Hi New Kid

You’re in a great position at the moment while you are living at home. I would sugget you might look at going for 95% loans earlier on. the reason being, the less money in, the further your savings stretches. Also as you get more properties it becomes harder to qualify to pass teh lenders mortgage insurance guidelines.

Say you are…[Read more]

And it takes ages for the money to come in. Just think, you get someone a pre approval, then they go and look for a property, then 42 days settlement, then the money comes in up to a month later. That $35,000 that you were going to spend on a franchise could help come in handy until you get on your feet. It is a years salary to many…[Read more]

And it takes ages for the money to come in. Just think, you get someone a pre approval, then they go and look for a property, then 42 days settlement, then the money comes in up to a month later. That $35,000 that you were going to spend on a franchise could help come in handy until you get on your feet. It is a years salary to many…[Read more]

If you have limited cash, options are a good strategy. Buy a option on a property and find someone to sell the option to, or do a sandwich lease option where you lease a property with an option to purchase and then sublease it at a higher rent with a higher option price. You could do unlimited numbers of these as you wouldn’t need to qualify for…[Read more]

basically you will have to keep comming up with 20% deposits (at least) to keep on going. You can get the deposits from many sources including capital growth, savings, joint ventures, etc. If your properties are cashflow positive this helps a lot.

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

I wouldn’t touch a serviced apartment. Hard to get finance, hard to onsell, low capital growth and relatively low rental yields.

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

Hi Chris

Thsi happens to most people sooner or later. Some banks are more lenient than others (Westpac is pretty good). Not all use the same figures when calculating. eg some add margins on the interest rates (a buffer), others assume PI loans, others assume higher monthly expenses etc. So shopping around helps.

Some people also get around this…[Read more]

Hi Chris

Thsi happens to most people sooner or later. Some banks are more lenient than others (Westpac is pretty good). Not all use the same figures when calculating. eg some add margins on the interest rates (a buffer), others assume PI loans, others assume higher monthly expenses etc. So shopping around helps.

Some people also get around this…[Read more]

I remember hearing a dispute years ago about a Qantas Pilot who lived in the country and also had some sort of business at home. He was claiming travel from his home and the airport in Sydney (where he clocked on). his arguement was that he home was also a work place. And I think the ATO allowed it!

Terryw
Discover Home Loans
North…[Read more]

There are companies that will lend to people that haven’t got their finance approved, but their applciations and assessment proceedures are just as strenuous.

Most banks issue them now. one company that I know of is deposit Power

Deposit Sorted

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

So do I!

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

Fullout

It is pretty hard to get a loan for a business as really there is no security.however, some banks will lend for big franchise purchases such as McDonalds. Unless you have property you can use as security it will probably be very hard and/or hihg rates?

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

I got that one too.

I think these people search the net (all auotmated) looking for email address. They probably got mine from here. Thats why some people use a ‘at’ instead of @ or ‘dot’ instead of . in their email addresses. I have a spamm stopper, but this one must have gotten thru.

Terryw
Discover Home Loans
North…[Read more]

I would do a lot mroe research before you consider buying a franchise. What does it cost? I have heard of ones going for $20,000 and then they only give you 80% of the commission you make.

Why not go work for a mortgage broking company for a while, and then just go out on your own. Save yourself $20,000.

As for income, I have heard of people…[Read more]

Westan

Yep, they get the funds for the cheaper loans elsewhere. It is the Asset lend loans that are their own products.

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

Crashy

another point. The beneficiaries of a trust will usually include any company in which the trustee is a shareholder, director or other ofice holder. So you can set up a company later on and all profits could be diverted to that company.

It is my understanding that you do not have to actually distribute the money to the relatives, and jsut…[Read more]

Crashy, I would say discretionary trust is the best structure. it allows for maximin flexibility and offers asset protection that a company doesn’t.

eg, say you owned some shares in a company and made $18,000. you could only distribute this in accordance with the shareholding, but with a trust you could disribute $6000 each to yor 3 cousins who…[Read more]

Yes I beleive it works in Australia. But he makes it sounds so simple!

The interest on the money you redraw would not be tax deductible unless used for income producing activity.

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

yes. But you may be able to claim more deductions.

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

I have not had any dealings with him, but his company provides a lot of usefull information. He used to post on here once.

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