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Ggumpshots
If you are talking about Australian law, this forum may help:
http://www.freelaw.com.au/yabbse/index.phpTerryw
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There are many different low doc lenders out there. Some will lend for any suburb in Australia – as long as it has a postcode. Others, mainly the mortgage insured ones, can only lend for certain postcodes.
Terryw
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Mortgage Broker
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Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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ANZ have just announced they are putting up their fixed rates next week (28th Feb).
Terryw
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Mortgage Broker
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Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Andy
Most loans just rollover into PI loans at the end of the IO term. No new credit checks are usually done, unless if you want to increase the loan amount.
Terryw
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I don’t really see the point in investing in NZ or usa etc if you are going to buy just one or two properties. The accounting fees, bank fees etc are going to eat away most of the profit. And then there are the hassles of not living there, added telephone bills, travel expenses etc.
If investing overseas and you are a resident here, you will have to pay tax on your overseas investments here. ATO assesses you on your worldwide income. You will probably have to pay tax there too, if you do, and there is a tax agreement with Aust, then you will not have to pay double tax, and will get a credit for tax paid there.
You can’t use equity in property here to invest overseas, but must set up some sort of redraw or LOC, and then take the cash out and send over there. If you are getting postive cashflow over there, it would be better to just let it accumulate for a while as there would be fees to send it back here and to convert it.
Terryw
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Mortgage Broker
North Sydney
Click below to email meTerryw | 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, you should be able to claim for those things and more. In fact, you may be able to back claim for the last 4 years.
Terryw
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Mortgage Broker
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Click below to email meTerryw | 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 Kiwi-Fulla:Is it a possibility for you to live in a rented house and rent out your PPOR so that it can be +CF and interest is tax deductibleThis is not possible as if the money trail is followed (by tax department) the original intention for the loan to purchase the house for a PPOR thus no claim or deduction can be made against the loan.
However in saying that you could always check for yourself to see if this is true and fair…. a quick anomonous call to the tax department will set you right on the rulings on this one.Looking for Positive cashflow solutions?
Look no further
Wraps-Lease Options & JV’s
http://www.kiwilogic.biz
We are investing in NZ so if you are looking for + cashflow properties…contact: info@kiwilogic.biz to join our database.I too believe this not to be the case. If you move out of your PPOR and rent it, the interest on the loan will be tax deductible. The purpose of the loan was to buy a property, when the use changes from personal to business, then claiming the interest would be OK.
Terryw
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Mortgage Broker
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Click below to email meTerryw | 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 haven’t seen his stuff, but really what secrets could he have in his material that is not out here/there?
I’m not saying it is bad or not worth it, it may be worth it just for having all the info in the one place that would be easy to read – unlike on a computer screen.
Terryw
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Mortgage Broker
North Sydney
Click below to email meTerryw | 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
Tony
You need to put down the name of the lender and the amount. If not, then they could offer you finance with another lender at say 20%, and you may no longer be able to back out.
Terryw
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Mortgage Broker
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Click below to email meTerryw | 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
Its very hard to get finance for a business. If you have equity, then the easiest option is to simply get a LOC for ‘future investment purposes’, then buy your business with this.
Terryw
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Mortgage Broker
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Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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The only way to keep buying is to keep coming up with deposits. This can be done by saving madly, and/or capital growth, increasing value, buying and selling (at a profit!), wrapping, etc etc.
Terryw
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Mortgage Broker
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Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Tell them you could do it, but would have to charge them an extra $X pw in rent and see what they say.
Terryw
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Mortgage Broker
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Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Offices can have a higher yield, but the vacancies tend to last longer than residential houses.
Terryw
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Mortgage Broker
North Sydney
Click below to email meTerryw | 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 love studying and spent a lot of time at uni, and a bit of money. These days the courses are so much more expensive, that I am not sure of the value. If I could go back, I would ditch Uni, start working asap, retire quicker and then go back to study for fun.
Studying Physiotherapy is probably going to cost you a forturne in HECS (its in the most expensive category I think). By the time you finish, you may have a $40,000 + HECS debt.
But, then again this is not so bad as you may never have to pay it off – if you set up your structure correctly -hard if you are PAYE, easy if self employed. You probably are interested in this area, and it is not somehting you can learn on your own.
You just have to weigh up the pros and cons.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | 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
Mar 17 is still 3 weeks away. You have plently of equity in IP1, why can’t you use this, but are able to get a stand alone loan? They must be looking at a different lender to your existing ones, so cannot refinance in time? It takes an average of 24 days for the refinance to go thru.
Other otpions are
1) to stay at the existing lender, and cross collateralise.
2) increase loan size on IP1 and withdraw cash to use as deposit with loan from new lender
or
3) change to a new lender that allows quick refinances
4) get a 95% LVR loan with LMI added so you use less of your cash.Re option 3): there are a few lenders out that that can now refinance within approx 5 days. They can do this by using some sort of title insurance which enables them to settle without having otained the title deeds firstly from the existing lender. Once it settles, the old loan is paid out and title deeds are obtained.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | 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
The point of a LOC is so you can deposit as much as you can as quick as you can and still have access. However, this doesn’t work to well on investments if you want to withdraw money for personal items later on.
Each deposit is considered by the ATO as a repayment. Each withdrawal is new borrowings. So if you put money in, you should not take it out again, unless for investment purposes such as repairs, paying rates, insurance etc.
It is probably best to just pay the interest each month, and put everything extra off your home loan (if you have one) or better still, in your offset account attached to your home loan,
Terryw
Discover Home Loans
Mortgage Broker
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Click below to email meTerryw | 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
Do a search on this site. There is heaps of info – everything you need to know!
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | 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
Tony
Goodluck with Nationwide, but beware that somelenders will still pull out despite such letters, so cover youself. This happened to me with a smaller lender whose name begins with a ‘H’!
Terryw
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Mortgage Broker
North Sydney
Click below to email meTerryw | 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
Most investors have IO on investment loans – it is standard practice, especially if you still have non-deductible loans.
Terryw
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Mortgage Broker
North Sydney
Click below to email meTerryw | 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
one can learn the same principles from a website like this.
Terryw
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Mortgage Broker
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Click below to email meTerryw | 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
