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  • Profile photo of Richard TaylorRichard Taylor
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    March 1, 2012 - 10:34 am

    Hi Goldies

    Yes i can understand your frustration with lenders serviceability as we receive similar emails from clients every day of the week who have been refused borrowings by their own Banks / broker.

    Unfortunately without knowing all of the facts it is difficult to assess the deal but all i would say there are many ways to assess a deal and some lenders simply are not set out to assist investors whilst others are familar with some of the structures we use and the difference in borrowing capacity can be quite substantial between lenders.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    March 1, 2012 - 9:48 am

    No Victoria just because the property is in 1 entity and the loan secured against that entity is in the same named the property being purchased could be in any name / entity.

    We do it for clients all the time.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    March 1, 2012 - 9:44 am

    In the main Jamie is correct however once the Trust / Company has been running for 2 Year and if you are in the business of buying property then rather than taking a given percentage of the rent lenders will take 100% of the net profit.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    March 1, 2012 - 9:41 am

    Hi Jason

    Yes you are right many lenders rub their hands with glee as soon as you mention you are buying in Trust as it means they can charge either a higher interest rate, increased application or a combination of both.

    In saying this there are also just as many lenders who dont treat such entities as a money making venture and understand the structures required by investors.

    In fact i can think of a couple of lenders that actually will give a rate discount based on the quality of the application and not based on the entity.

    Happy to provide further adviice if you need it.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    March 1, 2012 - 2:32 am

    Terry is an expert on Asset Protection / Estate Planning so listen to what he has to say.

    Transferring the property will not benefit you and will only cost you duty as explained.

    In regards to going forward you would want to discharge your current loan and take out an investment line of credit rather than utilise any redraw etc and then use these funds for deposits / loan to the Company / Trust for acquiring the new cash flow positive assets.

    Get your Broker to shop around as you will be suprised the difference in cost when it comes to application fees / interest rates etc for "cash out" loans.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 29, 2012 - 1:54 pm

    Income and serviceability is certainly important but one of the key factors in any successfully investing strategy is loan structure.

    You can always look to source alternative funding with a lender more generous in its serviceability if the loans are set up correctly in the first place.

    Debt recyling helps tremendously but there are also many risk management tools you can apply.

    I built my portfolio from positive cash flow from instalment contracts and that has helped me fund and almost pay off entirely the debt on our 40 investment properties.

    For everyone it is slightly different but i always say to many a virgin investor if the foundations are not sounds then you cant move forward. Lenders and many brokers have absolutely no idea how to structure a loan and without this the No Go sign appears quicker than you think.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 29, 2012 - 1:40 pm

    Victoria trust me you will be in good hands with Jamie.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 28, 2012 - 11:12 pm

    I am also lost.

    Stamp Duty if purchased as an investment property will be a lot more than $3K (Try nearer $9K on a $300K investment property).

    I just cant see why you would do it that way around.

    If you claim it as your prime residence initially and then decide to rent it out you can still have your cake and eat it.

    All of your expenses become deductible the day the property becomes available for rent and this included BC Contributions, Council rates, Insurance, Borrowing costs (propertional over 5 years or the term of the loan) etc etc.

    You would just go Interest only with 100% offset account.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 28, 2012 - 12:51 pm

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

    Sounds like you would want to be getting a second opinion as it could well be that your lender as Michale has mentioned is either wrong are ultra conservative when it comes to serviceability.

    I can think of a few lenders who would be like this when it comes to equity release but in saying that many others who are not so.

    Without hard data it is hard to tell you whether they are wrong and mistaken or just darn shy at lending you anymore.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 28, 2012 - 12:48 pm

    CBA may not have a clue so good luck.

    Just make sure that whoever you use sets it up correctly as it can be an expensive mistake if not done so.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 27, 2012 - 12:56 pm

    Sorry Samuel dont want to burst your bubble but you have no chance getting in finance for a $300-$400K investment property in Brisbane with only $20K deposit.

    The Stamp Duty and other acqusition costs could easily come to $15K and you will be lucky to get more than a 90% lvr assuming you Credit score up ok.

    I would think about going back to the drawing board and savings a wee bit more money first.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 27, 2012 - 12:50 pm

    Hi t23

    I can see 2 issues.

    You wont get the First Home Buyers Stamp Duty concession so will need to ensure your existing savings can cover that as you will be assessed at the investment rate and

    Secondly the FHOG will not be available at Settlement but you will need to lodge it once you satisfy the residency conditions.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 27, 2012 - 12:45 pm

    Hi Tiger

    No hate to say NO.

    LMI is charged at the time and even if you refinance 15 months later you wont get a partial refund these days.

    Certainly if the property has increased in value the best you can hope to get is that the top up loan is covered under the existing LMI premium.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 27, 2012 - 12:43 pm

    Hi Jcs

    No wouldnt know where to start in China.

    We limit ourselves to Australia, USA and the parts of Europe.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 27, 2012 - 7:47 am

    Kerrie

    My Accountant for the last 15 years is based at Southport and nothing is too complicated for him. (Well if he can do my Tax returns he can do anyones).

    Steve Hodginson – Partner Gold Business Group

    56 Davenport Street
    (Cnr Davenport & Bay Sts)
    SOUTHPORT  QLD 4215

    Postal:
    PO Box 428
    SOUTHPORT  QLD 4215

    Phone: (07) 5532 2855   Fax: (07) 5532 4563

    Tell him i sent you as most good Accountants are no longer taking on new clients.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 27, 2012 - 7:16 am

    Yes sorry i am with Jamie and cannot see why the rate would differ if you are self employed.

    Course this assumes that it is a full doc loan and 2 Years Tax Returns etc are all available.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 27, 2012 - 7:14 am

    Hi Mark

    if the sole security of the property is the PPOR itself then the simple answer is No.

    Must admit i am unsure how you could get 3 different answers when there is only Yes or No lol.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 27, 2012 - 7:12 am

    Hi Amanda

    Sent you a response to your email last night.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 26, 2012 - 3:25 am

    Hi Audio.

    My 5 cents worth.

    Dont waste time shopping around for a regional broker to help you just drop Jamie a line and get it sorted out be a true Professional who knows his stuff.

    I have seen so many clients come a cropper because they have not structured such a loan correctly.

    Seem to spend all of my working day these days fixing up the mess made by many a lender / broker so dont leave it to chance.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 25, 2012 - 3:30 am

    fredo getting a 50K increase in your income is unlikely to be of detriment to your financial position going forward.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

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