Forum Replies Created
Joe sorry has nothing to do with the maths has to with the mortgage terms.
5 + 5 normally equals 10 but could be soomething else if + has an alternative meaning.
Without seeing behiind the scenes and understanding the letter of offer you will never now the answer.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Ok answered
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Yours in Finance
Richard Taylor | Australia's leading private lender
Ok the variables are untold.
Which lender is with and is the loan variable?
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Joe
Without seeing the loan statement i hate to say there are so many variables it is not true.
Does the lender charge interest daily and debit monthly, is there an offset account attached. Is it a 100% offset acccount and If so does the interest get offset daily or quarterly like some.
Does the offset account alter the interest component or merely adjust the principal balance.
The rate of interest at 4.5% i assume is a typing error or maybe it is a longer term fixed rate.
Does the lender allow for weekly repayments.
Sorry but the list goes on forever.
Easiest thing to do is give the lender a ring.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Sorry Erin but living, working and investing in Brisbane and SE Qld i still have to refute your statement as clearly inaccurate and untrue.
I discuss deals with valuers all day long and i am sorry the facts dont back up that statement dispite throwing the odd out of context media comment into the mix.
You go ahead believing that and advising your investor clients accordingly and i will go ahead acting in my clients best interest and securing them investment properties that value at purchase price.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Anthony
Firstly welcome to the forum and I hope you enjoy your time with us.
You are right Mortgage Brokers source funds from a panel of lenders and most of us dont charge the client anything for our services as we are remunerated by the lenders with who we deal with (This includes lenders such as CBA etc).
All Broker on the forum here have numerous investment properties so understand what most investors require.
In regards to serviceability this is not a straight forward calculation as there are many variables involved in assessing a clients loan.
Lenders such as CBA have a fairly poor serviceability model when it comes to investors so the amount you might qualify with your Bank and another lender could vary considerably.
Regretfully to provide you with a more accurate assessment we would need a little more hard data.
Promise we Brokers dont bite so if you wanted to flick me an email i can give you an indication of what you can likely go upto.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Also what you have to bear in mind that 1% off the SVR with Wesuck is actually higher than 1% off the SVR with the other majors as their benchmark rate is higher.
I would be wanting 1.06% discount..
In saying all of this it depends on the loan and lvr.
At 250K and lvr of say 75% or less you should be getting circa 1.2 – 1.25% discount.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Shell
Easiest thing to do is ask selling agent to provide you with a copy of the minutes of the last Annual Body Corporate meeting as this will give you a lot information in regards to the state of the complex, planned expenditure and also the level of the Bank Account in regards to the Sinking Fund.
Should be a 6/7 page document but will reveal a lot of information.
Any Vendor worth his salt who wants to really sell his property will make this available.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
As Terry has mentioned getting a loan past around 65% will be the hard part.
Lenders dont like Fixed Tenancies at the best of time and especially when it is over 1 year.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Appreciate the wrap Jac.
Promise i will following up your deal first up Monday and report back during the day.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Ash
Without being funny your Broker should be giving you this information.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Ash
Yes thought it sounded like a Homeside loan.
If the net balance is $50k then the monthly interest repayment is $50,000 x 7% / 365 x the number of days in each month.
Yes some lenders have a pecular offset account where the repayment stays the same and the loan balance goes up and down.
Not ideal when you intend to rent the property out in the future.Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
No-one that i know of.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Ash
Not sure who told you that a lender can take your funds from your offset account and pay down their loan but that is not correct.
Assuming that the loan is an interest only loan with 100% offset account and not with lenders such as St George, CUA etc then if you have $350K loan and $350K sitting in your offset account then NO interest will be payable.
Hope this clarifies the position.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Erin
Please understand at this point in time ALL properties in Queensland are being valued at under replacement cost
Sorry but that statement is clearly not true and is highly deceptive and misleading to potential investors.
We arrange valuations on around 140 properties a year many of them of which are brand new and certainly this is not the case. I have been involved in the industry for over 25 years both here and in the UK and i not sure whether this is the feedback you get on the properties you are marketing but certainly it is not on any of the stock we are involved.
Sorry but as i say your statement is totally false.
If the property has been downvalued by that amount i think it should tell the purchaser something about the price.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Lesley
Difficult one to provide you with a structured response without further hard data.
Are you using equity in the PPOR as deposit for the IP ?
At what stage is the construction at and is it being done thru a Registered Builder.Probably 101 more questions but having received a record number of applications in today i am having an early night catching up on some reading.
Feel free to drop us a note if you want with some actual numbers and i can tell you whether it can be done or not.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Adam
Funny this is a question i probably get asked more than most from forum clients and in fact there is no right or wrong answer.
Depending on the State you are purchasing in you will probably loose the Stamp Duty concession if you buy the property as an IP first up and that could be a sizeable amount. The $7000 FHOG will still be available second time around if you choice to make the property an IP.
Also remember the FHOG requirements are that you reside in the property for 6 continual months commencing in the first 12 months.
As a guide assuming you were buying in Qld and the property costs $400,000 the saving in the Stamp Duty would be around just shy of $12,000. Certainly unlikely to be getting that back in way of a Tax credit over a 6 month period.
My suggestion would be to ensure you structure the loan correctly from day, buy it as a PPOR and then you can always look to move out of the property and rent it in the future.
Flexibility is the key.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Heh i am concerned now.
I checked my DFT deeds and there is no mention what happens when i go grey.
Think i might have to get Terry to reword them !!!!!
Rusty alway best to plan for ever eventuality.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
As i say no you dont have to jump thru any hopes.
A couple of lenders take probation as if you were a standard employee.
We do them regularly.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Sbhjain
Firstly welcome back to the forum and i hope you enjoy your time with us.
There are a couple of lenders who will go to 90% lvr even if you are on probation so that is not usually an issue.
Course like any other deal more hard data is required to ascertain the best way forward.
Drop me an email if you want any other information
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
