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  • Richard Taylor replied to the topic 100% LVR? in the forum Finance 1 day, 16 hours ago

    Hi EH

    No hate to say you are certainly dreaming.

    Every lender is going to want to analyse your financial position to ensure their debt can be repaid.

    They are going to want to see you can service the loan thru income whether that be traditional payslips, Tax returns, BAS or Accountants Certificate.

    Even with a non coded loan a private lender /…[Read more]

  • Richard Taylor replied to the topic Our situation, please can you help? in the forum Help Needed! 1 week ago

    OK all noted just the above comment thru me out.

    Certainly subject to the numbers you could look at the highest income earner buying the other parties share of the property out and borrowing to fund this making the interest deductible.

    Course consideration needs to be given to both tax and legal aspects.

    Cheers

    Yours in Finance

  • Richard Taylor replied to the topic loan restructuring – investment to residential in the forum Finance 1 week, 1 day ago

    Nothing surprises me these days especially coming out of a Bankers mouth.

    Tell him loan deductibility is dependent on the purpose of the loan and not the security.

    Secure your investment property loan against a pogo stick and the interest repayments will be deductible.

    Subject to how the property is held there might be a way around it.

    Course…[Read more]

  • Richard Taylor replied to the topic Collateral in the forum Help Needed! 1 week, 1 day ago

    Hi Dibektemir

    If you want to shoot me an email i can send you a PDF article i wrote for the API magazine on the reasons why you should not cross collateralise your property.

    Ways of achieving the same result without having to cross collateralise.

    Cheers

    Yours in Finance

  • Richard Taylor replied to the topic Our situation, please can you help? in the forum Help Needed! 1 week, 1 day ago

    GV i am assuming you are either based in the US or are an Australian resident with a US property.

    If correct you are going to need too talk to an Accountant who has experience or who is licensed to operate in the USA.

    Cheers

    Yours in Finance

  • Richard Taylor replied to the topic Looking to develop with a credit default in the forum Help Needed! 1 week, 1 day ago

    Being a finance default i think it will be hard to find any traditional lender to approve a loan with a paid default of that size.

    Going to be a matter of going with a non traditional lender too start with and then maybe refinancing at a later stage.

    Cheers

    Yours in Finance

  • Richard Taylor replied to the topic Looking to develop with a credit default in the forum Help Needed! 1 week, 1 day ago

    Being a finance related default i think it will be hard to find any traditional lender to approve a loan with a paid default of that size.

    Going to be a matter of going with a non traditional lender too start with and then maybe refinancing at a later stage.

    Cheers

    Yours in Finance

  • Richard Taylor replied to the topic Passive motel financing in the forum Finance 1 week, 6 days ago

    Nick depending on the location work on something between 50-70% lvr.

    Cheers

    Yours in Finance

  • Richard Taylor replied to the topic The best way to work out borrowing capacity in the forum Finance 1 week, 6 days ago

    Gus,

    Remember when you buy an IP there are a number of variables in regards to potential rental income, percentage of rent considered, name you buy it in for deductible interest etc etc.

    Regretfully each decision has a bearing on the amount you can borrow let alone the other variables.

    Not the same as a PPOR purchase.

    Cheers

    Yours in Finance

  • Richard Taylor replied to the topic The best way to work out borrowing capacity in the forum Finance 2 weeks ago

    Hi Gus

    Quick summary for you:

    Income – Add together the net annual income of both of you after deduction of income tax, medicare etc.

    Add in say 80% of the anticipated gross rental income.

    Expenses – Work out the principal & interest repayment of your existing 500K and the new investment loan at a rate of say 7.25% on an annualised…[Read more]

  • Richard Taylor replied to the topic The best way to work out borrowing capacity in the forum Finance 2 weeks ago

    Hi Gus

    Quick summary for you:

    Income – Add together the net annual income of both of you after deduction of income tax, medicare etc.

    Add in say 80% of the anticipated gross rental income for the new investment property.

    Expenses – Work out the principal & interest repayment of your existing 500K and the new investment loan at a rate of say…[Read more]

  • Richard Taylor replied to the topic Using line of credit to access fixed mortgage equity in the forum Finance 2 weeks, 5 days ago

    Hi Woodlin

    Welcome to the forum and I hope you enjoy your time with us.

    Firstly there is a big difference between equity and accessible equity so for the purposes of this response we will assume the figure of 150K is accessible equity.

    Regretfully in the main you will only be able to set up a Line of credit or equity loan with the same lender…[Read more]

  • Richard Taylor replied to the topic Financial Planner Recommendation in the forum Help Needed! 2 weeks, 6 days ago

    Referred some clients in Melbourne to Dover who wanted face to face and we weren’t in Melbourne for a couple of months so certainly recommend them.

    Cheers

    Yours in Finance

  • Richard Taylor replied to the topic Financing repairs in the forum Finance 2 weeks, 6 days ago

    Hi TTB

    If the work is being carried out by a Licensed Tradesman with a written quote and the subsequent post work valuation increases the value by at least the same amount you maybe able to increase the existing loan by 90% of the increase. The funds would only be released post work so tradesman may not be happy.

    Other than this is you have no…[Read more]

  • Richard Taylor replied to the topic subdivision in the forum Finance 3 weeks, 5 days ago

    Hi Mido

    When you say you don’t enough funds to show the Bank what lvr are you looking at.

    Odd lender that might do 90% lvr at residential rates so if you all you would need is 10%.

    Cheers

    Yours in Finance

  • Richard Taylor replied to the topic Would you recommend a buyers agent? (Newbie) in the forum General Property 1 month, 1 week ago

    Hi Chris,

    All depends on how much you are looking to spend the level of your deposit and the cost of the BA.

    I hear stories all day long of BA’s charging 10K – 12K for a 300K property which i find hard to justify when we charge just over half of this and offer a full service.

    We certainly have recently purchased a number of properties for…[Read more]

  • Richard Taylor replied to the topic Would you recommend a buyers agent? (Newbie) in the forum General Property 1 month, 1 week ago

    Hi Chris,

    All depends on how much you are looking to spend the level of your deposit and the cost of the BA.

    I hear stories all day long of BA’s charging 10K – 12K for a 300K property which i find hard to justify when we charge just over half of this and offer a full service.

    We certainly have recently purchased a number of properties for…[Read more]

  • Richard Taylor replied to the topic Profit rent on commercial property in the forum Finance 1 month, 2 weeks ago

    Loui will depend on the Terms of the Tenancy and who it is.

    Decent tenant will probably reflect in decent valuation.

    As commercial servicing is totally different to a resi loan the calculation is not the same.

    Cheers

    Yours in Finance

  • Richard Taylor replied to the topic (Small) development finance in the forum Finance 1 month, 2 weeks ago

    Hi Cliff

    All depends on what you call small development.

    How many units are you talking about ?

    We have just settled one for 64 units but good experienced developer with plenty of external equity and sufficient pre-sales.

    Not always required but anything over 6-8 lots you are going to need some cash or equity.

    Cheers

    Yours in Finance

  • Richard Taylor replied to the topic Finance maximisation by unencumbering a property? in the forum Help Needed! 1 month, 3 weeks ago

    A debt is a debt is a debt however if the security property is unencumbered you would have greater flexibility and choice.

    Interest rate might also be cheaper depending on the lvr.

    Cheers

    Yours in Finance

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