Hi Rabbie

A Financial Adviser will not accurately be in a position to discuss with you loan structuring so you are always better to consult a mortgage broker for this.

You mention that the IP and the vacant land are mortgaged and that the PPOR is the security. When you sell the PPOR the lender will require either:

1) The loan repaid.

2) A…[Read more]

Ash

You should Contact Mic from Aussie House Hunters in Newcastle as he is a great buyers agent and has good experience of finding property in rural Qld.

Cheers Richard

richard@yourstatefinance.com
http://www.yourstatefinance.com

Specialising in US & IP finance.

Alex

For the Seller the plus points are it makes it easier for the purchaser to obtain finance and dependant on the interest rate charged may prove cheaper than traditional funding.

Also dependant on the market the vendor may receive a slightly higher price for the property than he would if sold to a cash buyer.

For the purchaser it may mean…[Read more]

Nathan

As Terry pointed out some of the smaller non bank lenders charge the client their legals fees but normally it is incorporated into the application fee if any.

Our firm of lawyers normally charges around $550 for a conveyance. They should be able to retire with the no of deals they have done for us over 11 years.

Cheers…[Read more]

To concur with Derek’s post ensure that you have had check of your finances before you look to give up full time work.

Trying to convince a lender to extend a LOC or to offer you development finance funding is not a good idea when you have just given up full time work.

Set up your structures in advance and then go for it.

Cheers…[Read more]

As Simon mentioned no lender can force you into cross collaterilsing securites unless your equity is not sufficient for the loans to stand alone.

If they tell them to sling their hook and go elsewhere

Cheers Richard

richard@yourstatefinance.com
http://www.yourstatefinance.com

Specialising in US & IP finance.

Steve

I am concerned already.

You mention that your in the process of wrapping your PPOR yet presumably you havent signed an installment contract or issued any of the consumer credit complaint documentation.

Dependant on which State you are in i can guide you through the process.

Cheers…[Read more]

Nathan Which State

Cheers Richard

richard@yourstatefinance.com
http://www.yourstatefinance.com

Specialising in US & IP finance.

Michael

When you say commercial what lever of lending are we referring to and on what type of security.

As you are sware a 5 unit block in the US is commercial. Are you a US Citizen?

Cheers Richard

richard@yourstatefinance.com
http://www.yourstatefinance.com

Specialising in US & IP finance.

The following lenders offer a Professional Package

Adelaide Bank / Amp / Anz / Aust Credit Union / Bank of Qld/ Bank West / CBA / Citibank / Colonial / CUA / Heritage / Homeloans Ltd / Homeside / HSBC / IMB / Macquarie / NAB / RAMS / Savings & Loans CU / St George Bank / Suncorp / The Rock / TIO/ Westpac/ Wide Bay

Others i have probably…[Read more]

Happy to give up my time if anyone wants to chat on the Gold / Sunshine Coast or Brisbane.

Cheers Richard

richard@yourstatefinance.com
http://www.yourstatefinance.com

Specialising in US & IP finance.

$600 Application Fee and $300 switch fee at the end of Year 1

Cheers Richard

richard@yourstatefinance.com
http://www.yourstatefinance.com

Specialising in US & IP finance.

Hellman

Don’t want to disagree with but having done 1 or 2 I must correct you.

“The Tax Office accepts that the likely correct way of treating income for a wrap is via “the emerging profits” rule. This is the recommendation made within the Position Paper.

Although it is acknowledged that CGT will apply, it is also acknowledged that the CGT is…[Read more]

Hi parkdog

Yes try Westan, Alvin both of who are in the US at the moment or Mic at househunters in Newcastle.
If you are Melbourne Chad Simmons can also help out.

Email me if you need a hand with the finance over there.

Cheers Richard

richard@yourstatefinance.com
http://www.yourstatefinance.com

Specialising in US & IP finance.

As Simon stated

6.29% with $150 / year
6.14% fixed converting to 6.76% at end of year with monthly fee of $6
6.65% var no monthly fees.

But as we always say there is more to a product than merely the cheapest rate of interest.

Cheers Richard

richard@yourstatefinance.com
http://www.yourstatefinance.com

Specialising in US & IP finance.

Alistair

Wow wish i developed in Victoria in Qld and expecially Brisbane DA can take 6-10 months.

Hence most projects are purchased on Option or extended settlement.

Would never purchase a property with a DA in place.

Cheers Richard

richard@yourstatefinance.com
http://www.yourstatefinance.com

Specialising in US & IP finance.

Hi Skippygirl

Yes i purchased the property 6 x 2 units on a non strata basis and inline. Then made application to strata title the property.

I certainly could if i wanted to pull out the avaialble equity in the property but have no need to do so and am happy with a small mortgage on each of them.

Each of my 3 kids has a paying in book and knows…[Read more]

Assuming you will be using the Margin Scheme what about GST.

Advertising and selling costs
Concil Contributions
Insurance – Both Construction and PI
Assuming they are going to be a small lot body corporate – BC contributions from registration to settlement.
Title fees to DNR and legal costs.

Cheers…[Read more]

Chris

As mentioned to you I would always use a Oz mortgage broker but in saying that i am slightly biased.

Cheers Richard

richard@yourstatefinance.com
http://www.yourstatefinance.com

Specialising in US & IP finance.

Hi mkofsky

I decided to do the same for my 3 children a year ro 2 ago although mine are a little younger being 7,9,11.

I purchased a block of 6 x 2 bedroom units which i strata titled and refurbed 3 and paid down the debt on the other 3 to next to nothing.

I now have the 3 units in Trust one for each of them and whilst i have Tax to pay on the…[Read more]