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  • Profile photo of Richard TaylorRichard Taylor
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    June 22, 2013 - 1:12 pm

    Hi Terry

    Was talking to Darryl from Hua Lawyers only this week and he tells me he could not act on a conveyance for any of our Buyers Agents clients we put into either NSW / Vic properties. 

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 22, 2013 - 12:56 pm

    Sorry Tom you say use Vendor Finance strategies.

    Do you mean to buy or sell using such.

    Probably aware that if you sell a property offer Vendor Terms you are required to be Licensed.

    Not trying to be clever just trying to see exactly what you need so i can make a suitable recommendation.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 22, 2013 - 12:47 pm

    Richard happy to refer you to my Accountant.

    I think JT7 has already given him a plug in an earlier post.

    Steve Hodgkinson – Gold Business Group Southport.

    Expert on property structures and top bloke to boot.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 22, 2013 - 12:34 pm

    Hi Al

    Welcome to the forum and i hope you enjoy your time with us.

    Certainly it is one that needs some careful loan planning in order to achieve the required long term outcome.

    Whilst you are normally considered as jointly and severally liable for the entire loan remember there are some lenders who service the loan slightly differently and if you intend to expand your portfolio in the future these are the lenders who should be considering.

    Cheers

    Yours in Finance

     

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 22, 2013 - 12:19 pm

    'All banks standard mortgage terms will have All monies clause"  Sorry i disagree there and if a Bank wants your business badly enough it will change anything.

    Totally disgree with the structure but that is upto you.

    There are other ways to achieve what you wanted without mortgaging your PPOR to the hilt.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 22, 2013 - 12:10 pm

    Oh really Terry.

    NSW & Vic operate under the code then. Unlike in Qld when a Qld Solicitor cannot act outside the State unless he is licenced to do so.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 22, 2013 - 9:19 am

    We use Direct Insurance Brokers in Stafford they do all of mine.

    Sure you might be able to get something a few dollars cheaper but that's not the point in the long run.

    Talk to Matt, tell him i sent you and he will look after you.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 22, 2013 - 8:34 am

    Lenders will want to see both Trust and individual Tax Returns of all applicants.

    If the Title and loan is in your sole name and your Trust elects to pay you adult child / wife the majority of the income they are not going consider this for serviceability.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 22, 2013 - 8:25 am

    Structure is fine as long and interest on the entire loan will be deductible.

    I would however be wanting to read the small print of the offer document to ensure that "by mistake" the lender didn't slip the PPOR as collateral security for the IP.

    I have seen so many times before and usually once a borrower realises it is too late to change it

    I would also as your lender if their Standard Mortgage Deed contains an "All monies clause" and if it does ask them to remove it.

    If they say No then you should be running a mile and using a separate lender.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 22, 2013 - 8:11 am

    Yes as long as they are Licensed to operate in the State.

    Like Real Estate agents some Solicitors close to the State border are able to operate across into other States.

    Albury Wodonga is a good example but not as good as Twins Towns in Coolangatta where 1 end of the road is NSW and the otherside is Qld.

    Certainly makes for interesting times when we NSW has daylight savings.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 22, 2013 - 7:46 am

    What are you wanting from the site ?

    Both have merits but need to decide which will suit your requirements.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 22, 2013 - 7:41 am

    90% is available on a blended loan but at 80% shouldn't be too much of an issue.

    In less than a fortnight you will have 1 Year Tax Returns and that will help.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 22, 2013 - 5:22 am

    Hi Wilko

    There is a couple of lenders but the rates, application costs etc will depend on the security, lvr requested etc.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 22, 2013 - 1:59 am

    Yes Pagey need a lender who does restrict and one with flexible policy when it comes to equity release down the track.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 21, 2013 - 7:58 am

    Used Ozorex for 5 years to send funds back to the UK and never had an issue.

    Very professional, service is excellent and rates are better than all of the Banks.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 21, 2013 - 7:52 am

    Ok Pagey maybe the post code location means that you have to put in 20% deposit but i have to say i find that hard to believe.

    If the property is zoned residential and is valued at 200K by a valuer then no reason why you can't access the available equity.

    Course need to use the right lender in the first place.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 21, 2013 - 5:37 am

    My sentiments exactly Jamie.

    I had thoughts of a large rural property with a tin shed on it.

    Pagey, yes you can certainly use your equity in your current IP to fund your deposit but there maybe better ways to fund the deal depending on your own circumstances.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 20, 2013 - 12:50 am

    Hi Rich

    Yes lenders will often undertake a Company search and you will also show up as a Director on your CRAA.

    As i say careful planing probably needed but resigning as a Director might have other implications which need to be considered first.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 19, 2013 - 2:14 pm

    Hi Tom

    Exactly my sentiments.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 19, 2013 - 1:14 pm

    In Qld the threshold is 350K + for a Trust, Company or absentee owner.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

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