Forum Replies Created
Thanks for the reply’s and info guys, its definately something I hadn’t thought of before.
Anything which saves time and money is a great thing and I’ll be passing on this info to the dear brother.
Peter Perdikos
[email protected]Video Email – The new & improved way to communicate
http://www.getworldpassport.com/petersThanks for the replies Richard and Terry,
I was actually hoping that we would be able to secure 100% finance for the development, which would suit both of us and we are aware of the need to both be party to the loan.
Richard you talk about a loan being flexible enough to make lump sum payments, have an offset a/c, etc and it is these area’s which I am unsure of. I am familiar with what the products are, however considering the situation with two people who have different goals, I was simply thinking of gaining finance for the development to drive that through, and on completition my brother and I would then re-finance seperately.
Is this a viable path to take or should we be looking at setting up the correct finance vehicle so to speak from the outset?
Peter Perdikos
[email protected]Video Email – The new & improved way to communicate
http://www.getworldpassport.com/petersWestpac has obviously seen an opportunity that fits with their goals and they have made a decision and taken action.
Of course there is risk associated with any venture, and time will be the judge of this latest move, but I’m sure Westpac will have all bases covered.
The opportunity to buy such a large property porfolio in the one deal at what can only be assumed as a fair price to them (hey I’d back the Westpac negotiators over the Government’s any day), would have been an attractive proposition.
Now we will have to wait and see how they monetise this latest move into the property market….but if this is a sign of things to come, will the CBA, NAB, etc be making similiar moves in the not too distant future?
Peter Perdikos
Video Email – The new & improved way to communicate
http://www.getworldpassport.com/petersIt is in our individual names….
Cheers
Hi Steve,
I’m also in a similar situation but with just the one partner. This person already has a loan, and after talking to a few mortgage brokers we have been informed that any borrowing secured against the joint owned propery, despite being taken out by me would require him to either be a guarantor or conversely joint lender if he so wished. The partner does not want to go ahead with this as it leaves him a little exposed and also restricts his borrowing capacity.
Is there anyway around this? There is a lot of equity in the property and no outstanding debt and i’m not too sure whats the best way to unlock that considering I have a partner reluctant to go ahead.
Doesnt look like anyone wants to share…. It does seem like people have their own idea on where is best but for fear of ruining their own chances wont share it with fellow investors.
Well to those people how much is that info worth to you? Will you sell it to someone such as Turnby and at what price?
Turnby i’m far from an expert on this stuff but most cashflow positive deals that arn’t made will come in rural / regional areas as you most probably are aware. One area that seems to consistently stack up on paper is Mt. Isa, in Queensland. Also try looking at commercial property as generally the rental returns are higher than residential.
Thanks for the reply Ezy,
The info on the areas in appreciated and I’ve been keeping an eye on the whole area in general,there is lots of opportunity atm.
In terms of builders is there anyone you would recommend? I am currently looking at Cavalier Homes and Morgan Homes? Are you familiar with either / both of them?
Hi pbatey,
I appreciate the fact that land tax data can / does change at times, but I really do think that ID should have all of these things up to scratch. When a product promotes itself as a serious tool for investors, one which will save them lots of valuable time, and at the same time charges them a considerable sum, then as a consumer I expect it to satisfy those claims. There are 6/7 jurisdictions in terms of land tax and considering the considerable effort that has been put into producing ID I would have thought including current up to date data on land tax would be a pre-requisite. Land tax is a major cost for investors and in NSW the changes were made public last April, for the current Land Tax yr. Any update improving this feature would be most appreciated, but at the same time the idea of including a configurable option is not the answer. Land tax rates vary at different levels and to ask someone to research and input that data is contrary to what this product aims to deliver: Time efficiency
Don’t use a LOC!
why is that? are there any major disadvantages in using this method of finance compared to others?
