Forum Replies Created
Harry never heard such nonsense in my life.
Just get the broker who did the loan for you to order a NAB valuation now and don't wait until a week before settlement as you could find that you are in default as the purchaser and liable.
If you think you will be buying again get the Bank to hold a Term Deposit as security on the settlement so as to maximise the deductibility of the interest.
Be an idea to put the plan into action now as NAB are taking forever on mortgage variations.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Definitely agree Jamie is your man in the ACT.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Did mine thru Intelitrain who were fine.
One exam and the rest done as RPL so made it easier.
You can do your Financial Planning exams in 2 days however that is not to say anyone would engage your services after passing.
Been licensed for 18 years and still scratch my head when i see so called professionals who have do idea and are out there giving advice.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hard one to answer siewin without knowing your current position and your future goals and objectives.
Two incomes are always going to give you an increased borrowing capacity however there is many ways to skin a cat and get the same end result.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
A few of the non bank lender allow free upfront valuations these days so wouldn't think it would be that.
Hard to justify but i guess if you can get away with some Brokers will do it.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
As Terry mentioned a spousal sale could be an option depending on the location of the property and might prove financial viable especially at a higher marginal Tax rate.
If you are single you would to work out the numbers to see what the break even point is.
Get some quality advice before rushing in and make a decision.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Josh
Yes we are known as friendly bunch and don't bite real bad.
The product is fairly new and certainly has limitations but i must admit we are doing more and more of this type of business for our clients.
Your equity position would need reviewing as that could be an issue. Tax refunds are not acceptable savings in their own right so might need to tinker a little.
As has been mentioned previously buying in Trust will certainly not increase your borrowing capacity.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
The concept refers to taking a Call Option against the property and can certainly be done subject to finding the right property / vendor.
I have done a number of Options and all have been successful however in most cases you need to spend money developing or renovating the property so for this you will need additional funds.
As i say you need to be aware of what it involves and then make a decision whether it is for you.
Certainly not a get quick rich scheme.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Belzgirl
Welcome back to the forum.
Certainly with the number of natural disasters we have had here in Qld premium rates have increased considerably.
Unfortunately with Insurance you do get what you pay for and therefore i always prefer to use a General insurance Broker.
If you a name let us know and be happy to give you our contact.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Matt
Welcome to the forum and i hope you enjoy your time with us.
Subject to the location of the land and it being acceptable security to a lender there is no reason why you can't start off now.
The way in which you structure the loan will be important to ensure the securities are not cross collateralised.
If the property is a PPOR then regretfully the concessionary Stamp Duty has gone in Vic and the FHOG has limitations so unless you feel you have to move from your current property i think I would stay put and start to build an investment portfolio.
We normally recommend to our clients they start with a good yielding property which can certainly assist in their servicing down the track should they decide in the future to buy a PPOR.
You can minimise your risk and structured carefully should be able to acquire an investment property as well invest in some quality shares.
Doing a deal for another forum client at the moment in exactly the same position as yourself so feel on your income you can't achieve what you want to.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Conolly
All depends on the lender / Broker concerned.
Personally we never do and i have just ordered 6 valuations for a forum client only this morning who wants us to uncross all of his loans which have been nicely tied up by his Bank but that is not to say every Broker does it for free.
I think it is a rough ask to charge a client but for some Brokers they need to get ever inch out of a client.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Sure Dave just emailed.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Sean
Just sent.
Let me know if you have any questions.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
HI Grant
Not quite accurate.
No lender will assess the SMSF Deed prior to an application being made and in fact there are only a small handful of SMSF lenders that offer a true meaningfull SMSF pre-approval.
You are referring to the Security trustee / Bare Trust and certain lenders offer a Draft acceptable Deed.
You still need to ensure that the Trustee Company is formed correctly and that the Bare Trust / contract is correct.
I hate to tell you how many SMSF deals we get in where the Contract is incorrect or the Deeds are wrong and unacceptable.
Even had one last week from a Solicitor which was in the wrong name so definitely a specialist area.
Lenders work serviceability totally differently to a loan made outside Super and therefore some clients cannot understand why they do not qualify.
All in all matter of working with a Broker / Planner who has done one or two of these since 2007.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Are you sure you can LMI on the post code ?
As Rick mentioned i think you might have to consider a blended 100% loan over a 95% ivr as this would free up more fund.
Also remember the mortgage insurer will be unlikely to allow you to access the increased equity for a minimum of 3 months and then only assuming a registered valuer agrees with your valuation figure.
Certainly a few things to consider.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hate to say with arrears on the existing NAB loan i can't see it scoring too highly on the Banks credit scoring system so switching to Interest only with the NAB is probably not on the card for the time being.
Might be a matter of waiting until you credit history with NAB is improved and you have 6 months of good clean repayment history.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Jay must admit there are so many opportunities here in Oz at the moment maybe investors are seeing better value at home.
We are working with investors all day long on some of our new developments and can't keep up with the demand from the forum.
Good to hear you are back anyway.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi FT
Yes hate to say there will be LMI on a 90% lend on the new IP but this could be capitalised.
Personally if you want to be fairly aggressive and serviceability if evident i would try and take out a 100% standalone loan secured against the new IP.
This can be done in many ways with some of the blended products.
You could also look to take out an LOC secured against your PPOR and use the funds for the next IP.
It is more about spreading the risk and making your buying power go as far as possible.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I agree i am not sure i would be jumping in boots and all with ING as whilst the surface rate looks ok you may need to access additional funds in the future.
There are many more flexible lenders that would cater for your needs both now and in the future.
As long as you have the repayment ability and depending on the property price you are targeting you could even look at a 100% standalone IP loan.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Nathan
Can you ask you why you have to wait ?
In cases like this it is always a matter of taking what you can as when you need it you might find it is not be offered by lenders.
I would probably be thinking about switching to interest only and if you need to extract equity doing so and placing the funds in an offset account linked to the new sub loan as you never know when you may need extra money for another project or investment.
Away from that without knowing details of your entire financials it is difficult to comment as to whether you will qualify for a new loan as it will depend on lots of factors.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
