Forum Replies Created
http://www.bantacs.com.au is up around there somewhere.
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
Dazzling.
Just do it. If it doesn’t work can’t you always go back to what you are doing now?
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 that people currently not discharged from Bankruptcy cannot obtain loans. see http://www.itsa.gov.au for more info on Bankruptcy.
Once you are discharged (3yrs?) you can get a loan, but the rates will be very high due to the extra risk involved.
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
Charlie
Its easy. But, You have to sell it to your company = CGT, Stamp duty, and legal 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
Another point. Height of a building is resticted based on how wide the road is. Some roads are very tight, so it is not possible to build over 2 stories.
I also read today that the average price of land has increase in Tokyo for the first time in 13 years. The increase was only small, at around 0.5%, but it is a start. ANd this may have a positive effect on 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
Originally posted by baloo:I wonder if you can get earthquake insurance on buildings, and if so, what the premiums are.
Hi Baloo
It seems most buildings are insurance against earthquake damage, and that the policy is taken out when the building is constructed. Approx $5000 was one figure someone quoted me.
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 guess both parties would have to sign a contract of sale to sell.
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 Dazzling
I have heard of that before, but do not know if it is myth or fact. I think these days prices are failry reasonable, so their is no need for that sort of loan anymore. a 35 year term is the maximum that I have seen mentioned.
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
They only way to improve cash flow is to reduce expenses and/or to increase rents while making sure that you claim every tax deduction you are entitled to.
Having an IO loan does not reduce the balance as you will be paying interest only. This is still a good idea, especially if you have a non deductible debt as you would be wanting to pay that debt down faster.
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 Baloo
I beleive that insurance doesn’t cover earthquakes as they are rather common (theres been 2 since I arrived), but I will ask around.
Hi Devil
It is boiling hot here. Hotter than Thailand at the moment. Sometimes reaching 40 degrees.
I have collected a few pamplets and will look for links to houses for sale so you can see a few pictures.
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 Sonja
Looks like we will have to wait a bit longer to see what happens.
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
Kendo
Yes, that is what happened to one of my clients.
But things in finance change rapidly, so this policy may not be around. The good news is that if the LVR is 80% or less, the banks can do it without insuring the loan, so can get around this LMi hurdle.
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
If you borrow 100% and put the cash into a offset account, this will give you maximum flexibility. Tax wise if may be the same as borrowing 80% anbd paying a cash deposit. But if you were to use the cash for something else, then the tax deductions would rise automatically (more interest would be charged if money withdraw from savings account).
If you pay a cash deposit you would not have this flexibilty.
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 do I think. Most people can’t understand the concept initially.
I think all you have to do is to explain that you will give them a good price for their property, but you cannot pay it all now. You will pay them by installments instead, and you will give them a good rate of x% of the oustanding balance. Compare this to the rate they would be earning if they put their money into a term deposit.
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 can do it, but it wouldn’t be tax deductible.
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
Best explained with an example?
eg Your house is worth $100,00. Your borrow 80% ($80,000) from the CBA – this is the first mortage, and then you borrow some more money from your father in law, say $10,000. This is secured by your father in law taking out a second mortgage.
If something goes wrong, CBA will come in and take possession. Since they have first mortgage, they have first priority. They sell the house, and your poor old father-in-law gets his $10,000 if there is anything left over.
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 the minimum wage is around $35,000 pa plus commissions.
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
TMA
I have also heard that if your company is incorporated in Victoria, then it is possible to sell a proeprty by transfering the shares in the company without incurring stamp duty. Apparently doesn’t work like this in all states however.
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
Do you have the spare cash? If so will you need it for other non investment expenses? If so, then you should probably borrow, if not why not use some of that cash.
On the other hand, you can always borrow as much as possible, then put the cash into an offset account – just in case you may need to access it later.
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
Some ways you could do it include:
-find a money partner,
-wrap so you get some deposit money
-lease option so that you get the option fee
-wait for capital growth
-save like madeTerryw
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
