Woody1986 wrote:

Hi Terry.
I will have to disagree with you there. People employ “professionals” and I use the term loosely for some people , to guide them through this process ( and other complicated things like insurance and accounting) and provide them with quality advice and limit risks.
What good are brokers if they arent helping the client avoid issues like this?
Are they there to just fill out paperwork? Some brokers get generous commissions for the life of the loan and should be providing value for the financial benefit they receive.

From what I know is they havent declined the loan , just the build portion .

Yes I agree, a good broker would have avoided this. But it is a great step to try to pin any blame of negligence on that broker. I am a broker and at various industry sessions it is amazing to see the basic level of knowledge of brokers.

The seller could appoint you attorney with a limitationn to dealing with the property. However you would have a fiduciary duty to act in this best interests unless the deed specifies otherwise. You could lodge a caveat if he gives you permission or if you sign a contract to purchase (or otherwise have an equitiable interest in the property).

Neither of the above would prevent him from buyer another property though.

What are you trying to do?

Nightmares:
tenant died in a property – I had the agent push her under the rug hoping no one would notice but that didn’t work. I did let her out of the lease though.

Off the plan came in short on the valuation – luckily I terminated the contract sucessfully. But the worry and waiting left me with many missed opportunities.

I think the problem in WA is that the price has somehow come out at that level and all the players are just keeping the status quo – If your competition is charging high prices you can too. All it would take is one or two new entrants to come in at national prices and then market forces would come into play.

I think Ollie may want to bring the deduction forward to this year to offset this years income, which may be higher than it will be expected for next year.

Yes Benny – usually contract date.

Yes, it is not easy Benny

Yes, generally GST only applies to new residential property – up to 5 years old is classed as new.

So asset protection from bankruptcy. strenght will depend on how set up and operated.

Income can be distributed to beneficiaries of a trust who pay tax on the income.

Most major banks would consider this – probably not on end value though. YOu may need a smaller more private lender for that.

1. Asset protection from what? Usually income distribution as cashflow would be almost the same in a trust or out
2. yes, but higher rates
3. would need to be a director or shareholder usually to guarantee a trust loan
4. GST should be same in and out of a trust

I have been a broker for about 13 years now and never seen a loan ported. They are pretty rare. I beleive some banks do need a reapplication and a checking of income etc while others don’t, unless the loan needs to be increased.