Excel has one in the templates section. Go open, new and it will be in there somewhere. If you cannot find it, please send me an email.

You just need to fill in the application forms and supply proof of income etc. Once you have found a property, you can supply contract and they will then order the valuation.

You can have IO with 100% offset with ANZ. Monthly interest will vary depending on the balance of the offset account and they will be able to take this varying amount each month from the offset.

Yes it is not very nice is it. I wouldn't want my loan sold like that.May I ask if this loan is for an owner occupied property, for non investment purposes? If so it will probably be covered by the UCCC legislation. This is designed to assist borrowers when they are in trouble and lenders may be legally required to help the customer by temporarily…[Read more]

For starters you should get some sort of agreement in writing on who will do what, who will put it the money, when to sell, what if one party wants out etc. have a look at http://www.lawcentral.com.au for the agreement of purchasing property together.

RAMS don't generally allow construction loans through brokers. I think if you have a land loan with them already and approach them later, they may be able to assist – this suggests it is not something they specialise in. Assuming it is a low doc, you may be better off with St George or Macquarie Mortgages. If a full doc, St George is my favourite.

Hi KuadeYou can just approach your existing lender and ask for a LOC or an increase on your existing loan. Your existing loan can continue as normal.Deductibility does not depend on the security, but on what the money is used for. Therefore redrawing on your PPOR loan will be deductible if you use the funds for investment purpose – but only on…[Read more]

a pre-approval will generally only be valid for 3 months. You will need to apply again anyway so why not save your credit record from another enquiry you won't be proceeding with and jsut ask a broker it you meet the requirements. That is no guarantee you will get the loan in 10 months time, as serviceability and circumstances change, but it will…[Read more]

The only way it could apply is if the lender would lend to the trust without a guarantee. Over the years I have asked around and have yet to find a lender willing to do this.Another way is to not tell the new lender about the previously guaranteed loans. Whether you would get away with it would depend on the wording of the application form and how…[Read more]

Thats just an old wives tale.

If he has a signed contract with all the conditions fulfilled, then I believe the other party cannot pull out without penalty.

I would suggest IO on all loans as it reduces cashflow enabling you to service more debt. Any spare funds should be diverted to pay off non-deductible debt first.

I would suggest IO on all loans as it reduces cashflow enabling you to service more debt. Any spare funds should be diverted to pay off non-deductible debt first.

Tysonboss1 wrote:

Terryw wrote:
Wraps take a lot of work for little reward. You will make more money buy and hold – from my experience.Also, most lenders will refuse to lend if they know you are onselling the property on an installment contract. Even if you are using lease options you are supposed to get the lender's permission.

Wraps are to…[Read more]

Hi again.Yes, it was Steele v FCT in 1999. Since then the ATO has released a tax ruling:TR 2004/4 Income tax: deductions for interest incurred prior to the commencement of, or following the cessation of, relevant income earning activities http://law.ato.gov.au/atolaw/view.htm?locid='TXR/TR20044/NAT/ATO'&PiT=99991231235958See this legal newsletter…[Read more]

It doesn't really make any difference. Future lenders will generally look at guarantees the same as having the loan in your own name – you have the same responsibility.

I believe that you can probably claim the interest if you intend to rent the property out. There is legal precedent, I think it is "steele's case" where they were able to claim interest and costs such as rates etc on vacant land.

You don't need to do anything really. Just rent out the place and declare it in your tax return when the time comes.

Hi TuggerBecareful about paying down the existing loan. In a few years you may wish you hadn't if you decide to buy an main residence. The money will be trapped in the old loan and, although it could probably be redrawn, withdrawing it will create tax problems. A far better way to do it would be to put the money in a 100% offset account linked to…[Read more]

Sounds like it might be messy from a legal angle. Stamp duty on the transfer and CGT possibly, not to mention what this will do to the loan on the property – the new owner will need to go on the loan or at least guarantee the loan somehow.