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  • Profile photo of Richard TaylorRichard Taylor
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    September 14, 2010 - 12:21 pm

    Heh Jamie

    What is wrong with Uzbekistan ?

    Doing a couple of deals there at the moment. Well at least the client said he was buying there so i have ordered the valuation !!!!

    Richard Taylor | Australia's leading private lender

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    September 14, 2010 - 12:16 pm

    Totally agree exactly the same as Homepath with CBA, One Direct with Anz etc etc etc.

    Richard Taylor | Australia's leading private lender

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    September 14, 2010 - 10:37 am

    I for one petition Daniel to take over the reigns again.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    September 14, 2010 - 10:36 am

    A registered mortgage will suit his needs then.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    September 14, 2010 - 10:14 am

    Hi Amy

    Firstly welcome to the forum and I hope you enjoy your time with us.

    Structure in regards to the loan set up and entity used to purchase is probably the most common question we get asked from clients and to be honest there is no shoe fits all approach.

    There are so many variable it is not funny.

    I must admit i own all of our properties in a series of Discretionary Trusts and agree with your Accountant over the entity however there are other factors to consider.

    You mention you are using some of your own savings to defray the purchase price and certainly wouldnt recommend this unless it is an absolute must.

    Flexibility is the key when it comes to investing although without all of the information to hand it is difficult to provide an accurate summary.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    September 14, 2010 - 6:53 am

    Welcome back Jaffa just when i was just telling the world you had gone.

    Amount of Spam seems to have increased 10 x since you switched faces.

    Are you back as a Mod ?

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    September 14, 2010 - 2:44 am

    Mortgage registration, Transfer, conveyancing costs relating to the mortgage only as well as application, valuation, LMI etc are all considered loan costs and deductible over 5 years or the term of the loan whichever is lesser.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    September 14, 2010 - 2:00 am

    Hi Eric

    Any structuring ideas are probably a bit late now if you have already bought the first property.

    Personally i always like to have the Title held as Tenants in Common even if you as the lower marginal Tax payer only has 1% of the shares in the property. If circumstances change down the track i.e your wife gives up work or reduces her income etc etc it is a lot easier and in some States cheaper to change the Title.

    Depending on what your wife does for a living you might want to consider a Discretionary Family Trust however remember you cannot negative gear within the Trust.

    All in all as long as the loans are separate and not cross collateralised you should be fine.

    I am assuming that your used equity in your PPOR or similar by way of an LOC to fund the first IP.

    Richard Taylor | Australia's leading private lender

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    September 13, 2010 - 1:21 pm

    Exactly JJ.

    You personally take out the LOC and then lend these funds to the Trust.

    Keep the securities separate especially if you are not the sole Trustee.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    September 13, 2010 - 12:39 pm

    Do it by way of a registered mortgage unless you want to put him on the Title and if you do that could cause an issue if he is not a Citizen / Resident.

    Richard Taylor | Australia's leading private lender

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    September 13, 2010 - 12:34 pm

    There might not be an issue but no-one in their right mind would do so.

    there is no problem using equity in one property held in your own name to secure a loan held in a trust's name.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    September 13, 2010 - 7:35 am

    Hi and welcome to the forum.

    You say We so i assume that the property is Jointly owned.

    Have you considered one party purchasing the property from the other increasing the borrowing accordingly and then renting the property out. This will increase your Tax deductible interest and give you surplus funds to use as deposit for the next PPOR.

    Stamp duty maybe payable depending on which State you are located in but depending on the numbers could be well worth it.

    it is a strategy we use regularly for clients and works very well.

    Richard Taylor | Australia's leading private lender

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    September 13, 2010 - 3:24 am

    They thankfully pulled out of the Broker market about 3 years ago when they sold their loan book to First Mac.

    Service levels were a disgrace so First Mac had to kick them into some shape.

    You might start your home loan with HSBC but if they have a change of heart you might end up with someone else.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    September 13, 2010 - 2:52 am

    Yes with AB it is plus LMI.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    September 13, 2010 - 1:44 am

    Simple one to answer NO lenders would not accept it.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    September 13, 2010 - 1:43 am

    Terry similar to the Adelaide Bank product which has been out for some months.

    95% Lvr plus secured and unsecured visa. Very responsible lending in my opinion.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    September 13, 2010 - 12:53 am

    Alex it had my photo in it so i believe they took it off the shelves in case it frightened young children lol.

    Every week is a good week just some are better than others.

    Richard Taylor | Australia's leading private lender

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    September 12, 2010 - 9:46 pm

    What a Bank does or tells you is useless to you unless you are holding it.

    Get yourself your own registered valuation.

    Richard Taylor | Australia's leading private lender

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    September 12, 2010 - 9:43 pm

    Kat

    Mortgage managers and non bank lenders dont offer offset accounts in the true sense of the word they offer loan redraw accounts which is completely different especially when it comes to Tax time.

    Richard Taylor | Australia's leading private lender

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    September 12, 2010 - 11:43 am

    Hi Andrew

    Absolutely amazing the answers you get from some Bankers.

    I assure there is NO CGT liability in assessing the equity in your IP.

    This would only be triggered in the event that the property was sold or transferred.

    Richard Taylor | Australia's leading private lender

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