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There is at least one lender where the LOC rate is reasonable – ANZ. It is the same rate as the variable loan with the offset account.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Dave
A trust may work, just aware that with trusts losses cannot be distributed. The ATO has also issued a ruling on renting your own house from a unit trust. They don’t like it. But it can be done.
Another option is to sell your existing house to a trust, or you could buy your partner’s share. Either way funds will have to be borrowed and this will make the loan tax deductible. Stamp duty would be payable though.
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
Westpac have previously rejected due soley to the number of enquiries on my CRAA. Once I explained them to Westpac all was Okay.
Maybe you have a common name and there has been a mix up on your file-another person with a similar name?
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 is the only tax free asset!
A good strategy is to have botha main residence and rent your yourself while renting out your own home.
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 a signed contract had been entered into and not completed, legal action could be taken to recover the 10% deposit (at least), but I agree that it would be far easier to receive a deposit which you could just keep.
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
Sounds good if there is potential Capital growth as well as high income.
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 they took up some expensive offices, so the operating costs (for wages, rent etc) must have been enormous. Without the ability to write any loans it must have been very hard for them to keep going for any length of time.
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
Good work. You can only work within the system, you just have to try to learn how to make it work in your favour. I think you will find that when you get it revalued, after the valuer finds out the purchase price, it may not come in as high as the initial valuation.
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 The Mortgage Adviser:Hi Kit,
To subscribe to topics, you need to press the little ENVELOPE at the bottom of each thread.
The Mortgage Adviser
http://www.themortgageadviser.com.au
[email protected]
Essential LinksGee After all these years here, I never realised you could subscribe to threads!
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
Yes that is very strange.
We use bankwest a fair bit and have not encountered many problems – except they can be slow at times.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
ATO Interpretative Decisions on installment contract sales (wraps):
ATO «ID» 2004/25
ATO «ID» 2004/26
ATO «ID» 2004/27
ATO «ID» 2004/28
ATO «ID 2004/29Terryw
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 am not an accountant either, but think Pete is correct. You can only claim one property as your main residence. You can rent it for up to 6 years and pay no CGT if sold during this time. If you move in and out again, the 6 years restarts. There is no need to move in again before selling.
If you renovate etc, this can be claimed (depreciation) while renting it out. not while living in it. If you don’t have a loan on the property and rent it out, you would probably have to pay tax on the rental income, but this could be offset by depreciation and other expenses.
You possibly could claim your other house as main residence, but you would lose the exemption on your Wentworthfalls property. It may be wise to chose the one that had gone up the most?????
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
Good stuff Paul. Thanks
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
Don’t forget to add the various language packs available from Microsoft. Many people need to read and write in other languages – Japanese, chinese etc and cannot do this on a computer without the packs installed.
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 purchased one of those programs years ago. I changed computers a few times and have lost the ‘key’ so can’t use it anymore. Of those statements that I did check, I never found any errors.
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
Heritage?
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
In some states I beleive you can only get exemption from stamp duty if you are separating and have an order from the Family Law Court. I don’t know about QLD.
The lender will want to see an income to service the loan. If the wife cannot provide this, you may have to go on as a co-borrower. Most seem to allow this.
This sounds like a really good plan, and could save you some big $$$$ in future. Good luck with it.
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
try Lewis O’Brien. http://www.lawyer4nix.com i think.
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 JustAllan:To those who have more experience than I… Is it difficult to get a loan for a commercial property, if the LVR is around 86-90% (once all the extra fees like building inspection, conveyancing, etc.) are added on?
Allan.
Very difficult without additional security.
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
Interesting. I have been accredited with a company offering Islamic loans in Australia for a while now and have approached various Muslim friends and none seemed to have a problem with paying interest, hence I haven’t written one loan for that product.
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
