I think it depends on the state you are in. eg. I have wrapped (installment contract) in VIC 3 times, with the wrappees getting access to the FHOG immediately at settlement (or soon after), even tho the property was in my name, and I had a loan on it. This was about 3 years ago now, so things may have changed.

Terryw
Discover Home Loans
North…[Read more]

Hi

13% sounds very high!

There are about 5 main lenders (non-conforming) that could help you. eg. Discharged bankrupts (more than 1 year) could get up to 90% at 9.99% with Bluestone. but having only recently started your business will make it harder. With Bluestone, if you have less than 12 months trading history, the LVR would be a max of 75%…[Read more]

of course – you can only have one main residence (only one can be the main)

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

As far as I know, there is only one company offering full disclosure loans. Don’t recall the name, but a guy called Peter Sollner is involved, and it is up near Newcastle somewhere.

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

I start with getting 95% loans with the LMI added on top, trying to use as little cash as posisble because I didn’t have much to spare. However, It is good to get 80% loans if you have hte equity.

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

Actually, I am not sure that it is even a related company. similar name, but maybe totally unrelated.

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

I have one there.

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

Monopoly

For more information on this please see.
CGT Determination Number 51
Capital Gains: What factors are taken into account in determining whether or not a dwelling is a taxpayer’s sole or principal residence?
http://law.ato.gov.au/atolaw/view.htm?locid='CGD/TD51/NAT/ATO‘

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

I have seen a lot of clients recently where the values have come in less than the contract price a few years earlier.

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

Some commennts.

You could get a LOC on your home loan, separate to your existing loan. You could then sell all shares, putting the total proceeds off your home loan, and then take the money from your home loan to immediately buy back the exact same shares. This will effectively change non dedcutible debt to deductible BUT you may have a capital…[Read more]

The borrower cannot use your property as collateral as they will not own it untill they purchase it. They will be merely leasing hte property from you.

You could put in a clause that the tenant’s rent will be reviewed quarterly and moved up in line with any interest rate increase and/or any CPI increase. Also stipulate that it cannot go…[Read more]

You do not have to use a solicitor to make a will. But if you do something wrong – eg getting a beneficiary to witness it, it could end up being uselless.

check out http://www.lawcentral.com.au for some wills you can purchase on line. also look up testamentary trusts.

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

Yes I agree with Simon, just pay cash or using a credit card would be better than a loan. Commerical loans usually have high application fees and high valuation fees – $1000+.

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

It would be very hard to use a managed fund as security, but you migh be able to use a term deposit as security for a housing loan. But in the end, this would be just like putting down the cash for the loan which would be a lot easier and cheaper.

There are also a few lendersout there lending 100% of the pruchase price.

Terryw
Discover Home…[Read more]

Ausprop

You can avoid paying the stamp duty if you don’t sign the contract, you just collect money as a finder’s fee. But of course, you run the risk of the new pruchaser bypassing you and going direct.

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

Hi Mike. Stamp duty makes these sorts of deals tough as it eats a lot of the profit.

If it is a divorce settlement, then the person may be able to get a loan based on valuation rather than the price they are paying for their share. But, they may still need to show income to services.

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

If I could start again, I would not go to university, but start work asap – maybe in a buidling trade, or finance. And then go and buy as many properties as fast as possible. High growth ones, not cashflow.

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

For deposit bonds, you pay the fee up front, depending on the lenght of the bond and the amount etc.

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

Loan approvals generally only last for 3 months, so you may have to apply again or supply updated payslips at least.

Fixed Rates are usually always the rate at settlement. These days a number of banks are allowing customers to ‘lock in’ their rate at application or soon after. But they are charging a fee of around 0.15% of the loan amount. These…[Read more]

Agile

You can use your equity by obtaining a LOC on your Australian properties and then using this money as deposits for your NZ property.

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