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On 2nd mortgages, please keep in mind that the first mortgagee must approve the 2nd mortgage. So you will have to tell the bank, if it is going ot be rejistered.
Terryw
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I had purchased PIA, used it a few times and then it just sat there. The other two list are management type programs, aren’t they? I have used a few, including the Otter one which is good and its free:
http://www.otter-software.com.au/Software/PropertyTracker.htmlBut in the end, i just use excel mainly.
Terryw
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Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Rob
Your lack of commonsense amazes me (again). Secuity = Collateral, you even wrote it yourself!
Terryw
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Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Can you explain why you were forced to sell cheaply? And did you take any action against the agent that did this to you?
Is there any reason to sell, other than to reduce your mortgage which you appear to be managing? From what you wrote, I don’t like the idea of selling too much. It is your dream property and has grown a fair bit while you have been there = perfect. To sell now, may mean accepting a reduced price.
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
There’s not much you can do. Did they sign a lease or some sort of agreement? If so, you maybe able to take legal action and then send details to the debt collectors. The debt collectors will want probably 20% and they also will need addresses. They cannot just look up car regos (how do you even know it was their car), police can’t even look up regos for a matter like this. So they will need to spend money on locating them, and will hit you for this.
There is not much use complain to the Chinese embassy (do you even know if they are Mainland Chinese Nationals) etc either, what can they do?
Put it down to experience, and move on.
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 if they are reading this forum?
I think it depends on how much the property is in demand, you could start reducing your offer to $184,000 and see what they say.
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 also heard that one investigator spent one day spying on a porter at the hotel across the street from the ATO office in Sydney. He then made an estimate of how many tips the guy received.
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
Sounds like rents could be increased over there!
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 know why that cars are exempt?
Because they go down in value, which would mean everyone would have Capital Losses!
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
“Cross Collateralising”, is another term for “cross securistising”.
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
It is a personal decision, but I agree with Derek. If it is actually CGT free, then hang on to it and get more tax free gains.
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 think ‘snap’ is a card game where you have to grab the cards when two pair are put down in a row while shouting ‘snap’. Steven was, maybe, referring to his post and Simon’s post as being two of the same put down in quick succession. Hence ‘spap’.
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 is a storm trooper?
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
But your mum would be able to deduct interest and expenses, ie negatively gear, if you guys are paying her rent for using her 1/3 share of the place.
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 think your mum would be up for CGT unless she lives in the property initially and if she has no other property which she is claiming as her main residence.
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
They would be exretmely hard to finance. You may be able to get a personal loan to help you get one or two, but after that very hard.
One drawback I can think of is that your tenants could just hook your carvan up to their car and disappear into the sunset!
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
Kerrie
Yes, starting to make sense. But if your draw a wage of only $6000 pa, how are you going to afford to pay your rent?
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
Do you have to reply to my every post?
Yes they do, it may be discretionary, but on loans over $700,000 the client would have a good chance of getting the 0.7% discount. It may also depend on how good the broker’s relationship is with their BDM. Mine is good.
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 thought the original post was about accessing equity in their existing property, with ANZ, and ANZ would not do another valuation for 6 months.
And Rob, do need to quote me in every post, you could at least remove my signature. Are you aware of the basics of copyright law, and the Geneva Convention. (this part is a joke of course).[blink]
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 about a Discretionary trust? Then you would have the option of distributing the profit to beneficaries on lower tax brackets first, and then sending it to your company as a last resort.
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
