[scullymanMember@scullymanJoin Date: 2004Post Count: 43]

June 11, 2011 - 12:20 am

You might want to look at setting up a trust structure. This way the trustee of the trust can distribute any portion of income/expenses to any of the named beneficiaries (wife, kids). But, you will need some professional advice as some trusts don't have any tax advantage for negative geared property. A trust structure also protects all parties should something go wrong down the road.

[scullymanMember@scullymanJoin Date: 2004Post Count: 43]

June 10, 2011 - 11:43 pm

It's my understanding that a lodged caveat on a property prevents any dealings for sale of the property without the caveat being removed by the caveator (wife). You might want to get some legal advice on that one.

[scullymanMember@scullymanJoin Date: 2004Post Count: 43]

November 11, 2010 - 8:10 am

Thanks Terry. I thought that was the case. I appreciate your response.

Ps. Well done reaching 10000 posts.

[scullymanMember@scullymanJoin Date: 2004Post Count: 43]

August 1, 2009 - 10:38 pm

Goodmorning all,

Just to finish my story with a happy ending – Westpac are the one's that used that rare commodity 'common sense' and granted me the loan.

The NAB will also provide me enough to pay out the residual on the vehicle. Settlement is on Wednesday. It's nice to be back in the game.

[scullymanMember@scullymanJoin Date: 2004Post Count: 43]

June 19, 2009 - 6:09 am

I am assuming that the assessor at RAMS must have been having a bad day. The new broker that I am using has secured an extension on the finance clause and has been in contact verbally with 5 different lenders and they are saying no problem.

I guess time will tell.

[scullymanMember@scullymanJoin Date: 2004Post Count: 43]

June 18, 2009 - 6:32 am

 I was told by the broker that they took the entire entire salary sacrifice amount and treated it as a debt. Bang, DSR through the roof.

Since my last post I have been dealing with a new broker who came highly recommended by two friends (a little too late). His opinion is that the assessor may have been inexperienced. He contacted several lenders for me and they all seem to be of the opinion that I won't have a problem servicing the loan with the Salary sacrifice. I guess I will see.

[scullymanMember@scullymanJoin Date: 2004Post Count: 43]

November 24, 2008 - 11:11 am

Thank you for your response. I will check it out.

[scullymanMember@scullymanJoin Date: 2004Post Count: 43]

October 8, 2008 - 10:22 am

Find a site website called RPData. For a small cost you can get all sorts of information on the property.

[scullymanMember@scullymanJoin Date: 2004Post Count: 43]

September 28, 2008 - 3:02 am

You don't need to have an ABN to invest. However, I would certainly take Young_Investing's advice and search this sight for topics such as wealth protection, trusts, tax and companies. It would depend whether you intend buying and holding, renovating or buying and selling short-term.

Scully

[scullymanMember@scullymanJoin Date: 2004Post Count: 43]

July 8, 2008 - 9:34 am

You could try a 'rent to buy' option and leave him in the house. I would certainly put a caveat on the property as a constructive trust to protect your interest. However, you need to ask yourself that at eighty does he really want to sell. Does his sister have power of attorney and yes, there is a chance that if the property is still in his will, you might have a battle on your hands. Is it worth it.

[scullymanMember@scullymanJoin Date: 2004Post Count: 43]

July 8, 2008 - 9:22 am

Goodenergy,

There are a number of topics on this site that cover descretionary trusts and unit trusts. Try searching. Transferring the property into a trust may have some tax implications that you might want to discuss with an accountant.

Cheers

[scullymanMember@scullymanJoin Date: 2004Post Count: 43]

December 28, 2007 - 8:10 am

Here is what  I currently advocate with great success. Divide your current minimum monthly payment into the amount owing. You will then be left with a number. Now put them all in order lowest to highest. Now find 5% on your total mothly payments combined (Read a book or two) and start dumping this 5%, including your normal monthly payment, onto the lowest numbered bill.

eg. CBA loan $12,000 divided by minimum montly payment eg $150 = 80
       GE card $6000 divided by eg $120 = 50
  Mastercard $5800 divided by eg $110 = 52

Now put them in order lowest to highest:

GE Card
Mastercard
CBA loan

Now add the 5% – $150 + $120 + $110 = 380 + 5% = $19
You will start by paying the extra $19 on the GE Card. eg $139. Once you have paid off the GE Card the $139 then goes on the Mastercard with the $110 normal payment.
Try this on a standard spreadsheet. You will be amazed by the money and time you will save.

[scullymanMember@scullymanJoin Date: 2004Post Count: 43]

June 4, 2007 - 7:40 am

Because together our DSR will be over the recommended 35%. I don't have much debt on my own and my DSR is around 22%.

Scully

[scullymanMember@scullymanJoin Date: 2004Post Count: 43]

June 3, 2007 - 11:39 am

She will be borrowing  the equity to use as a deposit for the IP.

[scullymanMember@scullymanJoin Date: 2004Post Count: 43]

May 6, 2007 - 1:47 am

Try checking RPData's website. You can find it on the http://www.realestate.com.au website. This site offers various reports at a cost of around $60-$100. The Property investment report offers rental info and a sample report can be downloaded.

Scully

[scullymanMember@scullymanJoin Date: 2004Post Count: 43]

June 5, 2005 - 4:29 am

Originally posted by The Mortgage Adviser:

That is why I stated “in most cases”. Some situations are very difficult.

I am wondering, when the broker told you about the 100% finance, did he know about the bankruptcy and the minimal savings?

Also, how long ago were you bankrupt and how long ago were you discharged?

Why do you have no savings if you have no debt and a good paying job?

1. I stated in my last post that the broker new all the facts (bankruptcy, savings)
2. I was bankrupt 3 years, being discharged in December last year.
3. I have no savings because I was left with nothing and took this long to buy furniture, pay for a modest wedding and purchase other necessities that other people take for granted.

[scullymanMember@scullymanJoin Date: 2004Post Count: 43]

June 4, 2005 - 8:08 am

Quote:

Originally posted by The Mortgage Adviser:

I think a bankrupt should step up and take responsibility for their own mistakes (in most cases) and seek the help they need to remedy the situation instead of taking the easy way out. I also believe those who use it as a tool to escape paying back debt should be severely punished!

Some (ex)bankrupts like myself have had no choice but to go bankrupt because our ex-spouse has left us holding the bag.
I have also moved on, got re-married but the lenders don’t want to know me dispite having a good paying job and no debts.
I went to a broker (will name them if you want) and they promised me the world knowing all my facts, until I got to their office. I advised them that I had minimal savings and they quoted they could find a lender that would lend 100% only find that I now needed 10% deposit.

[scullymanMember@scullymanJoin Date: 2004Post Count: 43]

May 30, 2005 - 5:16 am

Check out Bantacs.com.au

There is an interesting article on the very subject.

Scully[grad]

[scullymanMember@scullymanJoin Date: 2004Post Count: 43]

March 21, 2005 - 10:21 am

Ok…so if everyone is buyin’ in Rockhampton. How about someone buy one and do a lease option with me. I want a decent one though.[cap]

[scullymanMember@scullymanJoin Date: 2004Post Count: 43]

January 31, 2005 - 9:35 am

Section 23A of the Residential Tenancies Act 1994 states that ‘this act does not apply to residential tenancy agreements that are retal purchase plan agreements.’

So maybe you don’t have to include a bond in your agreement. Maybe.