It will be very hard to refinance at more than 90% LVR. With ANZ you can go up to 95% on a refinance as long as you do not increase the loan. ANZ also allows you to capitalise the LMI. Another benefit with ANZ is that the broker can order the valution before submission, so you can pull out if it comes in low – with no cost or CRAA…[Read more]

I don’t know the Adelaide market at all, but in some states inner city apartments are harder to get finance for. Mainly because the mortgage insurers won’t insure for certain postcodes. If it is hard to get finance, it will limit the typ of people you can sell to and therefore may make it harder to sell.

Terryw
Discover Home Loans
North…[Read more]

Hi

yes this looks like a wrap. But the figures look a bit low. usually there is a 20% markup on the value ,this would make the vendor finance purchase price $294,000.

Also there is usually a 2-3% spread on the interest rate, so 7.99% is a bit low.

Sometimes you can take a higher interest rate for a lower price or the other way around.

Since…[Read more]

Wow!

That was the biggest BUT I have seen all day!

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

I agree with mark, (except the bit about size not mattering). you should be able to claim the room rent, and portion of telephone, electricity, gas etc. Maybe even tea and coffee and milk, microwave, cutlery, toilet paper etc.

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

You could sell your half share to your GF, she would increase the loan to pay you out. The money she received could be put into the mortgage of your new home. You maybe able to do it without stamp duty or CGT as there are various exemptions for transfer between spouses. (you may have to marry first?, btw, if it was me I think i would rather pay…[Read more]

As long as you have deposits, you will be able to buy properties. It will gradually get harder, with interest rates rising the harder it gets, but it can be done.

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

I would suggest the PropertyGuru!

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

You’d better hope the value goes up! Renovations, market growth??

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

I owuld use a trust of some sort. for both protection and tax savings. If you run a business, you are at more risk of being sued, so protecting your assets would be more important than the average person.

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

Its funny that most accountants cannot understand, my one had the same problem.

I would suggest you use Julia from bantacs, http://www.bantacs.com.au. Julia posts on this forum and seems to know a lot about tax and wraps.

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

Originally posted by crj:
If there is a caveat on the property the purchaser will not settle unless a withdrawal of caveat is handed over.

Your mother needs to get legal advice. If your father has lodged a caveat and does not have a “caveatable interest” the solicitor can lodge with the LTO (at least in nSW) under Section 74J Real Property Act…[Read more]

ShOw_Me_ThE_MoNeY, I owuldn’t decide by just taking into account tax benefits! These are short term benefits, icing on the cake (as Steve calls it).

Derek. Netown is a good area with long term growth potential. next to a uni and a major hospital!! Sounds like a good deal.

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

Hi Magicdan

I have tried both http://www.lawcentral.com.au and clear docs for trust deeds. Clear docs is cheaper and the deed comes as a RTF file, so you can open it in word and modify the document. Lawcentral is a PDF file which is locked so that it cannot be copied or edited. I have no idea really how the content stacks up, but both seem to be fine to…[Read more]

Hi

These days with banks, a lot a things are automated. The lender or the broker imputs the data and a credit check is ususally done automatically. Scores are then generated with points received for number of enquiries, stability of employment, stability of address etc. Often things out of the norm, results in a automatic rejection. That’s when…[Read more]

One of my friends bought a unit using put/call options in NSW. These possibly allow you to onsell and avoid stamp duty.

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

From memory, the FHOG is only payable in QLD after the wrappees have been in the house for 12 months. Richard 007 will correct me if I am wrong.

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

If you are working overseas, then you are probably a non resident for tax purposes – unless maybe if you are working for hte UN in Timor etc. If that’s the case then I think you will need around 20% deposit.

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

It will depend your cost base would be the value at the time it was transfered into the trust. You would have already paid the capital gains tax when you sold it to the trust.

CGT would depend on this transfer amount. lets assume is was $400,000 and there were $30,000 in legals, stamp duty etc. If you sell for $700,000, there would be a $300,000…[Read more]

CGT is not payable on your home. On investment properties, it is basically as following (if held more than 12 months):

gain (less some purchase cost) x 50% = assessable gain.

This is then added to your income, and you pay tax based on your new total income.

So even if you were on the top bracket, then you should not pay more than 25% tax on…[Read more]