I don’t think they are. They would possibly be treated as capital expenses, so you may be able to claim them if you sell a property at a later date.

If you are using a trust, then they possibly could be claimed by the trust.

I am not an accountant.

Terryw
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I am overseas at the moment in a cafe, so cannot check, but it does sound strange. ANZ usually insist on a registered valuer from their panel, doing the valuation – usually a drive by. Possibly the local agent is also the panel valuer.

Terryw
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No big deal.

My grandfather’s girl friend stole his. You just have to approach the Land Title’s office and apply for a new one. need to show rates statement etc and wait a while

Terryw
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Hi

It wouldn’t affect your borrowing capacity. overall the incomes for yourself and the trust would be the same.

Having titles in different names does create problems tho. Some lenders don’t like it, others accept it.

Terryw
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This is were is is important to get broad advice from a number of sources. Solicitors and accountants may not realise that many lenders request guarrantees from named beneficiaries. They can still be beneficiaries, just don’t name them specificially. It only complicates things.

Many lenders will try to tie you up with as many guarrantees as…[Read more]

Probably their Line of Credit product. You simply put all your money in the loan and leave it there as long as possible. Ask their interest rates, and be aware you can probably do this at a cheaper rate elsewhere. So don’t sign up till you do some research.

Terryw
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I chose to rent a place. Where I live the ppty yields are very low, and there is high strata fees. Growth has also been low. When I started rented the place about 7 years ago, I considered buying there, but instead bought a similar priced proeprty in a different area. This has since tripled in value, while the place i am renting has only increased…[Read more]

Hi Rumin

I think you had better assume the tenant will be a high risk. It may still be worth the risk, but you have to assess if they stop paying rent, can you kick them out easily? Can you take over and run it yourself or can you just lease the whole house out again at similar rates?

Terryw
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That article is about no deposit home loans. For these you need to be squeaky clean with your credit report and have stable work history etc.

I think many people after vendor finance are the credit impaired, or people that otherwise don’t meet the normal lending criteria.

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Ok, lets see

If income is greater than expenses, should be ok.

Income
100% of salary
80% of rent

Expenses
amount applied for at 1.5% extra interest (PI over 30 years)
existing loan repayments
3% credit card limits
living expenses (approx $12,000 if single, $15,600 if couple + $2100 for 1 dependent)

Some banks want income to be 1.25 times more…[Read more]

Hi HB

If they pulled out, they would not get any reimbursement. They are taking a risk by paying a bit more rent, but ending up (hopefully) buying the property below market rates.

Incidently, I wouldn’t do this again.

Terryw
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HB, What do you mean?

Yes, it is a residential house, and they pay all outgoings – water, council rates, buidling insurance.

I wish i could get them to pay the loan interest as well.

Terryw
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Just make sure you get insurances that cover you. Otherwise, if he is doing something illegal, and something happens, you may not be covered?

What is the capital growth potential? Is it is a good area?

What happens if this guy goes down. could you rent it out yourself at a similar amount? Or how much would you have to drop it, if you couldn’t…[Read more]

This is actually a lease option. ie I have sold them an option to purchase the property, with part of the rent going to reduce the repayments. If a court were to order me to refund the money for rates etc, then this would be added to the price they could buy the property from me for. So no big deal in this case.

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Originally posted by hb:
grossrealisation
such a brazen statment….200% in 12 months
its beyond belief
can you enlighten us ,that are untrained, in this effortless technique of accomplishing such prosperity

HB, Just imagine if he borrowed 99%, ie 4% off the vendor and 95% off the banks. This would make the % return much higher because of the…[Read more]

St George offer foreign currency loans to people residing in Australia or overseas, but again, they must be earning money in the currency of the loan. They will ledn up to 80%.

Rates vary depending on the amount, term and currency, but start at 3.53% p.a.

Terryw
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Oh, yes that would be the case.

If serviceability limits have been hit, (or if you have changed jobs etc) you may not qualify for the increase – they would probably require updated payslips etc.

Terryw
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Sometimes problems occur with settlements, and in this sort of situation, it may be better if you have a solicitor on board. However, some conveyancers are more knowledgeable about property transactions than solicitors.

Terryw
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HB

Not sure if I found a loophole or not, but many many years ago I had advice that any lease over 5 years in length could be classed as commercial and the RTA would not apply (in Vic). This is probably wrong. If they take me to court, they may win.

Terryw
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Mal

I see where you are coming from now.

Terryw
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