Not as easy as just removing your wife from the fund.

She would need to resign as a Director and then roll over her SMSF pot to another fund.

Then the NAB would need to reassess the loan given the balance of funds in the SMSF would be less.

As Terry mentioned most lenders require PG even in a non recourse loan.

Expensive mistake but i am sure…[Read more]

Hi NK ok hate to say that is your problem right there.

NAB are probably one of the worst lenders in the SMSF sphere.

Sure they go to 80% lvr on SMSF but so do a lot of others without half the fees and more features.

Anyway have to say with 2 weeks to go to Settlement i think you are stick where you are.

Cheers

Yours in Finance

Hi Julie

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

If your IP loan is P & I and you are looking to switch it to Interest only then there is no Tax implications at all however if you are asking can you refinance your IP and increase the loan and use the increased funds to pay down you PPOR then the answer is no.

If you…[Read more]

Hi NK

I am not sure your Bank or Financial Adviser has advised you correctly.

What Bank is the loan going thru first.

Once we know this we can answer the rest of the question.

Cheers

Yours in Finance

Sure Matt drop us a line or call if easier.

Going back to the numbers what you have to bear in mind is the acquisition costs associated with a Qld purchase.

With a 30K deposit you certainly aren't going to be buying 2 properties at the same time as the deposit and acqusition costs alone will make a significant dent in your savings.

We deal with…[Read more]

Terry, after seeing such an event i think you did very well to get out half the post you did.

Think i might have just and logged off.

Cheers

Yours in Finance

Josh welcome to the forum and i hope you enjoy your time with us.

As Terry mentioned you need to work out where you want to go long term before you decide what you need short term.

You mentioned you have limited upfront cash funds and therefore depending on serviceability you may have to look at a 100% standard loan.

We deal with a couple of…[Read more]

MGM there is still a lot of personal information in relation to income and expenses that would be required to ascertain as to whether doing a separate development would have a detrimental effect on your serviceability.

As to whether you should switch the existing loan to IO will depend on how long you intend to reside in the property.

Not saying…[Read more]

Trickey personally i wouldn't buy an IP in North Lakes but everyone to their own.

I am with Andrew we are avoiding the immediate inner suburbs for clients and looking at the next layer out.

As Darryl said it is starting to hot up and find you have to be quick to pick up a good deal.

Cheers

Yours in Finance

Jay certainly wasn't VF.

I did dozens and dozens of US loans with WAMU in Buffalo and New York between 2003 – 2006.

Ah those were the good old days.

Cheers

Yours in Finance

Andrew there is no minimum or maximum percentage amount.

The Trustees of the fund formulate the Investment strategy of the Fund once the Fund is established (or amended) and they are then responsible for the investment decisions.

If you could justify that placing 100% of your SMSF money into property was a sound investment and your Fund Auditor…[Read more]

Hi Acutabot 

Regretfully access to surplus funds or cash flow from an asset owned by your SMSF is dictated by your age. 

This will be 55 +

Cheers

Yours in Finance

We will forgive Terry for his spelling given his location. (In fact i thought it was better than my normal spelling and punctuation).

I think Terry actually meant  "A SMSF could borrow from a member to reno but couldn't use the property as security".

Also remember the there are Deductible and Non Deductible contributions.

Your Deductible…[Read more]

Hi MGM

Firstly welcome to the forum and i hope you enjoy your time with us.

In regards to whether buying another property with your partner will limit your ability to construct a unit this will depend on what you are intend to buy (as with most lenders you will be considered to be jointly and severally liable for the entire debt) the return it…[Read more]

Where is the property you are looking to purchase.

There are a couple of lenders who will waive the LMI on a purchase but a couple of them are location specific.

Cheers

Yours in Finance

TMD What is it you are struggling to understand ?

I try and purchase everything for myself or my clients that is positively geared from day 1 but of course depending on your lvr this is not always possible.

In saying this remember there are non cash deductions especially on a new property that can aid your cash flow even though they don't cost…[Read more]

Depending on the size of the loan you might be better off doing a blended loan.

Sure higher rate of interest but could be a considerable savings.

If you don't want to go that route shop around and get your Broker to come back to you with a couple of LMI premium options.

Did an LMI quote early today for a forum client and saved the nearly…[Read more]

Yes i have a couple of people i could recommend but i believe in recommending people who genuinely contribute to the forum and I agree with J & J and would suggest DWolfe.

Rest assured not of the 3 of us are getting a kick back on the recommendation.

Cheers

Yours in Finance

I remember inspecting a property which had a great city view but in front of it was a property under construction.

A very well respected agent in the are told me they were building a single storey property and certainly would not block my City view.

Thankfully a little bit of DD proved she was wrong but someone end up buying it and when the new…[Read more]

Happens so often clients engage a Buyers Agent and then get presented with a property which is nothing like what they originally wanted.

Usually comes when you deal with a BA who doesn't inspect the property they have offered you and done it over the internet.

Cheers

Yours in Finance