Easy. They could obtain a loan on the new one using the current one as additional security. A No doc would work. Once they have moved into the new one, they can then sell the old one and pay off the loan.

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

Marliw

see http://www.bantacs.com.au

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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Thats good news! Your properties must have risen considerably!

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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Hugo

If after all expenses your trust had $13,000 profit, this would need to be distributed to beneficiaries who would then add this to their other income and pay tax at the normal rates. If you had two adult children who were not working, then you could probably distribute $6000 to each and they would pay no tax. You could then distribute the remaining $1000 to yourself (you may have to pay 48% tax depending on your income) or you could distrbiute to your company and the company would pay 30% tax, or you could distribute to your uncle’s cousin’s mother’s brother’s adopted grandchildren etc etc

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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Glenn

Yes it would be very hard to start out on your own without any knowledge of the industry. Getting some experience inside a lender will help you later on when you become a broker, as you will know what they look for and how to get loans passed. So i sugest that route initially. Then maybe join a bigger firm to get the experience and training. Eventually you could go out on your own.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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Yes there are people wrapping in Sydney.

There are plenty of people who cannot qualify for low docs – most don’t have the 20% deposit. 35% is usually needed for No docs.

And there are 95% low docs out there, but the rates are over 10% and there is about 3% worth of LMI to be paid, so compared to these wraps can be competetive.

There is also a whoe market out there wrapping to investors who have maxed out, or can’t get a loan.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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A client of mine just purchased a 3 bedroom house in a Sydney suburb for $210,000!

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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Hugo

There won’t be $13,000 cause the trust will have to pay the $20,000 in interest, so there would be a $7,000 loss.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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Thats when you take up a lease option on the house and then do the same thing, you sell an option at a higher price on the same property for slightly more and you charge a slightly higher rent.

The result is a option fee an option fee to you and a margin on the rent.

Sounds good in theory, but may be hard to do – but not impossible.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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It will be hard, too, with your short employment record. I think most of the 100% loans need the applicant to be in their job for at least 12 months before applying.

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