As has been mentioned this day and age clients just want good old fashioned service and advice from their broker.Email and phone conversations are totally acceptable and with the majority of lenders wanting applications lodged electroncially distance is neither here not there.Why not drop Jamie a line and get him to assist you.Lets face it ACT is…[Read more]

Hi JoNothing to stop you having the Title in 1 name and the loan in 2 names.I am assuming that you are both partners / directors / trustees of the business so you income can vary. Even if you keep the Title in Joint names there is nothing to stop you structuring the loan correctly.Totally agree with you about some Brokers / FInancial Planners not…[Read more]

Hi ChelkinFirstly welcome to the forum and i hope you enjoy your time with us.Unfortunately your problem and concerns are one we get asked by clients on a regular basis and probably needs some specialised advice to ensure you are not digging yourself into a deeper well than needs be.There are a couple of things you need to do and these will…[Read more]

I totally agree with you Paul. Always better safe than forking out for court costs and being sorry.CheersYours in Finance

Hi JoNo certainly your suggestion isnt going to help you overcome the issues.Difficult as i say with the numbers but have a read of my 3rd paragraph and that should be something worth considering.Your Broker should be able to give you the varying options but certainly having say a loan with $575K of deductible interest should aid you going…[Read more]

Have you ever considered a Shared Equity style loan?You put in 10% of the purchase and borrow and pay interest on say 70% of the purchase price.An investor puts in say 20% and you share a percentage of the Capital Gain down the track when you eventually sell the property.In the meantime you get to live where you like and can afford although only…[Read more]

Hi JoBy all means you can refinance however the maximum you can claim as an interest deduction is the current $350K.Deductibility relates solely to the purpose so refinancing or redrawing is considered a new loan and therefor if the purpose is to purchase a new PPOR the "purpose test" has failed and the interest is non deductibile.Depending…[Read more]

Hi SteveIn essence Yes Land Tax varies from State to State and is charged on the unimproved value of Land held as at the 30th June each year.As a consequence it is paid on Units as well as freestanding dwellings although in most States depending on what entity owns the property there is often a minimum threshold before you are Taxed.If is a…[Read more]

Firstly welcome to the forum and I hope you enjoy your time with us.I would echo what Dan has already said to be your age and own a couple of IP's isnt a bad start but i can understand how frustrating it can be to go to your local Bank and find you have more equity than the manager and really what does he now anyway.As long as you have the income…[Read more]

Hi BenIt will be net of GST.CheersYours in Finance

It is a question that raises its ugly head on a regular basis and regretfully the answers are much the same.If your Broker or Banker had set the loan up as an interest only loan with 100% offset account the issue would not have occured.Of course if this has not been the case then you have a couple of options depending on the numbers  1)  Look to…[Read more]

Yes the odd Australian lender lends on NZ security but you wont get LMI so max lvr would be 80%.Might have to try a Kiwi Broker but from experience you will struggle to get 95% with a decent rate and in most cases they will charge an upfront fee.CheersYours in Finance

I woudl be commissioning a private valuation yourself on any property away from your Bank.Whatever you do dont let me them convince you they have someone who can arrange your finance in house or suggest you cross collateralise securities by putting your PPOR or other IP into the mix and that way do have to worry about the valuation.CheersYours in Finance

Not a worlds expert but my wife was born and bred there and is there visiting her parents this weekend.They live in Merewether and we are just buying a property in Merewether Heights because she loves the area.A few of the lesser desirable suburbs from 10 – 15 years ago have now become trendy and fashionable.Sure we will have some home grown…[Read more]

At the moment you are paying anything from around 1.2 – 1.7 for a trail book whilst a rent roll is standing at around 2.2 – 2.4 x annual commission.There are a couple of specialised companies that sell trail book but as the boys said i would never look to buy a MC franchise especially if you intend to run it from home. No value there and the asset…[Read more]

It is not a bad thing to pay down the principal on an IP as long as you dont have any non deductible debt (Trust me i paid off $9.6M in nearly 10 years on our portfolio) but it is the opportunityof cost that is the issue.It is what you can do with the extra monthly amount that makes you different.Sitting in a IP loan going nowhere or using it…[Read more]

It is not a bad thing to pay down the principal on an IP as long as you dont have any non deductible debt (Trust me i paid off $9.6M in nearly 10 years on our portfolio) but it is the opportunityof cost that is the issue.It is what you can do with the extra monthly amount that makes you different.Sitting in a IP loan going nowhere or using it…[Read more]

Will also depend in which State the property is in.Take Qld for example you would loose the Stamp Duty concession in the scenario you have outlined.CheersYours in Finance

Hi bella, Hard to make further comment without the actual numbers but remember if LMI is charged on the IP loan then it becomes a loan cost and is Tax deductible.CheersYours in Finance

Someone mention my name.Thanks both for the combined wrap.At this rate wont get my head out of the sunroof in this wonderful Qld sun.CheersYours in Finance