You had better go to the ATO site, and download the CGT booklet. http://www.ato.gov.au

The max CGT could be 48.5%, the min zero (or even a loss). It all depends on how long you have held the property and how much you other income is.

Terryw
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You had better use an accountant if you are not sure.

Stamp duty on the land is not deductible. It can be used to reduce the capital gain when you sell, but not claimable while you have the property. But I beleive the situation is different in Canberra with leasehold properties.

Similar with solicitor fees.

Some other costs are considered…[Read more]

Many people that do this sort of thing live on equity by drawning LOCs.

Terryw
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V8ghia, Although hard to find, they are still out there.

Terryw
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You cannot use a formula based on rent alone. You must look at comparable sales – what similar properties have sold for in the same area, recently.

Terryw
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I have heard about them, never financed one tho. From memory, LVRs are about 70% and the lenders do not like them

I think there are problems with selling the unit too, as the new purchaser may have to be approved by the other owners as well. this will limit the price. But as tools suggested, if you can change it to strata, then could makes some…[Read more]

Rowan

It all depends on which lender you use. If you did a low doc wit st G for eg, you could be paying normal rates – with only LMI xtra.

If you go with Macquarie, you would be paying around 7.48% with no LMi payable.

Terryw
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Maybe you could get him to sign a longer lease in return for you paying – with a small increase maybe?

Or maybe he could just get wirelss broadband.

Terryw
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Why use someone overseas when you can use Richard in Australia?

It happens in Australia too. Some contacted me recently wanting to money personally – $2000. He showed me a loan approval which turned out to be a contract with a broker to look for finance for him. Their fee was $2000 just to look, whether succesful or not. He wanted to borrow money…[Read more]

Thanks Prop

I have often thought about doing that dip FP course myself. It would be interesting even if one were not intending to be a FP.

Terryw
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Originally posted by islandgirl:
Put an add in the paper “Send $10 to PO box XXX and I’ll post you details of how to make thousands of dollars” When they post you the $10 send them a letter saying “get a PO box, put an add in the paper when says send $10 etc etc etc”[biggrin]

Or put an ad in the paper for some sort of deviate sexual products,…[Read more]

Mortgage insurance has a huge impact on low doc loans as virtually all mainstream Low Doc loans are mortgage insured. With some the lenders charge the clients the fee, while with others they incorporate the fee into their rate and/or exit fees.

This means that you will have to pass the LMI criteria as well as the lenders criteria. Postcodes may…[Read more]

Originally posted by Property WA:
Hi Terryw,

I read that article a few weeks ago. I’m in almost the exact same position as the author (being an FP with a Dip and doing the Adv. Dip).

Things need to be done to change the industry – whole heartedly agree.

But to say ‘Read the article and you probably will steer clear of FPs’ implies that all FP’s…[Read more]

It would not be possible to raise finance the usual way. Usually the person on the title has to be the one on the loan. You may be able to find a private lender willig to take the risk, but the risk for them would be very large ~ it would basically be an unsecured loan.

In this situation maybe you could talk the owner into taking all risk and you…[Read more]

Thanks Gross, I have just read thru the whole thread for the very first time – very interesting.

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I know of a 85% Asset lend, 3-12months, rates from 12%, fees are rather high though. Best avoided it possible.

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Mortgage broking

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Colin has covered it weill, but i would suggest you get some legal advice. You shouldn’t be signing a contract without having it passed by a solicitor – you could be locked into a purchase you may regret.

As for the and/or nominee it is always good to use, but just be aware you may still be up for stamp duty in Vic if you do not have a written…[Read more]

There’s been a few of these sorts of questions lately. Do a search for some more suggestions.

I would look to setup a trust, lend the money to the trust and pay cash for the property. Make sure you get a good one, under value. Maybe clean it up a bit. Then apply for a loan on the property.

Hopefully it will value up more than you have paid. You…[Read more]

try http://www.gatherumgoss.com
Author of Trust magic

Terryw
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