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  • Profile photo of Richard TaylorRichard Taylor
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    February 24, 2012 - 9:29 am

    Apologies i read it that the Bank had recommended IO.

    Terry is correct start to panic with this level of advice.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 24, 2012 - 9:27 am

    Under NCCP you are required to advise the lender of any material financial change that is likkely to occur within the next 2 Years so this woulld certainly be the case here.

    If however you will be on full / half pay then no reason why the deal still cant be approved as long as serviceability can be met.

    Cheers

    Yours in Finance.

     

    Richard Taylor | Australia's leading private lender

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    February 23, 2012 - 11:55 pm

    Ok good for once i actually agree with the advice a Bank has given you.

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    Richard Taylor | Australia's leading private lender

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    February 23, 2012 - 11:36 pm

    Must admit i would never recommend an LOC for a standalone investment loan.

    These should be IO Term loans.

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    Richard Taylor | Australia's leading private lender

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    February 23, 2012 - 6:17 am

    Emma Vendor Finance is still regulated by NCCP so you wouldnt get any vendor finance company to do the deal unless you have gainful employment in Qld.

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    Richard Taylor | Australia's leading private lender

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    February 23, 2012 - 6:08 am

    We have just secured a couple of new finance lines with US lenders and maximum lvr is 65%.

    Due to the demand we wanted to close a couple of deals and now that we have done this we can slowly open it up publically.

    In FL we can still do 70% but in the main it requires 35% deposit.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 22, 2012 - 5:53 am

    Vivy, FYI i am a Director of First Home Owners Group Pty Ltd (FHOG Pty Ltd) who are Qld's largest provider of Vendor Finance so YES i do know what John is talking about.

    John is not referring to rent to buy or installment finance but simple 2nd mortgage carry back.

    What i was asking John was whether he was aware of a lender who lend 80% of the purchase price / valuation where the vendor left 20% in the deal by way of 2nd mortgage.

    To date i havent found a lender who will do it legally on an individual basis.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 22, 2012 - 5:48 am

    Anthony not an old post was raised on 21 Feb 2012.

    Yes we set up a lot of SMSF here in Brisbane where the poster comes from but it still cant be done.

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    Richard Taylor | Australia's leading private lender

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    February 22, 2012 - 5:43 am

    Hi both

    Yes hate to say going with certain lenders will limit your ability to go forward.

    1% discounts disppeared around 2 weeks and is something none of the main lenders are offering.

    In saying this i still would argue why you would limit yourself to one of the Big 5 lenders.

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    Richard Taylor | Australia's leading private lender

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    February 21, 2012 - 11:28 am

    Hi Morgan

    Yes you are right but if you also check with St George Super Fund Credit Kogarah they will not go to 80% lvr for a new SMSF it is 72% lvr in Orange.

    Also the SGB fees are as i quoted in the response to you other post not as you suggested being $6000 for the lot.

    We do 4 / 5 Dragon SMSF deals per month.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 21, 2012 - 11:03 am

    Sorry Morgan

    Hate to say you are wrong. Whoever has told you you can get 80% in Orange on that sort of loan is misinformed.

    Also as Terry and I have both mentioned your costs are out.

    I do 1 or 2 of these deals a week and deal with all 13 SMSF lenders.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 21, 2012 - 6:12 am

    Very true Paulie

    We see mistakes made every day of the week and even more importantly advice given by Bankers in regards to the name on the Contract. The Security Trustee also need to show the property details so often the Bare Trust is formed based on the fact the buyer believes the seller will accept his offer and then funds it does not proceed and the Bare Trust has to be amended. 

    The Bare Trust should not be formed until the property has been sourced and offer accepted.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 21, 2012 - 12:55 am

    Probably minimum loan $50K for a residential deal but the costs dont change.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 20, 2012 - 11:15 pm

    Hi Morgstar

    Hate to say that is not the end of it.

    As Terry has mentioned Bank application fee, lenders legals and Security Custodian Deed persual could easily come to another $3500 and you will not get an 80% lend in Orange.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 20, 2012 - 10:42 pm

    Good for you.

    You will be in great hands with Jamie and have someone you really wants to get to know your requirements and act in your best interest.

    Cheers

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    Richard Taylor | Australia's leading private lender

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    February 20, 2012 - 10:22 pm

    Hi Jef

    Hate to say you wont find any lender touch such a deal with a barge pole.

    The SMSF will be a Unit holder and will need to be a party to the loan.
     
    Under SISA it cannot do so.

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    Richard Taylor | Australia's leading private lender

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    February 19, 2012 - 9:27 am

    Hi Xuxu

    Financed many a similar situation and it can work well but as long as you understand the potential issues.

    The initial Title to the land will be in joint names and so will the ongoing construction loan.
    This means that both of you will be party to the loan and jointly and severally liable for the entire debt.

    Once construction has been completed and the Titles split you will need to refinance and each of you take out your own loan on your individual property.

    What happens if one of the parties cannot get finance for his half ?

    The remaining party will not be released from the loan liability and this may have an effect on his or her ability to go forward.

    Whilst i can see the attraction about doing the deal in the first place i think you to understand and appreciate the complexities about buying together.

    Get your Mortgage Broker to test the water first and ensure from the information you give him upfront you will be able to both qualify down the track as this will save a lot of angst when it comes to it.

    Cheers

    Yours in Finance
     

    Richard Taylor | Australia's leading private lender

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    February 19, 2012 - 8:40 am

    Heh Nath

    I am standing by waiting and have my fingers crossed for you.

    Cheers

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    Richard Taylor | Australia's leading private lender

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    February 17, 2012 - 10:39 am

    Great lender switches product without explaining consequences.

    Mhhhh let me guess who it was.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    February 17, 2012 - 10:38 am

    Yes exactly but make sure you dont cross collateralise the 2 loans.

    6.52% will no doubt be 6.62% post last weeks rate increase.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

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