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  • Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    May 12, 2005 - 12:16 am

    Wow. Thanks

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    May 12, 2005 - 12:12 am

    If you are going for 60% LVR, ANZ may suit. $300 exit fees. But they will not do trusts or company borrowers.

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of TerrywTerryw
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    @terryw
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    May 12, 2005 - 12:09 am

    Couldn’t agree more!

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of TerrywTerryw
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    @terryw
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    Post Count: 16,213
    May 12, 2005 - 12:06 am
    Originally posted by Rippah30:

    Hey there all, first time posting.. decided to just mention this because I love to see people thinking ahead and trying to improve themselves.

    Last time I checked, I think Property management Agencies need a licensee, ie: someone who has their Triennial Certificate (sp?).

    While you can certainly attain your Property Management licence, and your Real Estate sales licence..a triennial certificate ( I believe, please don’t quote me)requires 2 years sales experience with decent results, considerable financial stability, good reputation and to be passed by the appropriate Real Estate Board. At least I think thats whats required in WA anyway.

    Not that its a oppurtunity ending problem if it is the case, you can always hire a licensee as a legal figure-head etc. I’m sure you’d find a way through anyway =)

    Knowing is not enough, we must apply.

    Willing is not enough, we must do

    These RE courses (to qualify for the full RE licence) can now be completed in around 3 months full time – in NSW anyway.

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of TerrywTerryw
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    @terryw
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    Post Count: 16,213
    May 12, 2005 - 12:04 am

    Beware of how it will affect your borrowing capacity. Each person on the loan will be responsible for the whole loan if others don’t pay.

    So when applying for your next project, on your own, the lender will include the whole loan for your joint purchase (even if you only own 1/3), but they will only count your share of the rental income.

    Also look at http://www.lawcentral.com.au for a joint property purchasers agreement.

    I agree with Richard, most people who get into situations like this end up regretting it. So plan carefully.

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of TerrywTerryw
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    @terryw
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    May 12, 2005 - 12:00 am

    Keep saving and investing. If your first one is an investment property, the lender will take into account potential rent, making it easier to pass their serviceability test – depending on how much income you make. Is their the option of converting to full time for a while?

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of TerrywTerryw
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    @terryw
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    May 11, 2005 - 3:51 am

    Excellent Idea Antonio!

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of TerrywTerryw
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    @terryw
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    May 11, 2005 - 2:21 am

    Its hard to say. Which do you think will grow faster?

    I personally do not buy units. It is land that appreciates, so I think something with a high land content will be better long term.

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of TerrywTerryw
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    May 11, 2005 - 1:35 am

    If he has a contract with the agent, often they have clauses included which will entitle the agent to the commission regardless of who sells – especially if the agent was the one that introduced you in the first place.

    It still may be worth negotiating directly and bypassing the agent.

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of TerrywTerryw
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    May 11, 2005 - 12:12 am

    Thats a tough question. I guess you will have the same problem no matter what sort of trust you form. Having a company as trustee may be a way around it. But there are probably rules regarding this as well.

    You would probably need to speak to a good accountant. I can recomend one who can probably help in this area if you need it.

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of TerrywTerryw
    Participant
    @terryw
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    Post Count: 16,213
    May 11, 2005 - 12:04 am
    Originally posted by redwing:

    BonDage Master

    The middle letter would be for “Discipline”

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of TerrywTerryw
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    @terryw
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    May 10, 2005 - 11:58 pm

    A colleague had a client who purchased a unit for $380,000. he knew it was worth $450,000 so he just changed the price on the contract himself before submitting to the lender. The valuation came in at $450,000 and the lender wsa going to lender 80% of this amount. Of course at settlement, they found out and refused to settle, insisting on a revaluation – which came in at $380,000 (from the same valuer).

    He then went to another lender, had a rebate clause inserted in the contract, the rebate was disclosed and he was able to get 80% of $450,000.

    Everyone lived happily ever after.

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of TerrywTerryw
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    @terryw
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    May 10, 2005 - 11:48 pm

    It will be vary costly and messy for her to sell. A 106% loan may be an idea if you qualify. Hopefully you can add value quickly and also get some natural capital growth, allowing you to refinance within a short time at a cheaper rate.

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of TerrywTerryw
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    @terryw
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    Post Count: 16,213
    May 10, 2005 - 11:54 am

    The main thing is someone who responds -whether to emails or returns calls. When they don’t we tend to go elsewhere.

    It is also good when they can drop around and see brokers every few months.

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of TerrywTerryw
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    May 10, 2005 - 11:52 am

    Yes you can give the vendor the offer directly. Just bypass the agent.

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of TerrywTerryw
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    @terryw
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    May 10, 2005 - 11:50 am

    Yes numbers look good, Darwin should also have good long term CG prospects.

    What about the size of the unit. I wouldn’t get anything under 40sq m, 50+ would be preferable.

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of TerrywTerryw
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    @terryw
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    May 10, 2005 - 11:48 am

    Let me get my head around this.
    1) Mother in law sell you her house for less than market value.
    2) You let her live in it, cheap rent? free rent?
    3) If you sell in 10 years, you pay out the loan and give her the proceeds?

    Is that what you meant?

    My response:
    1) that’s ok, but this may effect her pension, if she has one. And will involve payment legal costs, and stamp duty by you.
    2) you may be required to pay tax on the market rent. But this shouldn’t matter too much if you have a mortgage to offset it.
    3) You will have to pay CGT (if not your residence). Gifting money to her should have no tax consequence, but would effect any pensions.

    Sounds like a costly exercise. What about if she just loaned you the money initially, or let you use her property as security.

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of TerrywTerryw
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    May 10, 2005 - 4:14 am

    First you need to get a court order. Once you have that you can send in the sherrifs, but firstly you need to find out where they are living. That is the hard part and it can cost money to try to find someone.

    The good news is once you have the court order, you can have up to 7 years to chase them.

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of TerrywTerryw
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    May 10, 2005 - 4:11 am

    Rob,

    Did you see the ad in SMH on Sat for a BDM position (sounds almost sexual!) with Bank West?

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of TerrywTerryw
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    May 10, 2005 - 3:49 am

    Branie

    Sounds like it could be.

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 20 posts - 13,281 through 13,300 (of 16,328 total)
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