st g currently offer 1.50% off the svr fir the first year.bankwest 0.90% off the average of the 4 major banks svr for 3 years. no exit fees either

MGo back and reread all the posts. Especially yours – you were asking to borrow $250,000 based on a security of $150,000. It is a business purpose, but you don't want to tell the bank that because they won't lend. What else can you do?Who is borrowing the money? you or your partner's parents?

I am not sure – but why use them? What is the rate and the exit fees?

[/quoteSo the plan is to purchase a business that is defrauding the taxpayer by defrauding a lender and/or lumbering your parents in law with ultimate accountability for the debt.Sweet.[/quote]Well summed up!

M3 wrote:
I've spoken to Westpac, they need to know the purpose of the loan… I am affraid to state that the loan is for a business as I will then need to apply for a business type loan, which I assume is harder to obtain because the business I am buying is "trading at a loss". I orginally wanted $250k but would be happy with $100k.. Is th…[Read more]

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Off the top of my head I think the St G fixed rates have been higher on the 100% loans than the normal loans.

What about getting IO and using a 100% offset account to keep all your cash. That way you will save the same amount of interest (or more) and can transfer the money into the home loan if you want to. The advantage is if you move out you will have a high loan with the cash available without tax implicationsThe disadvantage is that you may be…[Read more]

Can be added to the loan if your circumstances allow – LVR and maybe income checks.$19k sounds a lot and is, but one of my friends had a $90,000 exit fee on a fixed loan!

Yossarian wrote:

Cattleya wrote:
ew…. Hi Tim, Thanx for calling me crap. I know I was 'creative' but I challenge your claim that it was illegal. There is no law saying that you have to disclose everything to the bank. There is only a statement in mortgage application form saying you have disclosed everything. And because you sign this, it…[Read more]

I would try to set up an offset account and just have the rental income paid into that. Ideally this should be on your home loan (yourPPOR) if you have one. Then just get your interest payments taken from that account. You could still have other named loan accounts coming from the one account.The problem with getting your rent paid directly into…[Read more]

exit fees?

I would move into the property asap. This is because once you live in it you can class it as your main residence and it will be CGT exempt. You can then move out and rent it for up to 6 years and still maintain the CGT exemption.

Yes, you can reborrow the $10k. The interest would be attributed to the new property. If you are using a trust, then you would lend the trust the money and charge it the same interest as your loan and the trust gets to claim the interest in its tax return.

Whether you could afford would depend on your income. Whether it is a good time to buy depends on your thoughts on the market. Do you think it will drop more in that area?To try to stretch your money further, i would try to get all your loans interest only, and get depreciation schedules done and make sure you are claiming all that you can – most…[Read more]

CattleyaIn that case, Why not just have IO and pay the loan down as a PI and then you could use the redraw (or even better, just use a offset account) for the deposit on the next property – will save you borrowing as a personal loan (and deceiving the bank by not telling them), it will save you interest and fees and be more tax effective.

Maybe thishttp://law.ato.gov.au/atolaw/view.htm?DocID=RMP%2FRP0095ATO Receivables Policy PART G. Penalties and Interest Relating to Receivables Activities Chapter 95 VARIATION AND UNDERESTIMATION PENALTIES

Strata is when you 'sub-divide' the block into individual strata titles ie individual parts of one building can have separate titles.. Each block could be sold separately. Each part would be a 'lot' of the strata plan. But with land if you were to sub-divide it, each piece would have its own title. totally separate.

KentonHave you done a search on google for the book?

With a 95% loan you won't have any equity you can pull out to invest in managed funds. You will need to wait for capital growth and/or paying down the loan.Since you may rent it, I would suggest an IO loan with a 100% offset account.But, you will also be contributing money to invest into managed funds. I guess this is going to be frequent small…[Read more]