Generally allow for 5%

Terryw
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I have never heard of that ‘rule’. I have helped clients purchase apartments/units with 95% loans many times.

BTW, what is the difference between an apartment and a unit?

Terryw
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yep

Terryw
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I beleive so in both cases, unless you go through a divorce. May vary from state to state.

Terryw
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In NSW try http://www.businesslawyer.com.au

Anthony Cordato used to offer mini briefings which included a wrap contract. Costs about $500.

Terryw
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Once you own a property, it is too late to transfer it to a trust. To get it in a trust, you must sell it to the trust. if you sell, then there is CGT and Stamp duty (not sales duty).

If you are planning on buying and selling, you might want to do one and then see how it goes.

I have seen many people with big plans who have formed trusts, then…[Read more]

on the contract it is usually written as “XX Pty Ltd ATF the XX Trust”.

Terryw
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It will probably depend on how many deals you are going to do. If not sure, may be do one in your own name and see how you go. If intending to do many, then you will need a trust anyway, so why not get it right from the begining. Costs about $2000 to set it up with some advice.

Terryw
Discover Home…[Read more]

The trustee’s name goes on title. In this case it would be the company.

Terryw
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Funny enough one of my valuations come back today with the valuer saying the area is floor prone. The lender now wants a Section 147 certificate (this is NSW) to show how prone the area actually is. If it is more than 1/100 year flood, then the lender will not accept the security.

Haven’t previously come across this.

Terryw
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I think these sorts of deals can be great for investors. Very little deposit and nothing on your CRAA. Just buy an option and sub-lease out. If you have maxed out on your borrowing capacity, this could be a way to keep on moving forward.

Kiwi, would you allow an investor to take up the lease option

Terryw
Discover Home…[Read more]

Nathan, what state are you in?

If NSW, I suggest you sit down with a Lawyer such as Tony Cordato.

Bankrupts need a place to live too, but be careful. Bankrupts are bankrupt for a reason. Also, watch out on the money side, I beleive all of their income earned above a certain point goes to the Trustee for creditors.

have a look at…[Read more]

undischarged bankrupts can borrow money – if someone is willing to lend them money.

quote:
It is an offence under the Bankruptcy Act for a bankrupt to borrow money or purchase goods on credit in excess of $4,267.00* (indexed) without informing the person with whom they are dealing that they are an undischarged bankrupt.
unquote
From…[Read more]

I think some lenders will provide finance to current bankrupts if the finance is used to bring them out of bankruptcy.

Terryw
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No, I wouldn’t take advice from a real estate agent. I ahve done a few lease options, the leases are standard but the option agreements runing about 10 pages or so.

Terryw
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Banks only do valuations when you request more money.

Terryw
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You still must pay all the usual expenses. No different to renting a property out normally. In some states you may be able to on charge the rates and insurances. Can’t be done in NSW without problems aparently.

You will need to see a solicitor to draw up the legal documents.

Terryw
Discover Home…[Read more]

You should both probably have insurance. Who owns the building? You do still as you have your name on title, but the other party has purchased it from you, so they have equitable interest. They would want to protect their asset and you your asset. Not worth worried about a few hundered $$$ – if that.

Can you use the equity? Probably yes, but you…[Read more]

Steve

This situation was extremely messed up. I feel sorry for this family. Their accountant died a few years ago leaving them in a real mess too with rates and land tax notices piling up, unbeknown to them they also received a bad credit rating.

There were 4 brothers involved and they purchased their family home to live in with their parents.…[Read more]

Yep, if your company pays you, then you will have to pay tax if your tax rate is higher than the company rate.

There is no way around this if you only have yourselves as beneficiaries. You could possibly claim some expenses if you could justify this. eg employing other people. company car etc. But if the expenses are not related to the company’s…[Read more]