Nooob wrote:
CattThanks for your generous offer.To summarize my question (and reduce the hassle for you to read it)I only need a structure to tell me for example:First property $X / PPOR, IO2nd $Y / IP, IO3rd $Z / IP, IOWait ? months for buffer, redraw equity from X and buy another IP then sell Y to release credit for 2 more etc.Long story…[Read more]

I agree with RichardYou might want to look at the Duties Act WA to see if there are any stamp duty exemptions, but I don't think there are unless transferring from one name to both names for a main residence.Even though it is costly it may work out cheaper for you to sell and then reborrow to buy a new investment property down the track – after…[Read more]

The ostrich method is very common. It is an interesting phenomenon.Did they answer the administrator's request by listing all their assets and liabilities? I hope not.Please let us know how they go. Might take many months but I am sure that the Administrator will come after them if they have assets – it generates more fees for the administrator.

They should see a lawyer as there is a high chance they will be sued for the $250,000 shortfall. This could be increased a lot by the addition of legal fees etc.Bankruptcy is a high possibility so they should prepare asap.

http://jade.barnet.com.au/Jade.html#article=261412

Oh no. Don't want to alarm you or them but look at South Sky Investments Pty Ltd v Luppi  [2012] QSC 27   http://jade.barnet.com.au/Jade.html#sy=261412

Wow, not good.Which state was the OTP in?

You could allow them to have a finance clause and hten an addition clause that either party could back out before the finance is granted.

From memory it is section 459 of the corporations act. Or near 459.

U do not even need to go thru a court to issue a statutory demand. If u do some research you go even do it yourself. But one minor mistake will mean it is not legally effective so it may be wise to use a lawyer.

You just need a clause which states the agreement is subject to X.X could be finance, council approval for Y, satisfactory building inspection, etc etc.Just bear in mind that the vaguer it is and the easier it is for you to pull out the less likely it will be accepted by the vendor.

You need legal advice.

If a company owes you more than a certain amount – and I think it is about $2,000 – then you can issues them with a statutory demand. This gives them 14 days (or is it 21) to pay your debt. If they don't they are presumed, under the Corporations Act, to be insolvent. This is extremely serious and costly for the company if you take the next step…[Read more]

Interesting regarding the hardship letters.I have done this for someone in the past. Negotiated reducing credit card debts by half. It is very easy to do and the credit card companies reduce the debt easily. Saved someone about $40,000If you had debt of $10,000 and only $5,000 in the bank you can simply email the lender and say you wish to pay out…[Read more]

Make sure you each do a will and consider what will happen regarding the debt.

I think your definition and the legal definition of exit fees differs!

The legislation is
NATIONAL CONSUMER CREDIT PROTECTION REGULATIONS 2010 – REG 79A
http://corrigan.austlii.edu.au/au/legis/cth/consol_reg/nccpr2010486/s79a.html

The ban doesn’t apply to Break fees or discharge fees

subsection (3) defines these:

break fee means a credit fee…[Read more]

hi Reno

You will have to seriously look into the Bankruptcy Act if you really want to know about asset protection. What you are essentially protecting yourself from is creditors and creditors can get at your assets by forcing you into bankruptcy.

But it is not as simple as some promotors make out. I don’t know anything about Dominique and if she…[Read more]

hi Reno

You will have to seriously look into the Bankruptcy Act if you really want to know about asset protection. What you are essentially protecting yourself from is creditors and creditors can get at your assets by forcing you into bankruptcy.

But it is not as simple as some promotors make out. I don’t know anything about Dominique and if she…[Read more]

Hello MichaelVery good getting an article about yourself in the SMH. That is good marketing.What of the scenario where a borrower has fixed their loan for 5 years with ANZ thinking rates were going to rise. But rates dropped instead and so the borrower decides to break the fixed loan and revert to the variable loan and are charged a large exit fee…[Read more]

The best way to profit would be to mow their lawns for a fee I think.Realistically not much you can do without licencing and even there there is no equity.

And it is only reasonable that a lender charges break fees. You are taking a bet on rates after all. And if you get it wrong you shouldn't be able to back out without penalty near the end while benefiting at the beginning.