Probably nothing to worry about. They would have wanted you details to try to market their services to you.

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

A discretionary trust can stream the income and/or capital gains to any of the beneficiaries. So you, the trustee, distribute to the lowest income earners first saving tax.

Be aware that the beneficiaries will have to declare this income in their tax returns and the money belongs to them if they decide not the give it to you.

Terryw
Discover…[Read more]

Good work!

Bank valuations are generally conservative so it may be worth even more.

Bank vals rarely come in over purchase price.

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

Yes it would be possible to buy a house using a deposit from your family. Generally you would need around 10% deposit if you do not have genuine savings.

There are still cheap houses in Sydney. One of my clients is purchasing a 3 bedroom place for $210,000 – a house. The rent probably won’t make it positively geared, but after tax deductions, and…[Read more]

Huge difference.

A trust is usually better for the following reasons:
– Asset protection
– Tax reduction
– Estate planning

A personal name may be better for
– cheaper
– negative gearing benefits (although this can be done with a hybrid trust)

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

If you are buying from you parents, can’t they just make the contract higher?

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

So the reno is finished, but the valuer refuses to value on the current value? Sounds like it shouldn’t be a problem.

Maybe you just have to approach another bank. ANZ lets the broker order the valuation and to receive a copy. Not many others do.

However, even if the valuation comes in higher, they are only likely to lend based on hte contract…[Read more]

That is around market price for wraps. I did some with a 20% markup on price and a 3% markup on interest rate.

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

A big potential market for wraps is investors who have maxed out. As you know, most people use up their deposit money quickly, and banks stringent serviceability requirements mean the average investor could only get a few properties before maxing out. So you could wrap to these investor’s who would then rent the premises out – probably negative…[Read more]

I think you would be walking a fine line there, especially if you are going to be receiving a payment for helping sell a property that you do not own.

If everything goes smoothly you should be right.

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

I purchased something similar (or maybe the same?) years ago. I ran a few of my statements through (which is time consuming) and did not find anything wrong.

The trouble with the program I purchased is, they only work with a special key they issue. So if you change conputers or have to reformat etc you need to fax them each time for a new…[Read more]

I think St George are good with smaller units – over 35sqm.

Wide Bay Capricorn also used to do smaller units.

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

Sounds like a good plan. Try to get the investment before you go, while you are still working. You may not get much in the way of tax deductions, though, if you are not here earning an income.

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

This is a problem that many people face.

There are ways to ease the pain, to some extent you may be able to capitalise interest and costs on the investment loan, allowing the new PPOR loan to be paid quicker.

Another option is to use a cashbond (or annuity) and put the monthly proceeds into a 100% offset account linked to your new home loan.…[Read more]

Yes. As far as groups go, they are one of the best, and have been around for a while.

Do a search on the forum here and you will find a few posts.

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

The less you borrow the easier it will be to qualify and you will also save a bit on stamp duty on the mortgage (except in Vic where this has been abolished?). You will also save interest.

If need be you could probably increase your loan to 80% later, but this may have tax consequences.

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

Why isn’t it profit? If you buy something and then sell it for more, that is a profit.

If there is a loophole, I’d love to find out too.

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

I am not sure you could use a business to buy property. A business is not a separate legal entity. It would have to be in your name or your company name.

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

Paying a default will help your chances of a loan, but they may still reject you, depending on how good/bad your excuse is.

But there is not point in paying a debt that does not belong to you.

I would suggest you write to the company listing it and ask for copies of any proof (eg contracts etc) that you owe the debt.

Terryw
Discover Home…[Read more]

$2000 is rather large. And may psoe a problem if you need mortgage insurance. You could be able to get it through with FirstMac at around 95% LVR.

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