Hi JamesCan certainly recommend Jamie as one who knows his onions.It is funny you mention your FInancial Planner who didnt own any property himself, i make the same comment to my clients. How can your mortgage broker recommend a loan structure for going forward when he hasnt even paid off his own PPOR.My sister in law lives in Orange and…[Read more]

3 Years late on the take up that one Don.Mike became a client of ours in June 2008.CheersYours in Finance

Glad we were able to assist ferninandCheersYours in Finance

Phew glad you corrected that Michael as my last unit block i purchased we ended up paying on Aggregation.Of course there are a couple of legal ways around it if you use different entities and adjust the purchase price.Recently purchased a block of 4 2 units in my SMSF and 2 in personal names. Keeping then for 366 days meant i paid 10% profit in…[Read more]

Will your current lender allow a 2nd mortgage to be registered ?If so there is your equity.CheersYours in Finance

EVReason no one has answered to date is that it will vary from State to State and Council to Council.In essence once the surveyor has prepared the plan of subdivision and lodged this with the Local Council you will receive confirmation that the subdivision can proceed and then your Solicitor will lodge this with the Dept for Natural Resources.You…[Read more]

Never like to correct JacM but there is nothing to stop a SMSF undertaking a construction, doing a subdivision, rezoning etc as long as the SMSF is not seen as running a business or trading in property.I have purchased many development deal in my SMSF.Last 1 was a block of 4 units in rural victoria which we strata titled and sold off i…[Read more]

There are mining towns and mining towns.90% is doable even 95% if you were living in the property whilst you worked in the mines but like anything depends on the rest of the deal.CheersYours in Finanec

As Jamie mentioned if the purchase price is only 70K you may find you need more than 10% deposit subject to post code, zoning and location.Sounds rather regional rural to me and that is not a good start.CheersYours in Finance

Hi AshHate to say Yes it does apply to you as the purpose of the redrawn funds was for personal purposes.The way your lender should have structured the deal originally was an interest only loan with 100% offset account.An relatively expensive lesson learned i feel.CheersYours in Finance

Excellent stiff Jamie.Always good to hear of forum clients being helped out.CheersYours in Finance

T Alistair is based in Melbourne and an excellent finance broker with vast experience in development finance.I personally would drop him a line and get him to organise the finance for you.At least this way you now it will be done properly.CheersYours in Finance

Often comes down to the fact that the original cannot finance such a development deal so happy to take something and leave the rest for someone else.CheersYours in Finance

Hi FindenFirstly welcome to the forum and I hope you enjoy your time with us.Appreciate the wrap Jac you are too kind.As Jac M has mentioned lenders love to take all of the lovely equity in your PPOR as security in such circumstances and for the unsuspecting investor it sounds like the way to go. You will be told that it is easy to organise,…[Read more]

There are many debt recycling strategies doing the rounds most of which involve you being charged a fee for some smoke and mirrors.I dont now who Jason Whitton is from a bar of soap but normally you would link the offset account to the PPOR and then have all of your income going into this account in order to reduce your interest being charged and…[Read more]

Depending on the number in the block and the amount of equity you have in the existing IP's financing the construction shouldn't be that difficult.Lvr will be limited being expats but then again many people do it.CheersYours in Finance

Ian seeek professional advice because this statement is certainly NOT trueUltimately a SMSF can invest in anything as long as the documents as part of the SMSF states this.CheersYours in Finance

I am slightly older than Nathan so he has plenty of time up his sleeve.I started buying my first property in Oz the year i after i arrived from the UK in 1994 and purchased solely in Brisbane and SE Qld.We focused on multi unit brick blocks and subdivideable land where we could build multiple dwellings / townhouses on them.In a lot of cases we…[Read more]

Tony,Land Tax is paid in arrears on the assessed land value at June 30 so i am unsure how you can expect to claim a refund.CheersYours in Finance

As i mentioned in the reply to the same post in another section of the forum you would not use your PPOR to solely secure the loan.Carefully structuring is required to avoid contaminating the interest and in my opinion the investment sub loan secured against your PPOR would have a 100% offset account attached to it to save you even…[Read more]