Mel. I beleive that knock backs aren’t recorded on the CRAA file. Only applications are recorded – it doesn’t indicate if you went adead, passed or were declined.

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

I think it would apply as she lived in the house originally. Be careful because ‘couples’ are only allowed one main residence between them, since you are only just married it shoud be ok.

I remember reading a tax ruling about this topic (getting married and having 2 PPORs). You could probably find it by doing a search. From memory, you may have 6…[Read more]

There are also 2 books on trusts by an Australian guy with the surname RENTON.

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

Scott, i don’t think it is this simple. The ATO wants to tax you on your worldwide income. Some countries have taxation agreements with Australia so that working in those countries won’t result in double taxation.

If Myydral is not required to pay tax in Malaysia, then he or she may have to pay it here.

Terryw
Discover Home Loans
North…[Read more]

I agree, you could borrow to pay off your home, but the interest on these borrowings would not be deductible. It may give you piece of mind tho, having a clear title on your home.

Another thing you could consider is selling one of your properties to a trust. This would release the equity, but you would be up for CGT and stamp duty, so the…[Read more]

There are a few lenders that offer 100% home loans 9ie secured on the one proeprty). The requirements are very strict and mortgage insurance is payable (approx 2.6% of the loan amount!).

You still need a certain amount of savings for all the costs and LMI. Only available for metropolitan areas, good employment record, no high-rise units,…[Read more]

Firstly, you should probably get a copy of your credit file. http://www.baycorp.com.au , they will supply it for free in about 10 days. Just send a signed fax with your details requesting it (fax 02 9951 7880).

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

If it was just a few days late and you paid it in full, there should not be too many problems. You need a GOOD excuse. Saying things were tight financially is not such a good story and the lender may worry that you cannot handle what you have now.

Another veriosn of the story could be that you moved interstate and mail got mixed up etc.

I…[Read more]

I would rent to her at a lowish rent. To support yourself in case of an audit, keep cuttings from a for rent section of a newspaper, or an agents rental list to show that it is market rent.

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

My personal preference would be to keep the house and do what Steven suggested, ie borrow against it and use this as 20% deposits.

I have actually done hwat you suggested about selling a house to invest, and I regret it now. Don’t forget all the costs and hassles involved. real estate agents commissions, people comming to look, dealing with lying…[Read more]

I would seriously look at setting up a discretionary trust for your properties.

ANd don’t forget the finance aspects. Getting a loan when you are not working is difficult and you will end up paying a premium on the interest rate.

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

Hi Luke

You can arrange direct debts on LOCs wihtout any problems. So you can pay the interest ona another loan from this account.

Lenders generally want to see 6 months genuine savings for high LVR loans, but these days there are a few 90% LVR loans that do not require genuine savings. And from memory, there may even be one or two that allow…[Read more]

Matt

That sounds good. Just buy a few properties, using 20% deposits. Go slow, build up more savings and go from there by buying even more. Set a goal of x properties per year. Work out what income you need, and then how many properties you need to meet that income.

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

of course. Everyone has to pay tax. How much will depend on how big the profit is. If the pensioner has no income (but i think the penson is taxable income??), then they can make $6000 profit and pay no tax. This may equate $12,000 profit before the 50% CGT discount is taken off.

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

Blackjack. A bit of bad luck there, but don’t let it get you down. It is an opportunity to clean the place up and maybe get even more rent.

Please tell us how you eventually got them out. eg. did you have a court order and get the police to do it? Or did they go of their own accord?

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

Good stuff MH. When I need a loan, I go to MH![]

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

When borrowing, all other debts must be taken into account by the lender. SO it will affect your application for a business loan, but being positively geared would mean that it may not be too bad as they also take into account all income.

(But most lenders take, say, 80% of rent, whereas the load the amount of interest you are paying. ie they…[Read more]

GMH

I think you will find that ‘main residence’ only refers to owned properties. Otherwise the rule would be redundant, you have to live somewhere, and if everywhere you lived was your main residence there would be no need for the rule.

There is an example in the legislation (ITAA (1997) Section 118-145) where someone goes overseas for 5 years…[Read more]

Hi

My figures have been disputed before![]

It only costs about $300 to set up a trust on the net plus about $300 more for the stamp duty. Going to an accountant will add a bit more. Doa search on the net.

Trusts will cost not much more to run than holding ivnestments on your own. Most accoutants charge a fee per property for example. If you…[Read more]

Sorry Doggie, I am a mortgage broker not an accountant. If you want to lear about trusts, just do a search on the forum and buy the buy called “Trust Magic” by Dale Gatherum Goss. http://www.gatherumgoss.com.au

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