Forum Replies Created
At 95% there are no lenient lenders or mortgage insurers trust me.
With most it will depend on your credit score as to whether you qualify and this can be determined by a number of factors.
If the property is investment and you want an IO loan there are other factors to consider.
With any hard data it is impossible to assess further.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Sam
Any reason why you wouldnt purchased them in a DFT?
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Richard Taylor | Australia's leading private lender
Hi Kim
The answer is simple = NO.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Even under Labour the First Time Buyers Stamp Duty concession on properties less than 500K was never removed.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Possibly Eddy but certainly good news for home owners.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Given that Campbell has agreed to drop the Stamp Duty for PPOR properties to allow for an owner occupied concession i think the chances are slim.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Yes agreed Terry.
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Yours in Finance
Richard Taylor | Australia's leading private lender
I agree with Terry i cannot see how Victoria brother could ever be a Director in his current state of health.
No lender would ever consider such a loan.
Yes i do think a SDT is possible Terry but not convinced that would necessarily be the way to go.
If Victoria buys in her own name and being her first purchase she will get both the FHOG and S/D concessions in Qld.
She intends to initially reside in the property so all good there.
She doesnt have to use the FHOG as debt reduction so might be better off going interest only from day 1 and keep the FHOG plus additional repayments in her offset account.
I dont see the issue of having to rent the property at market rent down the track being a real issue.
Victoria's brother may even receive rental assistance which would certainly help all round.Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Is ACT really across the border.
Often quicker to go from parts of Sydney to Canberra than across the City itself.
Either way when most applications are lodged electronically and documentation done by email etc these days your Mortgage Broker could be anywhere.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Victoria
Welcome to the forum and i hope you enjoy your time with us.
Terry has made some excellent points in regards to the set up considerations.
In relation to the finacing perspective i dont believe you would find any lender agree to such a proposition on the basis you have outlined. Most lenders would want you to be a co-borrow rather than a Guarantor.
Course further hard data would be required to provide a more structured response.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Adis
Give Jamie a call he is an experienced broker and long time contributor to the forum.
He also owns a few investment properties so can advise you with an element of experience.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Tito
What sorts of properties are you looking at refinancing?
Bank West are competitive when it comes to multi unit blocks unless residential security is offered.
Resi product is ok but they are a pain to deal with credit wise.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hank to qualify for the FHOG you need to occupy the property for 6 continous months commencing within 12 months of Settlement.
There is nothing to stop you moving in on the 364 day.
Unfortunately the Stamp Duty concessions are not as liberal and vary from State to State.
In Qld for example you need to occupy the property for 12 months from the date of Settlement so cannot move out after 6 months.
In regards to the FHOG you can still purchase an investment property and then purchase your own PPOR at a later date and qualify for the Federal Grant.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Have to be honest i always suggest PPOR first as whilst you can get a second grab at FHOG you can't in most States with the Stamp Duty Concession.
If you take Qld for example the savings if you buy your PPOR initially, comply with the S/D residency requirements and then rent out the property amount to nearly $12,000 on a $400K property.
Each to there own but as i say nothing to stop you living in the property then renting it out.
Maybe Hank will have a different opinion.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Yes definately it has gone from 5 to 4 lines.
Still needs to be amended.
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Richard Taylor | Australia's leading private lender
Hi Hank
Appreciate your keeness to tout for business but you might want to read the rules of membership.
A maximum of 3 lines are allowed on your signature.
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Yours in Finance
Richard Taylor | Australia's leading private lender
One consideration would be what can be financed over the block.
Many lenders do not like multiple properties on a single Title so that is going to be important.
If the property can be subdivided initially that would certainly help.
Whilst it is possible to get 3 dwellings on a single title with a couple of lenders care would be need to make sure you structur the loan correctly to avoid problems when it comes to the construction.
I have a deal on my desk from a forum member who went to a Broker for the initial house purchase and now he has come back to do the construction of the 3 dwellings the Bank has declined the deal. Always have to think "what if" down the track.
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Richard Taylor | Australia's leading private lender
Yes you can obtain a loan on a 457 Visa but you wont get it mortgage insured so limited to <80% lvr.
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Richard Taylor | Australia's leading private lender
Definately get some legal / specialised Accounting advice.
If you have set up the security custodian trust set up prior to the Pty Ltd entity you are asking for ATO trouble.
Hope that advice wasnt from your Broker.
We see clients with set up problems every day of the week. Even Solicitors who dont specialise in this area have no idea .
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Yours in Finance
Richard Taylor | Australia's leading private lender
Josef i will put that comment down to your maiden post.
Please let me know for which lender you open these accounts for and I will make sure i never refer clients that way.
Advice like that makes our job so much easier.
As it is i spend most of my working day untangling the mess bankers and brokers cause clients with comments like that.
Let us hope if you come back for a second post it is slightly more accurate and with a bit more thought.
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Yours in Finance
Richard Taylor | Australia's leading private lender
