Forum Replies Created
O.K. Here is another Scenario – Instead of selling the property, why not use it instead via a refinancing option. You can take $1m in equity still leaving you a buffer zone of $500k as a safe guard. Using this Money doesn’t have to be immediate if for instance you take it and place it into an offset account. This mean only the amount you draw on will cost you repayments in interest. depending on how you wanted to go you could purchase properties which met your requirements in terms of CF on Cash Contracts and short Settlements refinancing the property after purchase (a nice buyers trick to make a lower offer more attractive) or alternately you could simply use the cash as a deposit and purchase them all individually funded.
The better way to go on this is to take your father with you and speak to an accountant who is able to understand your goals and property investments and the relevant taxation issues and loan structures available this can save you thousands of dollars. I would also speak with someone who could provide the funding for you in a manner in which is suited to your individual circumstances.
Best of luck.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Check this page out it may be the help you need if not speak with the council direct at their Nerang Office and they should be able to steer you in the right direction.
http://www.goldcoast.qld.gov.au/gcplanningscheme_new/start.htm
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055I am led to believe a building square is about 9.54sq/m. I don’t have any idea where it comes from though perhaps it is something to do with 10 square yards? I think it may be related to perches although again I couldn’t be 100% on this.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055I haven’t heard of a Plumber turning to Mortgage Broking myself personally, but I do know of a few similar occurences. As for the Whole Industry being Shoddy, well the rules were an attempt by Legislators who didn’t understand the industry to attempt to protect the consumers. I still know of a Broker who charges $5k Brokerage to his clients, and then another $5k referral fees to the builders/estate agents to whom he refers them. Now how ethical is that?
As for training – I haven’t come across anyone in the industry who couldn’t use some more (myself included). The five minute course would be fantastic can you point me towards one or two please.
The funniest thing I have found in the industry is that if you apply for a job as a broker they do a criminal rercord check and yet if you aply to a bank direct they don’t. I’m not so sure how that works? Perhaps you could explain it to me.
But this is off the topic well and truly. I would think most of us here enjoy the taxation benefits we can apply to our investment portfolios, but we also subscribe to the buy and hold CG sector which is a long term investment event, as opposed to attempting to try and make high CG in a short time frame. Some do, but you can generally earn more the longer you hold. Have you got a copy of the S.E. Qld Growth Plan? This may make your decision easier as long as you can stay awake reading it. It details the growth planning for the entire region and makes a valuable resource when deciding what to do in relation to investing in property in the region.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Wealth was the one with the problem Richard
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055I am laughing reading this one because its a very easily solved problem.
And I can’t think why you would be needing LMI? Apparently nobody has considered your situation properly. You are fine for equity and cashflow so getting the money for you would be a lot easier than the standard loans I see day in Day out!!
Best of luck anyway.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Hmmm, I have to wonder did that Broker even submit the deal to BW? I have never in my time found their service to be poorly I Submitted one at 1800 Thurs and it was U/C the following Monday with docs out to the client within days of that. I guess it does come down to who’s pushing the buttons.
I have also managed to come up with an U/C approval in 4hrs from another lender who didn’t require a val (different circumstances though).
The best advice is shop around. Find someone who can get the job done. Oh and is the property still on the market? It may not be too late if you really want it…
Best of luck.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055The answer here is: You should be able to. EASY as that.
Now having said that don’t wander into your local branch of The CBA or Westpac they may get a touch edgy, but it can be done.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Steven that sounds suspiciously like the offering available via FirstMac. My hat goes off to you.
There is a multitude of lenders around who will lend you the money just not 100%
Some are competitive some not so much. Depending on the LVR you might be able to get it down to as low as 6.29% for the first year.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055I’m now wondering where 10acres was mentioned? Let me guess it has to be within 10k’s of a population of 75,000people or more too right?
Bankwest will do it and so will a couple of others. There is more than one option in the market place, depending of course on whether or not the broker you speak with has been outside of his own postcode yu may even be lucky enough to find one.
I wish you all the best in your endeavours!
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055I love Financial Planners! Did you know the course to be one can be fast tracked and completed in only 10 Days? I was astounded considering they deal with a lot of other peoples cash and “set them up” for retirement.
Now this investment? If you could find a way to retain the property AND reap taxation benefits from Negative Gearing would you do it if it was what you were wanting? Would you then also be in a position to purchase another property and continue on with the increased benefits? Now I’m not a psychic, nor am I finacial planner I took the slow study at home course instead of the Fast-Tracked one and am still studying it, but I’m thinking I may have an idea that doesn’t involve rezoning.
<For someone who understood the no advertising rules you have struggled with your other, since deleted, posts – derek>
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055I’m now wondering if you have your property structured correctly and are obtaining all of the available benefits available to you as an investor such as your negatively geared taxation variance back in your pay packet weekly? How old is your property? Have you sought out professional advice in relation to your property investment? I know my first was almost the last! Fortunately I lived to tell the tale and now it has multiplied!
Investments without the correct structure and/or advice, loan setup can be a disaster and leave you wondering just why people brag and blow off about how good it is.
If you are wondering what I’m talking about please ask, if not me then choose anyone. It means you need help and very very soon, and that’s not a bad thing it took me 14 tries to find the right accountant and then that one decided to retire! Aargh! Nooooo! Well anyway enough of my ramblings. Best of luck.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055
