience into Property Investing is to be caught up by some slick marketing firm.
I was down in Melbourne only last week seeing a couple of forumites who had been caught by a similar slick sales speil.
Firstly i would suggest you have a quick look thru the Terms and Conditions of what you signed as it probably has some form of "cooling off" period.
If so i suggest you write to them immediately advising them you wish to cancel the agreement and demanding a refund of any monies paid.
If they refuse then to date you will have only lost $1000 and you can put that down to experience. In regards to the balance of the funds i am unsure how this was to be paid i.e credit card, cheque, direct debit etc. Without knowing this it is difficult to advice further.
I would then suggest you get the quick opinion of a lawyer. Happy to point you in the direction of someone in Melbourne we use for our clients if you would like.
Then sit down with someone who doesn't have an agenda or anything to sell and has trodden the path you want to go.
Get yourself true independant advice on all aspects of property investing.
Trust me we don't all charge an arm or a leg or do it for the money.
Some of us actually do it because we enjoy helping people achieve their goals.
What i would do is act quickly though as doing nothing might cause you further issues.
Without seeing the agreement you signed it is difficult to comment further.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Carrying on from what has been said in the previous posts there are a couple of things you need to bear in mind:
1) You cannot get direct accreditation with lenders so will need to use an aggregator. With limited or no experience you will not be able to join certain aggregators i.e Fast (who i am with), Plan or Choice. Those aggregators who may take you on may want to take upto 20% of your commission.
2) Compliance. Maintaining your license these days requires ongoing compliance which takes time / money. Doing it part time will mean you will struggle to maintain your compliance requirements.
3) A Cert 4 + Diploma is merely one element of becoming a Broker. You will have to join an external dispute resolution organisation take our PI cover etc etc.
4) Reducing commissions. Many major lenders have ceased paying trail commission in Year 1 so you might find that you are spending a while building your business with limited return. You also want to make sure that your contract with your aggregator states you own the trail book. Many aggregators have a clause in their contract that they own your clients and not you so if you leave the industry or change aggregators your trail commission states with them.
5) Clawback. Can't be too many industries that what you get paid today can be clawed back upto 18 months later if the client sells the property or refinances / pays down the loan thru no fault of your own. Makes building a business very difficult in the early years.
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Yours in Finance
Not so easy as jamie
Richard Taylor | Australia's leading private lender
Hi Kane
Certainly a wise goal to want to achieve and one i would suggest for every client.
In saying that as JacM has mentioned it is the order of events and the steps you take to get there which is important.
With the sort of income you are on i wouldn't have suggested you get too involved in doing your own renovation as your time could be better spent elsewhere.
Look to engage professionals to help you get to goals and carry on generating your income.
Remember if you want to retire at 50 you will want to ensure you can replace your personal income with rental income.
I was fortunate enough to be able to do so at age 40 but takes a combination of strategies.
You cannot retire on capital growth alone so need to ensure the properties you source generate an income to get you to your end goal.
Buying in Superannuation is a strategy i am a great advocate of and balanced with acquisitions in other entities will certainly serve you well.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
If a formal lease agreement is not available then you could probably run off your Tax returns (assuming you declare it)
Agree with Jamie your name on the Title is going to cause you more harm that good.
Wont get your father as a Guarantor would need to be a co-borrower and there are too many variables to ascertain whether it can be done without full information.
Course have the loans cross collateralised hasn't helped your cause but certainly has aided Westpac's position in the deal.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Even without the finer details there is always options and your Broker should have given you a couple of these.
With the right sort of property 100% standalone fine is possible but not if you only have to Thursday to make up your mind.
Sounds like poor advice in the first place.
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Yours in Finance
Richard Taylor | Australia's leading private lender
As Terry mentioned split the loan first.
Just get your broker to do this for you as it is something we do for our clients on a regular basis.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Looking at their website looks like it is a $220 val fee.
Guess it is a matter of pay your money and take your chance.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Mikko
No they can't get you to repay the balance.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Yes only 1 lender in the UK now lending now to Non Residents and it is not a major Bank.
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Yours In Finance
Richard Taylor | Australia's leading private lender
