JacM wrote:
I guess technically they do not add conditions to the contract… technically they probably do it like this:

Print contract of sale document and my page of conditions
Scan it all in
Email to me
I show it to my lawyer before signing

I've done three this way, there has never been an issue…  My special conditions are always on an…[Read more]

JacM wrote:
That's exactly what I'm saying, yes.

Normally it goes like this:

Make an offer, whether it be verbal, via email, or written on a piece of paper and handed to the agent.

If offer accepted, get the agent to insert your special conditions into the contract and give you a copy (a scanned and emailed copy is fine).  One such condition…[Read more]

The bank won’t deal with you directly. You will need to go through the bank’s lawyers for the transaction which you can find on the front page of the contract of sale.

Its not necessary to make a formal offer, but it is a sales technique to lock you in and to present to the vendor that they have 'found a buyer'.

Remember if the other side gets a hold of this contract it would be legally enforceable against you. I wouldn't sign until getting a lawyer to review it either.

I haven’t got any references to legislation, but should be easy to find in the tax books.

See this ATO document which i found in 5sec on google
http://www.ato.gov.au/individuals/content.aspx?menuid=0&doc=/content/00270214.htm&page=9

Look under lease document expenses.

If the mortgage is across both titles could it be split up? Just thinking if your bank doesn't come to the party then you could move part of it.

Also if you are living in one property can this loan be separated and split off? Possibly not by the sounds of things, but if it could then this would be a way of paying off the non deductible debt…[Read more]

I see. Is that a commercial rent?

Shouldn’t be too many issues in borrowing then except for the fact that multiple units on 1 title. Are the two titles able to be separated ie two separate parcels so you could take half to one bank and half to another?

Who is the owner of the holiday units? ie what entity?

You should go into council and request copies of everything you can.

If some problem were to arise you may find youself in a tribunal or court and you could have the texts admitted as evidence. I wouldn't rely on them too much though, especially not for contractual matters.

Generally for conveyancing matters solicitors just concentrate on the state they are located in, other than that you would probably want a more local solicitor if there is court appearances too.

adam.p wrote:
Hi Jamie,

To clarify my question:

I have an IP but only on my Wife name.

The loan is on me and wife name. The loan is secured against this same IP and for the purpose to buy this IP.

It will be negative gearing IP. So, with this scenario, who is allow to claim tax deduction?

Thanks

Wife

Actually Jac all applications are recorded on the credit file, whether approved or not. Incidently you can still negotiate a settlement with the credit card companies and pay out part of the debt as full and final settlement without anything appearing on your credit file about this. But you must have the lump sum to do so – generally.

I would be…[Read more]

Wonder what you get for that?
Still, that is only about a 50% return on your capital per year. For the risk involved businesses need to generate you high returns, although these can be lower for major franchise because there can be more certainty of sales.

There would be considerable risk involved, leasing the shop etc – probably licence…[Read more]

$13k per month profit sounds high.
What is a franchise worth?

Because it will bcome an investment you should borrow as much as possible and put as little in as possible. There are ways to structure it so you can borrow 105% and then later free up more of your cash for your new ppor.

Depends what you want to use them for. Asking for help moving house may be tricky but advice may be ok.

Yes. credit card companies do make deal. The offer they give you will depend on your ability to pay and your hardship story together with the likelihood of them being able to squeeze money out of you if you go down. I have helped people get 50% off a few times.

Not many brokers know the dangers of cross collateralising and even less bankers do. Richard should keep you on track for future loans though.

6.1% is still a high rate, but much better than 8.54%. You may be able to better that.

Probably best to focus on the $2500 car loan, get that out of the way. How long is the credit card debt 2.9%? Probably is an idea to save up a sum of money into a 100% offset account on the home loan as this is a higher rate.

When you have a small lump sum…[Read more]