Forum Replies Created
They probably would be interested. But what does that mean?? You still have to apply for finance, and everybody’s circumstances are different, so they may still not be able to lend on that property. At least it may give you an idea on where to start.
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 MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Steven
Thats the First Mac one. I think notabrokeranymore may have been referring to another 95% low doc?????
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 MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
look at this site
http://www.bantacs.com.auThey are up around there somewhere!
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 MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Probably not. Mainly for taxation reasons.
See you accountant about this. But basically you should buy you house, and then use this as security to borrow more money to buy the investment.
If you do it the other way, you will be paying interest on your home loan which you can’t deduct.
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 MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Good work.
Councils are no longer allowed to take a moral stand and discriminate against brothels!
Do you own a pink cadelac?
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 MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Depends on your situation.
I would put it into my home loan, if I had one. Or a 100% offset account. dpending on what sort of properties you are after, it is probably not enough for a deposit.
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 MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Probably nothing to worry about. They would have wanted you details to try to market their services to you.
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 MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
A discretionary trust can stream the income and/or capital gains to any of the beneficiaries. So you, the trustee, distribute to the lowest income earners first saving tax.
Be aware that the beneficiaries will have to declare this income in their tax returns and the money belongs to them if they decide not the give it to you.
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 MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Good work!
Bank valuations are generally conservative so it may be worth even more.
Bank vals rarely come in over purchase price.
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 MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Yes it would be possible to buy a house using a deposit from your family. Generally you would need around 10% deposit if you do not have genuine savings.
There are still cheap houses in Sydney. One of my clients is purchasing a 3 bedroom place for $210,000 – a house. The rent probably won’t make it positively geared, but after tax deductions, and depreciation is should come close.
I would think that it would be better to buy something like this in Sydney then some small little house in a mining town, just because it would be positive geared.
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 MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Huge difference.
A trust is usually better for the following reasons:
– Asset protection
– Tax reduction
– Estate planningA personal name may be better for
– cheaper
– negative gearing benefits (although this can be done with a hybrid trust)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 MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
If you are buying from you parents, can’t they just make the contract higher?
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 MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
So the reno is finished, but the valuer refuses to value on the current value? Sounds like it shouldn’t be a problem.
Maybe you just have to approach another bank. ANZ lets the broker order the valuation and to receive a copy. Not many others do.
However, even if the valuation comes in higher, they are only likely to lend based on hte contract price. Unless the long settlement mentioned has been over 12 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 MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
That is around market price for wraps. I did some with a 20% markup on price and a 3% markup on interest 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 MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
A big potential market for wraps is investors who have maxed out. As you know, most people use up their deposit money quickly, and banks stringent serviceability requirements mean the average investor could only get a few properties before maxing out. So you could wrap to these investor’s who would then rent the premises out – probably negative gearing it.
It would be easier to kick them out if things went wrong (not cover by the UCCC) but having a tenant in there may complicate things.
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 MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I think you would be walking a fine line there, especially if you are going to be receiving a payment for helping sell a property that you do not own.
If everything goes smoothly you should be right.
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 MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I purchased something similar (or maybe the same?) years ago. I ran a few of my statements through (which is time consuming) and did not find anything wrong.
The trouble with the program I purchased is, they only work with a special key they issue. So if you change conputers or have to reformat etc you need to fax them each time for a new key.
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 MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I think St George are good with smaller units – over 35sqm.
Wide Bay Capricorn also used to do smaller units.
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 MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Sounds like a good plan. Try to get the investment before you go, while you are still working. You may not get much in the way of tax deductions, though, if you are not here earning an income.
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 MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
This is a problem that many people face.
There are ways to ease the pain, to some extent you may be able to capitalise interest and costs on the investment loan, allowing the new PPOR loan to be paid quicker.
Another option is to use a cashbond (or annuity) and put the monthly proceeds into a 100% offset account linked to your new home loan. THis may work if the purpose of the annuity is to increase borrowing capacity. see http://www.navra.com.au for more info.
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 MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
