Political rumour mill working overtime.

Saw a report last week that it could be $25K.

It is $10K in some States but you have to stop and think what it would do to the economy and the affordability for home owners.

Think it has 2 chances nil and buckleys

Cheers

Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner.…[Read more]

Further on from Terry;s comment this means you need to choose the lender wisely as not all of them will offer a 100% offset account.

Cheers

Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
richard@tayloredfinancialsolutions.com.au
New Shared Equity scheme has arrived – Email us for details.

Yes you would certainly have to change lenders as i think for old Wide Bay Capricorn that would the biggest loan they would have seen across their desk in a while.

I am not totally convinced you would have to go lodoc so a full documented loan maybe possible.

As Terry mentioned you have some equity in the house so probably wouldn’t need to put…[Read more]

7.54% variable but would need to be mortgage insured and premiums capitalised. (would need to acceptable LMI postcode)

Wouldnt matter if you are employed or self employed as it is Nodoc.

Cheers

Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
richard@tayloredfinancialsolutions.com.au
New…[Read more]

Without actual figures it is difficult to comment but i assume that the P & I loan has been paid down over the years hence the shift in consideration to interest only.

Certainly as adviser you wouldn’t recommend they redraw as this is clearly in breach of the ATO guidelines.

One consideration would be to sell the property into a Unit Trust for…[Read more]

Rather than invoice the company you would better off to make the payment on a PAYG basis.

Dependant on the amount we are talking about and the regularity would determine whether their was any Employer Superannuation considerations.

Cheers

I agree with Simon i think he is grossly mistaken.

On a separate note it sounds like you X collataleralised the loan which is certainly undesirable.

Cheers

Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
richard@tayloredfinancialsolutions.com.au
New Shared Equity scheme has arrived – Email…[Read more]

Jim

2 choices

1) Take a 80% Lodoc / lodoc loan secured against the property you are wishing to purchase and then take a 10% margin loan against your share portfolio.

Reason this will be cheaper.

2) Take a lodoc 90% loan subject to ABN & GST registration.

Cheers

Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial…[Read more]

Yes you can borrow in your name (that is assuming you own a unencumbered house and take a borrowing against it) and make an contribution into the SMSF but the interest charged on the borrowings would not be tax deductible.

You are unable to buy the property jointly with a Unit Trust these days and offer the property as security.

Cheers

Richard…[Read more]

Hi there

One big downside is that you cannot borrow money in your SMSF which means everything you do needs to be paid for in cash.

Given the costs of set up and the ongoing costs I normally recommend a minimum of $75 -$100K to my clients before establishing a SMSF.

One big plus is flexibility and choose of investment platform.

Cheers

Richard…[Read more]

Hi Danish

As Gary has pointed out i think you are slightly mistaken in your thinking. The interest raised on your investment properties to use for your PPOR is certainly not tax deductible.

It does not matter on what security the funds are secured it is the purpose of the loan that is the burning issue as far as the ATO are concerned.

By…[Read more]

I can think of a couple (one which will go to $15M) but again they will want to charge DEF to get some of their money back.

Cheers

Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
richard@tayloredfinancialsolutions.com.au
New Shared Equity scheme has arrived – Email us for details.

2 initial costs

1) Stamp duty payable on the Transfer value. This will vary from State to State so you need to have a look at Office of State Revenue website in your state.
2) CGT maybe payable if the property was originally an IP. The calculation can be difficult to put in black and white and would need a lot more information. If it was…[Read more]

Sorry for my negative response I was just so darn tired and frusterated when i hear a reply from a MB like” Lets X collaratilise 1 property with another” it is obvious they have no understand about loan structuring.

Terry has given you an excellent response but i could go on for hours with reasons why you wouldnt if you are looking to build your…[Read more]

OMG Where do i start.

Let me take breath and come back to you.

Just avoid at all costs where possible.

Cheers

Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
richard@tayloredfinancialsolutions.com.au
New Shared Equity scheme has arrived – Email us for details.

Aaron

Yes if you sell the property then it will be subject to stamp duty against on the Transfer value.

CGT will not be payable as it is your prinicpal place of residence and is exempt for upto 6 years (a consideration before you do sell it into Trust).

A 5% deposit is possible on interest only (a nil deposit is available also but comes with…[Read more]

Whose name is the IP in ?

Cheers

Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
richard@tayloredfinancialsolutions.com.au
New Shared Equity scheme has arrived – Email us for details.

Hi Dasha

Each lender will apply its own serviceability criteria and you will be amazed at how the difference in borrowing capacity changes from one lender to another.

What it is you are trying to achieve ?

From where i sit you should easily be able to obtain a LVR of 75-80% on your existing property and if the extra funds are to purchase your…[Read more]

Yes you certainly can as long as you have never lived in the property or occupied any other property that you have purchased as your principal place.

Structure it correctly with your offset account and put in as little as possible as deposit. Hope this helps.

Cheers

Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial…[Read more]

Hi Aaron

$10K FHOG you must be in Vic.

If the loan is structured correctly you can have your cake and eat it.
The requirement of the FHOG is that you reside in the property for a period of 6 months continously and enter in the first 12 months.

What is stop you taking out an interest only loan at 95% using an offset account applying for the FHOG…[Read more]