Forum Replies Created
Robert
I have copied the post from PC
The value of the offset account is underrated, particularly with a high balance fund with cash in the fund at settlement, this can quickly turn your property into positive gearing by reducing your loan interest. Powerful calculation in my opinion.
From the list you have provided (which captures all), each lender has different servicing and LVR as you mentioned. St George/Bom offers 70% LVR with 10% liquidity and tough servicing. Of course we are discussing residential.
AMP has just come back into the market and are feeling the industry once more, their rate is @ 5.87% and require a statement of advice with the loan so please factor that in to the cost of the purchase. Tough servicing to, so not recommended. BOQ does 80% as does Bendigo.
Bank Australia is the old Bank Mecu, they are quite small when it comes to the SMSF market and the SMSF Loan product was introduced by some ex Big Sky staff that transferred across. They do 80 with restrictions. Good guys based in Kew Melbourne.
Big Sky is the pick of the bunch, however their rate has increased this week – due to their off the plan niche and the amount of loans coming from our brokers!
They service inside the SMSF and offer 80% for off the plan and established and also have the offset so your list is right. We are doing a significant amount of business with Big Sky at the moment. With Big Sky – they require a financial advice certificate which is almost like a statement of advice, no planners will sign off on it without $$$, so be sure to be aware of this. Luckily, I can sign it safely, but can cause surprises for punters and brokers alike.
Macquarie, Liberty, Resimac do 80% LVR however no offset. Both Macquarie and Resimac require a min balance of $200k.
To my knowledge their are no others. Great list Robert – there is a list on our site to. Be sure to get the bare trust sorted too.
Cheers Ivan
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Hi there – there is a number of threads on x-collat – try a search and there will be a number of threads.
Cheers
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Steve – Thanks for the post.
No offence but in posting this – do you have an association with them? if yes, I think you should disclose this, its unusual for you to pop open a thread with a post like this? please take this constructively.
My firm has been sourcing finance for US property purchases for over two years without issue. A number of people on this forum have used this successfully across a number of lenders. Loans, LLC and property purchases without visiting the US….
Financing has been pretty easy, you don’t need to visit the states and we can set up an LLC and have a bank account in 2 weeks with an EIN. Finance can be pretty cheap for both individuals and SMSFs.
We do pre-approvals through one of the lenders on the spot (we use their system) based on geographical location and zip code – some areas are tougher than others as you can imagine.
I’m sorry but the attached post is ol’news in my opinion.
Cheers Ivan
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
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Good stuff Work – take my feedback constructively. Good luck on your journey
Cheers Ivan
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
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What makes you think it will be worth a lot more Worm?
Cheers Ivan
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There is a heap of content on serviced apartments here and elsewhere. It is a big NO.
They have no capital growth and yes a high yield but you need both to have a successful investment. You may also have issues financing the investment as most lenders donot like the security. Never seen one that is a success most like student accommodation. Cheers Ivan
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Getting away from the snow bro?
Coming to Mel at all? if yes, drop by for a pivo.
I will be in the states late april early may, however not in Ohio, hope business is killing it for you.
Cheers Ivan
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
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What were the good things your accountant mentioned? which company?
Buyers agents may or not work and will depend on a number of factors, fee is important as well as the track record of success. For me, I’m a control freak so would not be able to use one, however if I did, I would be first asking for their track record of success and once they come up with a suburb start my own due diligence, however many will just take the recommendation, depends on the relationship/ referral to the agent.
Maybe start educating yourself and if its too hard seek an agent Tim
Cheers Ivan
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
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Ringwood – good luck and look for a heavy pricetag – Ringwood has exploded in last 3 years for the following reasons:
1. Costco
2. Shopping centre expansion
3. Eastlink – infrastructure
4. Chinese investment – the chinese have been buying land here to redevelop close to schools – 900sqm blocks are going for around a millionBetter places to go but depends on the extent of your reno
Cheers Ivan
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Hi there – lots of opportunities in Melb and Werribee may have great benefits but I do not see them. To assist you – you will need a strategy…why Werribee? the place smells bad and that says it all, lots of opportunities other than werribee….
Cheers Ivan
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
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Gurtofen
Most of stsevs reply’s are covered in my posts here https://propertychat.com.au/community/threads/passive-income-fund-usa-commercial-property-steve-mcknight.7489/page-2 go to post 24 and 30 – as I say, its simple due diligence, i’d prefer if you contact the fund manager direct, however you are encouraging discussion of accounting principles on a public board which is fine and Steve has provided his views as you have. Please remember its a managed investment scheme regulated by corp law – if the accounts are misstated then the auditors are in deep shit as are the directors. I have seen a heap of these over the last 18 years of investment management and its probably too early to tell here. Like I said elsewhere, currency is hard to predict – derivative overlay is a effective stratgey for most managed funds, maybe steve et al will continue to persue this with the AUD v USD coming down to $0.60-).65 in coming months.
Cheers to all Ivan
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Good to hear Keith – at least you have chosen to seek a second/online opinion to perform some sort of due diligence to determine if its right for you – thanks for checking in.
Cheers Ivan
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Did your conveyancer request a extension of settlement without penalty pre settlement date?
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
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There is a difference between a emotional and investment decision, a smart investment decision does not involve holiday. I have a holiday house, its great, its a emotional decision, yes it has done well for CG however, its not there for yield….you need yield and CG and not sure a holiday apt will provide that outcome.
Cheers Ivan
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
http://redwoodadvisory.com.au
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Hi Jo – I suggest (if you have not) to start with a mortgage broker. Most mortgage brokers are property focused and will provide you with the answer to the first key question of how much you can borrow?
From there – you can ask the broker all the questions you need to know and get an objective answer, I am not convinced that a ‘financial advisor’ will provide you with an unbiased opinion. I could be wrong.
Answer the first question – how much can I borrow? If you are no where near a mortgage broker, no big deal, you can do it by skype phone email etc….all good
Cheers Ivan
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
http://redwoodadvisory.com.au
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I might look at pricefinder – I feel like a bloke who went to a seminar and bought a house and land package with RP data so much incomplete data its not funny – they promise training for my staff and deliver nothing. RP data is crap for apartments.
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$2600 plus annual sub – for a mortgage broker you may want to check if your aggregator has a discount. RP Data is not great for apartments….
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
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Shannon – I think we know each other :) RP Data mate.
Cheers Ivan
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
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Yes I do – lived in the states for 2 years and made a few property purchases while I was away, those investments were extremely successful with 2 in glen waverley and one in hawthorn in melbourne. Of course, I had people to assist me with the negotiation as both were off market – I did know the agents which assisted with the off market purchase.
If your looking at apt in sydney – is this for investment or future PPOR? I would not buy an apartment in sydney in most areas and may choose brissie or melbourne and look for 4.5-5% yield in melbourne and higher in sydney.
What are you looking for in an apartment?
Cheers Ivan
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
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Hi there – I don’t see Melton as a good place to invest, maybe to live if that suits you however to invest there are better options and $250k is on the light side even for melton.
You would want to look at a higher price – are you planning to borrow to invest?
It comes down to your strategy, however melton has not produced for the last 5 years, i can pull out the RP Data stats if you like.
Cheers Ivan
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