None usually. However some banks may want you to get independent legal advice, which means you will ahve to go to a solicitor and listen to them explain you will be personally liable for any debt you guarrantee. approx $50 – $150.

Some banks also want to charge you an extra legal fee for their legal people to review your trust deed. approx…[Read more]

No. Only lend for investments.

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

Oztexs

The trouble with that is you would be paying a lot of tax on the rent from your old home, and paying rent with after tax money, which would be painful. Why don’t you keep you loan on this so the interest offsets the rent abit, and then you could use it as deposit on your new home later on. Maybe a 100% offset account would be…[Read more]

You probably should be using a trust structure. Have you had good advice?

Anyway, there will not be a problem getting a loan in the company name and using the directors as guarrantors. But you will not be able to get a 100% loan wihtout using your equity. 95% would be possible, depending on the location etc.

It would be wise to use a redraw on…[Read more]

Someone asked a similar question recently. You would have to pay CGT and stamp duty at market value.

Don’t forget in the above eg, you would get 50% discount on the capital gain, so only $100,000 would be added to you income. you would pay around $50,000 tax max.

But there are still ways to decrease the tax you pay on the capital gain -eg pre…[Read more]

Ben

You cannot do this in Aust. as far as I am aware, but it may be possible when selling a business under certain circumstances.

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

Generally it is not a good idea to buy appreciating assets in a company.

Have a look into trusts as these are much more flexible.

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

Originally posted by The Mortgage Adviser:
Zulu,

Terry,

I would love to hear which lenders do 95% on rural properties besides possibly St George.

Rob

The Mortgage Adviser
robert@mortgagepackaging.com.au

Comments made are of a general nature and should not be construed as advice to any particular individual.

Rob

Any lender that uses the…[Read more]

Aussie Partner? That changes things.

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

Brahms

This happens a lot, not usually bankrupts, but defaults etc. So you have now wasted a lot of time on this persons application. A way around it is getting direct access to Baycorp and do a credit check yourself before doing any work on the file.

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

cont.

As a self employed person, you also have the option of low doc loans. These are where you declare an income and do not have to provide any proof. Lvrs for low docs are around 80% max. Most of the major banks now offer low docs.

There are also no doc loans where you do not have to declare any income at all – lvrs around 65%…[Read more]

Marisa

All the major banks will want you to demonstrate you can service the loans.

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

I have been here since the start (and on wealthtipsonline before that). I notice that when Steve’s book came out the site went crazy. I used to read everypost, but now can only manage to read a few of them.

Now that the book has been out a while, sales are probably dropping off and therefore so are the numbers of new people popping in…[Read more]

I have bought about 4 ex housing commission houses and done well.

One of my friends bought one in Sydney and sold 18 months later for $150,000 and her sister also did similar.

In NSW, it appears the housing commission houses are slowly being sold off. I assume they are trying to spread the tenants out over many areas rather than concentrating…[Read more]

I think Ezidebit charge a fee. You might as well arrange a direct debit from the clients financial institution instead.

I used a PM on my wraps-just to put some distance between us.

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

Rob

I meant private lenders who do not look at serviceability or do not even do a craa check. Standard low docs – ANZ and Macquarie are certainly available at the rates you mentioned and should be used, where possible, before trying private lenders.

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

Mark

I am not sure on whether you would be able to do that or not, but would like to point out that company title properties are much harder to sell and get finance for.

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

Mark

your average lender, does not like to lend based on rental income alone. They would say you are too rental reliant-ie what happens if your tenant moves out! (I know, the answer is “I’ll just get a new one”!).

Ways around this are using low doc loans or no doc asset lend type loans.

There are lenders out there that do not take…[Read more]

If you are not a permanent resident, then you will need Foreign Investment Review Board permission to purchase property.

There are loans out there that do not have too many requirements. You could probably borrow around 70% LVR or maybe up to 80%, but the rates would be high and the security would need to be good. ie not country…[Read more]

I don’t do many 100% loans, but what about Pepper Home Loans. they do 100% – without genuine savings (I think).

And then there is The Home Loan Company which is advertising a bit too.

both of the above are mortgage insured.

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