Absolute rubbish Dan you can do an off the plan valuation at any stage.

Just get your Broker (and not one linked to the buiider or marketing company involved with the property) to order a new valuation thru a separate lender and see what they say.

If the purchase is subject to finance and in Qld it should be then you still have an out on finance with no loss of deposit.

Even if it was a Melbourne Company they are still required to provide you with a Form 27 C.

Cheers

Yours in Finance

Hi Dan

If you are based in Melbourne and the property is here in Qld i would be very concerned if the valuation is coming in low.

Classic marketing technique is to sell properties to out of towners especially here in Qld.

I actually ran a seminar on exactly this topic in Melbourne to investor clients recently.

Is you Contract subject to finance ?

If so i would be getting your Broker to organise a separate valuation and see what the comes in at.

What did the Form 27C show in regards to marketing fees disclosures ?

Think i would be starting to get concerned and be thinking twice. Begs the question why the Builder has dropped the price.

Cheers

Yours in Finance

Yes in Vic you will need one.

Also remember in Vic Stamp duty is paid on the option premium.

Cheers

Yours in Finance

Not as easy as just removing your wife from the fund.

She would need to resign as a Director and then roll over her SMSF pot to another fund.

Then the NAB would need to reassess the loan given the balance of funds in the SMSF would be less.

As Terry mentioned most lenders require PG even in a non recourse loan.

Expensive mistake but i am sure the Banker talked a good story. Most have no idea.

Cheers

Yours in Finance

Hi Julie

Firstly welcome to the forum and I hope you enjoy your time with us.

If your IP loan is P & I and you are looking to switch it to Interest only then there is no Tax implications at all however if you are asking can you refinance your IP and increase the loan and use the increased funds to pay down you PPOR then the answer is no.

If you don't wish to sell the Qld IP there is nothing to stop you buying the property from your husband or alternatively look to sell it to a Unit Trust. 

Yes there will be stamp duty and possible CGT payable but the net funds could be used to pay down your PPOR debt.

You certainly have a decent start to your asset base so with some careful structuring and the correct guidance on your next few acqusitions you should be able to start build some good equity over time.

Cheers

Yours in Finance

Sure Matt drop us a line or call if easier.

Going back to the numbers what you have to bear in mind is the acquisition costs associated with a Qld purchase.

With a 30K deposit you certainly aren't going to be buying 2 properties at the same time as the deposit and acqusition costs alone will make a significant dent in your savings.

We deal with a couple of lenders who might look at a 100% loan but going to depend on a couple of things.

Hate to say that LMI isn't transferrable.

Cheers

Yours in Finance

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

As Terry mentioned you need to work out where you want to go long term before you decide what you need short term.

You mentioned you have limited upfront cash funds and therefore depending on serviceability you may have to look at a 100% standard loan.

We deal with a couple of new lenders who are now looking at this market and we are trialing the facility for them.

Cheers

Yours in Finance

Trickey personally i wouldn't buy an IP in North Lakes but everyone to their own.

I am with Andrew we are avoiding the immediate inner suburbs for clients and looking at the next layer out.

As Darryl said it is starting to hot up and find you have to be quick to pick up a good deal.

Cheers

Yours in Finance

Andrew there is no minimum or maximum percentage amount.

The Trustees of the fund formulate the Investment strategy of the Fund once the Fund is established (or amended) and they are then responsible for the investment decisions.

If you could justify that placing 100% of your SMSF money into property was a sound investment and your Fund Auditor signs off on it then it woould be acceptable.

Whether anyone would do that is a different matter.

Whilst i own a number of properties inside my SMSF (with nil borrowing) i also hold a variety of other income producing assets.

Personally i would never put 100% of my investment into a single asset class.

Cheers

Yours in Finance

We will forgive Terry for his spelling given his location. (In fact i thought it was better than my normal spelling and punctuation).

I think Terry actually meant  "A SMSF could borrow from a member to reno but couldn't use the property as security".

Also remember the there are Deductible and Non Deductible contributions.

Your Deductible contributions will depend on your age but in the main are limited to $25K per annum and include both your Employers Compulsory Guarantee amount as well as your own salary sacrificed amount.

Non Deductible contributions are limited to $150K per annum or $450K over a 3 year period and are paid out of post tax dollars.

Any Related party loan still need to be documented correctly although interestingly enough the ATO does not have an issue with you lending the money to your SMSF at a lower amount you are borrowing it at and claim a Tax deduction for the loss.

Cheers

Yours in Finance