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Finance Guru

  • Qlds007 wrote:
    C & N are wonderful if you really want to be charged through the nose.There are many other quality Accountants who will give you equally good advice for half the price. 

    Richard, you seem to have few issues with Chan & Naylor don't you? That's a couple of negative comments you've made now. Do you have any particular issues you'd…[Read more]

  • Hi Benderfile, Your two questions can be dealt with seperately. There is no reason to wait on setting up your St G offset account until you've uncrossed your properties, or vice versa. Unless the tax deductibility of any of the accounts is not clear.As Richard and Terry said, your money is better used offsetting your non-deductible loan with St G…[Read more]

  • Hi Lopetha, I do want to add that even if you stay with the same lender, you may be charged LMI again if you upstamp 3 years after the loan originally settled. Different lenders sometimes have different policies on this, so do check you particular lender, or you may come up with an unexpected bill at settlement.

  • Hi Pirate, There is a number of things to check with your mortgage broker.   – Ask for their membership certificate to the either of the Mortgage Brokers assosciations, most brokers are with MFAA, but some are also with FBAA.  – You should check how many lenders they are accrediteted with. If there are only 2 or 3 , then these are the only l…[Read more]

  • I'm sorry Richard, I didn't make myself clear… when I said..You can set up your trust whenever you like, as long as it is all completely set up before you exchange on your IPI did mean that the trust must be completely set up, signed, dated and (when not in QLD) stamped before the date you exchange on your IP. In QLD you can be forced to pay…[Read more]

  • Hey Lefthander07, I'd suggest getting some advice from an accountant or a financial planner regarding the trusts. There are a lot of differences between types of trusts, and so the right trust for you will vary depending on your situation, and even your state. As a mortgage broker, I can tell you how to arrange your loan with a trust, but not what…[Read more]

  • Hey Wayne, In your circumstances, you may well have some difficulty getting finance. As the other guys mentioned, lenders will generally want to see 2 years business tax returns before they will lend to you on a full doc loan. They will sometimes make exceptions if you have moved to self employed in the same industry that you were previously empl…[Read more]

  • Hey Mixedup, This is a bit of a complex question. Essentially, you are right when you say that the bank could change the interest rate at any time. And the best rate today is probably not going to be the best rate tomorrow. The comparison rate of a lender is a good start. This is a rate that takes the current interest rate and combines it with…[Read more]

  • Hey Scottybe, You should definently seperate out your accounts into personal use and investment use. You may not have to refinance to achieve this tho. You can quite likely go back to your existing lenders and ask them to set up a split for you. Your accountant can then claim the tax deduction for the investment split from that date forward. As to…[Read more]

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