yes

Terryw
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Yes, missed this one. The trusts can be converted, but with the fees it is probably cheaper to start a new one.

Terryw
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Yes, some banks allow parents property to be used as additional security. eg. St George has a family pledge option. Parents property can be used for a fixed amount – eg 20% only so if thngs go wrong, the bank can only claim up to this amount.

Parents do not need to provide any income for serviceability – just the security property.

When your…[Read more]

Virtually no bank will give out vals. CBA used to even have a policy of not telling you what it come in at!

However, ANZ allow the brokers to order and receive the vals.

All lenders do written vals too.

Terryw
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Bit of a gamble sometimes I think. But i have known people who have done well.

Terryw
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The main problem you will have is not being self employed for more than 2 years.

You may have to go for a No Doc loan at around 70% LVR with an interest rate of around 7%.

Terryw
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It is not ideal, butpossible to use the existing security as additional security for hte new property.

Just go to your exisitng lender and tell them you want to borrow to buy a new property. They will ask how much deposit you have, you tell them you have equity and will be using this property as well as the new purchase for security.

They then…[Read more]

If you borrow more than 80% of the value, then you would have to pay mortgage insurance – usually.

80% of 320K = $256K. So if you increased you loan to more than this, then LMI is payable.

However, if you unit increases in value, so does this figure. ie 80% of the value.

You can also buy a new property without increasing your loan. You can use…[Read more]

Thanks Kaloni

Terryw
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Probably you will have a very hard time getting finance. Therefore you will also have a hard time selling. And this will most likely limit capital growth. 8% is not very much return at all.

Terryw
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Originally posted by ptn:
Hi Terry,

From memory, Bankwest have done 95% for one of my clients with a hybrid trust.

Sorry if I am repeating myself but need to know exactly.
Your client, did he have a company trustee?

Cata, I am not planing to do any commercial business in my trust and asset protection is not a point of interest now. Beside,…[Read more]

Hi Hardyard

CGT applied to any property that you sell for a profit.

And if you rent out part of your home, you will lose part of the CGT exemption status. If you lived there initially and then totally moved out, you could still claim everything and get the CGT exemption for up to 6 years, if you claim no other property as your main residence…[Read more]

Redwing, yes very true. I have seen one client with a hybrid trust, but the loan was in the wrong name – they didn’t know what they were doing, didn’t understand how the trust operated, and their broker didn’t either, so they got the loan in the wrong name. Don’t know how they ended up at tax time.

Also seen 3 clients who had purchased ppty 3…[Read more]

Verara, I can’t connect either. checked the address on google, it is correct, so the site must be temporarily down.

Terryw
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Buy one under valued property for cash. Do it up a bit. after a few weeks mortgage this ppty, and repeat.

eg. $80,000 ppty. clean it up, values at $100K. get a loan of $80,000 and you still have all you money that you started with – less costs etc.

But i would be inclined, myself, to get a good high growth property.

Terryw
Discover Home…[Read more]

Thanks very much Mark

that site is just what I needed.

Terryw
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Must have been some sort of fraud or criminal behaviour involved?

Terryw
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Cata

Are you saying you own shares in a private company, the company is sued, and the shareholders are sued as a result.

It is my understanding that shareholders are not responisble for the actions of a company – unless they are defacto directors etc.

eg. you held shares in HIH, how could you be sued in relation to this…[Read more]

Ptn, You will have to check with an accountant about the units.

Many banks don’t like hybrids. The main problem is the title and loan are in different names with corporate trustees.

From memory, Bankwest have done 95% for one of my clients with a hybrid trust.

Do you need a company as trustee? You need to assess you risk tolerance. A company…[Read more]

Not all deeds are the same. I use Lawcentral myself, but not bought a hybrid from there. And that price doesn’t include a company.

I have seen a few hybrid trusts without companies as trustees So, it can be done. Maybe Dale doesn’t recomend it.

I think Westpac will have a problem with hybrids. They don’t really like trusts at all. But many other…[Read more]