I too think it would be very hard. it would be hard just to buy one with such a low deposit. On a 95% loan you would still need about 10% of the cost as deposit (5% for costs). So you would have to purchase a property valued $100,000 or less.

The only way to keep borrowing is to come up with further deposits. Liek swampy said you can buy under…[Read more]

Just a bit on the reporting side of things. Every overseas transaction is reported automatically and is monitored by a govt department called Austrac (www.austrac.gov.au). In addition, the banks can also report suspicious trasnactions separately. Domestically, every transaction over $10,000 must be reported. So if you cash $10,000 worth of…[Read more]

Kay

I agree with Simon, it is too hard to generalise as the borrowing capacity will vary depending on things like:
Your income
You current debts
no. of kids
credit card limits
car leases etc
rental income
etc
etc

And it differs between banks as well. Some load the interest rates others add a buffer to you total loans and most calculate PI even…[Read more]

Alf, what’s the stamp duty for? If you are refinancing you should be exempt from paying stamp duty on the loan again (unless you go over the original amount).

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

I have had a fixed rate loan for a while now, and the break costs were about $5000 6 months ago. This has now come down to about $300, good news.

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

too hard to sell company title.

I beleive company title is just like buying shares ina privately owned comany. each of the other shareholders may have a say on who they will accept for the new onwers.

I think about 70% would be the max LVR for these.

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

G

I think you must nominate someone within 14 days of settlement. please check with your solicitor. And I hope your property has grown in value. What was the settlement period? Is it Oasis?

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

Hi Chris

Are you sure about that? I thought legal fees were considered part of the purchase costs with stamp duty, and could only be claimed when the property was sold.

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

One more thing, each person can legally bring in $10,000 each time they enter the country without having to declare it.

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

What about leaving the money overseas and borrowing it. The interest may then be claimable in Australia in the borrowings were used for investment purposes.

There are various rules regarding these matters so get advice from an offshore specialist.

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

BJ

What about this one
http://www.hastingscapital.com.au
8.25%

or

http://www.eurofinance.com.au
8.75%

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

BJ

What about this one
http://www.hastingscapital.com.au
8.25%

or

http://www.eurofinance.com.au
8.75%

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

Bear,

this may not help, but I picked one up at one of those auctions for about $200. They are held every week up here in Sydney and advertise in the SMH.

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

Bear,

this may not help, but I picked one up at one of those auctions for about $200. They are held every week up here in Sydney and advertise in the SMH.

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

I think you will find that interest on money borrowed to invest is claimable, but the hard part with a redraw is determining the portion of interest that was used for investments and the portion attributable to you home loan. Especially if your home loan is PI and you want to pay IO on your investment portion. Having a split account with 2 (or…[Read more]

Rodster. I had the same problem after i set up my first trust – the conveyancer just told me off for not knowing what I was doing.

Now I know that the trustee buys the property in their name on behalf of the trust. The title is therefore in the name of the trustee. The trust minutes document that the the trustee was buying for the…[Read more]

Mel posted as i was typing. There is actually a tax ruling on renting your house from a unit trust. See TR 2002/18. available at http://law.ato.gov.au/pdf/tr02-018.pdf

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

Hi

Trusts cannot distribute losses-they can keep the losses to be offset over future gains. But you may be able to get around this by using a hybrid trust and borrow to buy units in the hyrbid trust. The highest income earner would usually borrow to buy the units and claim the interest as a tax deduction on their personal income. the trust would…[Read more]

You can just apply to the bank for a release of security. Depending on valuations, you may have to pay down a few loans to get the released. To get this money, you could increase the loans on the ones with larger equity. But this will take time, dealing with banks is like dealing with the public service. It is probably better to set your self up…[Read more]

Comdom

I don’t think it is possible anymore. You used to be able to get to the money by setting up unit trusts and the like, but the rules ahve been tightened. there is some good info on http://www.chrisbatten.com.au

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