Yes you can control things to a certain degree. For starters you can put yourself down as the contact person, rather than an agent. that way you can be sure you will actually meet the valuer. When you meet them at the proeprty, you can then hand them your research into comparable sales and generally talk up the proeprty.

With some lenders, you can actually choose the valuer from a list. You may also even be able to order the valuation yourself and then later reassign it to the bank if it comes in high enough. You could also posisbly shop around, ordering 2 or 3 valuations (from panel valuers) and then going with the highest – but of course this would mean extra expenses, but it may be worth it.

Terryw
Discover Home Loans
North Sydney
[email protected]

It doesn’t really matter whether you are buying residential or commercial – it would make no difference.

At least consider setting up a trust. Talk to another accountant for a different point of view.

Terryw
Discover Home Loans
North Sydney
[email protected]

Hi RMK

Sounds like a good deal. Are you sure about the finance tho?

$1 mil borrowings on $1.35mil val = 75% LVR

Based on purchase price this would be 122% LVR.

Borrowing on value would be possible, but this LVR is rather high. I am not saying it would be impossible, but just wish to point out it will be rather rare to go this high.

good luck

Terryw
Discover Home Loans
North Sydney
[email protected]

siacci

The loan will not be larger just because of x-coll, the security base would be larger, but it would not affect the loan, so therefore the commissions won’t change either.

Terryw
Discover Home Loans
North Sydney
[email protected]

Steven

ANZ actually let you go over 95% with LMI capitalised. ie LMI on top of the 95% loan. (I’ve personally done this 5 times).

Terryw
Discover Home Loans
North Sydney
[email protected]

You can also lodge one yourself at the Landtiles office.

Terryw
Discover Home Loans
North Sydney
[email protected]

If you want to wrap it, you probably could get the deposit upfront, but the vendor would have to have $180,000 cash lying around to pay you (ie 30% of $600,000). You could also sell an option for this amount and get the ‘cash’ upfront. Option money is usually non refundable, but finding someone to do this may be hard. Then again, if they are getting a $400,000 discount as you say, then if may be possible.

Terryw
Discover Home Loans
North Sydney
[email protected]

And another one via correspondence at Tribeca:
http://www.tribeca.com.au/content.asp?Document_ID=286

Cost is $545 per course or about $2180 all up.

Terryw
Discover Home Loans
North Sydney
[email protected]

If your properties are in your own name, there would be no point in paying yourself for this. Even if you could deduct the amount (Which I’m sure you can’t), you would have to declare an equal amount as income so they would cancel each other out.

Terryw
Discover Home Loans
North Sydney
[email protected]

Dan

With ANZ (and some other lenders) you can add the LMI to the loan so that it does not have to be paid upfront. You still have to pay for, just not upfront.

As to your other questions, brokers get a commission from the lenders, but some pay more than others and this can influence the decision of some brokers. ANZ actually pays slightly less than the other major banks. I kind of like ANZ myself.

Terryw
Discover Home Loans
North Sydney
[email protected]