Terryw replied to the topic Can u pay family ? in the forum Legal & Accounting 21 years, 11 months ago
Yes. But they will ahve to declare the money in there tax return (some people actually forget this bit). And work has to actually be done for the money and it must be reasonable.
Terryw
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Terryw replied to the topic Can i do it? in the forum No Subject 21 years, 11 months ago
You can have a lease agreement drawn up with the tenant signed up to rent the place if you purchase it. With commercial properties, valuations are heavily influenced by the lease, but valuers/lenders are also aware of people entering into ‘leases’ with friends etc to make things look good, so doing this may not have much effect.
Terryw
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Terryw replied to the topic How long before cgt applies?? in the forum Legal & Accounting 21 years, 11 months ago
Misty
I think you are a bit confused. CGT is applied to the gain in the value of property. If less than 12 motnhs the gain is just added to your income (less some deductions), if over 12 months, you can get a discount and only 50% of the gain is added to your taxable income. So how much tax you will pay will also depend on your income for the…[Read more]
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Terryw replied to the topic The real cost of Refinancing in the forum Finance 21 years, 11 months ago
For what it is worth, this is my understanding too. Additional stamp duty would only be paid if the mortgage is increased.
Terryw
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Terryw replied to the topic Is Jenman a @#$%^% ??? in the forum Opinionated! 21 years, 11 months ago
I agree!
Terryw
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Terryw replied to the topic Financing project using non-conventional sources in the forum General Property 21 years, 11 months ago
Yes it would be possible if you could find these lenders. Australia appear to be much tougher than USA in this regard. Generally private lenders only go up to 85% LVR and the rates are much higher, so you are better off going to a conventional lender.
Terryw
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Terryw replied to the topic Matthew Chan Sydney/NZ Tour in the forum Heads Up! 21 years, 11 months ago
Hi Lucifer. I will be going too – see you there!
Terryw
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Terryw replied to the topic Vendor Financing Traps in the forum Finance 21 years, 11 months ago
Adelaide Bank, Bank West….
Terryw
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That’s ok.
I might add, that you may require larger deposits as time goes on. ie it gradually gets harder to get finance, but it is always possible.
Terryw
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Terryw replied to the topic Principal and Interest, or interest only? in the forum Help Needed! 21 years, 11 months ago
Jo
It all depends. If he had IO loans, he could afford to own more properties (as the repayments are cheaper).
Terryw
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Terryw replied to the topic Mortgages in the forum No Subject 21 years, 11 months ago
It all comes down to deposits. If you keep coming up with the deposits, you can keep getting loans. That’s the hard part!
Terryw
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Terryw replied to the topic 80% LVR calls by the bank? in the forum Help Needed! 21 years, 11 months ago
Like a margin call.
I have heard it happening to rural property loans, but never seen or heard of it happen to residential. I don’t know if it would actually be possible for the bank to do this or not.
Terryw
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Terryw replied to the topic Tax office unveils investment property deductions in the forum General Property 21 years, 11 months ago
Thank you Kaloni.
The draft ruling is TR 2004/D3 and is available from:
http://law.ato.gov.au/pdf/tr04-d03.pdfTerryw
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Terryw replied to the topic Principal and Interest, or interest only? in the forum No Subject 21 years, 11 months ago
IO would be better if you have other non deductible debt.
If none, then it won;t really matter too much. Having IO will increase you cashflow – allowing you to invest in more areas.
Terryw
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Terryw replied to the topic nsw wrap solicitor in the forum Legal & Accounting 21 years, 11 months ago
http://www.businesslawyer.com.au
Terryw
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Terryw replied to the topic Paying off own home quicker in the forum Help Needed! 21 years, 11 months ago
Mike
You should be able to do this on your own if you wanted to. The company is probably charging you a few thousand to set it all up, and they may even be getting a hefty commission on the purchase of your new property.
Can you let us know the fees and the interest rates?
Terryw
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Terryw replied to the topic Discretionary Trust in the forum No Subject 21 years, 11 months ago
Hi Cajun
When you say linked, do you mean the company is the trustee, or just a beneficiary?
1
It is usually the Trustee as Trustee for the trust.
eg the company X Pty Ltd as trustee for (ATF) the Smith Family Trust.2
Rent would be payable to the trustee or the trust.3
If you live in it, you would pay rent to the owner – the trustee of the…[Read more] -
Terryw replied to the topic Franchise Financing in the forum Finance 21 years, 11 months ago
I think it will be very hard as there is basically no security. I have heard that Westpac will do loans for big brand franchises such as McDonalds etc. Vendor finance is another option.
Terryw
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Terryw replied to the topic Low Doc Loans and the ATO in the forum General Property 21 years, 11 months ago
The cashbond strategy invloves buying an annuity to give yourself extra income to increase your borrowing capacity.
Terryw
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Terryw replied to the topic Wrap finance needed in the forum Help Needed! 21 years, 11 months ago
Sounds very safe to me. What can be more secure than a 1st mortgage?
Terryw
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North Sydney
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