Forum Replies Created
Hi Catlyst
You are referring to the Portfolio product the Dragon offers with 10 splits.
If it is done under their Professional package it is a condition of the package that all loans are crossed irrespective of the name and security shown on the offer letter.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
My god whats your name John Daly……
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Nurse
In addition to Jamie's excellent comments I would also ensure that the loans are standalone and not crossed collateralised.
This will make life easier when it comes to unlocking the equity.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hate to say it means cross collateralising securities so would never recommend it to a client.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
What do you want to know.
Most experienced property investors have used Call Options in their developing.
Hardest part is getting the Vendor to agree to accepting an option.
Rest is fairly straight forward.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Most long term investors dont negative gear.
i dont own a single property that isnt considerably positively geared.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Ajay
You may want to sell 1 or more of the units hence the reason for Strata.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
As i said it is not Tax deductible but added to the Cost Base there is a big difference.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Ajay
The property doesnt have to be Strata Titled for the units to be rented out individually.
In many cases landlords (and i have 2 such blocks in Brisbane) will not Strata Title them because they dont want to have the units individually treated for Council Rates or Land Tax so keep them as a multi purpose dwelling.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Are you sure about that Your trip over is a taxable deduction.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Yes Spiro 2 weeks left there with Anz.
Agree Marty interesting stance that the emphasis is now on the Broker under NCPP with some lenders.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Jamie who post here is in the ACT and by my geography that is only a good 3 iron away.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Terry
Yes Anz Lodoc 60 requires BAS from now on whilst Lodoc PAYG disapeared some months ago.
At the moment NAB still do P & I Lodoc on their SVR or LOC product (Not interest only) on stated income but talking to them today this will likely change before Jan 1 11.
Suncorp have announced a change as well so limited market when it comes to Stated Income.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Assuming you are happy to cop some LMI and based on the fact that you can service the loan then should be able to borrow in the region of 450K.
Couple of ways of going around this but in the end boils down to level of confort.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Yes put 2 deals in with Anz under the old system at the start of the week and got approvals today in the nick of time.
Think this will be across the board with major lenders as they comply with NCPP.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
B.I.G meet out at Salisbury once a month and discuss all aspects of property.
Have some good guest speakers.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Just to correct your post the National Consumer Credit Protection code has nothing to do with it making it more difficult to borrow or arrange finance in the US it relates to the licensing requirements and the stance registered Mortgage Brokers in Australia wish to take.
Any Broker that applies for their own ACL certainly has no issues in arranging finance in the USA however anyone who has taken the Accreditated Representative route will be constrained by their License Holder in regards to financiers they are happy for them to use.
Each Aggregator is offering a range of options to it's member brokers and this will determine the stance taken by the individual broker.
Has nothing to do with the US and would be the same for dealing with lenders in Australia not on the Aggregators panel.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Try alternative lenders as not all leopards have the same number spots.
Take rental income for example.
Most lenders take between 75-80% yet there are some that take 100%.
Serviceability Rates – most lenders apply a margin of 1.5%-2% on top of their standard variable rate however some only apply 0.6% and take the actual repayment where they are not taking the property as security.
Makes a big difference.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Private lenders dont keep these offers open forever and a day so the offer had a acceptance date.
This stops customers merely using the offer letter as a tool to approach another lender and try and negiotiate a lower rate or better Terms.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Sparkys
Assume that you paid down $50,000 of your investment loan balance and then decide you need to purchase a motor vehicle for $20,000 or use the entire $50,000 as deposit on a new PPOR.
You redraw the $50K from the investment loan account.
Trouble now is that the purpose of the funds is not for investment and therefore the interest is not deductible.
You now have a split loan and an accounting nightmare.
Interest on the $50,000 at say 7.5% = $3750.
Assume a marginal Tax rate of 30% this would have meant an Annual Tax credit $1125 which is now lost.
Had of course you placed the $50,000 in a 100% offset account you can have still accessed the $50K and the interest would still be 100% deductible as the purpose test would be satisfied.
Nothing to stop you have a loan of $300,000 and $299,000 sitting in the offset account.
If you had no PPOR debt then you could always transfer the funds and pay down the home loan but at least you make the choice here. Flexibility is the key when it comes to investing and loan structures.Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
