Dear Steve,
Do you have a seperate loan for each property or do you have a number of properties grouped together in one loan? What do you think works best, especially in the event that you might have the odd negatively geared property or that if they are grouped together maybe the loan repayments would be slightly less than on individiual loans.
Regards
Jackie GealeHi Jackie
Sure Steve won’t mind me answering a question addressed to him from my personal experience.
We have to date completed 126 wraps and have them all arranged on a stand alone basis with 3 seperate Banks.
By avoiding xcollaralising them firstly you are not breaching the Property Act (only applicable if you are reselling them under an Installment Contract) and secondly if your wrappee decides to refinance or sell then it is easier for you to administer.
I guess if you have several -geared properties then you could consider utilising the equity in one property and offering that equity to your financier to purchase other -geared properties. It’s a personal opinion.
You can always arrange to have a property released subject to valuation if you decide to wrap it or sell it later down the track.
Cheers Richard
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http://www.fhog.com.auThere is no such thing as a problem.
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Hi Richard
Could you please clarify what you mean by this?
You can always arrange to have a property released subject to valuation if you decide to wrap it or sell it later down the track.Regards
Simon
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