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Robbie B
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@robbie-b
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January 17, 2005 - 8:26 am
Simon, do you have to tell all my secrets?
Scremin, I don’t thing marriage is just a bit of paper. I am just questioning why a bit of paper is needed to get married.
I can not make myself any clearer than this.
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[withstupid]
The forumite formally known as Big Rob
Robbie B
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@robbie-b
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January 17, 2005 - 8:12 am
Thanks brahms. I am glad I keep you laughing.
Anyway, back to the question…
Do YOU have access to interest free home loans to provide your clients with a balanced view on what is available?
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The forumite formally known as Big Rob
Robbie B
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@robbie-b
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January 17, 2005 - 6:50 am
Originally posted by Bradles C:
Say if I buy 4 properties and use $25k deposit for each and take out the $300,000 loan. This will leave me with $75k for each property and will equal a total of $100k per property (75k loan + 25k deposit). LVR will also be less than 80% so I wonâ€™t need mortgage insurance.
You also need to make allowance for closing costs to cover stamp duty, legal fees, etc. This is about 4-5% per property.
Where do I go from here ? How do I access more funds to purchase more properties ? Do the banks add your rental income to your wage to calculate a new maximum loan limit ? How do I access the equity in my properties and does this mean I can borrow more cash ? Steve always says money follows management !!!
More funds are accessed through more savings, higher percentage borrowing levels or increasing loans as equity grows. The lenders will use rental income to help servicing. Accessing equity is merely as simple as applying for an increase to existing loans.
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The forumite formally known as Big Rob
Robbie B
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@robbie-b
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January 17, 2005 - 2:57 am
Brahms,
I consider myself a ‘real’ mortgage broker!
My traditional role was to source the best loan for a client. My future role as an ‘Agent’ will be to sell the BEST loan to a client.
Nothing beats an interest free home loan in the market and, once the teething problems are all sorted out and the company is established, I believe mortgage brokers will be a dying breed.
You forget that the interest free home loan agents ALSO have access to traditional lending products for situations where settlement times may not be met or the borrower does not meet interest free home loan requirements.
Do YOU have access to interest free home loans to provide your clients with a balanced view on what is available?
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The forumite formally known as Big Rob
Robbie B
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@robbie-b
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January 16, 2005 - 6:18 pm
I am not an Agent as yet as I have not completed the agreement. This should be finished this week. Send Simon an email and I am sure he can forward the checklist. I don’t think I am allowed without the signed agreement.
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The forumite formally known as Big Rob
Robbie B
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January 16, 2005 - 5:44 pm
Exactly the same as what would happen with a standard lender – You sell and they are paid out on settlement.
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The forumite formally known as Big Rob
Robbie B
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January 16, 2005 - 4:12 pm
What a great idea!!! I have never thought of doing that. I would imagine there would be a lot of issues with it though. Who pays for materials, etc.
I would like to hear if anyone has done this successfully.
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The forumite formally known as Big Rob
Robbie B
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January 16, 2005 - 2:08 pm
Try Google or Yahoo and search for “Venture Capital”. There are plenty!
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The forumite formally known as Big Rob
Robbie B
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January 16, 2005 - 1:46 pm
Rick, it is easy to get finance on these deals through standard lending when you know where to go. The point here is that nothing on the market beats an interest free loan. Why would Sonja want to go to a broker?
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The forumite formally known as Big Rob
Robbie B
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January 16, 2005 - 1:35 pm
Julian, read some of the posts. There are obvious concerns and conscience issues.
I also notice you left the off when you quoted me. is a smiley face sideways. It means I WAS JOKING!!!!!!!!!!
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The forumite formally known as Big Rob
Robbie B
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@robbie-b
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January 16, 2005 - 12:48 pm
The rules are in the wrap agreement. Also, the agent does not have a valid agency agreement as the owner didn’t sign it. You said the wrappee signed it.
I also suggest you redo your figures. 20% of $45,000 is $9,000, not $2,000.
You will also find it very difficult finding anyone to finance a property in a flood zone if it comes up on the valuation.
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The forumite formally known as Big Rob
Robbie B
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January 16, 2005 - 12:42 pm
Nope. They are concentrating on refinances. The documentation is just more difficult with new purchases and you have to have good servicing if you have no history.
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The forumite formally known as Big Rob
Robbie B
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January 16, 2005 - 12:15 pm
No. They would have to settle when you settle. I don’t know how you would get around the finance issue. I would not do it unless I could afford to settle.
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The forumite formally known as Big Rob
Robbie B
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January 16, 2005 - 11:18 am
I haven’t read the whole thread but I don’t think anyone should be concerned. Kiwis have been coming to Australia for years and take Aussie jobs in large numbers so pushing up prices in NZ is pay-back!!!
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The forumite formally known as Big Rob
Robbie B
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January 16, 2005 - 11:16 am
You need to sign the contract with your name OR NOMINEE. Also, negotiating the longest settlement possible will help you find a buyer. Regarding the subject to finance clause, you actually have to apply for finance or I believe there could be repercussions.
Selling is merely signing a contract with the eventual buyer who settles on the same day you are supposed to settle (basically buys your contract).
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The forumite formally known as Big Rob
Robbie B
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January 16, 2005 - 11:11 am
You CAN use a wrap property to get funds for a new purchase. That is a big problem with shonky wrappers. Also, I don’t know why you would cross-COLLATERALISE in any situation.
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The forumite formally known as Big Rob
Robbie B
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January 16, 2005 - 11:07 am
Too much risk – usually short-term tenants.
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The forumite formally known as Big Rob
Robbie B
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January 16, 2005 - 11:02 am
As Simon said – the rules have all changed with the introduction of interest free loans. If you can service, IFHL will do that property. They love investors!
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The forumite formally known as Big Rob
Robbie B
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January 16, 2005 - 11:00 am
You should have Loan 1 – 40k and Loan 2 – 150k. This should be a simple split and will simplify tax time.
Also, you should not be paying anything on the 150k until you actually use it. I got the impression you were paying interest on this. You should have an offset facility.
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The forumite formally known as Big Rob
Robbie B
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@robbie-b
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January 16, 2005 - 10:56 am
I was referring to Interest Free Loans. No brokers have it. Those ‘Agents’ who do have it are no longer brokers.
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The forumite formally known as Big Rob