Forum Replies Created
It will depend on the terms of the purchase contract and also what State you are in.
Richard Taylor | Australia's leading private lender
Makes no odds.
A license if required in some States merely to spot (and receive a fee).
Richard Taylor | Australia's leading private lender
As Terry said but the criteria for getting a 95% lvr has certainly toughened.
If you are a clean skin 1 employer and 1 residential address in the last 3 years no external debt other than a credit card you should be ok.
Richard Taylor | Australia's leading private lender
Nothing affends me but i was just pointing out they are a privately run conveyancing company and not part of the Qld Govt.
Dont want to give potential buyers / sellers the wrong impression.
Richard Taylor | Australia's leading private lender
Sorry mate YES I DO HAVE A COPY.
Is your email address the same ?
Richard Taylor | Australia's leading private lender
Sorry Terry just late in reading up on old posts.
Yes i do not have a PDF on the API article and am happy to send it to anyone who wants to read it.
Richard Taylor | Australia's leading private lender
Sorry this is clearly not true Conveyancing Works are part of the Government I believe.
They are a privately run company and $900 is not cheap.
My Solicitor who has bought and sold over 200 properties for me charges $665 + GST.
Richard Taylor | Australia's leading private lender
Depending in which State you are going to be sourcing the property you may firstly need to be Licensed.
Offering such a property for sale without the appropriate Licenses can be a costly mistake.
I would check with the Office of Fair Trading in your State.
Richard Taylor | Australia's leading private lender
Hi Bec
Welcome to the forum and I hope you enjoy your time with us.
No subdivision is not the only way to go but certainly the cleanest way.
Assuming the Title is in there name there is nothing to stop them applying for a loan and building on the property (assuming their lender allows multi properties on the same Title) and you making the repayments.
Less security for you even though it is your inlaws and not my favoured away at all.
Certainly assuming the property can be subdivided it is the way to proceed.
In saying all of this end you have to be happy living next door to your inlaws !!!!
Richard Taylor | Australia's leading private lender
Hi Sam
Ok i am assuming the Title was transferred to you and you in turn pay your parents monthly interest.
(Vendor Finance is just that finance provided the Vendor which appears to be the case here however the property was not sold by instalment as the Title has changed to your name).
Might have an issue as your parents will need to give you a loan statement showing your repayment history and you will be suprised how many lenders wont accept that.
Also if the refinance involves increasing the loan balance then you wont be able to claim an interest deduction on the additional borrowings.
I.e Assume the property value is $100,000 and you originally borrowed $90,000 and the loan balance is now $80,000 you cant go back and refinance to $90,000 and claim an interest deduction on the extra $10,000.
Richard Taylor | Australia's leading private lender
The interest on the Bank loan will be deductible once the property becomes available for rent.
Couple of caveats there in that i am assuming they vendor financed the property to you and that the figure of 90% represents 90% of the original indebtedness.
You may find refinancing a vendor loan a little harder than it used to be as many lenders will not accept it however your Broker should be able to point you in the way of an appropriate loan and structure.
Richard Taylor | Australia's leading private lender
Very simply because blatant advertising is not allowed on the forum.
In the 9 odd years i have been a member you see them come and go.
They join on day 1 answer 20 posts the same day, contribute nothing to the greater forum membership, push their products and services at every opportunity and then disappear when their spruiking efforts fail.
Richard Taylor | Australia's leading private lender
I agree with Terry.
Submitted one for a forum member this afternoon at 1.00pm and 1.10pm had the conditional approval subject only to an external valuation.
Admitedly this level of service is out of this world and the deal was a fairly straight forward one but all depends on who you deal with at NAB.
The Bank has a few quirks when it comes to some parts of its policy but your Broker should be able to help you through this.
Richard Taylor | Australia's leading private lender
Been there and done it and as has been raised if you are not careful you can get bored very quickly.
I have travelled extensively around the World so choice and working when you want to or the flexibility of not having to panic about money can be a real motivator for many.
Rather than go into depth about some of the pluses and minuses you can read the sorty in the August edition of API (email me if you really want a copy on PDF).
As for borrowing i can still borrow as much today as i could when i was working full time so rental income is perfectly acceptable to lenders as long as your equity position is good. Lodoc style loans are definately not required.
Richard Taylor | Australia's leading private lender
It will all come down to the size of the property, the zoning and whether it is income producing etc etc.
i can think of a lot of lenders who wouldnt lend more than 40-50% but others that will go a lot higher.
Richard Taylor | Australia's leading private lender
Just to clarify the Cost Base is only redcued by the amount of Div 7 Capital Allowance you have claimed and not the Depreciation on the internal fixtures and fittings.
Once this is claimed it is not repaid when you sell.
Richard Taylor | Australia's leading private lender
Firstly welcome to the forum and I hope you enjoy your time with us.
Congratulations on completing your studying.
Whilst i think the 3 areas you have mentioned all have individual merit when it comes to potential and capital growth i dont think you have any chance of finding anything that on the surface will be positvely geared at the moment.
Let us know if you want a property report done on any individual property and i can email you one from Residex.
I am looking at a couple of development sites in Ipswich and Residex is just one form of due diligence i find helps.Richard Taylor | Australia's leading private lender
Amazing 3 maiden posts from people promoting the services of a property marketeer or am i just a sinic.
Richard Taylor | Australia's leading private lender
Personally i would go 100% fully transactional offset with Interest only loan.
Regretfully though this is not available thru CBA.
Richard Taylor | Australia's leading private lender
I think you can overcome the temporary work position as long as the lvr is less than 80% and everything is sufficient.
Richard Taylor | Australia's leading private lender
