my bloody printer isn’t working!

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Terry@discoverhl.com.au

Off the top of my head, Bankwest Lite (low doc) does not have exit fees.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Terry@discoverhl.com.au

Thank you Jay

And here is the tax ruling:
TR 2000/17 “Income tax: deductions for interest following the Steele and Brown decisions”

http://law.ato.gov.au/pdf/tr00-017.pdf

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Terry@discoverhl.com.au

Markus

I have heard an accountant suggest a new structure for short term project like renos. This is because the ATO could class you as a ‘trader’ ad the properties as trading stock. If this happened you could lose access to the 50% CGT discount. You would not want to lose the discount on the buy and holds, so a separate structure would help…[Read more]

The.J

One question though. How did the bank make the mistake? Surely you must have put your wife’s name on the application form or they would not have know her details??

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Terry@discoverhl.com.au

Possibly nothing! if you move out of your main residence, for up to 6 years, then you can still treat it as your main residence, even if rented. If you sell wihtin 6 years of moving out, then you can pay no tax.

If you are claiming Brisbane as your main residence, then you have to chose which one you want as your main residence during the cross…[Read more]

Commercial 2nd mortgages generally only go up to 80$ LVR and the rates are high – up to around 24%. They may not be hard to get, if you have the equity, which you probably don’t.

Have you secured a first mortgage yet? Maybe you culd bump this up a bit, and/or ask the vendor to increase the amount they are offering as finance. I imagine it would…[Read more]

A Binding contract could be established if it has an offer, consideration and acceptance. There is no requirement for a contract to be in writing-except for land.

So if you sign a piece of paper with a price, the adress and the vendor listed, it could be argued that this is a contact of sale. All the other party has to do is accept and it may be…[Read more]

You just need to find a buyer. Thats the hard part! One Sydney based solicitor to talk to is Anthony Cordato http://www.businesslawyer.com.au

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Terry@discoverhl.com.au

I am not sure also, but think you can only claim expenses at the same % of ownership. If she is not on title, she doesn’t own anything. The loan may be in two names, for whatever reason, but the deductions (and income) should go to you.

ps not an accountant!

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Terry@discoverhl.com.au

try Julia at http://www.bantacs.com.au

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Terry@discoverhl.com.au

Rob, You may need some new advice, and then make a back claim for up to the last 4 years.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Terry@discoverhl.com.au

What about you Coastymike? You sound like you know what you are talking about, where are you located? On the coast somewhere?

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Terry@discoverhl.com.au

Originally posted by geoff_b:
We have purchased our own home using our family trust. We have since learned that this might be a bad idea. Can anyone provide any pointers on who we should talk to regarding un-doing this? Or any other advice? We’d ideally like to take it out of the trust and put it in our own name.

Geoff

How did you come about…[Read more]

Now that is thinking outside the square!

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Terry@discoverhl.com.au

It depends on each person’s situation. SOme for example allow 100% of rent to be taken into account, others only 70% – not much good if you don’t get any rent. Some also allow negative gearing benefits to be added back. or some self employed benefits to be added back.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Terry@discoverhl.com.au

I have never ever seen a non-recourse loan. I have only heard about them from Henry Kaye.

I suppose if you are talking baout huge loans, there is not much point in personal guarrantees.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Terry@discoverhl.com.au

All banks have their good days and bad days. or all are as bad as each other.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Terry@discoverhl.com.au

It is a personal decision. Some people just feel more comfortable paying down debt – including Steve I beleive.
I, myself, prefer IO loans like Rob. You then have the option of paying more if and when you chose.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Terry@discoverhl.com.au

Be wary of making offers. If they accept your offer you could be entering into a binding contract.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Terry@discoverhl.com.au