Just make sure the new lender doesn't use the same mortgage insurer as even if the Bank approve under DUA the Insurer might still scupper the deal at the last minute.

You Broker should be aware of which insurer the lender uses.

Cheers

Yours in Finance

Away from the issues that Terry has mentioned have you considered how you will finance the development.

Not a standard residential deal for most lenders so will take a little more massaging through.

Almost going to require a higher deposit lower lvr and potentially going to have to show you can service the entire debt without taking into…[Read more]

To avoid the issues Mystery suffered from his sale in Adelaide i would be putting a condition in the Contract saying that when the purchaser enters the property to start work etc they also accept the property in an As Is condition to avoid any pre-settlement issues.

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Yours in Finance

.

Vancouver is ranked as the 2nd most expensive city in the wold which tells you something.

You can buy a nice unit in the middle of downtown for $1.5M CAD.

Cheers

Yours in Finance

Ryan, also don't forget any borrowing costs such as lenders application, valuation fees, mortgage insurance are all deductible expenses.

Normally deductible over 5 years or the term of the loan whichever is the shorter.

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Yours in Finance

And what gets me Terry Matt didn't find out how much he was borrowing from his Broker until he received the mortgage documents…….

So much for sending the client a copy of the Faxed Approval…

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Yours in Finance

Which lender did you choose for the SMSF Pre-approval ?

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Yours in Finance

Hi Mat

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

Without having any details on your income / expenditure it is difficult to ascertain how you would go with serviceability but all being equal at 360K – 400K  purchase price you probably would be able to go to 90% lvr + LMI so would need between 36-40K plus your…[Read more]

Hi delbs

Just emailed it to you from my gmail address as i am at home.

Cheers

Yours in Finance

Yes i am with you Terry must be a Fixed rate.

Hopefully will expire in the not too distant future.

Cheers

Yours in Finance

Hi Matt

If the Contract was subject to finance and the valuation did not come in at purchase price then i would be terminating the deal and running a mile.

Your Broker should be able to provide you with a copy of the valuation and if for some reason he can't he should defiinately be finding out the exact valuation figure for you so you can…[Read more]

Spent a month in Canada in June / July and absolutely loved it.

Some lovely properties in Whistler and with Mountain biking as popular in the Summer as skiing is in the Winter you get 365 days of holiday rental.

Fairly difficult to fund Foreign Nationals though.

Cheers

Yours in Finance

Chris bang on nothing to stop them starting their own SMSF and buying a property with a decent gearing.

In saying all of this get them to check the wife's Superannuation as you may find it provides some income protection and TPD benefits which depending on her illness she maybe able to claim on. 

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Yours in Finance

No Stamping of Trust Deeds in Qld.

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Yours in Finance

Yes would definately be looking at double Stamp Duty.

It is a question we get asked regularly.

In saying that it takes 24 hours to have your Trust Deed registered and set up so i wouldn't have thought it was an issue.

Cheers

Yours in Finance

John, on a separate note have you thought how you might finance the deal as i assume they are all on the 1 Title.

Cheers

Yours in Finance

Hi Nathan

In Qld you are required to affect Buildings Insurance on the property at the time of the Contract being executed however this is totally different to Public Liability Cover.

We normally try and obtain access after going unconditional but you have to ensure that the Special Conditions in your purchase contract allow for this. Hard to…[Read more]

Got a deal approved yesterday where the valuer came in $45K short on a $485K purchase in Brissie because the selling agent mentioned he thought it was the buyer intention to develop the site.

We ordered a 2nd valuation which came in bang on purchase price.

The Bank wouldnt accept this an ordered a 3rd valuation to make doublely sure. This again…[Read more]

Bricks to me sounds more fun than shopping for handbags.

Your on when i get back from the UK.

Cheers

Yours in Finance

Thxs guys appreciate the wrap.

Jac your Xmas pressie will be bigger than normal this year lol.

Cheers

Yours in Finance