Forum Replies Created
GE pulled out of the Australian lending market about 18 months ago so i guess if they price themselves out of existance they are encouraging you to leave them.
Interest rate tinkering is a tool used by all lenders depending on where there are in their desire to win market share.
Look at Westpac's standard variable rate and you will see what i mean.Richard Taylor | Australia's leading private lender
Not sure where Ductster heard that as NAB are certainly not a lender who will lend without a Fixed Price Contract.
Richard Taylor | Australia's leading private lender
Yes LMI where incurred for investment is considered a Loan Cost and a deductible expense over 5 years or the term of the loan whichever is shorter.
if you equity galore and dont need to take out LMI then dont do just for doing so sake however if you intend to purchase again and equity is tight you might want to cop in on the chin now whilst the deal can be done.
Lenders under the new NCCP legislation are certainly tightening up policy and often a matter of taking credit when you can get it as when you need it it might not be available.
Richard Taylor | Australia's leading private lender
Shout me an email with the address and I will pull up a Residex report on the property for you.
Richard Taylor | Australia's leading private lender
Gbalf
In essence Catalyst is correct however that is not necessarily the be all and end all.
Is the property owned Jointly ? If so you could look to purchase / sell the share to the other party.
If not you could look at selling the property to a Unit Trust where you hold all of the Units and in this case tjhe interest on the new loan would be fully deductible.
Depending on the relevant State you are in there maybe some Stamp Duty considerations but structured correctly and dependant on the new purchase price / loan amount could be well worth it.
Richard Taylor | Australia's leading private lender
Hi Beth
No i dont believe anyone was suggesting this not use the equity in 1 property to purchase another as otherwise you are forced to use your own cash savings and certainly not wise especially when you are starting off.
Your Broker should be able to show you ways to maximise your borrowing yet structure the loans correctly.
Richard Taylor | Australia's leading private lender
Now i would wait until you have found a property and are ready to pounce.
Also why would you have a P & I investment loan ?
Richard Taylor | Australia's leading private lender
oneworld
If you are happy to consider someone on the Northern Gold Coast why not try
Steve Hodgkinson who is a partner with GOLD GROUP CHARTERED ACCOUNTANTS.
Steve has been my Accountant for 14 years and is an expert on property structures.
I have a few more properties than you and dont pay that much more in Accountancy fees.Address
56 Davenport Street (cnr Davenport & Bay Streets),
SOUTHPORT QLD 4215Postal Address
PO Box 428, SOUTHPORT QLD 4215Phone: (07) 5532 2855 Fax: (07) 5532 4563 Richard Taylor | Australia's leading private lender
Yes think you are getting a little confused.
If the loan is $300,000 then the P & I repayments are based on this loan amount.
If you have $100,000 sitting in a 100% offset account then interest is only charged on the net balance i.e $200,000.
Therefore the difference between the 2 figures is a principal reduction.
As the principal debt reduces the amount of interest reduces but assuming that interest rates do not change the monthly P & I repayment will stay constant.
Richard Taylor | Australia's leading private lender
First thing is dont use your current redraw as the interest is not deductible.
Dont use your funds in your MISA account as you are loosing valuable deductible interest.
You can take out a separate loan on your PPOR to 90% or even 95% with the odd lender however will incur LMI over 80%.
LMi where used for investment is considered a loan cost and as such is a deductible expense.
Many would be investors fall into the trap when trying to correctly structure a new loan for investment so ask your Broker to set out the cleanest way of doing so to maximise your deductions and keep things separate and simple.
Richard Taylor | Australia's leading private lender
Yes have done 3 or 4 of them in the last couple of months alone.
Richard Taylor | Australia's leading private lender
Yes that is correct.
Interest is charged on the lower amount and therefore is all you can claim during the year.
Richard Taylor | Australia's leading private lender
Good to hear Rudra.
Never stopping trying mate and you will get there.
Richard Taylor | Australia's leading private lender
Dont have an issue with Homeside but for like for like i prefer NAB.
Service with NAB is a lot better in my personal opinion.
Richard Taylor | Australia's leading private lender
API because they send a free copy for being in it.
I am not mean i am careful.
Richard Taylor | Australia's leading private lender
Jmr hate to say every lender you approach will consider the deal as a Commercial loan because of the security.
This is not to say that all terms and conditions will be the same and they indeed do vary considerably in the market space.
Richard Taylor | Australia's leading private lender
No.
Richard Taylor | Australia's leading private lender
I wrote an article for API last month about my own personal situation.
I am just glad in 1995 when i hadnt even been in the Country 18 months I didnt wait.
Certainly back in the 90's in Brisbane and SEQ most properties were negatively geared.
Richard Taylor | Australia's leading private lender
I am with Terry i wouldn't be paying anything into the loan itself.
On the basis that you dont need the interest to live off switch the loan to Interest only and you will only be paying interest on $30,000.
Richard Taylor | Australia's leading private lender
Dear Mr Ormond By two posts made on 14 April 2010 (Posts) I made certain statements to a number of people directed at Wayne Ormond The Posts contained serious allegations which I regret having made. I am pleased to take this opportunity to withdraw them. Contrary to the impression which the Posts may have given, neither Wayne nor Refund Home Loans Pty Ltd has engaged in any unsatisfactory conduct. I deeply regret that the Posts may have given any misleading impression about Wayne Ormond. I understand that Wayne has acted in an honest and reputable manner, both professionally and personally. I deeply regret my suggestion that Wayne has acted dishonestly or that he has made misrepresentations that would affect the viability of establishing a Refund Home Loans franchise. I apologise that my suggestion has damaged his reputation and goodwill and has an adverse effect on his business operations. I also apologise for the personal distress and anxiety which misstatements, errors and omissions in my Posts has caused Wayne Ormond, his family and employees. The defamatory imputations conveyed by my statements are withdrawn without reservation and I sincerely apologise for the damage and distress that my statements and similar publications may have caused.
Yours faithfully
Richard John Taylor – Director
Taylored Financial Solutions Pty LtdRichard Taylor | Australia's leading private lender
