CazzI hope the Bendigo didnt just do a credit search after your telephone conversation but indeed got you to make a full written application and all signed  Privacy Act Authority.I am sure the previous Banks did a search on all 3 parties however it just depends on how Veda process the enquiry.As mentioned you should get your mother in law to ord…[Read more]

As Terry has mentioned the matter is fairly complex and you should see Professional legal and Financial advice.If you have recently purchased the property as your PPOR you probably qualified for a stamp duty concession and the FHOG.Selling the property into Trust or similar may mean that these have to be repaid if you have not lived in the…[Read more]

You could always sell it into a Trust with you as the Trustee.Stamp Duty would be payable but subject to the LVR could be deducted from the loan.You wont get more than 80% lodoc at the moment.

NO not when she is on the Title.Do you have a copy of her Credit File if not suggest you obtain one ASAP.Nothing is beyond repair especially when you have that much equity.

The loan amount is too high for my Company and think at that level you will struggle.Any potential wrapper is going to need to add on a considerable amount merely to cover the costs of investment stamp duty at that level which isnt going to be cheap. Why dont you just sell her a portion of the property and pay the duty on the transfer amount.

You would probably be ok.On that basis i am assuming they were registered in 2002 ish.As long as they were paid relatively promptly you should be able to achieve that.

Hi WrapYes as Raymond has mentioned depending on the size of the default there are certainly lenders out there who will consider the loan.The balance of the application information is important in cases like this.

STLI am a great lover of multi unit dwelling blocks and own a couple of larger ones in my portfolio.One thing to bear in mind is when there are more than 4 units in the block it will be classified as a Commercial loan rather than a residential loan and will mean that you will need a slightly larger deposit and potential there will be some higher…[Read more]

STLI am a great lover of multi unit dwelling blocks and own a couple of larger ones in my portfolio.One thing to bear in mind is when there are more than 4 units in the block it will be classified as a Commercial loan rather than a residential loan and will mean that you will need a slightly larger deposit and potential there will be some higher…[Read more]

AOThere are one or two ways around but like anything it all depends on the numbers concerned.The higher the loan amount and the higher your marginal tax rate the better the figures work.Easiest way around it as mentioned is to take an interest only loan and utilise a 100% offset account.

Alternatively look elsewhere for the loan.She would have to have absolute horror of a credit report to get rejected where you have considerable equity in the property.Do you have a copy of her Veda Advantage Report so you can see what any potential lender is seeing.  

Hate to say this is not correctYou are basically refinacing on house A to buy into house B.  As you will still own 1/2 of house A, that portion of the original debt 1/2 $240K will be deductible, any additional borrowing will have been for the purpose of buying a new residence.Assume you purchase your Spouses interest out of the property and then…[Read more]

EldredniMost of the Pro packs offered by the majors offer the same benefits in fact the CBA one is probably the worst one of the Big 4.And on the discount front i think the days of getting a further discount off what is being offered has probably been and gone unless you are a large client. 6 months ago I would have agreed with you but not now.

AndrewWhilst your and your sisters loan are separate you will both be jointly and severally liable for the entire debt. Personally i would still avoid using the equity in this property for your future IP acqusition.Assuming the valuation is accurate you would refinance to a new lender (wouldnt have a choice as the new lender would want 1st…[Read more]

AVWhat you are suggesting is common strategy which we implement for clients regularly however couple of pitfalls you need to be aware of to make sure it is worth undertaking:1) Stamp Duty will be payable on the Transfer as you mention and this will vary from State to State. The Duty is based on the market valuation which can be determined by a…[Read more]

AndrewI am suprised that your current lender will only go to 80% LVR but in saying that it is possible.Yes utilise the equity you have in the current property and gear to 90% and then use this as deposit on a new IP.Try to avoid using the equity in the property you jointly own with your sister as Terry has mentioned it will get messy.Make sure…[Read more]

ICHave just dropped you an email in answer to yours. One of the issues about Transferring the property into a Trust or Company structure is that you will incur both Stamp Duty and LMI again and it probably not worth it.

Financing it will be the key in the current anti new developer climate.We are finding it harder for our experienced developer clients to secure the same funding we did 6 months ago unless they have a good asset base, cash  or pre-sales.

MareeRather than loose the property why not split the loan:1) Top up with your existing lender to 80-90% and use the funds as deposit on the IP and acquistion costs.2) Balance of the IP loan with new lender. When the fixed rate expires you can always refinance the main loan over to the new lender as the fixed rate will have expired.

Ok maybe we leave there.Think it has been asked and answered so many times over the last 3 / 4 years it is not funny.