I can’t see why your wife would be required to guarrantee the loans – unless your income was not enough to service.

I think a solicitor shouldn’t charge more than about $200 per this advice. But some of them take it very seriously and do give you thorough advice, and charge for it.

It is unfortuate, but nearly all lendes require guarrantors to…[Read more]

Geo, if you get two tickets can you take me to the movies with you?

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

You can do both.

If you have spare cash, pay off your home loan and then reborrow the money to invest.

This way you are reducing your non deductible debt, increasing your deductions and getting hopefully higher investment returns.

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

I think I answered this question the otherday on your other post, but I just had another idea. Your trust could provide some sort of service to your company and charge an appropriate fee. This fee would then offset the losses from the properties and your company would reduce its tax in doing so.

From what I have seen and heard, Chris batten is…[Read more]

The ATO wants to know about your worldwide income, so you will be requried to declare your NZ income.

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

Firstly, do not beleive anything a real estate agent says, and don’t take legal advice from them, talk to your solicitor.

I agree with the others, these are only very minor things. How much would it cost to replace the belts in the air con? get a pest guy in for the bush – probably $200 to fix both, you solicitor would charge you more to answer…[Read more]

Not really. If the car is relatively new you may be able to get finance on it. There was one lender (Liberty) accepting vehicles as additional security to get the deal over the line, but they no longer do this.

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

Kay

Yes it can – if not done correctly.

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

Do you have a PPOR with a loan? If so the cash may be better used by putting it ina 100% offset account attached to this loan.

If you are currently on a honeymoon rate, why not just stay at the same bank and access the equity that way? Either corss securitising or getting an additional LOC on the same property. If you got the LOC, you could even…[Read more]

Are these like margin loans? If so, then these will effect your borrowing capacity. Lenders will take the monthly repayment as an expense. However they generally do not like taking dividends into account as income.

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

I once went to one 5 day seminar which cost $5000. There would have been 200 people there and they held one of these seminars every month. = $1mil per month in seminar fees!!!

It turned out to be a waste of time and I ended up getting my money back – only after going to the Dept of Fair Trading.

Terryw
Discover Home Loans
North…[Read more]

I am not sure. Companies do not pay CGT. Any capital gain is just taxed at company rates – 30%. Individuals get a 50% reduction in CGT if the asset is held more than 12 months – so the tax would be around 25% if on the top tax bracket.

With trusts the income and/or capital gains is just distributed to the beneficiaries. Having a corporate trustee…[Read more]

It depends. Records on your CRAA drop off after 5 years, but somehere has said that banks have access that enables them to see beyond the 5 years. Some banks do not even do CRAA checks if the LVR is low enough.

Sometimes the banks will also do a name search on the individual to see which properties they still own. This data is, I beleive, state…[Read more]

BTW, leapfrogging is a term used by Peter Spann to describe his technique of buying, renovating and using the equity built up in the property to buy the next one and repeat the process.

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

From Memory, Steve and Dave were living on their wife’s incomes and saving all of the income from their accounting practice which they ploughed into cheap property. In addition they were ‘wrapping’ a lot of the properties and so were getting back a large portion of their deposits which they used for the next round of purchases.

And don’t forget,…[Read more]

You must remember that properties were very cheap ‘back then’. If you have two couples on good salaries and they are saving everything possible, then it won’t take long to save 20% deposit on a $40,000 property.

Once you get a few, prices start to rise and you have access to the equity…… These properties are probably worth $150,000 now -…[Read more]

I would suggest to get a job FT for at least 6 months and save like hell. It will be hard to get your first property, but once you do it will be easier to get your next.

Also register an ABN now as this may help qualify for good low doc loans 2 years down the track.

And just keep studying, reading anything you can. Don’t bother paying for…[Read more]

Arb

Interest on the current debt should be deductible. If a PI loan then the interest component would be deductible.

But if you were to increase the loan, then this would only be claimable if the money was used for business purposes.

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

JD

Try these
http://www.lawcentral.com.au
http://www.cleardocs.com.au

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

Hello Amz

Since your company appears to be making money, you could possibly transfer shares in the company to the trust and then distribute profits into the trust with the income offsetting the other negative gearing. But this may be a bit more complex as the company may be distributing franked dividends – so best to talk to an…[Read more]