Dodgee

If you are using a new company to borrow, it is generally not much harder than getting a loan in your own name. The directors will have to give personal guarrantees, so the lender will look at their income etc.

It doesn’t isolate you from debt. If the company cannot pay the loan, then the bank will come after you personally.

ps. I would…[Read more]

I haven’t seen the site, but talked to these people at the property expo in Sydney. They seem to be professional and charge a variety of fees depending on what you need. It think it was roughly $6000 for the buyers agent fee which covered finding the property and negoitation etc.

Terryw
Discover Home Loans
Mortgage Broker
North…[Read more]

I’ve got something like that myself. I would just hang on to it, renting it out. Acerages are getting harder and harder to find, pushing values up faster than average.

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

I agree with Dr X. I have discussed this with my accountant and he suggested a discretionary trust for the same reasons. You may not save any tax initially, but having a wide range of potential beneficiaries could help down the track. A company could also probably work if the shares were owned by a discretionary trust. But you never know, you may…[Read more]

If you are going to move into your unit, you could sell the shares and put the money into an offset account attached to the unit. You could then buy them back (using a discretionary trust would be a good idea)by increasing one of your loans and maybe using a margin loan. This will help you convert non deductible debt.

Then when you move out of…[Read more]

If you find it risky to take risks, then don’t. Just keep saving what you can, and plan your strategy for when you graduate and start working.

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

Why would anyone want to use a mobile lender from a bank? Naturally they only have products from one lender! Most people wouldn’t bother and would use a broker who would have access to 30 or so lenders – its the same hassle.

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

Sorry Lei, I don’t know much about proeprty trusts!

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

Hi Jules

I think you still misunderstand. The guarrantee only relates to the loan, you can still be attached from other angles, and a trust helps protect you from these.

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

A LOC is easy to use and works well. Especially for investments.

If I had a home loan with an offset account, and funds withdrawn from the offset would cause interest payments to rise, and the extra interest incurred would not be deductible.

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

Bluestone have a new 95% low doc too:

– Rate 10.79%
– Owner Occupied only
– Clear credit report
– Minimum population requirements of 75,000 within 10kms of the security property
– Max loan is $350,000
– Must have held an ABN and be registered with GST for 12 months or more.
– No LMI

Terryw
Discover Home Loans
Mortgage Broker
North…[Read more]

eg. What about your uncle’s cousin who has taken one year off work to have a child? No income, so they may be able to accept a $6000 distribution and pay no tax on it. That may save you $3000 in tax.

or you could distribute to a company that you own. Companies pay a max 30% tax.

Terryw
Discover Home Loans
Mortgage Broker
North…[Read more]

Dunno. What sort of investment was it?

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

From my memory of the Dec class, he was saying (in addition to the above) that as the yields drop you could sell a property to release funds and buy two more properties with higher yields (in a different area probaly) to replace them.

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

Yes. It is just like buying a unit off the plan.

One of my clients became a millionaire overnight (about a year). He purchased over 10 blocks for $40,000 using small deposits. A year later they were selling for about $180,000 each.

Just bear in mind, if you are going to sell it, you won’t get the deposit for the purchaser, or the profit, until…[Read more]

You can only get the FHOG once for one proeprty. If there are mulitple units on different titles, then you will only get it on one of the purchases. Your girl friend should be able to get it on one of the others, but you must buy separately to each other.

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

Mine are all positive geared, except for a land loan. What I do is pay everything from a 100% offset account linked to another IP. I put all rent and income into that account. And I pay interest on the LOC which was used for deposits from this account.

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

Try the local papers, and look up the vendor finance association website. They used to have a page for people advertising their services.

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

You generally need around 5% deposit and around 5% for closing costs such as stamp duty. But it is possible to get 100% loans, and if you are a first home owner, and you are buying a place to live in, then you will get a grant of $7000 and stamp duty exemptions, bring down the costs a lot.

Terryw
Discover Home Loans
Mortgage Broker
North…[Read more]

try
http://www.mintgroup.com.au

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