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That is incorrect brahms. You can get the FHOG on a wrap and title is not passed. I will check on Wednesday unless someone tells me prior who knows for certain.
Robert Bou-Hamdan
Mortgage Adviser0414 347 771
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Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdYou present it as purchase price plus whatever your margin is as a percentage. Eg: 220k + 10%
Robert Bou-Hamdan
Mortgage Adviser0414 347 771
[email protected]
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdPre-approving a wrappee is something for yourself to sort out. Some of the experienced wrappers on this site tell of how they advertise for wrap clients in areas they identify that they want to purchase property in. The wrap clients then find their own property and then you buy it and sign them up for a wrap. This sounds like a feasible way to ensure you have someone to make the payments from the day of settlement.
Robert Bou-Hamdan
Mortgage Adviser0414 347 771
[email protected]
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdYou can do what you like if it is accepted by the vendor. I personally would laugh at you if you made an offer to me like that. I call that a ‘Clayton’s’ Offer – the offer you have when you don’t have an offer.
It is a tactic to get the seller to become the one making the offer and shifts the power of acceptance to the buyer.
Robert Bou-Hamdan
Mortgage Adviser0414 347 771
[email protected]
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdUnless you have an investment property or a business, I can’t see how you are doing it legally. If so, I am going to back-date my returns to include my school education, uni. and other courses, seminars, etc I attended out of interest when I had a job.
Robert Bou-Hamdan
Mortgage Adviser0414 347 771
[email protected]
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdActually, it is NOT guaranteed to be negative geared. You need to be geared in the first place at a level that results in negative returns on a property to have negative gearing.
What I am saying here is that if you paid cash for the property, you would be positively geared assuming your running costs are less than 5% per annum. If you borrowed 80% of the property value to purchase it, you would pretty certainly be negatively geared if the rent return is only 5% gross.
There are a lot of numbers to consider. The simple way to remember it is that if expenses are more than income (regardless of levels of borrowing), then it is negative.
Robert Bou-Hamdan
Mortgage Adviser0414 347 771
[email protected]
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdA bond is not a legal requirement. It is just necessary to register it if you do ask for and take one.
I would like to know if the first home buyer can get the First Home Owner Grant on a Lease Option.
Robert Bou-Hamdan
Mortgage Adviser0414 347 771
[email protected]
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Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdI am impressed that all that information is included in the wrap contract. I was not aware that you could contract to remove a caveat that has not even been established yet. I think I definately need to use your solicitor.
Robert Bou-Hamdan
Mortgage Adviser0414 347 771
[email protected]
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdStrata adds value as it allows the sale of smaller portions of the property which means there is a larger market. Larger markets mean more demand. More demand means bigger prices.
Robert Bou-Hamdan
Mortgage Adviser0414 347 771
[email protected]
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdSteph,
It is definately a hard one to sort out. I hope someone comes up with the RIGHT solution.
Robert Bou-Hamdan
Mortgage Adviser0414 347 771
[email protected]
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Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdYou could not be further off the mark.
<edited>.
Robert Bou-Hamdan
Mortgage Adviser0414 347 771
[email protected]
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Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdThe RAMS 6.99% loan is a LOW DOC, not a NO DOC.
I have to ask, why would you want to fully disclose a wrap anyway? The wrap is something that is done AFTER settlement so it is none of the lender’s business.
What is a JV wrapper?
There are a few lenders who will do a fully disclosed wrap but their response is “we don’t care what the borrower does after settlement”. I have done a few of these myself so it easier not to tell them. You don’t even need to tell your broker.
The rental income that you can use is only existing rental or market rental. They will NOT use the amount paid by a wrapper as rental income for servicing because it is not existent at settlement and may never eventuate.
Robert Bou-Hamdan
Mortgage Adviser0414 347 771
[email protected]
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdVarious issues arise with these types of investments. A few of them include:
- Lenders are not keen on hotel / motel conversions and will either not lend on them or lend very little against the purchase price. There are some exceptions. You WILL face problems trying to finance and / or refinance them.
- The size of the units are often well below minimum requirements sought by the lenders. If they are less than 25m internal measurements, I would not touch them.
- Renatal guarantees are only as good as the company giving them and the amount they guarantee is usually worked into the sale price in any case. Also, you need to consider what happens when this guarantee period ends. Rents will usually drop off dramatically.
- These developments are often dependent on tourism and can result in cyclical returns.
- In agreements for developments like these, you may be required to use the onsite property manager and will not be allowed to put a normal tenant in, find a tenant yourself or move into the unit. I would be checking this.
- Mortgage insurers will not touch these so the maximum you can borrow if you find a lender who will do these is 80%. There is the odd exception if you are allowed to live in it and the size is right.
Robert Bou-Hamdan
Mortgage Adviser0414 347 771
[email protected]
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdI am not experienced with lease options on residential property but I am experienced with options contract. It is normal practice to pay a premium (fee) to purchase the option contract that give rise to buying the item for a set price within a set time some time in the future.
The bond would relate to the lease and the ‘option premium’ would relate to the option. I would guess that the bond would have to be lodged with the bond board and the premium could be whatever amount you like and you should be able to use that any way you see fit.
In response to your concern, if I was to sign your lease option on your property (and I understood what I was signing), I would have no problem paying the ‘premium’ for the option to buy.
I am sure some of the experienced lease option investors will clear all this up for both of us as I intend using this structure myself in the near future.
Robert Bou-Hamdan
Mortgage Adviser0414 347 771
[email protected]
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Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdWhy is it ironic?
Robert Bou-Hamdan
Mortgage Adviser0414 347 771
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Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdNo problem.
Goodnight and Merry Christmas.
Robert Bou-Hamdan
Mortgage Adviser0414 347 771
[email protected]
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdI told you the rates. “Standard” just means NOT a line of credit or non-conforming (for those with adverse credit history) loan.
Robert Bou-Hamdan
Mortgage Adviser0414 347 771
[email protected]
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdInterest rates start from around 6.45% for standard loans, under 6% for introductory rate loans, various rates for fixed loans between 6 and 7% depending on how long and higher from different lenders.
It all comes down to product choice.
You do not submit the loan as a wrap. The loan has nothing to do with the wrap. The interest rate you receive sets the base rate for the wrappee, but that is about it.
Robert Bou-Hamdan
Mortgage Adviser0414 347 771
[email protected]
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdSorry mate,
Low doc loans do not require income verification and you can borrow usually up to 80% of property value. Interest rates are sometimes higher. You may or may not have to declare an income amount.
http://www.mortgagepackaging.com.au/index_files/low_document_loan.htm
No doc loans require identification and proof of ownership (rates notice) and you can usually borrow up to 65%. They are often known as an asset lend.
http://www.mortgagepackaging.com.au/index_files/no_document_loan.htm
Robert Bou-Hamdan
Mortgage Adviser0414 347 771
[email protected]
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdLow doc or no doc loans are available to you because you have equity.I would suggest no doc and investing in positive geared properties to increase your income.
You will be restricted to borrowing about 65% of your home value but this should be enough for one or two small positive properties.
It is a very simple process and should help you achieve a lot. You get to keep your home.
I might even consider renting something cheap and renting out your home to bring in even more income and help pay down the loans if you and your wife feel comfortable doing that.
Use a broker so they can source you a cheap deal.
Robert Bou-Hamdan
Mortgage Adviser0414 347 771
[email protected]
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
