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I beleive they are moving towards an electronic system, but is is still early days. Last year i receved the actual physical title for one of my properties from the bank. If it is an old proeprty then there would be one.
Terryw
Discover Home Loans
North Sydney
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Hi
You can’t use the FHOG as they are only renting from you. They may be able to use it when they cash you out.
Usually you can increase the loan on the property after optioning it. But they may place a caveat against the title, preventing this unless they agree.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
The owner of the property would be the trustee, which is a company in your case. So the company name would be on title.
Claiming a taxation variation would still be possible because you have invested money in the purchase of units of the trust, and are able to claim a tax deduction on the interest on the money claimed for this.
It just maybe a bit more complicated than usual.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi
Thats the way I see it too. Even if they are paying the same, they will ahve all of the extra tax decutions to claim, making them better off.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
The trouble with overstating your income is that on most applications you must sign a statutory declaration. If you declare something to be untrue, then this would be an offence against the act with a maximum penalty of 4 years imprisonment.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Simon
About 6 months ago. It was done using Solicitor funds. I agree it is very unusual.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
It will be hard to finance student accomodation, if you declare that is your intention. The lenders may want 20-305 deposit, which you don’t appear to have.
Even if you could borrow 95%, it may be very tight equity wise.
do you have any other cash you can put in?
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
You just add the CG to your yearly income (less any discounts and some costs).
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Kerwyn
I am having language problems in Bangkok. Not as easy to learn Thai. I have a friend that purchased a hosue last year for 900,000B = $200,000 at current exchange rates. There are plent of apartments etc avertised in English, but I imagine these are inflated prices for foreigners.
In Pattaya, houses near the beach seem to be going for about $1,000,000.
Will try to find out more.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Can they not borrow against existing equity and keep the house?
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I beleive companies do not pay CGT. Any profit owuld just be taxed at 30%.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Techno good points. Japan is a koureika shakai, an aging society. Aparently in many country areas there is a sever shortage of young people.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
AXJ
A friend of mine is investing in China, she purchase a postivly geared property in Shanghai city, and it has doubled in value within 2 years. It seems there are good deals there, but you have to be careful in certain areas which have already boomed.
I am currently in Thailand, and have just leased a studio unit, partially furnished for about $170 per month. Nice and new too!
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I think there is a template in newer versions of excel – called something “Loan Amortisation”
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I have done a similar loan once.
The son securred a loan against mum’s property, with the mum guarranteeing it. Both needed to seek independent legal advice from separate solicitors.
The rate was around 7.5% on a low doc basis. LVR probably max 60%.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
These can be a bit harder to find finance for. If they do not sign on for another term, it may be hard to rent out for other uses.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thats a difficult question. There have been several taxation rulings early last year on this. I can give you the relevent details in a few weeks when I return to Sydney – currently in Thailand.
Also look at http://www.bantacs.com.au, I beleive there is an article on that site too,.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Originally posted by esaar:As you on a higher tax bracket you should look at changing the ratio of ownership it may cost you the stamp duty again but calculate your benefit on the long run if there is any, with your loan IO is usually the best option however there are ways of minimizing your liability without loosing the accessibility to your funds. If you like to discuss some option you can give me a call on 0438 985 708
Changing ownership may trigger CGT. However in some states it may be possible to avoid stamp duty (and CGT) when done between spouses.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
A search at the land titles office should be able to tell you when and what they paid for it. This can be done over the web for about $9 in most states I beleive.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
When you apply for the loan you are supposed to declare if you will be using 50% or more of the funds for investment puposes. This determines whether or not the Consumer Credit Code applies. If it does, then you may have a few more rights.
This has nothing to do with the claiming of interest. Many people declare one thing and then change their minds soon after. From a taxation point of view it would not matter (check this with your accountant).
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
