I think bankruptcy stays on your CRAA credit file for 8 years. other things are 5 years. But you could check you file by getting a copy from Baycorp. http://www.baycorp.com.au

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

Deborah,

I’m not sure. You are directing all of your income to the home loan, and then borrowing from a LOC to pay your interest bill. If you do not pay the LOC interest bill each month, then it would be capitalising of interest-which is what the court case is about. if you do pay your LOC interest every month, then there would be no point in…[Read more]

It is a good idea, but the tax deductibility of the interest is in question. it is currently legal to claim the interest, however the tax office is currently fighting this in the courts with the hearing set down for Nov 7th. If they lose I assume the laws will just be changed to make it illegal.

Terryw
Discover Home Loans
North…[Read more]

If you are going to market tot he public, you will need ASIC approval and must have a prospectus-costly.

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

C2

Maybe. It depends if you are going to rent it out and then buy another PPOR. eg if your home is almost paid off and you are going to move out and rent it, and need a loan to buy the new PPOR. You don’t want to be paying tax on the rent while paying undeductible interest on your new home loan.

Terryw
Discover Home Loans
North…[Read more]

Save yourself a few dollars and buy the book. His seminar is virtually the same as the book.

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

Why sell? You would have CGT and agents fees and then you would only buy something else with the money again, so more stamp duty etc and you would miss out on any future capital growth. I would probably keep them, increase borrowings every 6 months or so for more investing.

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

Mortgage hunter, i think PICJA was referring to the Pepper product. Pepper are not usually mortgae insured, but this product is. I think the rate is around 7.6%!

Liberty Finance used to have a 110% lend (on one security) for the high income earners, bu they have withdrawn this product now. Probably due to the anticipated softening of the…[Read more]

If you are going to be serious about investing, then do it sooner rather than later. It may not be worth transferring existing assets becuase of CGT and stamp duty etc, but any future assets could be held in the trust. Go and talk to a good accountant. It would only cost you about $200 for some advice.

Terryw
Discover Home Loans
North…[Read more]

Fudge

Could I get a copy too pls.

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

Steven

I still can’t get what you are saying and your link provides no clues either. I agree that Trusts are an excellent tool and hold all of my properties in a trust structure. I know that trusts help save tax and so help serviceability in that regard, but I do not beleive having a trust increases your borrowing power because of the guarrantees…[Read more]

Sorry, I am only guessing but think it is
http://www.prosolutions.com.au

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

Banks often use the old ‘too rent reliant’ line. The trouble is, it is hard to define when you actually reach this level. Different lenders have different polices, and they don’t really make these policies known.

It basically means the proportion of you income comming from rent is too high compared to other income. The lenders may deem you to be…[Read more]

There are no secrets really. Just techniques and strategies which you can learn on these types of forums. The good seminars can give you all of these served up to you over 2 days. They are also good places to meet like minded people and really motivate you.

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

Mel

The gain is just added onto your taxable income. In your example, your income would go to $75,000 and you would pay tax on this amount.

There is a booklet available for download from the ATO webiste or a paper copy can be sent if you call them up.

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

Steven

I am not sure I understand what you are saying. being a beneficiary of a discretion trust or a hybrid trust is no guarrantee of income. It is up to the trustee’s discretion. But since personal guarrantees are involved, you would personally be responsible for the loan. Therefore you must inform future lenders about your…[Read more]

Steven

I am not sure I understand what you are saying. being a beneficiary of a discretion trust or a hybrid trust is no guarrantee of income. It is up to the trustee’s discretion. But since personal guarrantees are involved, you would personally be responsible for the loan. Therefore you must inform future lenders about your…[Read more]

Rolf

I agree with you on Westpac. Their service levels are excellent at the moment with quick approvals and good repsonse rates to brokers. Can’t say the same about ANZ though. And Westpac has one of the best serviceability models.

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

Steve

So you are saying that trusts can save you tax. but it makes no difference in serviceability if you borrow through a trust or not because personal guarrantees need to be given. Infact it may even hinder serviceability by using a trust because you, as trustee, would be responsible for the loan, but may not receive any income from the asset…[Read more]

I don’t know anything about NZ, but what about just buying them in his name only from teh start. if he is your brother, you can probably trust him, so just get them in his name, with the loan in his name and you will be lending him 20% and taking a 20% share of the property-all behind the scenes. Saves on legal costs, stamp duty, capital gains tax…[Read more]