If CBA won’t play ball, you could probably move to another lender without the need for a guarrantor.

Terryw
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Hi Chris

It is not such a bad thing, cross coll. But best to untangle now if you are going to buy more. Its like a ball of string, the more proeprties you cross the harder it gets to untangle.

Terryw
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Stamp duty on the land is not deductible. I beleive LMI, and stamp duty on the mortgage and stamp duty on the LMI premium are all considered borrowing costs and should be deductible over the term of the loan or 5 years, whichever is shorter.

Terryw
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for a good accountant try http://www.guardianpartners.com.au

I don’t know any good solicitors!

Terryw
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If they are both investment loans, then probably won’t make any difference. You may be able to save some small fees, but what would the cost be to do this? any reduction in rates?

Your proeprties would then be cross securitised. It would be better to keep them separate in my opinion.

Terryw
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Ih ave seen conflicting advice regarding this. I think having the assets in a trust will help greatly. But the family court does have the power to unravel trusts and companies.

Terryw
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No worries.

Here is a link to a Kin Reilly share seminar on in a few states:
http://www.universaltradingsolutions.com/g/5690/mastery-of-money-preview-sessions.html

Terryw
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I have a trust where I am beneficiary and trustee, so do many of my clients. It is possible.

It may not be possible where the trustee is the only beneficary, but where they are one of many, it should be ok. Do some more research.

Terryw
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Probably a 100% offset account would be better as there are no tax issues when withdrawing money. If you use a LOC, any withdrawals are considered new borrowiings and the interest may not be claimable.

Terryw
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Cabo Wabo

Did he say which state the property was in?

Terryw
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Hi

Briefly,
You would want your existing home loan to be IO as you would want to put all spare cash into paying down your new loan.

The old place can still be counted as your main residence for up to 6 years, but you can only count one place as your main residence. So if you count the old one, and sell it will be CGT free, but if you were later…[Read more]

It there is one title, then the laon will have to be in joint names – depending how you do it, all 4 or one from each family etc. All names on the title will have to go on the loan. Cannot have separate loans. Therefore the lenders will just treat it as one big loan – you will not need a seaparate deposit etc. They will assess you on the compbined…[Read more]

It would also depend on your rents and other incomes. When I started investing I obtained 6 x 95% loans for investment properties within 6 months before the bank got a bit worried. Then I just went to a different bank.

Terryw
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100% loans are also available for investment properties.

Terryw
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Those fees are ridiculous!

I want to become a property manager in WA!

Terryw
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That sounds right.

They will lend the person money to buy property, with no repayments required, but their fee for this will be a percentage of the proceeds when the property is sold and your loan is repaid.

I wonder what percentage they would want. Funding the loan will be expensive, so they would want a high percentage i…[Read more]

hmmm, i would probably pay off the loan on the PPOR, then borrow against it.

Then look for undervalued properties and pay cash (lending to a separate trust structure first). Then try to mortgage these properties at 100% of the purchase price to release the money back. Maybe deposit the funds in a 100% offset account while thinking of what to do…[Read more]

http://www.devfeas.com.au/html/feastudy/about_feastudy.html
Devfeas is good.

a real estate database is handy too. like Red Square, or RP data. You can look up addresses and see what they sold for, owners, historical search of prices etc. You could even look up a whole suburb and export it to excel. Can also see how many properties you friends…[Read more]

Hi Rob

You probably have some friends there who could keep a general eye on the place, and the agent would be managing the property, doing inspections etc. All you would have to do is check your bank account on the internet to make sure the money is going in and the loan is being paid.

Also get a good lawyer to look at the deal before you sign -…[Read more]

It seems in WA mosts agents charge these sorts of fees – collusion maybe? So getting them waived may be hard, but you should still try.

I think it best to get an agent nearby the property. These days many look for property on the internet (better check that they list on the net too – they may charge another fee for this!), but many renters start…[Read more]