Forum Replies Created
As i said Gadens did not create NCCP with our without Jon.
You arrive and 5 minutes later you start advertising your wares.
Honestly mate give a little back to the community before you start flogging your services.
With a mass of 8 posts most members can see right through you.
Dont worry we have seen your sort come and go every week or two over the last 9 years.
And by the way have no issue with your business even if i do not believe in the concept or agree with you.
If you ever read API magazine you will see the reason i am involved in the Finance industry.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Be suprised how regularly we hear that a client has outgrown his Bank manager.
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Yours in FInance
Richard Taylor | Australia's leading private lender
Incredible isnt it a Banker giving Tax advice wants next the girl at the local will do in branch your'e conveyancing.
Simple answer is approach someone who knows what they are talking about.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Totally agree with Terry that crossing the loans will hold you back especially if you dont agree with the Banks valuation.
Suprised your Mortgage Broker recommended that course of action.
Get him to organise the new free valuation and draw down the increased equity. If the property was purchased that far under markey value you should have an issue.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Kong
It is a requirement of the Managed Investment Act irrespective where you advertise.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Really i didnt realise Gadens Solicitors created NCCP (I will assume you had a typing error in your response) i thought it was a Government legislation administered by ASIC.
Shows how wrong you can be.
Even with 10 lenders i still cant see how you can be offering a wide choice of lenders.
Wonder why we get so many calls and emails each week.Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Tegs
Your situation is one we come across with clients on a regular basis and actually have a forum member this week who we have assisted financing exactly what you are wanting to do.
I would keep the 2 loans totally separate and structured correctly you could do the deal over and over again.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Kane with only 6 lenders on your panel i dont believe you are getting clients the best deal possible.
Be interested to see how you get around NCPP with that kind of statement.
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Yours in Finance
Richard Taylor | Australia's leading private lender
See how you go negotiating the $660 upfront legal fees for perusing your Trust Deed and Constitution.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi guys
Regret to say no you cant borrow against soft costs.
There is the loan is being done on a residential basis you need to be a wee bit careful on how you structure the deal from day 1.
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Yours in Finance
Richard Taylor | Australia's leading private lender
GOM
Yes not bad is it.
Just think assuming they paid you trail commission on a loan of $400,000 at say 15bps and paid you from day 1 (and many lenders dont offer that) it would take 6 and half years to break even.
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Yours in Finance
Richard Taylor | Australia's leading private lender
I cant see any reason why your wife would need to be a Director as long as she is a co-borrower that would be acceptable.
All depend most of the big 4 lenders would probably not offer such a loan in the present climate under one of their packages so rate discount might be limited and you would be certainly up for some legal fees for the assessment of the Deed / Constitution.
Couple of other lenders that spring to mind that would have no issue do the deal as a normal home loan 6.98% and have no fees whatsover.
Horses for courses.
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Yours in Finance
Richard Taylor | Australia's leading private lender
As Marty mentioned many lenders will require her to guarantee the loan even if she is a beneficiary so they are going to definately require her to be a party to the borrowing if her income is required to be used.
Loan could always be in the name of Pty Ltd ATF XYZ Family Trust & Mrs X.
Done a couple like that in the last week or so.
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Yours in Finance
Richard Taylor | Australia's leading private lender
The fact of whether you should hold multiple properties within the Trust is more a Asset Protection decision rather than a lending decision.
As a Trustee / Director you will need to declare any other loans in any other entities you provide guarantees for and that will not matter whether it is 1, 2 or 6 separate Trusts.
Your personal income plus the income of the Trust (normally rent) will be considered.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Arent they all !!!
Just ring him and ask him how many properties he personally owns.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Nope doesnt sounds like he is that popular.
Do a quick search and see what comes up.
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Yours in Finance
Richard Taylor | Australia's leading private lender
No way you are going to do it as the deductibility relates to the purpose rather than security on which the loan is taken.
Selling it to a Family Trust isnt goign to help you either unless you channel some of your business income through the Trust and can offset this against the interest loss.
Although doing it that way will incur Stamp Duty have you worked out the Annual Tax credit you will receive.
Alternative would be for 1 party to buy the interest of the other out.
Would need to check with the OSR in VIC as from memory there is S Duty payable where the property is a principal place but not if it was an investment (Dont quote me on that as i just dont have time check the Act right now) but is something we do here in Qld fairly regularly as when the property is a PPOR the duty is concessional in most cases depending on the value.
Not that difficult to do but obtain advice from your Solicitor / Accountant before going that route as you Bank will have no idea.
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Yours in Finance
Richard Taylor | Australia's leading private lender
If you are Vic give Alistair a buzz and get him to organise it for you.
You are probably going to pay someone an application fee so might as well get it done properly and engage Alistairs services.
As he mentioned a Com Loan may even work out cheaper in the long run and certainly maybe more flexible.
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Yours in Finance
Richard Taylor | Australia's leading private lender
3 units on the same Title under a residential loan is about limits (course odd lender doing more) and you will probably be limited to 80% of land and 80% construction cost.
Unlikely to get a GR loan on a residential basis for such a small project.
Likely rate around 7.4%
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Kerrie
I am at a loss why you would want to have a vendor finance partner become involved when subject to criteria you could obtain an on completion loan to carry out the subdivision, fund the application and complete the construction yourself.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
