Ynotnow wrote:
does anyone know if the FHOG can be cashed in if the property gets fully financed …meaning if i get a loan for the full sales price can i ask to get the 14k paid to me personally…i'd like to buy and have a back up in cash as well …or do they require this money to be used for the property …i could pay my interest from it…[Read more]

Getting back to my eg.Imagine if you had the foresight not to cross collateralise hte properties. Selling one would not effect the other and no valuation would be needed. If the value had fallen you could just hold the loan as is and wait for growth to kick in again.

PeteThey would accept it for a trust deal, but wouldn't for a straight purchase as the person buying is deemed to be less attached to the house – since they haven't risked any of their own cash.

I would plunk all money into the offset account and then off the home loan before reborrowing for further investments.All investment loans should be IO until you have paid off the home loan.

Easier with an eg.say you had 2 properties purchased for $200,000 each and a 90% loan. Total security is $400,000, total loan is $360,000.Now say the market has dropped 10% and you need to sell one property quickly because of financial trouble. You can only get $180,000 less costs maybe $174,000 in your hand.You apply to the bank for a release of…[Read more]

Hi PeteIf you were selling to your own trust it should be ok.

NaeDepends on the state you are buying in. In Victoria, in the past, you needed written authorisation from the nominee before you entered into the contract. If you were going to nominate a trust or company, these needed to be set up prior to the signing of the contracts too. But things may have changed.

c2Bank A would not have a mortgage over property with bank B so they would have to go to court and then get a judgment against you, then take further steps by getting a court order to sell property. If they have a mortgage it is a much simpler and much quicker process.

http://www.sro.vic.gov.au/sro/SROWebsite.nsf/rebates_fhog.htm#3 3. Are you eligible to receive the grant? To be eligible to receive the grant, the following criteria must be satisfied: You and your spouse/partner must not have received a grant in any State or Territory of Australia. You and your spouse/partner must not have owned…[Read more]

HiWho is the trustee?It is usually the trustee and/or the trust that borrows the money. If the trustee is a company then the directors will need to give guarantees. With a unit trust all of the unit holders may need to give a guarantee.Trusts cannot negative gear. But if you borrow to buy units in a trust, the unit holder may be able to claim the…[Read more]

http://www.austlii.edu.au/au/legis/tas/consol_act/da200193/s55.html DUTIES ACT 2001 – SECT 55 55. Exemptions transfers to partners in a marriage or relationship        (1) No duty is chargeable under this Chapter on a transfer, or an agreement for the sale or transfer, of dutiable property if it is proved to the satisfaction of the Commi…[Read more]

The only valid point she makes is the second one. If many properties are increasing just a little, it can be hard extracting equity.What about the downsides:- you reach serviceability with the lender, but have equity = you are stuck- 1 of your properties has dropped in value, and you want to sell the 2nd one = you cannot unless you pay down the…[Read more]

These days lenders won't approve these sorts of deals if they know you are borrowing from the vendor. Maybe some of the smaller private type lenders would with a higher deposit, but none of the majors would.

I believe the FHOG is only available once per couple, including defactos. If you qualify still, then the requirements for the grant are only concerned with the names on title, the names on the loan don't matter. But a bank will usually only allow a name on the loan that is not on title if it is a spouse/defacto.

leoau wrote:

keiko wrote:
I don't see why you can't up the loan take some equity out and pay the other person. but prob run it past your accountant

I've got just a few thousand left on this mortgage. I claim this interest as a loss. I will need to redraw 200K against this property to pay the other person up. So, if I do, tomorrow I will have…[Read more]

Why would you want to use a company to own appreciating assets? You will end up paying more tax.Better do some more research. Look at trusts.Also, these days I wouldn't buy a shelf company. Just start a new one from scratch. You can do it for around $90 on the net or just go into ASIC and fill in some forms and do it there with only the ASIC fee,…[Read more]

http://sportsarbitragescam.blogspot.com/The company that contacted me is named on that website. When I pointed this out to them, they claimed the website is being run by a competitor who is trying to ruin them and they are taking legal action against that person.

I believe they are going to keep the 2 separate for now – that means even if there are branches next to each other, they will still operate both.They are still separate companies, so I am not sure if they could consolidate loans etc. But your relationship with the bank is a contractual one. The contract you signed probably gives them the right to…[Read more]

Thanks Bootlace. Just what I thought – scammers just after your initial payment before they disappear.

crashy wrote:
well you are exposed to any capital growth during this period, you can sell during this period (called a flip) for a profit without paying stamp duty, longer to get finance or sell another property, longer to get building approval….maybe more

Hey, Crashy, what do you mean no stamp duty?If you have exchanged on a property you…[Read more]