Finance advice
Victor Kumar

Is your property portfolio ready for the new credit regime?

By Victor Kumar

If you don’t already know, the landscape for property investors changed substantially this week, but it has nothing to do with the property cycle or the supply and demand issue some areas are facing.

Blogger: Victor Kumar, Right Property Group

Instead, property investors have been given a financial handicap.

So how does it impact you? Well, to understand this, we need to look at how the banks were qualifying you for finance prior to this new regime coming in.

They had a “qualifying” calculator, which took into account your income, living expenses and loan repayments.

The loans you were applying for were always 'loaded' (or "stressed" in lender speak) at a higher rate, usually between one to two per cent above their standard variable rate. Some lenders took an interest-only repayment into account whilst others took a principal and interest payment approach to arrive at that expense.

Other financial institutions' debt was usually taken at its actual repayment amount rather than the “stressed” amount.

Essentially, this meant that if you had say $1 million debt with one lender, they would be able to lend you a lot LESS than if you spread the love around. Other lenders however would be able to lend you a lot more!

Enter the new credit regime.

Under the new regime ALL loans - regardless of whether they are with the lender you are applying with right now or with a different bank - will be calculated at a higher stressed rate, at 7.5 per cent, at principal and interest repayments. (The actual interest rate that you would be paying hasn’t changed….yet, but the qualifying rate has changed substantially.)

Put simply, if you had $1 million in debt, the lender would have previously allocated $50,000 a year to service that debt if it were with another lender. NOW, that debt would be allocated at least $75,000 a year in expense to service the same debt, regardless of whether you have a five-year fixed rate of say 4.79 per cent interest only or if you have a variable at say 4.3 per cent.

This will have a severe impact on your ability to qualify for loans, especially when you have a multiple-property portfolio, most of which are negative to start with.

To cater for these changes, your portfolio needs to be adjusted - you may need to bring forward any construction or renovations that would substantially increase your cashflow, and also coming into the tax season, if you own a business or work on commission, your accountant may need to adjust how you report your income so that you can continue building your portfolio.

For some, it may mean that you now need to take a break, and wait for the finance market to stabilise, before you add to your portfolio, or start consolidating your portfolio.

Since November last year, I have been working with the my clients who all have multiple properties, placing properties in their portfolio to help counteract the negative impact on portfolio progression that this new finance regime is going to bring in.

Given that many brokers and indeed quite a few investors aren’t across the constraints this will bring to their property investing ambitions just yet, this would be the ideal time review your strategy to re-align with the changing game plan.

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About the Blogger

Victor Kumar

Victor Kumar

Nearly 15 years ago Victor and his wife came to Australia from Fiji with just $4,500 in their pockets. They worked hard as radiographers but realised this was not the way to prosperity. Victor embarked on a process of building wealth through property. He has amassed a substantial property portfolio, and is still actively buying and renovating property. His recommendations are based on what works in today’s market, not what used to be effective a year or more ago.

Victor’s experience, finance background, and financial planning qualifications mean he is well equipped to negotiate with banks – helping them find ways to say “Yes”. He has also invested significant time and money in learning from other property investment experts and knows how to make a portfolio work.

Of course, Victor has made a few mistakes along the way but these have made him wiser – and he’ll let you learn from his mistakes so you don’t need to make them. His goal is to help you achieve your financial goals by sharing his extensive knowledge about financial structures and investment property.

Victor is now sought after as a keynote speaker at several property investment seminars and is acknowledged by his peers as an expert in the industry.

http://www.rightpropertygroup.com.au/

Email:
promoted stories

podcast

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Will Magee has had ambitions to enter into the Australian property market for quite some time, but it has been more than just finances holding him back.  Having been granted permanent residency just two weeks ago, Will is wasting no time and is now in the process of signing papers and finding his first investment property.

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In this episode of the Smart Property Investment Show, Will joins host Phil Tarrant to share why he is purchasing his first property in partnership with his brother, discuss the complications that can arise from such a strategy, and unpack the ongoing plan for building a joint property portfolio with his brother.

Will will also share how they approached saving for their first property, why he is taking out the mortgage in his name exclusively, and share their savings plan for the year ahead.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

From property in Australia to a ski lodge in Japan
Mortgage Trusts, an alternative first step for property investors
Should a real estate title be in one person’s name only?

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A property investment plan years in the making
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Median house prices in regional Victoria outperformed that of Melbourne in the June quarter, the latest REIV figures reveal. 

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Median house prices in the regions rose 4.0 per cent to $419,500 but in Melbourne they dipped by 0.6 of a percentage point to $840,000.

The result in Melbourne was due to a 0.8 of a percentage point fall in prices achieved at auction; this was despite a lift of 2.3 per cent in private sales.

Inner Melbourne suffered due to auction prices, where median prices fell by 4.9 per cent to $1,459,000 but it was middle Melbourne that was hardest hit, with a 5.4 per cent drop to $974,500.

Outer Melbourne had a good quarter with the median rising by 0.5 of a percentage point to $681,000.

Apartment prices in regional Victoria grew by 3.7 per cent to $304,500 while the metro media was up by 0.5 of a percentage point to $604,000.

REIV President Richard Simpson said that despite fewer sales, many sectors of the market were performing well.

“2017 was a bumper year and while the trendline has flattened, despite the fall in median house prices in the June quarter, median prices are still up this calendar year for both houses and units, in Melbourne and in the regions,” Mr Simpson said. 

In particular there was been strong growth in regional centres which is probably due to the first-home buyers’ concessions said Mr Simpsons.

“The first-home buyers’ concession has been a boon for regional areas. A new entrant to the property market buying a house at the regional median will pay no stamp duty, while a first home buyer of an apartment in Melbourne at the median price would pay stamp duty of nearly $25,000,” he said.

Mr Simpson said that more prospective buyers are looking towards regional Victoria which is also having an effect in Melbourne.

“Melbourne’s outer perimeter continues to grow. Small increases in the June quarter mean that the median prices for both houses and units have risen over 10.5 per cent from a year ago.

Mr Simpson said moving forward that vendors need more realistic expectations as the highs of 2017 are now over.

“Negative chatter about the future of the sector coupled with stronger lending controls by financial institutions has created some uncertainty and vendors need to be realistic with their price expectations,” Mr Simpson said.

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Regional Victoria showing up Melbourne in price performance, new data finds
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  ["title"]=>
  string(38) "From pirouettes to property investment"
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  ["introtext"]=>
  string(381) "

If Mark Hodge’s face looks familiar to you it could be because of his time working as a professional entertainer which saw him working with the Australian ballet, appearing on multiple seasons of Dancing with the Stars and touring in musical theatre for 17 years. What you may not know is that Mark is also heavily involved in the short-term property rental marketspace.

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Mark joins host Phil Tarrant to discuss his transition from entertainer to investor, a journey pushed forward by dance related injuries and even a hit and run which saw him needing to find alternate methods to bring in an income. Mark shares how bad long-term tenants and a gang member guided him to the short-term rental market, and how this pushed him into helping others to realise the same benefits.

Mark will also address the common concerns, discuss what his company Maisonnets specialise in and unpack how they are making the process of filling short term rentals easier for investors.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

The hard-to-swallow truth: The prickly points of the Airbnb reforms
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Airbnb leasing: What are a landlord’s rights and responsibilities? 


AREAS MENTIONED:

Melbourne
Sydney
Rushcutters Bay
Maroubra
Potts Point

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From pirouettes to property investment

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