Forum Replies Created
If you have you own ABN because of your Stock Market trading you would probably qualify immediately for a loan on a limited document basis.
The length of period you have held your ABN will aid the situation as it increases the number of lending options.
If you have held shares with a constant dividend record for 2 years this will also mean this income can be taken into consideration.As far as a regular job is concerned with 3 months employment and that amount of equity you would probably qualify.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Ok shoot us an email and i will have a look for you.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Mat
What are you looking for ?
What you mentioned in the post on the other forum ?
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Mat
Not sure what you mean about a "Book Broker" i am hoping you mean a Good Broker.
Will depend on the rest of the deal and your own circumstances but if you want shoot me an email be happy to run with if for you.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Personally love the area mainly because the Golf Course is excellent and Caloundra itself is relatively unspoilt.
If you have an existing property in mind and want a Residex report done on it shoot me an email with the property address and i will download one for you.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Tiffany
There are no Tax benefits in buying below $500,000 however what i think you are referring to is the Qld Stamp Duty exemption for First Home Buyers.
Course this would not apply if you purchase the property as an investment property.Should the property be used for investment then you can claim both the Depreciation on the internal fixtures and fittings as well as the Capital Allowance on the Construction price. A newer property is likely to have more you can claim than something that is 15 years older however make sure that you dont pay for the Tax benefit.
A Quantity Surveryor can assist you with the appropriate report.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I am sorry did i read those figures correctly
Purchase price – $41,000 and you are looking for $11,000.
Hate to say you wont find any lodoc lender offer such an amount but you might be able to get your local bank branch take the security and offer a secured personal loan or similar.
Sorry that you find yourself in such a predicament.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Nope this was purely an lack of provable income.
He was told they were doing a complete review of all of their former lodoc developer clients and he was out on the street.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Lincoln i agree that pure Asset lending is still available but dont think you would find ANY Broker want to take such a deal on without satisfying themselves on serviceability as simply could not sign off on the loan Not being Unsuitable if there was no further checks or balance.
I had a client ring me yesterday from the forum who had been with CBA for 23 Years and has his Relationship Manager tell him earlier that morning that they were pulling his $1.5M Lodoc Line of Credit under NCPP.
They now wanted evidence of income which he was not able to produce being a small developer.$3M in equity and couldn't raise 50% on a LOC basis without some form of income substantiation.
Many investors who thought living on equity was they way forward have come a cropper and as i say to all clients living off rent is a lot better.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thanks for the clarification Mat
Lenders will still normally factor in some board etc even though you are living at home.
With the right product you wouldnt pay any if much LMI so that is probably the route i would go.
90% and No LMI.Course assumes good credit and stable employment.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Ok sorry my apologies also i didnt realise that either.
Choice package isnt an option.
Still a lot of lenders that dont charge ongoing fees.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hate to say the day of the Nodoc loan has been and gone.
With the advent of the new Credit Laws July 1 serviceability is the key and the ability to show that you can repay the loan is parramount.
Evidence however can be varied between lenders.
Some want payslips or Tax Returns. Some will accept BAS, Trading Statements etc or even a Stated Income.
You mention that you have 900K in savings so even at 5% per annum your interest income would be $45,000.
This would be on top of your potential rent.This is not to say that you could show satisfactory income but certainly would be a hard sell still be at uni.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Yes your local Mortgage Broker should be able to tell you who is on the NAB panel if the Banker cant do so.
Cheers''
Yours in Finance
Richard Taylor | Australia's leading private lender
Residex is a computerised modelling report which provides comparative analysis of similar properties and can be useful to compare other recent sales.
Shoot me an email if you want a Residex report done on any property as i have subscribed to the whole of Australia and I would be happy to run one off for you. It helps me with my due diligence on inter state property purchases.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Where is the block located ?
Cheers
Yours In Finance
Richard Taylor | Australia's leading private lender
Sweethome why dont you suggest get your mortgage broker to order a new valuation for you.
NAB Broker use internal valuers unless they have a valuation done by a panel valuer which normally comes at a cost to you.
Your Broker should be able to order one for nothing for you through his lending contacts.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Investment Pupil
I think you have misunderstood the concept of an equity loan in regards to your following comments:
with IO equity loan, that will mean i'll be applying for a fixed amount lump sum loan? If so, i'd rather get LOC as you can do IO repayments as well plus its more flexible as you can extend it as equity grows with having to take out another.
Yes the amount applied for is a fixed amount but a line of credit has an upper limit.
Assume you could borrow $100,000 because this was the equity that was available you would draw down the funds on Settlement and pay it straight back into the loan. When you needed the funds for the deposit on your next IP all you would do is draw down the required amount to your Solicitor Trust etc and interest would be charged on the amount owing.
As the funds would only be used for investment you dont have the issue on the redraw as the purpose of the loan is for investment.
With a Line of Credit you still need to make an application to increase the limit once your equity increases and this is subject to normal credit assessment. There is no difference in that respect.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Also just to add fuel to fire the NAB Loc isnt normally discounted the 0.7% even over 250K under a choice package.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Steve
Please post some useful information on the forum which might help others rather than merely come on here to sell your services.
15 posts and 15 self promotions is not what the forum is for.
Get some runs on the board first by helping others and contributing to the topic.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Adrian
i appreciate this is your maiden post so i will be gentle with you.
You might like to read the Terms of the Forum in respect of advertising your ser vices as it is not allowed and clearly a breach of membership.
The forum is a place to exchange ideas and views and to contribute and share knowledge.
Certainly you can have your contact details in your profile signature however blantly suggesting a member call you to utlise your services is not in the spirit of the forum.
Maybe you can post some free information which might be of use to Gabbin instead.
Richard Taylor | Australia's leading private lender
