We can’t approve anything. It’s up to the bank to approve- we still need to follow their rules and terms.

What we can do is;
1. Assist
2. Advice
3. Submit the deal in a better light ( you be surprised, same file…same bank but different outcome – as we have access to the credit team + we know what they are looking for)
4. Fight a case on your…[Read more]

By the way; NAB and westpac allows up to 6 month ( 180 days) unless you don’t have enough interest/deposit to cap etc…

Shoot Richard an email and he be able to decyfer for you.

Regards
Michael

CBA would be the better option for bridging loan.

They allow up to 12 month – as long as you can service the “total bridging” debt interest only in advance + have the payment ready.

Regards
Michael

That’s a NAB and Westpac thing and to be honest they don’t have a lot of customer taking up their bridging loan due to this condition.

Another banks will do it for 6 month and the longest i seen is 12 month- but that means the new property will be with the new bank of course…
It’s a matter of choosing the right bank for the right…[Read more]

ledgend80 wrote:
thaks for thatsay for an example if i was to buy a brand new piece of equipment for 500k including gst what is the monthly repayment that i would be looking at with or without residule. i have been offered x amount of dollars a month and just wondering if it would stack up as a viable option

….hard to say there are many…[Read more]

Yep i use excel as well…
No need to go fancy – keep it nice and simple.

Reagrds
Michael

PAYG Income Tax Witholding variation form is one part…there’s roughly a handful of another forms and tricks your accountant can deploy to get max tax return in the quickest possible time.

Speak to a good accountant.

Regards
Michael

lykemike wrote:
Michael, in relation to your comment about doing an independant valuation for stamp duty purposes, would that be required since it is exempt anyway as a first home buyer?

Also, I believe the duplex was rented out for a year (in 2009?) since purchase back in 2003 (for 250k or so). Any idea how this would affect CGT?

The FHOG…[Read more]

Terryw wrote:
Another condition is that the land be under 2 hectares.

Ohh interesting…. i alwasy learn something new from Terry everyday

Regards
Michael

If you get your tax return cheque sooner then later then you could use this fund to invest further or place into an offset account.

Section 221D of the Income Tax Assessment Act provides the Commissioner of Taxation with the authority to vary the amount of tax installments to be deducted from the salary…so you can be claiming depreciation and…[Read more]

Under the PPOR exception on CGT- as long as this is your frds father’s primary and only PPOR then it won’t have any CGT liabilities when sold..

Also under the NSW FHOG rules for “one arm length” transactions- a independent valuation authorized by the OSR needs to be carried out to make sure the selling price is within the market for stamp duty…[Read more]

That’s the one

There’s a Sydney investors meeting held once every 2 month- ill post some details of the next one closer to the date.

Regards
Michael

Im sure Jamie will post a recommendation up soon

Reagrds
Michael

RobbieP wrote:
3: Exactly, which is why you need to be specific in what you say and how u use this cluase

” obtaining satisfactory finance” is not specific, it’s a general clause.
If i had a client who had this finance clause i would still advise them of the risk.

Because there are plenty, which a good lawyer would advise.

Regards
Michael

Nothing wrong with that; but i have seen cases where the vendor and agent would not release the money back to the buyer unless a letter is presented from the bank that finance was not obtained. So im talking worst case scenario and it happens and i wouldn’t say it’s rare.

All in all if the contract is not set out in black and white -You could end…[Read more]

RobbieP wrote:
Would it better to say the following? :"This offer is subject to and conditional upon the purchaser obtaining satisfactory finance from an institution of the purchasers choice”.So once the bank has done their valuation and presented you with an offer for finance, are you able to ask the bank what their valuation of the property i…[Read more]

I have access to all the programs and i use them all – RP data, Pricefinder, APM + all the bank’s valuation software ( ANZ, AMP, Macq etc…)
but that’s because im a mortgage broker; + im a active investor.

“This offer is subject to and conditional upon the banks valuation of atleast $200k” – nothing is stopping you from having this in the c…[Read more]

Im on $140k gross – but this is BEFORE expenses…after expense it’s more like 30k net passive – and this took a good 7 years to build up + no-development (yet) just rental but all in safe residential property ( all within Sydney metro – all within 1-25 km of CBD) – But my strategy is not rental yield; it’s more capital growth hence the…[Read more]

Qlds007 wrote:
Admitedly i havent done a pogo stick loan for a while.

Haha…must be one expensive pogo stick