Redwing

I think one of the benefits of using the SMSF would be when you have retired, transferring a trust property to the SMSF and then selling the property, and getting the reduced CGT available to SMSFs.

Terryw
Discover Home Loans
North Sydney
Terry@discoverhomeloans.com.au

There are various rules which were designed to prevent losses being utlised by unrelated entities. Its a very complex area. Maybe you should search on the ATO site in the legal database for ‘trust losses’

Terryw
Discover Home Loans
North Sydney
Terry@discoverhomeloans.com.au

I haven’t heard of this before, do you have any further info, name of firm etc?

Terryw
Discover Home Loans
North Sydney
Terry@discoverhomeloans.com.au

Your wife would have to be on the home loan as she is on title.

With the trust, the loan would usually need to be in the trust name with guarrantees from the trustee (or directors of the trustee company). So this would depend on how you have set the trust up.

ANZ have recently caused problems with one of my clients with a HDT – They refused to…[Read more]

There would be no problem with getting the loan in the trusts name. Can also be done as a low doc if other criteria stacks up.

Terryw
Discover Home Loans
North Sydney
Terry@discoverhomeloans.com.au

Richard is the right person

Terryw
Discover Home Loans
North Sydney
Terry@discoverhomeloans.com.au

I think CGT will become a huge problem for many people in the future. eg you purchase a $200,000 property 7 years ago, now worth $1,000,000. thats a $800,000 gain = $200,000 in extra tax if sold. And it will only get worse!

Terryw
Discover Home Loans
North Sydney
Terry@discoverhomeloans.com.au

I’ve spoken to a few banks about this, Liberty, Adelaide and Bankwest have said they would do it (in theory anyway, haven’t actually tried). It may depend if the second mortgage will be registered.

Terryw
Discover Home Loans
North Sydney
Terry@discoverhomeloans.com.au

Hi Jenny

What happened with the default? It maybe that there may be another person with the same name as your husband. Should have probably supplied them with a copy of your CRAAs for additional proof.

Terryw
Discover Home Loans
North Sydney
Terry@discoverhomeloans.com.au

You can also get a copy online with the land titles office in your state. costs about $6.

Terryw
Discover Home Loans
North Sydney
Terry@discoverhomeloans.com.au

Shouldn’t be hard to do. You just need to complete the transfer and claim the stamp duty exemption. Will need to organise the finance as well.

Terryw
Discover Home Loans
North Sydney
Terry@discoverhomeloans.com.au

It would be best to call them in person. That way you won’t get the standard (and conservative) response.

If that was the with the licencing, maybe you could get around this by setting up 2 trusts with different trustees. Or just do 5 or less properties per year. Or just get the licence??

Terryw
Discover Home Loans
North…[Read more]

And do a search. This is a common problem and seems to pop up about once a month here.

Terryw
Discover Home Loans
North Sydney
Terry@discoverhomeloans.com.au

Originally posted by FFComm:
The standard structure is a trust with a company controlling the trust (know as the trustee or corporate trustee).

The reason why we have that structure is that it reduces our CGT to 15% (rather than 30% for companies, 15% for trusts & indivduals) and we have a corporation as trustee because we have higher protection…[Read more]

From a taxation viewpoint, there would be no benefit.

Getting a LOC on the current property to use as a deposit on the new property you live in would not make the interest deductible.

The LOC interest must be attributed to the purpose the funds are used for.

Therefore if you rent out your current home, there would be no interest claimable, and…[Read more]

Look for any arears, judgements, defaults etc. If you find any, ask their reasons, and maybe seek further proof.

Also look at how many credit cards are listed, and finance applications for radio rentals etc. They could be over committed.

Terryw
Discover Home Loans
North Sydney
Terry@discoverhomeloans.com.au

Hi Jarrod

The office of fair trading would be the best place to start with your enquiries.

Once you get a few proeprties in the one area, it may be a good idea to employ someone (or subcontract) who can help out in various areas. Imagine employing an apprentice on $20,000 pa. How much value could they add in one year?

Terryw
Discover Home…[Read more]

Jarrod

Yes No docs would work, but may need a large deposit, low docs may also work if the person is willing to exaggerate their income.

Terryw
Discover Home Loans
North Sydney
Terry@discoverhomeloans.com.au

You should be able to get a good savings rate without locking your money up. try ING, Bankwest (were offering 6%) and Esanda.

Terryw
Discover Home Loans
North Sydney
Terry@discoverhomeloans.com.au

One of my clients had a JV between 3 different groups of people. They had a unit trust, with a corporate trustee. The company had 3 directors. Each party then owned 1/3 of the units of the trust using their own discretionary trusts.

They could then purchase property jointly within the unit trust. If one person wanted out, they could sell their…[Read more]