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joelc

  • joelc replied to the topic purchasing with a Trust or own Name! in the forum Finance 16 years, 4 months ago

    Morning!I'm not a broker but if your investing with this reason in mind; "i am thinking long term so i can protect my assets for the future and then pass onto family beneficaries also"  then a trust structure with a corporate trustee is the way to go.If you purchase in your own name then it's just another asset that can be taken away from…

  • joelc replied to the topic Bank valuation too low. What do I do? in the forum Help Needed! 16 years, 8 months ago

    Did you happen to look at the property evaluation that was compiled for the bank?Try and find comparative sales in the area that best match your property, if you think that it's worth more then what you’re being offered then ask. I too had what I thought was a low evaluation from a bank but then saw that there wasn't any recent comparative sa…[Read more]

  • joelc replied to the topic Equity to buy again? in the forum Creative Investing 16 years, 8 months ago

    tuggerwaugh wrote:
    Thanks for both your replies…good info… If I use my equity as a deposit does that mean I can still avoid the LMI if I deposit more than 20% of the value from the equity I have acquired? I am trying to decide whether to throw all our incomes into the 2 mortgages now and use the equity as a deposit, of make minimal payments…[Read more]

  • joelc replied to the topic Equity in the forum Creative Investing 16 years, 8 months ago

    Your mortgage would increase to $770,000 and so would your repayments. Simple answer when unlocking equity;If your looking at purchasing another IP worth $70,000 then you'd be wanting to draw down on your equity (setting up another loan/line of credit) and therefore your repayments to the bank would increase accordingly..  Lets just say its an in…[Read more]

  • Update; Evaluation was accepted and the loan approved :)

  • joelc replied to the topic Frequency of valuations in relation to state of market in the forum Here’s my re-evaluation 16 years, 9 months ago

    Here's my re-evaluation story…1 property, 2 evaluations, 3.5 months apart, 50k difference between both and all I did in capital improvements was dug up a few weeds from my lawn and re-stained the decking…What pushed the price up? To my knowledge the lenders comparitive sales. It took the sale of 1 house and 2 units in close proximity to my hou…[Read more]

  • joelc replied to the topic Selling prior to settlement, ways around paying stamp/tax? in the forum Legal & Accounting 16 years, 9 months ago

    Hi, unsure about the proposed  “in nominee”  on the contract to avoid personal CGT upon sale but maybe you could try on-selling without involving an agent? this could save $$$Just out of curiosity where abouts is the land, in Victoria? If so what size are the blocks and how much would you take on a 30 day settlement subject to finance?…[Read more]

  • joelc replied to the topic Stamp duty mix up? please help! in the forum Help Needed! 16 years, 11 months ago

    To cut a long story short I overpaid stamp duty because the vendor signed a stat dec that was prepared for him with the incorrect land value on it. (There was a typo which saw an extra 100k added on)To correct this matter DO NOT let your bank manager tell you that "We'll handle the matter for you". I think in the last 7 months I've made 30…[Read more]

  • joelc replied to the topic Stamp duty mix up? please help! in the forum Help Needed! 17 years, 6 months ago

    Thx peeps, I’ve contacted my solicator and she’s got things undercontrol. There seems to be a mixup between my bank and a stat dec that was signed by the builder.
    For some reason I’m guessing my bank has just gone by SD displayed on the Stat dec and not bothered with double checking it, but this can’t be confirmed.

    I’ll keep you poseted on…[Read more]

joelc

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