hi Wigboy

Any Solicitor should have option contracts.

Terryw
terryw@froggy.com.au

I have used ANZ earlier on as they do 95% interest only loans and they allow you to capitalise the mortgage insurance. The problem with ANZ is they are extremly slow. 2 of my settlements went over deadline because of them being late getting docs out etc.

And they did 3 CRAA checks per property (one for pre approval, one when i found someting and…[Read more]

hi Willi

What if you have several properties and you had a business of investing in property. Could you then argue that this is an business expense and then cliam the costs associated with travel relating to viewing potential purchases?

Thanks

Terryw
terryw@froggy.com.au

Poochi

Don’t sell.Think about all those fees, and then you have to pay rent with after tax dollars. This is you only tax free asset.

You could get a LOW DOC loan easily. This is where you tell the bank what your income is and don’t need to provide proof.

There are also pure asset lends where the lender does not care about income. They will lend…[Read more]

Rich one,

There are some shocking mortgage brokers out there. I know because I am a mortgage broker and have seen these people at various bank training sessions.Some of them don’t know much about finance or investing.

You should not be charged more in interest rates or fee by going thru a broker. Some brokers, however, do charge a brokerage fee…[Read more]

Cloudus

I am located in North Sydney. if you want to chat, give me an email for further details:

Terry Waugh
Discover Home Loans
terry@discoverhomeloans.com.au

You could use a LOC secured on your 1st IP (and another on home too). Use this as deposits for more IPs.

If you use a low doc loan, you could tel hte bank your income without providing any proof. You could buy many properties with your current equity and this could generate a large income!

Terryw
terryw@froggy.com.au

Glad to see you have pulled out!

You also have to think about resale value too. these things are hard to sell.

Terryw
terryw@froggy.com.au

Kumara

You could try:

Commisso Bugden Partners
115 Canberra Ave
Griffith ACT 2603
P.O Box 5422,
Kingston ACT 2604

Phone: (02) 6260 8881
FAX: (02) 6260 8882
email: commisso@acca.com.au

I don't know much about them, but Tony Commisso posts on the Freestyler discussion board regarding tax issues.

Terryw
terryw@froggy.com.au

Russell

We have done a few of these deals recently where the loan obtained was 70% LVR based on the end value of the property.

In your case if they are valued at $135,000 x 15 = $2,025,000, then we could lend 70% of this figure = $1,417,500 (or $94500 per unit).

Terry Waugh
Discover Home Loans
terry@discoverhomeloans.com.au

I have access to a new lender that claims to lend based on value rather than contract price. I haven’t used them yet but beleive the LVR must be less than 80% LVR.

eg.
Val $100,000
PP $90,000 they will lend you 80% of $100,000

The trouble is getting it valued at this higher price. The valuer will see what you are paying for it, that would make…[Read more]

There may be a way to make the non-deductible dedcutible.

Steve Navra has suggested that if you were to use his ‘cashbond’ strategy it could help. This is what i remember:
-Get a cash bond (annuity) securing it on the investment property
– do this for the purpose of increasing your borrowing capacity (with a tax ruling to this effect)
-Place all…[Read more]

Hi Tim

I just checked a couple of loan application forms and neither asked for information on loans the application has guarranteed. (But I beleive some forms do ask). So I guess you would not have to supply that information if it is not asked.

However when the lender does the credit check they will see inquiries done for all loans that you have…[Read more]

Thanks Andrew! Thats good news.

Terryw
terryw@froggy.com.au

Hi Sooshie

What is a ‘slient salesman?

Terryw
terryw@froggy.com.au

Boris

I hope you are right, but…

Usually the beneficiaries are listed vaguely such as any spouse of X (Tustee), and children, relative etc. So if the trustee changes, then the beneficiaries will also change.

Terryw
terryw@froggy.com.au

Here are some thoughts

Lenders all start to get a bit worried when the rental income starts to be more than your other income. They often then say you are too rental reliant at this stage and will lower the LVR and ask you to put more money into the deal.

You will always have to prove serviceabilty. Even with low doc loans you must state an…[Read more]

Go for at least a 25% margin. There are always going to be cost blow-outs and unforeseen expenses, so you need this much to make it worthwhile

Terryw
terryw@froggy.com.au

Hi Boris

Steve, if this is classed as a resettlment of the deed of trust, then this may trigger the payment of stamp duty as the beneficial owner of the property has changed and it you could be up for capital gains tax. Is this not the case?

And I am not sure what would happen to the loans (if any) held by the trust. Would they have to be…[Read more]

What about if you used a LOC as deposits (lend to your trust?) for your wraps. The when they cash you out, you use the cash you receive to pay off your home loan, without paying back the LOC. That way you are still able to deduct the interest on the LOC and decrease you home loan quicker.

If you had say 10 wraps and they cashed you out on average…[Read more]