Just use Nick Moustacas to do it and stop your accountant arsing you around. Most accountants would just get them off the web anyway, there is probably no need to get a new document drafted.

If you want to save some money do it your self over the web at http://www.LawCentral.com.au (cost $275).

Once you have a trust then you can go back to your…[Read more]

Tony

I don’t want your business, but will let you know that PMI will insure loans for up to 95% in these areas. Are you sure the post code is the problem?? Or maybe the property is rural or is an expensive one.

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

I think that is the vendor’s problem. Just stay quiet about it, or you will be made to get a new bond or pay the deposit.

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

Go to http://www.corporateexpress.com.au/ to set up a new company. It only costs $921

http://www.LawCentral.com.au is a site that I have come across recently. they can set a trust up for you for $275 (plus stamp duty). lots of good info on there too.

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

Watch out as some lenders will not accept valuation unless they instruct the valuers themselves. So you may be forced to pay again. (I wonder what they say, ‘make sure it is a low one this time’??)

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

Get your Trust set up first, and then go for a pre-approval beofre you start looking.

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

Become a mortgage broker! Without finance you cannot get far, so you need to learn the secrets!!

Also it owuldn’t hurt getting your RE licence. These can be handy to have and are very valuable.

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

Why would you want to use a trading company. If the business is sue, your property is at risk.

And why use a company at all. There are no real benefits.

There would be no problems getting a loan at all. Nearly all banks lend to companies. Directors must guarrantee the loan.

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

Never heard of it. Waht is the context?

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

You could always borrow on the land, or increase your existing loans, and use that money (for living expenses or whatever).

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

These ‘gurus’ make things look easy don’t they. 90% lend on a $3mil property!

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

Hi Betterbiz.

That is what I tried to say. it is only going to cost another $1000 to set up a new trustee company so that the trading company is kept totally separate. The trust could then possibly hold teh shares in the trading company so all the profit could flow into the trust.

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

“Trust Magic” by Dale GG. see http://www.gatherumgoss.com.au

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

I guess you would be up for stamp duty on half of the 30% share that you are transferring and legal fees. Legal fees may be about $500 and the stamp duty owuld be about $1200.

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

Originally posted by TeacherK6:
Hello,

I heard the word “Quantity Surveyor” tossed up every now and again, and didnt really take much notice, but after the recent discussion on this post i would like more info please.

1) Is it a standard thing to back date tax deductions
4 years if they find that u still had stuff to claim?

2) I didnt…[Read more]

I disagree that any profit is good. I personally would now only buy cashflow postive property if there is a high chance of growth.

$50 per week profit on a property that doesn’t go up is nothing. That equals $2500 per year.

These sorts of properties drain your loan serviceability by using all your deposits up – there is an opportunity cost as…[Read more]

Russmarg

Generally banks would like to see you working for at least 6 months in the same job. The larger you depost, the easier t gets tho. There are asset lends such as Larrelle mentioned at 65% LVR, but the rate starts off slightly higher. It will be harder for you guys as you have no other property (?) and have just entered teh country.

BTW I…[Read more]

For a $1000 to setup a new company, it may be worth it. Some lenders will even refuse to lend to trading companies for the reasons you mentioned. You could still distribute income between trusts, which would allow you to use any losses from negative gearing property.

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

Originally posted by dan_76:

…

b) the other financial institution needs to “PUT THIS TROUGH AS A PAYMENT NOT A CASH ADVANCE” (exact wording of customer support personel).

…
Am I all wrong?

Dan. Don’t forget the institution charing your credit card will be paying the fee, which is about 2.5% of the purchase. So they are unlikely to do…[Read more]

You probably hsould do it with an older house. Some companies guarrantee to save yuo more than there fee (www.depreciator.com.au I think). Cost varies from $300 to $1000. Some are better than others, so watch out.

You probably should get them to come out as soon as your purchase, but they can do it so you can claim and amend the last 4 years tax…[Read more]