wilko1 wrote:
Is that because he could of been seen as "finding" the property to onsell to the current money partner
If no consideration is passed between the two would it still constitute a onsell?

It would be, possibly, treated as an onsell. But, I think in Victoria there may be duty concessions if it was sold at the same price – possibly no…[Read more]

wilko1 wrote:
Wouldn't "and or nominee " work in this situation. Then just assign  through your solicitor to the person who is purchasing the property.  Or is that just something you don't want to do with a money partner in case they leaving you holding the bag.

Be very careful or this could result in double stamp duty

If you are signing a contract you would need to sign it and enter the contract in the name of the legal owner. This means whoever will be on title needs to go on contract. If you change names on a contract you could be up for stamp duty twice.

Depends what you mean by 'offer'. If you are signing a contract you would need to sign it and enter the contract in the name of the legal owner. If he is the money partner wouldn't you be the one on the title?

Ps, just noticed Tahmoor – I sold 5 acres there a few years ago and made a killing. 5x what I paid for it!

Captain Capital wrote:
Hi Guys,

As the title suggests, I'm sitting on a massive pot of gold, and I really don't know where to go from here.

I own two properties,

Tahmoor: 320,000
Buxton: 300,000 (PPOR)
Mortgage: 290,000 @ 5.44% ~ 8 years to go. Paying 600p.w + 300 from rent = 900p.w
Equity: 330,000

Income:
Me; ~ 50,000 (Casual at…[Read more]

Jimmy86 wrote:
yeah agreed Terry. but we outsource this to solicitors, or the client's solicitor sets this up

Good to hear Jimmy!

Jimmy86 wrote:
Hi Creasy23,

firstly, $7k is far too steep for set up. We are closer to the $2,200 mark for property set up with limited recourse borrowing ability, legals and fees.

Your super balance is not the final decider We have both set up SMSF's and helped people invest in property for less. From a lending point of view the bank will…[Read more]

jate wrote:
If I really wanted technically I could drawdown on my equity and place the new found cash into my Offset Account thereby increasing the Offset Account's balance to $160,000 and significantly reducing my monthly interest repayments to the basis of only $40,000. (

You are confused – you would be borrowing $160k to put in the offset,…[Read more]

Creasy23 wrote:
Hi there

I was hoping someone may be able to help with some of my questions in relation to SMSFs.

My partner and I are thinking of setting up a SMSF in order to purchase a property. I have heard (and read) lots of different opinions on setting up a fund, with some saying you need as little as $100K, with others saying don't…[Read more]

jate wrote:

TheFinanceShop wrote:
Good work – create a "superman" account against the PPOR and pay IO. Divert all rental income to the PPOR Offset and then have all outgoings going from that offset.

Disaster diverted.

Hi Shahin,

Doesn't this method breach some taxation law in terms of items which can be tax deductible?
That is, because…[Read more]

jate wrote:

Terryw wrote:

I see so many people who are costing themselves a fortune because of poor structuring.

Hi Terrw,

Are you able to advise what is the best way to structure accounts for people where you have a basic portfolio such as the follows and looking to be able to most effectively scale up and grow the number of investment…[Read more]

Ajax wrote:
What about using a Pty Limited company to purchase an IP?

Does this avoid the National Consumer Credit Protection Act requirements?

What are advantages/disadvantages of an IP held in a Pty Limited company?

Yes, it would not come under NCCP – but why are you trying to avoid this?

Major disadvantage is no 50% CGT discount and…[Read more]

1. You could do this a variety of ways, Joint Venture agreement is one. You or your entity contracting with owner of land.
2. Yes, if there is a transfer in title
3. this will be tricky as the land is owned by someone else. Likely that it will be messy.

I am just advising on a vic JV right now.

wilko1 wrote:
When applying at another bank Re 10 plus years ago. Some banks didn't ask on their loan applications if you were guarantor of any other loans. So you were able to bypass them seeing you had given a guarantee previously. Closed loophole now. 

"Is it still worthwhile setting up a company and trust still?"

That's why you should…[Read more]

tom123 wrote:
hey gobi,

you can go to the banks external dispute resolution scheme. which would either be..

http://www.cosl.com.au

http://www.fos.org.au

hoped this helped.

Tom, these organisations cannot assist as this is not a dispute between a lender and a borrower but a priority dispute over title to a property.

I bet you used a conveyancer?

Mortgagee in possession? Who do you think would have priority?

You maybe able to sue your conveyancer…

None of the above. The trustee of the fund is the borrower. The trustee may use a broker, but not an accountant unless they have a credit licence.

jmsrachel wrote:
Hi Hari17, I can recommend you Jamie from Pass go Loans. Currently using he's services and cannot fault him at all, and very prompt. He's based in Sydney and i am in Melbourne and i find it easy to email him documents required rather then having a broker come to my place.

Joe, I think Jamie is in ACT isn’t he?

$50k is way too small an amount in my opinion. ASIC recommend $300,000 i think.

1. Would probably be a breach of the rules.