Why not talk to Stephen West who is the principal at Statewide Brokers.I have personally bought and sold around 100 properties through Stephan over the last 6 years and can high;y recommend his integrity.Give him a call on 07 49720788.Tell him i referred you and I am sure he will look after you.

I couldnt agree with you more mrdenn.Would you use a broker who wasnt a property investor or use a Financial Planner who mapped out some wonderful strategy for your retirement if they themselves hadnt already retired.All i was saying I believe in supporting people who make a worthwhile contribution to the forum hence my recommendation for…[Read more]

Hi ElkaYou are correct if one of the Trustees is based as resident in Australia and can demonstrate that they have control of the investment decisions of the fund then that is acceptable.As far as I am aware as long as your are a resident then the 28 day rule applies.

What State is the property in ?

Hey you are going to get fee's wherever you go!Not quiet true but i do appreciate your allegance to your employer.

Simple Post – You dont.You can only offset with the lender that you have your home loan with.Many clients are looking at offsetting against their fixed rate and there is a limited number of lenders but is still doable.Unfortunately the CBA Misa  loan is not quiet a true 100% offset.

RebeccaFrom Oct 1 2001 a Trustee can spend upto 2 years overseas without causing the fund to fail the central management and contol residency test. Where a Trustee returns to Australia for a period of more than 28 days before returning overseas the 2 year period will restart.Where a fund loses its complying status by either failing the Compliance…[Read more]

I for one would be getting your friends Solicitors to challenge this one and fax the Selling Agent to advise him that the Deposit is not to be released from the Trust Account.Certainly in Qld close of Business would mean 5pm but i am not au fait with WA Contracts.Really to be on the safe side he should have terminated at 3.59pm and then applied…[Read more]

Good luck with the NAB in negotiating a better rate and reduced fees.Whilst i do a fair amount of business with the Bank (for a variety of reasons) I have found that they will not negotiate and as Jonrob has mentioned it is take it or leave it.I have a portfolio with the Bank just under $8 Million of lending and whilst I am happy with what they…[Read more]

But you then lose the CGT exemption – Yes only after 6 years from the date you vacate.

TonyThe margin scheme is a method of calculating the GST payable on the following supplies of real property:the sale of a freehold interest in land the sale of a stratum unit, and granting or selling a long-term lease.Normally GST is one-eleventh of the price of the supply. However, if you choose to use the margin scheme for your supplies of real…[Read more]

Mike Notice how the promise always comes in the Summer or peak seasons.Believe it or not we do have Winters in Qld (abeit they aint half bad) as well as off peak time and my experience is the rental figures drop substantially.I have financed many a holiday home and suggest you work on around 55% of the rental assessment to allow for changeovers…[Read more]

AndrewAs a fellow Financial Adviser i am concerned with the information you appear to be getting and the idea of purchasing a property at that level of borrowing appears riduclous. No wonder they are pressuring you to sign the commission will probably be around $15,000.If you do find a strong capital growth property and are keen to secure…[Read more]

If the property you are looking at is in an area where you believe you will see good capital growth you could always consider a cash flow mortgage.This is a type of loan where the payable interest rate is less than the chargeable rate and the difference in interest is capitilised to the loan balance which will obviously increase.

TonySorry i posted my answer before finishing.4) Can I sell one unit with GST (while keeping the other) and claim all the GST from the TOTAL building cost against this single unit sale to minimise GST payable?No costs would need to be apportioned on the floor area of each unit. If they are identical size then 50% of the costs would be cl…[Read more]

Hi Tony

I have a separate Company with my Builder Partner so might be able to answer a few of these for you.

1) Capital Gains Tax is not payable? – any profit is treated as income and taxed at company rate ie 30%. Is this correct?

This is correct if you are in the business of buying and selling / developing. If this is a one off project then…[Read more]

Hi TonyI have a separate Company with my Builder Partner so might be able to answer a few of these for you.1) Capital Gains Tax is not payable? – any profit is treated as income and taxed at company rate ie 30%. Is this correct?This is correct if you are in the business of buying and selling / developing. If this is a one off project then CGT…[Read more]

Banks have no problems in financing Builders under the Development Financing arm subject to the usual checks and balances.I hate to disagree with Terry but most lenders I am aware of dont consider registered Builders as Owner Builders so the matter of numbers per annum is not a problem.

Better late than never.I hate to tell you are wrong Russ but you are when you say:By the way, I'm able to borrow another $200,000, which means that with a LVR of 80% I could get a $1M property if I wanted. How can I borrow so much? It's because some lenders will look at the value and type of property owned and count a percentage of capital grow…[Read more]

StrawberryThere is no Tax benefit in using the equity to fund a non tax deductible loan.Marc has run the figures for you if you sell the property so probably not a consideration.If you transferred the property to a Trust structure you would incur CGT and stamp duty but would then be able to access 100% of the equity as deposit.This will cost and…[Read more]