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Banker

  • Ok – so looking at what you’ve said…

    ANZ is only on the portfolio – which has higher set up and higher ongoing costs – realistically not suitable or comparable in this sceario. The additional 750 set up fee and 550 annual fee for 12 splits versus CBA 350 for unlimited splits. Also under portfolio all securities are crossed via a floating multi…[Read more]

  • Banker replied to the topic RBA in the forum Finance 8 years, 7 months ago

    I’m not here to support the banks but it’s a little to easy to be short sighted and cry fowl at the RBA / Banks when this happens.

    Keep in mind a first home buyer will pay far more (approx double) as a percentage of their weekly pay to buy a home in Australia than they would have when rates were at 17%.

    It is important to note a couple of…[Read more]

  • Hi Richard,

    ANZ portfolio has a set up fee of $750 plus guarantee fees and an annual fee of $550. They don’t offer company / trust structures at standard pricing and portfolio is not suitable for a loan this small.

    NAB need to be signed off by business banking which is a pretty hard sell without business exposure.

    The dragon and trusts – let’s…[Read more]

  • Thought I might add a comment…or three or four…

    I would also prefer to mortgage only one title.
    If you did get in strife you could sell the IP and pay the debt therefore the owner occupied home has minimal risk. If you have a funding buffer or funds in offset you will have time to sell the IP if in need.

    CBA are one of the only lenders that…[Read more]

  • Banker replied to the topic RBA in the forum Finance 8 years, 7 months ago

    It means less money available to borrowers.

    Not only do buyers need to watch there own budget, the banks will take the higher rate in to their debt servicing calculators so everyones max loan amount will drop a little.

    With some developers in Melbounre already having trouble moving stock, Property Investment companies sales dropping, AFG…[Read more]

  • There are a few issues raised above that might or might not be relivant depending on the industry you are looking to start a business in.

    For example the structure e.g. Sole trader, partnership, pty ltd or trading through a disc trust will all depend on: expected turnover, how you plan to get funds in and out of the business, how many customers…[Read more]

  • You might be right. If the owner occ is in personal names it should be covered under the banks hardship policy. Assuming all debts were disclosed at time of application. Either way it is important to keep communicating with the lender if you are going to be short on the payments.Banker

  • All banks have put concessions in place for customers in financial hardship however you have a couple of problems.

    1. Split banking: banks support their loyal customers. When you have split banking the banks have no way to assess your overall position on an ongoing basis e.g. Less ability to monitor you through your “hardship”. An example of this…[Read more]

  • Oh – the bank can also default you and issue a letter of demand; requiring you to repay the debt in full within short notice.

  • In addition to the post from MarJac your credit file will also show a list of companies you are director of. Often banks also complete ASIC searches that show if the company is trading and if the company has any charges e.g. Loans for cars etc.

    Non disclosure of debt is very common however the new legislation (NCCP) will put more accountability…[Read more]

  • The MISA account number is the same as the home loan however different BSB.If you have both the BSB and the account number I am pretty sure you can deposit via transfer from another bank – try it with $10.If that works simply give the BSB and Account no for the MISA to your employer for salary payments etc. you can also salary credit to all CBA…[Read more]

  • You need to speak to a good banker or broker.The 400,000 needs to be split to reflect personal and investment portions (unless all currently investment use ). The 314,000 and 245,000 are OK but should be interest only if you have other non-deductable debt. You want to offset income against personal debt. Depending on your business, trading through…[Read more]

  • FrugalOne wrote:
    If I was to purchase a property purely for investment purposes, and it was purchased outright for say $100000, would I recieve the tax proportion of the $100000 back as a tax deduction?

    No. Think of it as having 100k in cash and then buying 100k property. You have not lost the 100k. You have simply transferred it from cash…[Read more]

  • I have no problems with kickbacks to clients. It’s better than putting an ad in the paper – better to have the money in the clients pocket than James Packer or Rupert Murdochs pockets…

    I would like to see commissions to any other parties banned. As soon as your broker pays your real estate a commission you need to wonder; are they looking after…[Read more]

  • Hi Jack,

    The title will say something like this;

    99 of 100 shares; mr Jack…
    1 of 100 shares; mrs Jack…

    If this is the case you will get 99% of income / deductions
    Your wife will get 1% of income / deductions.

    The upside for you is tax benefits if neg geared – you claim…
    The down side is capital gains if sold while you have high income……[Read more]

  • I’d disagree with Otta that self employed deals are complicated. In some cases yes but for most small family businesses they are very simple.

    The average of two years and the 20% growth rule discussed above is more of a generalisation. It is simply a trigger to ask some more questions to make sure you understand what is driving the growth. If it…[Read more]

  • As of the end of September you can use the Year to Date on your payslip x 4 (you can work off YTD when more than one quarter completed). Broker Chanel at CBA is stricter than dealing direct.

  • No different to NAB advantage loans. Which of course are not actual NAB loans. Just funded by NAB. For now.

  • Are you married?
    If so you may be able to tranfer for NIL stamps in VIC. Rather than a dollar amount on the transfer it states “in love and affection”:-)

    Also, keep in mind you don’t need to both be on title to get a loan in both names – if one person is on title the other can be on the loan as a second applicant however needs to have a financial…[Read more]

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