Investor, many banks just do drive bys. These can be good in some ocaisions – if the place is a dump inside, but nice outside.

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
Sign up to my mailing list.
Just send me a blank email, with “subscribe” in subject line.

Sometimes LMI is unavoidable. It is just a cost of speeding things up. You have to calculate if you think it is worth paying it now (around 2.5% of loan amount for a 95% loan) or waiting to save more and get some more equity.

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
Sign up to my mailing list.
Just send me a blank…[Read more]

Not sure about NZ, but with some lenders here, you can insist on a full valuation so they actually have to go inside.

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
Sign up to my mailing list.
Just send me a blank email, with “subscribe” in subject line.

Wow!

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
Sign up to my mailing list.
Just send me a blank email, with “subscribe” in subject line.

Yes, try to use the major banks firstly, if you have no choice then go for the smaller ones. It is not nice to have these fees hanging over you head, just in case you need to refinance in a few years.

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
Sign up to my mailing list.
Just send me a blank email, with…[Read more]

Developers are hurting now. I know of one that is lending the 20% deposit to clients just so he can move stock. Maybe you could ask for something similar, bypass the money partners.

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
Sign up to my mailing list.
Just send me a blank email, with “subscribe” in subject line.

That is probably on the cheaper side of things for non Bank lenders. Some are up to 3%!

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
Sign up to my mailing list.
Just send me a blank email, with “subscribe” in subject line.

Generally 7-8% seems the norm. maybe less if you have a few properties with the one agent. But in WA things seem different, prices are much higher there, and they have invented many additional charges.

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
Sign up to my mailing list.
Just send me a blank email, with…[Read more]

I would guess not too. Athough it may depend on how it is currently owned. eg. if a unit trust maybe just transfer the units, if a company, transfer the shares. I belive this will mean little or no stamp duty if the property is under a certain level in value.

Another option may be to just delay it, by delaying settlement. eg. long settlement,…[Read more]

I must say I cannot really understand the ‘multiplication by division’ theory. I am inclined to say the selling costs and purchase costs on the new one will not make it worthwhile – you might as well just keep the property and increase the loan.

Maybe the only time I would do it is if you think the property has had some quick growth and would be…[Read more]

Oh I see now, asset protection issues. It may be safer not to have a loan outstanding as a loan would be a personal asset, and if sued this could be at risk. ie your creditors could call in the loans an get their hands on the money!

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
Sign up to my mailing list.
Just send me a…[Read more]

Yes, should be possible. Most lenders would allow this.

But, why cross collateralise? Why not increase the loan on the investment property and lend that money to the trust to use as deposit.

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
Sign up to my mailing list.
Just send me a blank email, with “subscribe” in subject line.

These units are not in broadway are they? They have been $125,000 for about 10 years now!!

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
Sign up to my mailing list.
Just send me a blank email, with “subscribe” in subject line.

I’d bet on the cheaper one because of the ripple effect. People that want to live in the expensive suburb will tend to drift over to the cheaper one pushing up prices – hopefully.

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
Sign up to my mailing list.
Just send me a blank email, with “subscribe” in subject line.

Originally posted by TimC:
Just bribe someone from the department of motor registration to get the full name and address….hehe [biggrin]

Tim, a criminal offence! Naughty. These days all access to peoples details are logged and if the employee is caught they would be sacked and maybe worse.

What you could do is get the title and then the…[Read more]

Here is an interesting case.
The Trustees of the Property of John Daniel Cummins, A Bankrupt v Cummins [2006] HCA 6

A barrister transferred his half of the house to his wife in 1987, he became bankrupt in 2000. The bankruptcy trustee succeeded in undoing this transaction.

see:…[Read more]

I think many people get divorced just before going bankrupt. It may be due to the stess invovled with losing everything, but there are also a lot of people out there who do so for asset protection reasons.

I remember a few years ago when many barristers were declaring themselves bankrupt to avoid paying taxes, many had all their assets in the…[Read more]

Stuart

Thats the new ‘product’ (called 500 plus), $500,000+ with LMI paid by RAMS with an interest rate of 7.23%. The standard No Doc is the No Doc 80 which can be under. Got one of these approved the other day for about $360,000 at 80% LVR.

At the moment RAMS are bring out new products every week and it is hard to keep up

Terryw
Discover Home…[Read more]

Kiwi, I beleive the Family Law Court can do this. I think I have a paper on family law and trusts which I can send you if you want. From memory there was one case where the man had his dad as trustee, and the FLC attacked the structure.

But, just because they can, doesn’t mean they will.

Terryw
Discover Home…[Read more]

Hi Ficus

Be very careful with something like this. The rental guarrantees are meaning less if the company ends – which many do.

The potential capital growth may be very limited as these things are hard to sell, and harder to finance than the average unit.

Also watch out for management costs blowing out and for restrictions on what you can and…[Read more]