There will be possibly exit fees, deferred establishment fees and fixed break cost fees to exit. If fixed rates have fallen, then you could be up for huge costs to exit a fixed loan.

eg I had a $80,000 loan, fixed, sold the property and paid nearly $4000 in break costs!

Then there will be new fees for the new loan, application fees etc. and a…[Read more]

You assign for a fee.

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

This would only work if the seller had clear title to the property, ie no loan, owning it outright. Otherwise the vendor could not transfer title without paying out their existing loan.

So I would think this situation would be rare, but possible.

Another way to do it, would be to get a loan, and then lease the property to a tenant and sell them…[Read more]

Neither – look at trusts.

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

Section 118-145 of the Income Tax Assessment Act allows the main residence CGT exemption while the taxpayer is temporarily abscent for up to 6 years.

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

Also go down to your local court. There are various brochures available regarding debt collection. You also may be able to find collection agencies that are willing to collect your debt for a percentage – 10 to 20% depending on the size.

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

Usually if you do not settle on the required date, they will give you a few days, and then issue you a formal notice to complete giving you 14 days in which to settle. So you have some time up your sleeve there.

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

Q. What is the best loan structure for investing?
A. It depends, probably IO would be better for investments, with each loan stand alone (ie not cross securitised)

Q. Should I have all my loans at one bank? (Mates rates?)
A. Sometimes you can squeeze discounts out of a bank if you have leverage. But then again, having all you eggs in one basket…[Read more]

The best way to do renos is to get a LOC on other properties, so you can pay cash for these properties, do them up and sell them – avoiding high discharge fees.

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

Hi Kevin

This sounds like a lot of trouble to save a few dollars per week. Sometimes ahving an agent is good to put some distance between landlord and tenant. eg. it is hard to tell someone that their rent is going up, but much easier to do if you go thru an agent. So you could be ‘squeezing’ out a few more dollars if you actually used an…[Read more]

louroza, and don’t forget you will need to pass serviceability as well – ie have enough income to qualify.

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

Hi.

There are various loans out there where you are not required to state an income. These are basically asset loans, – whereby the lender will lend you the money based mainly on the security property. generally these are around 65% LVR.

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

Milk comes from cows, Steve is not a cow. He is a soyabean!

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

please see your other post for my reply.

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

I am not an accountant, but ….

1) A discretionary or a hyrbid trust. or a unit trust with units held by a discretionary hybrid trust etc

2) saves tax and for asset proection

3) yes, probably all except your final main residence

4) you?

5) Trust deeds can be pruchased for as little as $175. Some states also charge stamp duty. When doing you…[Read more]

Matt, backdating a document may be illegal, but is certainly possible. But maybe the trust deed is not a legal document until it is stamped, so you wouldn’t want to sign up and stamp later as it is dated. Better talk to a solicitor.

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

Hi

What sort of loan you have has no bearing on whether you can claim the interest or not. I would think if you get the FHOG, you could still rent out some rooms and claim a portion of every cost, including interest and depreciation BUT you may end up paying CGT when you sell.

Maybe the perion involved could rent out some rooms for 6 months…[Read more]

I would calculate COC returns on money input and yearly income received. eg. $1000 invested, $500 yearly income = 50% COC return.

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

Off the top of my head, probably the main ones would. Some may even require 6 months if your previous job was in a different industry. Some low doc/no doc loans do not have these requirements though.

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

Originally posted by GSSW:
Ahhh ok, i think its becoming clearer….

Would I be wrong in thinking i should keep the MISA at ‘just enough’ to balance the loan amount, and take any extra cash out of the MISA to put into a better earning vehicle (fixed interest etc)? So each month I can take money out of the MISA, by the same amount as i pout into…[Read more]