is this one of those shared equity things – where they will lend you more, but require a percentage ownership in return?

Terryw
Discover Home Loans
North Sydney
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TMA

Some people have more than 1 property and have no need for any extras. A simple IO loan is all that is needed.

For the 95% loan with no LMI, this was for a new client as well, and it seems Bankwest are willing to do this as a matter of policy. As long as LMI are not involved (ie LVR 80% or less based on valuation), they can approve these sorts of deals.

Terryw
Discover Home Loans
North Sydney
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Nine

One possiblitiy is to lend your money to your trust and then to buy a property for cash. Buy only bargins and Stack the contract up higher with a rebate on settlement.

Then after settlement apply for a loan to release your funds. If you have purchased well, the valuation should come up higher and you may be able to get a loan close to 100% of what you paid for.

Repeat the process.

Terryw
Discover Home Loans
North Sydney
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Even if the shares of the company are held by a trust, I beleive the CG is still unable to be discounted.

One reason to hold a proeprty in a company would be to avoid stamp duty on the transfer (in Vic at least). When selling you could just sell the shares in the company, and avoid stamp duty.

Terryw
Discover Home Loans
North Sydney
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Your right Dr X. it is actually MGI – affliated companies I believe.

Terryw
Discover Home Loans
North Sydney
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Police won’t help in a civil matter. And contracts do not have to be in writing, you can find out how many properties they own by going to the land titles office in your state. But first you should probably start court proceedings on getting a judgement against this person.

Go to your local court and fill file a statement of claim, and have it served on their last known address – cost about $200.

Once you get the judgement then you can hand it over to the debt collectors.

Terryw
Discover Home Loans
North Sydney
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1. You can claim the expenses and negative gear and get to keep the CGT exemption if you are not claiming another main residence at the same time.

2. I suspect you could claim this property (or 50% of it) as you are the sole owner, and your friend is ‘renting’ from you. You would have to charge market rent though. I am not sure how the ATO would look at renting from a fiance – do you declare her as your spouse?

Terryw
Discover Home Loans
North Sydney
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You can still use the property as security for an investment, even if the loan isn’t repaid – just needs to be enough equity. You could also set up a LOC on the house, using the existing equity, and then use this as deposits on further investment loans which could be with different lenders. This would save cross collateralising her home.

I think there is a difference between renting and boarding. Go to a bookshop and flick through the latest taxpayers guide, I think there is a section on this very topic – which says money form boarders is not income.

Terryw
Discover Home Loans
North Sydney
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It will be hard, if not impossible to get finance while on probation. Both of the major mortgage insurers will not accept this situation. With probation, you can be let go at any time, so the job is insecure from a lenders POV.

Terryw
Discover Home Loans
North Sydney
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I agree with TMA, it may not tell you anything worthwhile.

Go here:
https://lpi-online.lpi.nsw.gov.au/cgi-bin/lpis/menu.pl

And put the number in “dealing Number” and your credit card details and you should get what you are after (depending on how old it is). Cost is $8

Terryw
Discover Home Loans
North Sydney
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