Perth Guy

You could actually refinance to 90% of the value to withdraw a little bit extra equity.

Terryw
terryw@froggy.com.au

As far as I know most major banks will not provide finance for Vendor Terms onselling.

There was a long psoting about this a week or so ago.

Terryw
terryw@froggy.com.au

NewToPI

You don’t say if you actually lived in the property in the period before it was rented out. If you did and you don’t own another property, then I beleive you could claim this as your PPOR and not pay any CGT. (Under the 6 yr exemption rule). Check with an accountant.

Terryw
terryw@froggy.com.au

Felicity

yes you have to be careful as most low doc loans are actually mortgage insured-even if they are under 80% LVR. I lot of people think they can jsut increase their income ebcause they don’t ahve to provide proof. BUT if you go to the ING bank and say you earn $30,000 pa, and then later on go to Integris for a low doc loan and say you are…[Read more]

Andrew

Your going to have to come up with deposits to keep on going. If you can come up with about 20% deposits, you should be able to keep on borrowing indefinetly. If you can only come up with 5%, LMI will apply and then lots of restrictions

You can come up with deposits by growth in the property or by saving it up.

Another way is to borrow…[Read more]

If they do list it with Baycorp, there are solicitors that can help you get it removed.

Terryw
terryw@froggy.com.au

There are legal firms that specialise in getting htsi defaults removed. I beleive that they threaten to sue the company that lists the default (whether just justifiable or not). i hear the costs are about $1000.

Generally telephone type defaults under $400 or not much to woory about. But some lenders, even low doc require a clear…[Read more]

There was a posting made on the Somersoft forum at:
http://www.somersoft.com/forums/showthread.php?s=608dcb31ef648d9402e1a9c944173a1c&threadid=9980&highlight=mezzanine

But it has no been editied due to copyright infringements. It apears to be from an article called Flat Broke in BRW July 3, 2003

There is a link…[Read more]

Vluu 27

Holy shit!

Sounds like you must have entered into a contract. Do you still have a copy of the thing you signed?

I would suggest you speak to a solicitor quick. Also ring up the department of fair trading and ASIC. They are both looking into these sorts of companies and they may be able to help?

Also make contact with ACA, and it…[Read more]

Chandara

There are actual trust deeds for both trust types on Chris Batten’s site. I hybrid is a mixture between a Discretionary trust and a Unit Trust.
But there are 2 types:
Hybrid Discretionary Trust, and
Hybrid Unit Trust
I am not sure of the difference between the 2.

You also should beware of cheap immitations. Apparently there are…[Read more]

hw007

I beleive the 6 years starts again if you move back into teh property.

Speak to an accountant-not just any, find a good one.

Terryw
terryw@froggy.com.au

Comdom

I haven’t heard about that before. I don’t beleive it is possible, but would love to know more details. Do you have the company name?

Terryw
terryw@froggy.com.au

Just a note on 2. You probably wouldn’t have to pay the CGT until you lodge your tax return. It might be an idea to delay it as long as possible (until Feb?) and keep the money in your account earning interest.

And is it possible to claim one of these properties as your PPOR? Did you live in either at any stage?

For an accountant in Sydney try…[Read more]

I posted about this about a month ago somehwere here.

There is a little rule in the tax act that allows you to rent out your PPOR for up to 6 years and still claim it as your PPOR. So if you have lived in a property as your home, then rent it out, then sell it before 6 years since the date of living in it is up, then you do not have to pay any…[Read more]

If you want to sell, another option is to sell your property to the trust (trustee). that way you can sell and keep it at the same time. It will save paying agent’s fees and the hassle. Your only going to replace it with another IP anyway. I suppose it depends your expections on growth and rental income.

Terryw
terryw@froggy.com.au

I use a trust. It is, in my opinion, without a doubt the best way to go!

Terryw
terryw@froggy.com.au

Vul

I had the same problem with an overpriced course I did in SYdney a few years ago. I ended up reporting the company to the Dept of Fair Trading and then they quickly gave me the refund.

Terryw
terryw@froggy.com.au

Do they still offer a full refund if you withdraw on the 3rd day?

Terryw
terryw@froggy.com.au

Borrowings for a trust or company has the same effect as borrowing as an individual. This is because the bank will require the Trustee to guarrantee the loan. If teh Trustee is a company, then all directors must guarrantee the loan. It appears on your CRAA.

Terryw
Discover Home Loans
North Sydney
terryw@froggy.com.au

Try
http://www.stockcentral.com.au/forum/

This is a realllly good forum.

Terryw
terryw@froggy.com.au