Lenders won’t give out this sort of information. It is on the broker web sites, or on the aggregation for broker members.

as a guide the average bank pays 0.70% of the loan amount as an upfront commission. But some of the small ones pay up to 2%!

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
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I beleive you have to leave permanently. They are wise to many people going overseas termporarily and claiming they have gone forever, so the rules have tightened up. I think you will find this info and the ATO site.

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
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Each bank has different requirements and different methods of calculating serviceability. So it is possible and sometimes a good move to go to several banks.

If you have everyone with one bank and they say ‘no more’ then you are stuck – especially if cross collateralised. It may be costly and difficult to resolve this.

Terryw
Discover Home…[Read more]

They’re not.

However, most lenders offer the same commission rates. It is only the smaller non bank lenders that offer more.

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
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I used to live in a 6 bedroom house during 1st year at uni. The owner rented each room individually, and didn’t live there himself.

Depending on the size of the place, you may need at least 2 refridgerators, and 2 washing machines.

Watch out for phones. probably don’t need one these days, but if you had a land line who would be responsible for…[Read more]

If you are going to struggle, it may be better to sell a property.

If your loans are PI, changng them all to IO may be possible and this may help your cashflow.

Perth seems to be the only place growing at the moment, so it may be better to keep a bit longer if you can afford to do so.

Terryw
Discover Home…[Read more]

If you have personal debt, it would be best to make your investment loan IO and to pay any extra funds into the persona loan (the LOC).

Your friend’s suggestion does not make sense. You would be borrowing to pay back a loan. The net result would be the same amount of debt wouldn’t it. It may also confuse things taxwise.

Terryw
Discover Home…[Read more]

There are many ways.

1) sell an option on a property, and charge a higher than normal rent. SOme of the rent then goes towards reducing the purchase price the tenant will eventually pay.

2) sell an option, and then give the tenant a discount off any future purchase of the property. eg. pay $x per week and after 1 year you can buy the property…[Read more]

Just another point on your comment on keeping your PPOR if things go wrong.

Having a trust may not help you in this regard. If you are personally sued, then your personal assets are at risk. This will include your home.

Some advisors recomend holding your home in your spouses name (if non working or less risk) or 99% in their name and 1% in your…[Read more]

Hello Mark

It is easy to change a trustee, just a minute will do I beleive.

However, if you have loans in place the loan will have to be redone, and the title to the property will have to be changed to the new trustee. But I beleive there is only a nominal charge for this at the Land Titles Office. (LTO).

Also you would need to probably get…[Read more]

What happens next? Well, the money belongs to the company, not you. If you want to use that money yourself you would have to pay yourself a wage (and maybe more tax) or distribute it to the shareholders (again probably yourselves). You could jsut leave the money there, and it is possible for your company to lend money to yourself or to lend money…[Read more]

Hi Mancityfan

You do not need a contract for equitbale interest. Just think of someone married, but the property is in the husband’s name. THe wife will have an equitable interest in the property due to her relationship to the husband.

Also you could have lent money to the owner of the land, have a mortgage over hte land, and I think this would…[Read more]

ANZ will do small towns, even in tasmania at 95% on a full doc.

For low docs, ANZ will do up to 60% almost anywhere. Anything over 60%, you would be looking at mortgage insurer approval and the LMI companies will not accept these areas.

So I think you are basically stuck with full docs in these areas. Or, limit your loans to…[Read more]

I’ve just seen a family with big problems at least partially caused by a broker. Since there were 4 family members wanting to buy their house together, the broker suggested they use a company. Unfortuantely they did. So for the past 10 years they have been paying an extra $7,000 pa in land tax, and now when they are going to sell they will be up…[Read more]

Originally posted by mancityfan:
Richard, sorry forgot to ask. If you are never the intended owner of the property, and you are exempt from stamp duty as a result, however, you have negotiated the sale of the property to another party, then are you not in breach of the Real Estate laws regarding licensing.
I understand that if you are in the…[Read more]

Hi G.

Don’t get too excited yet!

Some points to consider:

1) In this case, the developer has probably increased the purchase price so he can give a bit back to you.

2) It may be tax free if owner occupied, but if investment it would need to be taken into account when you sell for CGT reasons.

3) Will the developer let you chose the bank and…[Read more]

John

If a company is mentioned, then you can probably distribute (depends on wording and shareholders etc) to the company. The company then pays tax on this money. The company rate is 30%.

Cata, I was trying to say many people often call discretionary trusts “family trusts”. Technically there may be a difference, but this is often the case. see…[Read more]

I have one of my tenants on a lease with rental increases linked to the CPI rate. I have always used the national rate, never even considered the state CPI rates.

An extra 1.2% on a $400 per week rent is only $4.8. So there is not much point in digging your heels in if it is going to piss off your tenants – I think anyway.

Terryw
Discover Home…[Read more]

Cata is technically correct, however, the term “Family Trust” usually refers to discretionary trusts. I doubt that anyone forming trust these days would form a discretionary trust limited to family members only, however, there are a lot of accountants out there who do not know anything about trusts.

If John’s trust is in fact a discretionary…[Read more]

Just distribute the amount to yourselfs so that you pay no more than 30%, and the rest to a company which will pay 30%.

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
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