Hi Grant

yes good point, they just Card B would just make a payment into Card A, regardless of the balance outstanding. So you wait for this to happen, and then make the withdrawal.

Terryw
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When you get a loan as trustee for the trust, the trust simply claims the interest. It is a loan for the trust’s asset. No giving or onlending is necessary.

Go to the ATO site and download a copy of the trust return. Have a look at it. It is really easy to fill out, and you could probably just do it yourself.

Terryw
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Hi Grant

Why are you paying above market value for this property?

I would be inclined to suggest you not buy it – mainly for the reasons above.

But you also have to consider the opportunity cost. If you keep this one, it may mean you miss out on others – possibly more profitable sub divisions etc.

You will also have this hanging over your head…[Read more]

About the only way a car can assist is by getting you to the properties you are going to buy.

You are best off with the cheapest vehicle possible.

Terryw
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Hi

What is short selling?

Terryw
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So you own a property jointly, and want to sell your half to the other party?

It is possible for your partner to pay you the $100,000, into your loan, if he has hte cash, and then transfer the title later, but it is unlikely they will agree to this.

I think you may just have to ask someone else to lend you the short fall for a short period,…[Read more]

Why doesn’t she move out of hte retirement place back into the home for a short period, and then move back again? The 2 years should start again.

Give Centrelink a call and talk to their financial advisors there.

Also seek out a professional knowledgeable in this area.

I don’t think selling the house now will solve the problem as she will then…[Read more]

Not possible for a loan secured by the property. All people on title have to go on the loan.

Terryw
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You just need to refine the strategy a bit. Get 2 credit cards.
Get a cash withdrawal from card A for $10,000. Transfer the balance of this card to card B – chose one with a 6 month interest free period for balance transfers. Now you have $10,000 interest free for 6 months. You may have to pay a few days interest on card A before the transfer…[Read more]

You couldn’t apply here without it causing a problem. I don’t know about getting loans in NZ, it may still show up there. They best thing to do would be to get a copy of your CRAA file from Baycorp in NZ – and see what is on it.

Terryw
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Yes, not a good idea. Too many costs, just look at accessing the equity and use that for further investments. Look at getting a IO loan on both the investment portion and your non deductible portions – with a 100% offset account on this.

Terryw
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A lot of people complain about their accoutnants not telling them things such as how to save tax, how to structure etc. I have experienced this myself in the past. I have come across some information asked the accountant and he said, yeah that would be possible, and I have thought why the hell didn’t you tell me this before, I could have saved…[Read more]

The trouble with most No docs is that they are mortgage insured. There are only a few mortgage insurance companies that all the lenders use, so if you strike out at one place, you will probably strike out at another lender using the same mortgage insurer.

There is a new company that has some No Docs without mortgage insurance at all. Centra…[Read more]

I don’t know much either, but I would think if they have signed contracts and exchanged, nad have been making payments, then they have an equitable interest in the property. If they were to go bankrupt, a bankruptcy trustee would step into their shoes. The trustee would act for the benefit of the person’s creditors and they would act as if they…[Read more]

Just because one property dropped by 43% doesn’t mean the property market has dropped.

You do not know the background to this property. It could have had a granny flat demolished, bikies move in next door or anything similar. The original price could have been inflated, they could have stacked the contract, it could have been transferred between…[Read more]

Thats a good rental yield for a Sydney property.

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Josh is porbably correct, but some people are just own nothing control nothing types of people. So suing them would be an even bigger waste of time. You could get a judgement, spend thousands on legal fees, and then get nothing for it.

Terryw
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Hi DraconisV

Usually with Io loans you can make extra repayments without penalty and these extra repayments can often be withdrawn again later (maybe with fees).

A possibly better solution would be to use a IO loan with a 100% offset account. There can be tax probelms if you pay down a loan and then redraw money. having an offset account works…[Read more]

Hi, It is not illegal to borrow money from yourself, just impossible. (I am not an accountant, so maybe wrong).

Just the other day I asked myself to lend myself $20, but I said I couldn’t be trusted, I then got angry with myself for not trusting myself. In the end, I got the $20.

Maybe your accountant is suggesting you just take some of the…[Read more]

I think this is pretty normal, and valuers should be able to do this.

Terryw
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