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Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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To sell something, you must first own it. So I don’t think it would be possible if you’ve already signed a contract. If not, maybe you could get an option on the property and sell the option.
Terryw
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Mortgage Broker
North Sydney
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Yes you can do it, but can’t claim the interest if the money was redrawn to pay for your new home.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Paul, it might work if you were a first home buyer, and buying in an individual capacity – ie not using a trust or company.
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
Hi
For lending purposes, generally interest will not be counted as income. It can be spent too easily.
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
ANZ has a min loan size of $20,000 for some products.
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
It doesn’t hurt to ask, does it!
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
it will be very hard if you only have a 6 month contract. Could you ‘go back’ to your old employer full time for a while?
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
I agree, they all move up and down, someweeks fast, others slow. But I have found the smaller lenders are generally quicker.
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
As long as you have a good income, you could borrow 10% deposit (plus costs) and then get a 90% loan. YOu must be able to demonstrate you can service both loans though. Usually personal loans are short – up to 5 years and have a high interest rate, so the repayments are fairly high, making it hard to service.
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
I beleive 90% LVR is possible in NZ. The property Guru knows NZ finance better than me, I’ll ask him.
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
What do you mean by Business? If it is just a business name, than you cannot buy property under this. If a company you can, but it would certainly be better to buy a property using some sort o trust.
Lucifer – what do you mean that trusts get a 15% discount on CGT. It should be 50% discount for assets held more than 12 months.
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
You can generally get 95% loans for most areas of Australia up to about $150,000 properties. Just check out your postcode on the link provided by Woodsman. The shorter version is:
http://www.pmigroup.com.au/LocationWizard.aspAnd I agree with Michael, it may not be a good idea buying in these small towns. But it can be – one of my clients had a 30% increase in value in a few months, with the proeprty being positively geared. I suspect that these figures won’t be this good for long.
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
Hi
It is very easy getting a loan for a trust with individual or corporate trustee. Not much different to getting a loan in your own name really.
Its probably not worth transferring existing properties into a trust because of the stamp duty/CGT issues. Just do it from your next proeprty.
Trusts can be setup for as little as $137 from http://www.cleardocs.com.au
Running a trust does not cost much either, just a tax return and some accounting. Some accountants charge $1100 per year to run them, others much less. If you have a company as trustee, it will cost another $1000 at least (as more than $800 goes to asic for their fees). Companies also have other fees anually – approx $350 at least.
http://www.gatherumgoss.com for trust magic, cost is about $99. – worth it.
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
It may be hard to get finance for these ‘retirement’ units, be wary!
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
Since you both lived in it before renting it out, you would probably be able to rent it out for upto 6 years and treat it as your PPOR and therefore avoid CGT – if this is your only PPOR.
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
You probably shouldn’t listen to any stories, just get them to deal with the agent, but now that you know, it will be hard to get them out in this situation.
I had a similar situation with an unmarried woman on disability pension who also needed an operation. I just threatened to kick her out for being behind and she soon caught up.
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
Oh, maybe David is talking about ‘bird dogging’, in whihc case you would need a licence in many states including NSW.
Flipping is buying a property and onselling before settlement. Some people try to do it using ‘and/or nominee’ on the contract and then nominate someone else. THis is not illegal, but back dating nominee agreements to avoid stamp duty would be.
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
Andrew
Randwick is a very good area, I am sure long term it will be a good investment. You can get a valuation for a property, even though it is completed, but banks probably will want to wait. It is better, probably, to get a few quotes from agents, tell them you want to onsell it and want an appraisal.
If you can send me your spreadsheet, I will have a look at it.
And even if construction is complete, it still may take a while – maybe months- before all the necessary approvals, and connections etc are obtained, so it could drag out over the sunset clause. This happened to me in Melbourne, but I was able to get out if the contract as it went over sunset clause and I received all of my deposit back.
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
Why would you think it is illegal? How could it be illegal to onsell a property?
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
