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Terryw
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February 3, 2005 - 9:21 am
have a look at the forms on http://www.lawcentral.com.au there is one there regarding buying property jointly
Terryw
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Terryw
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February 3, 2005 - 9:19 am
I got out of an contract due to the sunset clause (in Vic) without any mention of a 3 month extension I think it owuld depend on what is in the contract.
Terryw
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Terryw
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Post Count: 16,213
February 3, 2005 - 9:13 am
You can setup your own company over the internet, http://www.lawcentral.com.au and http://www.cleardocs.com.au
Terryw
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Terryw
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Post Count: 16,213
February 3, 2005 - 9:11 am
Have a look at the site http://www.lawcentral.com.au especially their newsletters for lots of good ideas.
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Terryw
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@terryw
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Post Count: 16,213
February 3, 2005 - 8:47 am
Yes it will be hard for normal loan with a large default like that. It will depend on:
-the reason
-how long ago it was
-how soon you paid off etc
Terryw
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Terryw
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@terryw
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Post Count: 16,213
February 3, 2005 - 8:46 am
Or just bypass the cashbond and use the equity to repay the loan. note this oculd be dangerous!
Terryw
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Terryw
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@terryw
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February 3, 2005 - 8:44 am
Probably could get around 70% LVR. from around 8%+
Terryw
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Terryw
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@terryw
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February 3, 2005 - 8:43 am
It may be possible, if the owner is director of the company.
Another opton would be for him/her to get the loan and then lend it to the company – this is much more common.
Terryw
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Terryw
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@terryw
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February 3, 2005 - 8:39 am
You maybe able to add the LMI ontop of the loan so that it is not payable upfront. That should boost your COC return.
Terryw
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Terryw
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February 3, 2005 - 8:36 am
LOs are OK, but i have heard they have to be carefully created so as not to look like an installment contract or they too could be illegal.
Terryw
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Terryw
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February 3, 2005 - 8:35 am
Yes, use a LO instead of a installment contract. This will only delay the payment though.
Terryw
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Terryw
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Post Count: 16,213
February 3, 2005 - 8:34 am
Maybe if the lease comes under the Residential Tenancy Act, then maybe a bond is required. This would vary from state to state.
Terryw
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Terryw
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February 3, 2005 - 8:31 am
This will enable the holder to sell the property withou paying stamp duty. The option holder would actually be selling the option. However the vendor is protected in that the purchaser has been locked in, and cannot get out of the contract.
Terryw
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Terryw
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February 3, 2005 - 8:29 am
Yes, I would be getting a second and third opinion. The accountant may be suggesting she sell it as she may be able to claim the PPOR exemption (since she first lived in it) and it should therefore be tax free.
But even if tax free, there would be agents fees, solicitor fees, and then when she purchases again stamp duty, solicitor fee etc on the replacement property.
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
February 3, 2005 - 8:25 am
And they will be hard to locate. There are no ‘lists’ or website etc where you could find these properties.
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
February 3, 2005 - 8:23 am
These can be hard to sell as well.
Terryw
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North Sydney
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
February 3, 2005 - 8:16 am
Doesn’t sound very good to me. You may be making $10 per week after expenses. With no capital growth is it worth all the effort?
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
February 3, 2005 - 8:14 am
A redraw would only be tax deductible if the money was used for investment/tax purposes. An offset is good because it is a totally separate account to the loan.
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
February 3, 2005 - 8:12 am
Maybe he should rent out the old PPOR to get some money in, and not be in such a rush to sell as this may lead to him dropping the price substantially just to get a quick sale.
Terryw
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North Sydney
Click below to email me
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
February 3, 2005 - 8:10 am
Banks usually will not accept your valuations – often even if done from a valuer on their panel.
It would be good to get a rough idea (maybe from an agent) and then if you intend to go for an increase, use the bank to order your valuation – so you don’t have to pay twice.
Terryw
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Click below to email me
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

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