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Im in Richard's boat…i don't quite understand the problem your having Carole…
Having an unconditional contract and having an unconditional loan approval is completely 2 different situation!
From the sounds of things, you dont even need a bridging loan! as your about to settle (buy) and sell within a 2-3 weeks timeframe….not sure why the bank manager would even consider a bridging loan for such a short period…
With a signed contract ( selling) you should be able to get the bank to provide you with an standard unconditional approval without the bridge.
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I use investar (APM), Price finder and RP data…they all provide different results and data…hard to tell which one is better as it depends on the "data" it splits out….im more focus on the past sales and "data" rather then the end figure, as sometimes these program could be comparing a property that's has undergone full renovations + has a pool…compared to a standard property still in it's original conditions…
Mick C | Shape Home Loans
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Most likely the loan has been approved but they could not meet settlement deadlines ( hence why it's been pushed from the 17th to the 23rd)
There's still a long way to go for the 17th, i would ring up the bank and advise them of this deadline and threaten them with penalty interest- i have done it in the past for my clients and most of the major banks pay up OR gets their act together and settles on time!!!
Mick C | Shape Home Loans
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Hi,
Welcome to the forum.
Firstly depreciation is dependent on the type of property, age and structure. So doesn't really matter if it's positive or negative geared…
To answer your question -"can you utilize a depreciation schedule to further increase the cashflow?" – YES you can, and this can really only be done if your on a PAYG income ( Ie your not self employed) – get your accountant to carry out a PAYG variation; this means instead of waiting till the end of the financial year to claim the $x benefit from depreciation, you can utilize this benefit earlier – at each pay ( your taxable income would be less).
Regards
Michael
Mick C | Shape Home Loans
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NAB will consider it on a case by case basis + they will push you towards their commercial SMSF…
Liberty will do it at residential rates but they only accept house – no units or apartments ( funding via Adelaide SMSF)
Mick C | Shape Home Loans
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is the current council approval for a granny/duplex only? or does it allow for the subdivision of 2 separate title…
Mick C | Shape Home Loans
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Adding on…
If you have good banking records for 24 month and you have been discharged from bankruptcy for at least 24 month, i know Westpac is happy to lend up to 90% as i done 2 loans with them only in the last 6 month for discharge bankruptcy…
Specialized lenders like Pepper, Resimac, Perpetual etc…has a special product for 1 day discharged bankruptcy- rates starts from 8.85%!!!! LVR restricted to under 80%.
A majority of banks won't touch discharge bankruptcy….
But there are still a handful that would consider up to 80% depending on how long the bankruptcy has been discharged for and the reason for the bankruptcy – ie AMP bank, Credit unions, CBA etc..each bank has different tolerance level and LVR.
Mick C | Shape Home Loans
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YBR (Macquarie funded) Comparison rate is 5.77-6.00%
Compared to Macquarie which is 5.74%…
Higher fee's and set up ..Spin doctors.
http://www.macquarie.com.au/mgl/au/personal/loans/home-loans/compare-our-home-loans
http://www.ybr.com.au/docs/YBR_empower_comparison_rate_schedule_20121102.pdf
Mick C | Shape Home Loans
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I have a feeling Yellow brick road will just white label Macquarie's loan, offering the same deal that Macquarie is offering right now but maybe at a slightly cheaper rate. ( Tier pricing based on volume)..which will have no effect on the big 4…as Macquarie's credit policy is very mushy and loose at the best of times..
Mick C | Shape Home Loans
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+ Richard is a very successfully and experienced investor who will just get straight to the point <moderator delete language>, i would seek his help regarding your finance + ask him questions about investing.
Mick C | Shape Home Loans
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I personally won't say it's a great deal…But it is a ok deal..
– Commercial rates, so this will eat into your return quite a bit
– Being an old building Comm building im presuming outgoing can be a bit hefty
– Regional town
– Can not leverage on the LVR
– Haven't been too Gundagai but according to the beuro average temp is 30-35, with lowest in winter at 22 !!! a bit too hot for my liking…
Mick C | Shape Home Loans
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Terryw wrote:But, a trust set up under a will or post death in some circumstances will have its income classed as exempted trust income and a child can pay tax at adult rates. This means roughly $20,000 pa fax free per child. So make sure you consider a discretionary trust in your will.
Interesting…So say im the solo trustee of ABC trust, if this is included in my will ..does that mean my next of kin can claim the above ^ benefits/features?
Just a bit lost on what " a trust set up under a will " means.
Regards
Mick C | Shape Home Loans
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Depends on location….if it's in a high demand area, easy to sell and average prices are towards the med- higher mark ie within 10km of CBD it be under 1.5-2%.
All about location, prices of the property and demand in that area.
Mick C | Shape Home Loans
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Jamie M wrote:I'm sure every REA in NSW will tell you there an expert at selling properties!Cheers
Jamie
^ haha true.
Finding a buyer to buy all 9 is a tough gig! + given it's located in based in mining towns 0.o
Im presuming 95k is after expenses? including interest?
Mick C | Shape Home Loans
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A bold statement. It depends on the person's risk tolerance, experience, time, financial backing and strategy.
Capital growth over a 5-7 years period can and does make more money then positive gearing,- higher risk…potential for higher return.
I personally think it's good to have a balance of both strategy, capital growth and positive gearing. How "negative" is a different story…
Mick C | Shape Home Loans
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^ if your looking at drawing out equity etc,,,,don't fix, because the valuation with your current lender may not stack up and you may be force to refinance to a different lender for a better valuation- in order to grow financially/ lower LVR/ LMI cost.
Mick C | Shape Home Loans
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Some banks are offering $700-$1,000 cash back towards the refinancing cost.
Mick C | Shape Home Loans
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1. depends on what location your after and most importantly what strategy are you more comfortable with?
2. Some charge % some charge flat fee…no wrong or right.
Mick C | Shape Home Loans
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^ Great post Brazen…and good to see you on PI.com
Mick C | Shape Home Loans
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^ i seen that pic as well Jamie!..very neat play house for kids.
I will def do something similar for my "future" daughter….now im off to find my "future" wife lol
Mick C | Shape Home Loans
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