Hi SchmooIn essence the figure would be Net sale price say $340,000 (After agents fees etc) minusOriginal purchase price after Increased adjustment for stamp duty paid and decreased adjustment for Capital Allowance previously claimed. Assume – $290,000 anyway.Capital Gain = $50,000 / 2 = $25,000.Assuming you had held the property for > 365 days…[Read more]

Hi w8Sorry to hear the issues you are having but i hate to say it is very common with the CBA and especially when you have the 2 loans crossed together (Existing forum members will now this is my big pet hate).Without solid data it is difficult to comment further but it does sound like you might be digging yourself into a deeper mess.Might be an…[Read more]

Hi both I will make some enquiries for you and come back to you.Are you both Australian Residents / Citizens.CheersYours in Finance

Hi AdzleaJust on a financing point of view you may well struggle to get 95% lvr in Moranbah.Course as mentioned not to say you wont get a high lvr but need more hard data to provide a more structured answer.I have a forum client who was getting $1000 / week in rent until Jan 15 2012 when the 12 month lease will expire. She already has someone wan…[Read more]

Hi bothYes it might be possible.We have a few lenders we deal with who may look at it depending on a few things.What did you pay for the property ?US Lenders i deal with have a minimum loan of $100K USD and maximum loan of 65-70%.CheersYours in Finance

Hi SashI am with Terry mate i cant understand a word of what you are saying.The letter of offer you would have received would have set out the Gross loan amount and all of the costs including LMI which would have been deducted on settlement. The letter of instruction you signed would have set out how you wanted the available funds…[Read more]

Yes agree JamieThe response confused me so hate too think what Tiger thought.CheersYours in Finance

Heh EmsWould do but the trouble is your Broker might not be able to finance them for you lol.CheersYours in Finance 

Hi AdzleaYou are bang on in understanding you need to plan and structure to enable you to move forward as so many clients i see have no idea and just go on their merry way.Structure is the key to property acqusition and i must say without it i wouldn't have been able to acquire 40 properties by the age of 40 giving me a very nice passive in…[Read more]

Hi MattFirstly welcome to the forum and I hope you enjoy your time with us.Yes certainly not an easy position to go forward with your lender when your loans are crossed.Have to be honest a lot of my time at the moment is spent unravelling the mess caused to forum clients by lenders or other Brokers (Michael & Jamie are of course an exception)…[Read more]

Hi ReneeWelcome to the forum and I hope you enjoy your time with us.CheersYours in Finance

Thanks Jamie happy to help.My Accountant for the last 15 Years has been based on the Gold Coast but happy to recommend if John is happy to go that far.CheersYours in Finance

Flipped many a development site especially if it was too big for us to build on.Did one a few years ago where our Buyer had buyer had applied for a DA to build 55 units on the site we were flipping.What we didnt know is that they had also flipped the deal to someone else and on the day of settlement there was 2 transfer by Directions.Guess we made…[Read more]

I must admit i have read the original post and responses several times and still cant quite understand the question.If the question is:1) Can a SMSF buy a property and then onsell it using an instalment contract. If so the answer is YES. I own several properties inmy SMSF which have been onsold. i am also a Director of First Home Owners Group a…[Read more]

Yep good point Terry and agree.Never seen a credit decision go that way but i guess anything can happen with some of the things i hear at the moment.CheersYours in Finance

Agree with Jamie you would have ever Buyers Agent or unlicensed investor posting all sorts of things here and as advertising is not permitted not convinced you would attract what you are really looking for.Many of us come across deals almost every week that for some reason we dont want to do (had one across my desk only today) but wouldnt post it…[Read more]

Hi CaroleI hate to say i think Michael is very high on his costings for a SMSF.Realistically $800-1000 max for a SMSF and if you needed a Corporate Trustee maybe add another $850.Dont forget you dont have to form a Bare Trust or Custodian Security Trust just to buy a property in your SMSF so maybe no added expenses there.CheersYours in Finance

As the boys have said with only provision being if you hold multiple properties in Trust then as part of a property business then 100% of the net profit will be taken into consideration.May of course work against you but can beat 80% which is the norm with most lenders.CheersYours in Finance

Hi RhysYes both lenders updated their LMI Refund policy in early 2011.CheersYours in Finance

Hi RhysReally wanna tell us who will refund the LMI where you merely pay down the loan without refinancing.I am not aware of any lender who will do this.CheersYours in Finance