Marty

You owuld have to apply for a release of security which costs about $300 usually. The bank will probably require a re-valuation on the remaining security to make sure in comes in at an acceptable LVR.

Terryw
terry@discoverhomeloans.com.au

Hi Anastasia.
Good try, but you can only claim one property as your PPOR at one time. There is provision made, however, if you have purchased a new one before selling the old one, and you have 6 months in this case in which you can claim 2.

Terryw
terry@discoverhomeloans.com.au

Sooshie

How do you triple mortgage a property?

I have heard of major frauds happening and banks losing millions but not doing anything because of the possible bad publicity!

Terryw
terry@discoverhomeloans.com.au

Waht about this idea.

Find a property you want to live in. Buy it, live in it for a short time so you can claim it as your primary residence, and then go back to renting and negatively gear the property for a few years to get some deductions.

Terryw
terry@discoverhomeloans.com.au

And don’t forget some banks actually ask you in writing to indicate if there is any sort of rebate or money back at settlement. Westpac does this! NAB too I have heard.

Terryw
terry@discoverhomeloans.com.au

Hi

Land is booming anywhere along the eastern coast. Many places have doubled in 12 months, some even tripling. Some people ahve purchased multiple blocks ‘off the plan’ and made a killing.

Terryw
terry@discoverhomeloans.com.au

Yes, your right. You would still ahve to qualify via serviceability and would need to come up with deposits (or equity as well). I think Stuart worked it out that a property would help your serviceability if you were getting 11% or more as a rental yield. Another thing to look out for is the line ‘too rent reliant’ which banks sometimes…[Read more]

Big

bank would definitely require a mortgage over the property and would want directors guarrantees or guarrantees of the trustees. The may also ask for guarrantees by the beneficiaries-depending on the structure.

Terryw
terry@discoverhomeloans.com.au

Brokers can’t do much unfortunately. it is a common problem, all we can do is try to argue with the valuer. These days banks are trying to cut brokers out of the loop by ordering the valuers direct so we can’t even talk to them.

Basically do you research, ask the valuer to justify his valuation with comparable sales. See how old these sales are…[Read more]

Get a new accountant (and banker). This accountant will probably prevent you getting rich and cost you lots of money in the long run!

check out http://www.chrisbatten.com.au for some good ideas.

Terryw
terry@discoverhomeloans.com.au

Dan

Watch out for the an/or nominee clause. In some states if will incurr double stamp duty.

In Victoria, you had to have an existing agreement with the nominee before you sign the contract. This agreement has to be written, like a statutory declaration. That was a few years ago, so it may have changed now.

Other states you can only nominate a…[Read more]

Peter

Stacking the contract isn’t illegal. It is up to you what you disclose to the bank. Solicitor doesn’t have anything to do with you disclosing.

Terryw
terry@discoverhomeloans.com.au

What about the online ING account. rates are about 4 to 5%.

Terryw
terry@discoverhomeloans.com.au

Dan

this is like my frinds situation. the option taker eventually sold the site to a developer and made about $10 mil.

Terryw
terry@discoverhomeloans.com.au

Stacking the contract is not illegal. But not disclosing fully to the bank may be. But banks usually only want the front page of the contract. If there is sonething listed abuot special conditons, then they may also request to see what the special conditions are.

I have heard of people making a provision in the contract for extra work or repairs…[Read more]

Marek

It is possible, but very difficult to do. Just finding a property will be hard, but then getting the owner to sell you an option would be harder unless the price is right. generally option fees are around 2% of the value, but this can be negotiated.

You should contact the local council where you are looking and enquire about the costs…[Read more]

Carbloke.

It shouldn’t be too difficult finding employment. The securities institute course looks good, and if you had that it should make it easier. A lot of companies employ brokers on commission only, so if you may be able to start doing broking on a part time basis while working elsewhere.

Terryw
terry@discoverhomeloans.com.au

The ATO looks at the purpose the funds were used for. If you borrowed the $80,000 for income producing purposes than it should be claimable. If you borrow the $80,000 to live on, then you wouldn’t be able to claim it (legally).

Terryw
terry@discoverhomeloans.com.au

Hi

It would be great if anyone going to these types of talks could provide a brief summary for the rest of us. Please.

Terryw
terry@discoverhomeloans.com.au

Just from memory, I think Liberty actually pays a higher commission than Pepper. So she probably wasn’t looking after herself first-otherwise she would have tried for the highest commission payer.

Terryw
terry@discoverhomeloans.com.au