What rate did NAB quote you on the Line of Credit.Must admit i think you could do better than Bank SA although i am not the biggest fan of the Dragon at the moment

YI has beaten me to the punch but a clean Interest only loan with 100% offset account would certainly be the way to go.Direct all of your income, rent etc into the offset account and then have the monthly interest swept from the same account.When you buy your new home in Qld split the loan so you borrow 80% of the purchase price on the security…[Read more]

Ring the local Council and get the extension approved simple as that.If the work was done illegally then it is likely to be picked up on either a Building Inspection or an Council Seach carried out by the Buyers Solicitor and either way you may find yourself in more trouble if you let them notify the Council rather than you.

No GST on the purchase but be careful if you renovate the property, strata the block and the look to onsell this is where you could trigger GST.

No same here but 1 lender never actually went away lol

Yes been quiet a few around doing 95% NGS for a while.

Arvind if you place these funds in an 100% offset account then you wont have an issue.

VeroniquiOh yes indeed.

As i say i am only aware of 3 lenders who will consider this at the mo and their policy is extremely tough.

Oh i think we can all figure out who it is if it is in Qld.

Hi MichaelHow many lenders do you know of that are still lending to PIT's.I can think of 3 and their lending policy is horrid.

Hi hotdogHate to say it doesnt work like that my friend.Redrawn funds wont be Tax deductible.Might be a couple of things you could do if the property is jointly owned.

Hi AmandaHate to say wont be anything to do with an Accountant.Issues are not only the Stamp Duty which maybe payable (However you maybe entitled to the concession if the value is less than $500K and it is a first purchase) but also the potential CGT you parents will incur on the sale.This will be based on market value not Transfer value.Also if…[Read more]

Hi BrianAlmost right but the theory is that you would use the LOC to funds the deposit, acquisition costs and in this case renovation and other expenses and then take a standalone loan on the IP.Might want to set the LOC up nice and early as refinancing or restructuring can take a few weeks and the Selling Agent may require a deposit up front…[Read more]

Hi VeroniqueYes there are lenders that will however just bear in mind that what is cash flow positive may only cover the interest and not the other expenses such as Rates, Insurance, maintainance.Also what happens if the property becomes vacant.You would certainly want to have some form of cash or equity buffer built in.Rates of interest also…[Read more]

Agreed a couple of them do have slightly higher rates.

Sorry been flat out and couldnt get to this one until today,Anz Bank – Depends where on the Coast but either HTW or CBRE.ING – As above as well as Herriots.NAB – Internal inspection from staff valuer. Adelaide Bank – As per Anz and ING.Couldnt tell you about HSBC as they thankfully dont operate in the Broker sphere.

Yes thats fine.

There are 6 or 7 lenders still doing 95% lvr and 5 of them dont require you to have any relationship with them.

Alex wouldnt touch it with a barge pole.You wont get finance on it past circa 60% lvr so will need a decent deposit and all of these Hotel managements are only as good as the Company behind them offering the lease or guarantee.Usually $2 shelf companies.Several in Brisbane have got into liquidation and the investors left with a room and nothing to rent.