And dont take advice from friends down the pub who tell you "I think the ATO are investigating Trusts" or "My friend at the Bank recons managed funds is the way to go and he has a mate who can get you into the fund".These friends spend 40 years telling you all the reasons why you shouldnt take action and then on retirement want to come and stay at…[Read more]

Agree with Terry i cant see why you cant do both.You threw me when you said "I own $100K" as i assumed that the Bank owned the rest.Set your loans up correctly and the equity should give you a good launching pad going forward.CheersYours in Finance

Miss TessI have a couple of clients recently build duplexes in Brissie with Dixon homes so might want to check them out as you wont get much cheaper than a project builder.Sure they cover the G coast also.CheersYours in Finance

As Terry has mentioned i think you should avoid taking advice from friends like that you seem to have mislead you totally.I have 5 Family Trusts that own our property portolio of some 40 residential properties and would never buy in our personal names whether it be as Joint Tenants or as Tenants in Common.In Qld you notate the Transfer Form 1…[Read more]

Hi JohannGood to hear things are on the improve.Looking at your numbers i am assuming with a property valuation of circa $410,000 and $100,000 in equity you have an existing loan of around $310,000. Unfortunately there is a big difference between actual equity and useable equity.Think you will find it hard to find any lender go past 90% lvr so if…[Read more]

Yes it needs to be shown on the Transfer document however as Luke mentioned I would certainly looking to buy the property in Trust if it is positively geared for a number of reasons.In regards to set up it takes 24 hours to set up a Discretionary Family Trust and would cost circa $850 with you as personal Trustees or another circa $600 as a…[Read more]

Hi BoogeActual equity and useable equity are 2 totally different things and as Derek has well pointed you are going to be limited on what you can access. With a client looking to do exactly what you mentioned i always prefer to work backwards and assume that if you are seeking to purchase a property of say $200,000 and a maximum loan of say 90% t…[Read more]

As Terry mentioned going to Mortgage Choice is like going to McDonalds you might get the 18 year old who has been in the business for a good 3 weeks looking after you deal and has no idea other what he or she was told in the sales seminar last week.Even the principal has an agenda and that is to cover his franchise fees with ever deal so never…[Read more]

Hi boogeFirstly welcome to the forum and i hope you enjoy your time with us.I would have to say as someone starting out you should look to save your money and do as much of your own research as possible. A trip to local library will probably get you Steve's first couple of books and a few other and then read, read, read. Try and do as much…[Read more]

Only need to live in the property for 6 continous months commencing within the first 12 months to qual;ify for the FHOG.95% lvr is available and achieveable if every other box is ticked.$300,000 structured correctly only going to cost you around $1680 /month.CheersYours in Finance

jon, the FHOG is over and above your deposit so with most lenders you need 5% saved deposit minimum and the FHOG is a bonus.Couple of lenders that dont work this way but in the main add the $7K to your savings.Dont have to use it as deposit but will be catered for.CheersYours in Finance

Treated as a Com deal so going to vary but between 8-9% variable.Each deal slightly different so no right or wrong figure.Cant give you a repayment as i dont know how much the loan is but based on a 15 years Term at say 8.5% payments = $9.85 / 000.CheersYours in Finance

Hi JacedcI will let others more capable than me answer some of the more specific parts of your post however i would make sure that you communicate to your mortgage broker that you are looking at building townhouses on the site and ensure they fully understand the mechanics of doing so.I have seem many a deal come unstuck as the client went direct…[Read more]

Hi MarchmishWhilst i believe certain experts need to be on hand and probably you want to meet them in person their are many professionals where modern day technology means they can be intra or inter state. Email / phone and skype mean the country becomes a lot small.I for one have litterally hundreds and hundreds of clients all around the C…[Read more]

Hi CFirstly welcome to the forum and i hope you enjoy your time with us.Yes you have hit upon one of my biggest bug bears and a practice carried out by lenders and brokers alike through either laziness or lack of knowledge or care. Lenders do it as it provides them with a lot more security than they need but heh more the merrier.I wrote an article…[Read more]

Hi BrizzaYes 60-65% max at the moment and usually 15 year max term. Rates are not cheap compared to resi securities but all relative.CheersYours in Finance

Heh DerekBrisbane is also SE Qld and we certainly are not in the doldrums.Brissie and the GC are 2 different markets at the moment.CheersYours in Finance

Hi JonFirstly welcome to the forum and i hope you enjoy your time with us.Have to say we assist many forum clients with their loans and set up when they have a lot less than 20% deposit so this is not an issue especially when you believe you will rent the property out in a year or so.If this is the case you may wish to maximise your borrowings…[Read more]

Hi RudraCourse all depend on the property itself but based on the fact that you need a minimum 20% deposit plus acqusition costs I would probably say $65-$75,000.You however need to understand the Annual costs and reporting requirements and at that level probably are going to find a retail fund is slightly cheaper to run.Of course the big d…[Read more]

Hi GlennThats not quiet true but might be if you have to go thru a recommend Defence Force lender in order to get your subsidy.If you structure it carefully you should be able to get the LMI as a deductible expense anyway.Remember LMI isnt a bad thing it is an opportunity cost of doing business.There are many ways to reduce it.CheersYours in Finance