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  • Profile photo of Richard TaylorRichard Taylor
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    July 9, 2011 - 7:14 am

    As the property increases in value or the balance of the loan secured aganst it falls you can re-use the equity so infinite.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 9, 2011 - 7:13 am

    Simple answer then on that information is NO.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 9, 2011 - 4:15 am

    Assuming you have no loan on the front house Yes you can certainly use the availale equity.

    Probably need to explain to your Broker / Banker what you are after but as long as the valuation stacks up you could use the equity to go again.

    Cheers

    Yours in Finance  

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 7, 2011 - 7:02 am

    Look have to say i disagree with the previous coments.

    Unless you are 100% sure you will be residing in the current PPOR forever and a day and will never rent the property I would recommmend you put all of the rent and your salary etc into the offset account (assuming it is a fully transactional 100% offset account) linked to the PPOR and have the IP interest debited from the offset account once a month.

    I would also make sure the PPOR loan iis interest only at the same time and you should be good to go.

    Cheers

    Yours in Finance

     

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 5, 2011 - 12:02 am

    Hi Melzy

    Hate to say Kane is not quiet right.

    To qualify for the FHOG you need to occupy the property for 6 continual months within the first 12 months from settlement.
    This means nothing to stop you moving in 364 days after Settlement.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 4, 2011 - 11:58 pm

    Alistair i must admit i for loved it.

    Bob sounds like the majority of Bankers i now and have met.

    Excellent keep them coming.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 4, 2011 - 10:00 pm

    Jamie i agree Peter Thompson knew how to design a course

    Cheers

    Yours in Finance.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 4, 2011 - 10:08 am

    Hi Ben

    Hamilton Island is a wonderful place so can never complain.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 4, 2011 - 7:30 am

    As long as the loan is fully documentated then no reason why it wouldnt be deductible.

    Course as mentioned your parents would need to declare the interest income the receive and this may have an effect on any present or future Centrelink benefits they may receive.

    On a side note personally i would not pay the loan off merely deposit the funds in your offset account.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 3, 2011 - 11:42 am

    Hi Derek

    Yes LMI premiums vary from Insurer to Insurer and even from Bank to Bank using the same mortgage insurer.

    It is a sliding calculation based on the loan amount and lvr and is a single one off premium.

    In my opinion it is definately worth considering if it gets you up the property rung that much quicker.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 3, 2011 - 1:28 am

    Hi Teza

    I for one would recommend Jamie from the forum here who has already made comment to the post.

    He can help you and is only a phone call or email away.

    This day and age most loans are lodged electronically so use of email / fax etc is an efficient way of deal with your Broker when he or she i not living on your doorstep.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 2, 2011 - 5:26 am

    Hi Maurice

    Yes i can think of a couple of lenders that will take both into consideration in varying amounts.

    Essence is the consistancy of the income so normally last 2 Year Tax Returns will be sufficient. 

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 2, 2011 - 5:24 am

    Benny i think you are over complicating the matter.

    If you parents borrow say $100,000 at 7% and then onlend the funds to you at the same rate they merely offset the 2 amounts.

    All they would have to do is do up a fairly simple Loan Agreement and you sign it.
    You may even be able to download a free Loan Agreement between family members. Do a quick Goolge search and see what comes up.

    I am away on holiday at the moment or would do it for you.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    July 2, 2011 - 5:21 am

    Jamie excellent post and totally agree with you.

    Small  addition "a deductible expense that can be claimed back over 5 years." or the Term of the loan whichever is shorter.

    If you take out a 3 year interest only loan then the LMI is claimed over 3 Years.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 30, 2011 - 11:09 am

    Call me a sinic why dont you but curious to see 2 responses both by new members making their first post applauding the services of a investment marketing company.

    Like asking what is Taylor like with finance structures and a Mrs Taylor answering Yes he is a jolly good chap.

    Hope Steve gave you the green light to advertise.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 30, 2011 - 11:05 am

    As Terry mentioned merely work out the marginal Tax rate on both scenarios and see which one stacks up better.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 30, 2011 - 11:03 am

    Tracey you have it one.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 28, 2011 - 11:29 pm

    Just do what my 15 Year old son did and that was white out the "D" and put a "B" and assume we would not notice.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 28, 2011 - 1:17 pm

    Hi Jack

    Thanks mate and appreciate the business.

    Locky's final game you have no chance especially when it could be 25 degrees up here at 8pm.

    Well heres hoping anyway.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 27, 2011 - 10:00 am

    Well said nathan.

    Course Jason might be a happy buyer but he could also be the Sales Manager.

    Wondered if he checked with ASIC before he went to Contract.

    http://www.somersoft.com/forums/showthread.php?t=71047

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

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