use a credit card as deposit, or borrow the 20% deposit from someone, maybe? This could do until you can access that equity in 3 weeks?

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

Speak to a solicitor that knows that area ASAP to protect yourselfeven if you have to pay a bit for it. If she was your girlfriend for more than 6 months then there may be some substance in her claim.

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

Luckily cross coll can easily be undone after some growth. Simply apply to your lender for a release of security. for a small fee they will get the property revalued and un cross it (if equity is there of course).

Another disadvantage may be higher LMI premiums. If you are using 2 properties as security, you may have to pay LMI on both-depending…[Read more]

I have seen a situation in NSW where a couple signed the contract and then split up before settlement. The vendor agreed to rescind the contract and issue a new one with only one of the party. All other details were the same, and no extra stamp duty was paid.

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

not all valuations come in low. One of my clients purchased a unit and the valuation came in at 20% more than purchase price. The bank ended up giving him a 95% loan with no mortgage insurance.

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

Further to Stuart’s post about Heritage. they also offer unlimited redraws on fixed rates-one of the only lenders to do so.

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

Dino

Offset accounts must be in exactly the same names as the loan accounts (Something to do with ATO regulations).

I agree with Melbear pay off your home loan and then borrow – which sounds like what you were planning to do.

But check with an accountant about gifting money to a trust. This may be a good idea from an asset protection point of…[Read more]

That’s the trouble with joint loans. You are liable for all the debt, but only your share of the rent.

Some banks have conditions on what they will let you use the LOC for. But how are they going to know once you already have it. Weren’t you going to buy some shares as well Jim?

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

Molkenr
Don’t bother even looking. Just go for Dale Gatherum Goss himself. He is located in Victoria (which could result in tax deductable trips!). And you can do everything via mail/fax/phone. I think his web site is http://www.gatherumgoss.com .

BTW Dale is author of that book, Trust Magic_

Terryw
Discover Home Loans
North…[Read more]

Using Pin’s figures.
20% deposit = $33,000
closing costs = $7200
total money in = $40,200.

The profit from this deal will be roughly $2690 per year. so the ROI will be yearly profit divided by the upfront money invested. 2690/40200. which is about 6.70% return.

This is not very high due to the large deposit needed. But it also doesn’t take into…[Read more]

This is an dangerous strategy right now. Many think that the property market has peaked. And you don’t seem to be in a good fiancial position as it is. Just be very careful and don’t believe anything the real estate agent is telling you without doing your own checks.

Just this week I had a client that had purchased off the plan 2 years ago using…[Read more]

It is always the best time to look at strucutres for both asset protection and tax reduction. Things to consider are:
extra costs- accounting, land tax, legal, set up etc
= Who are you going to distribute the profits to? Do you have family members on low incomes? or if just
= yourself you can still distribute teh income to a company and pay a max…[Read more]

it doesn’t really matter that much. Use the Ip equity first and then the home equity. If things go bad you will want to protect your home first.

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

I personally would never touch anything like this. 8.5% is a fairly low yield for the high risk. It is hard to get finance and hard to resell. Often the management fees in these sorts of place are also high. It is still possible to find houses returning much more than this, with much better prospects.

Terryw
Discover Home Loans
North…[Read more]

I would just use a credit card. Short term finance is usually at a rate of around 10% per month.

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

Not all low doc loans are mortgage insured. Some that aren’t:
Suncorp 80% LVR
ING 76% LVR
Adelaide Bank 76%
ANZ 60%
St George 65%
But there are various limits on these too. Want do you want to get around- an individual loan limit or overall limit?

And then there is Bluestone where you can go high on a low doc loan, but the rates are also…[Read more]

you could still buy your share in your trust and they could buy their share in their own names-or their trust. You could also setup a unit trust and have 50/50 ownership. You existing trust could hold the units in this trust.

It depends on how many you are going to buy together. It may not be worth it to set up a unit trust if you just do one…[Read more]

Hello everyone

The new loan product has been released by Tonto Home Loans. You can download a product information sheet from this address:
http://www.tonto.com.au/news/FirstRun%20HL50%20031008.pdf

I am still not sure of the full details on this loan. But i beelive the cheaper portion is at 3.99% as a LOC (redraw allowed) and the investment…[Read more]

If you have the income, work history etc, then you can get your first property with about 5% deposit. You can get your next one with 5% as well. As long as you can service and have the deposit or equity, then you will be ok.

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

I beleive that Steve uses various Trusts with corporate trustees to hold his property.

I guess there is no real way to avoid land tax, it si just another expense.

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