Only claim the tax benefit for the title deed holder of the IP…doesnt matter whos on the mortgage.

Reagrds
Michael

As Richard mentioned, need approval from FIRB. The 4 keys points are-

1. Can only buy for Investment purpose ( limit applies)
2. Must be residential ( unless your paying under a company’s name)
3. Can only purchase NEW properties, off the plan, land with construction to start within 24 month….no existing dwelling.
4. LVR is set at 70% – income from china acceptable- but must work for a multinational company or a “big” organisation- FULL DOC ONLY

http://www.shapehomeloans.com.au/non-resident-home-loans-

Regards
Michael

You can order a valuation first- but you will be paying for it..and can be a costly exercise if you dont end up buying the home and going to a few auction. I currently have 2 client who are doing this; paying valuation upfront prior to auction- as they are buying to their max “LVR” and the property type they are purchasing has a huge influx in value.

So i normally advise client. if your going to auction; to apply for an pre-approval for the MAX LVR of 90-95% but ONLY bid to a max of 85%, UNLESSS you have extra cash to support the gap if the valuation falls short ( Very common)

Regards
Michael

Stephen – you can claim the benefit from day one and dont need to wait till the end of the year…; i think it was called – Income Tax Withholding Variation – previously known as a Section 22?? variation.

When i had my first IP, i had my accountant do the above…but once i started to build on my IP portfolio and went self employed it got a bit to complex for my accountant ahah – But speak to your accountant about it; as the rules could have changed in the last few years.

Regards
Michael

David where did u hear this?

Regards
Michael

alright, stay with CBA

The LMI alone will make a refinance not worthwhile…and 7.11% is still a good rate for a bank that offer extensive network, good customer service and branch access etc..

Regards
Michael

Is that rate 7.11% for a LOC? if so; it’s a pretty dame good rate….

Either way even if you did try to refinance to another lender; the cheapest you will get from a major bank is 0.1% off ( NAB) and the most you will get off from a non-bank is around 0.2% ( BMC) – not a great deal! after considering you will have to pay for the application fee/ valuation and LMI!! again….

If your happy with the bank, and the rate is within acceptable limits- stay. in regards to the equity release at 90% LVR, your already max out any potential or worthwhile equity release. Using an LOC is your best option; which you currently have in place already.

Regards
Michael

under 50 for living space – excluding the carspace etc….

Placed one loan via them before for a FHO in Chippendale- 44 internal with 10 for car space.
And the LMI was placed via QBE- within their acceptable guild-lines of under 50 inclusive

Euro- dont accuse till you have done the work. every deal is possible it just depends how the deal is placed and what you have to offset the “negatives of the deal” – i have nothing to prove, as i do this as a free service- ; as much as i hate misleading information…in M Broking information changes all the time.

FYI — > this is an internal email sent by first mac

“Effective 1 March 2011, FirstMac will no longer require mortgage insurance on all new loans up to 80% LVR (some exclusions* apply).
This change means faster turnaround times and a more consistent credit approach, resulting in enhanced service levels for both you and your borrowers.
Exclusions* to apply:
· New loans over 80% LVR
· Construction loans (as per current process, all construction loans will continue to be mortgage insured)
· New developments
· Additional advances on loans currently mortgage insured —mortgage insurance will continue to apply
If you have a loan that fits the current FirstMac policy, but falls within one of the above exclusions, mortgage insurance will be required.
In all instances a clean credit bureau report and credit history is required.
To summarise:
· For new loans < $750,000 and < 80% LVR, mortgage insurance will no longer be required (exclusions* apply)
· For any new loans outside the above parameters and FirstMac policy, and provided FirstMac is prepared to support the application to the insurer, mortgage insurance will continue to apply (can be capitalised to the loan)
· Where mortgage insurance is required, FirstMac will pay the LMI premium for loans < 80% LVR up to $750,000 (increased from $600,000)
“

Regards
Michael

what do you mean by “really work”

Not to sure about the 10 years part???? if your taking about +VE (positive geared)- it depends on what you buy and where; all of my 5 IP are positive from day one. ( on a 80-90% LVR)

Regards
Michael

You were featured in API???

Regards
Michael