Westpac have previously rejected due soley to the number of enquiries on my CRAA. Once I explained them to Westpac all was Okay.

Maybe you have a common name and there has been a mix up on your file-another person with a similar name?

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

It is the only tax free asset!

A good strategy is to have botha main residence and rent your yourself while renting out your own home.

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

If a signed contract had been entered into and not completed, legal action could be taken to recover the 10% deposit (at least), but I agree that it would be far easier to receive a deposit which you could just keep.

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

Sounds good if there is potential Capital growth as well as high income.

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

I beleive they took up some expensive offices, so the operating costs (for wages, rent etc) must have been enormous. Without the ability to write any loans it must have been very hard for them to keep going for any length of time.

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

Good work. You can only work within the system, you just have to try to learn how to make it work in your favour. I think you will find that when you get it revalued, after the valuer finds out the purchase price, it may not come in as high as the initial valuation.

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

Originally posted by The Mortgage Adviser:
Hi Kit,

To subscribe to topics, you need to press the little ENVELOPE at the bottom of each thread.

The Mortgage Adviser
http://www.themortgageadviser.com.au

Essential Links

Gee After all these years here, I never realised you could subscribe to threads!

Terryw
Discover Home Loans
North…[Read more]

ATO Interpretative Decisions on installment contract sales (wraps):
ATO «ID» 2004/25
ATO «ID» 2004/26
ATO «ID» 2004/27
ATO «ID» 2004/28
ATO «ID 2004/29

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

I am not an accountant either, but think Pete is correct. You can only claim one property as your main residence. You can rent it for up to 6 years and pay no CGT if sold during this time. If you move in and out again, the 6 years restarts. There is no need to move in again before selling.

If you renovate etc, this can be claimed (depreciation)…[Read more]

Good stuff Paul. Thanks

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

Don’t forget to add the various language packs available from Microsoft. Many people need to read and write in other languages – Japanese, chinese etc and cannot do this on a computer without the packs installed.

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

I purchased one of those programs years ago. I changed computers a few times and have lost the ‘key’ so can’t use it anymore. Of those statements that I did check, I never found any errors.

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

Heritage?

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

Hi

In some states I beleive you can only get exemption from stamp duty if you are separating and have an order from the Family Law Court. I don’t know about QLD.

The lender will want to see an income to service the loan. If the wife cannot provide this, you may have to go on as a co-borrower. Most seem to allow this.

This sounds like a really…[Read more]

try Lewis O’Brien. http://www.lawyer4nix.com i think.

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

Originally posted by JustAllan:
To those who have more experience than I… Is it difficult to get a loan for a commercial property, if the LVR is around 86-90% (once all the extra fees like building inspection, conveyancing, etc.) are added on?

Allan.

Very difficult without additional security.

Terryw
Discover Home Loans
North…[Read more]

Interesting. I have been accredited with a company offering Islamic loans in Australia for a while now and have approached various Muslim friends and none seemed to have a problem with paying interest, hence I haven’t written one loan for that product.

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

I have looked at Aussie banks in Japan like the NAB. They will lend in Yen for property in Australia at about 70% lvr. rates around 2%. But if currency moves, you may be required to pay the loan down to keep the LVR less then 70%. They also wanted you to be working in Japan and earning in Yen. If you were ever to leave, they could call in the…[Read more]

An easy way to work it out is to add up the security values and x 80%, then minus your current loans.

240,000 x 80% = $192,000 – 80,000 = $112,000 borrowable without paying LMI.

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

You would take off all discounts etc first and then add the assessible gain to your other income. If this was $50,000 and you had a $1000 income from employment, you new taxable income for the year would be $51,000. You would then have to pay tax on this $50,000 just the same as if it was from wages.

Terryw
Discover Home Loans
North…[Read more]