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Most banks will only lend on contract price or value, whatever is lower. My client got a bargin, we ordered a val and it came in a bit over contract price. He insisted it was worth more, I didn’t beleive him, but we ordered one anyway through a different valuer, with it coming in much higher.
Terryw
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Yes Rob, ANZ offers up to 0.7% discount on their LOC under their Breakfree package, with a $295 per year fee.
Terryw
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Does it matter? its only $600.
Terryw
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You can only have one main residence, so even it you are moving around between properties, only one will get the benefit of being classed as your main residence. When you moved onto a new one, you could claim that as your main residence, but you will lose the main residence on the first one.
I don’t see the point in starting a business, and renting it to the business. You cannot rent to yourself, but you could possible claim a portion of the interest if you are using the place for business purposes. If you form a company or trust, then these could rent it and claim the rent, but the owner of the house would have to declare the rent as income.
Terryw
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Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Depending on the Size, ANZ could be pretty good. Same rates at normal variable loans, and you can get up to 0.70% discount.
Terryw
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I think there is actual legislation against installment contracts.
Terryw
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Rob, No established property. One recent client settled in Nov, and a reval done and increase submitted in Dec (the same year) and this increase has just settled.
Even during my recent refresher training with ANZ we were told that a re-value could be ordered one day after settlement. In fact, I am doing one now where I have done a revalue before settlement (with a 33% increase).BTW, brokers can just order the val themselves without going through the ANZ network.
Terryw
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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
I beleive you are correct.
Terryw
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1) Not really, but it may help. setting up a business name would have no effect. I think it would depend more on how you conduct your affairs, professionally in a business like manner. Which would be hard if you only had 2 or 3 properties. Usually you cannot claim travel for a property you don’t own, but if using a trust then maybe.
2) Its too late now. Maybe you could use a trust to acquire your next one. Insurance should cover you, but you never know.
ps I’m not an accountant.
Terryw
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It may have beneificial tax beenfits are you could claim it as your main residence while renting it out for a period of up to 6 years, as long as you do not claim any other property as your main residence.
Terryw
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Why not just use a trust?
Terryw
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The later. It can’t be in the trusts name as it is not a legal entity.
Terryw
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Yes, rates are not locked in until settlement, unless you pay that fee!1
Terryw
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Wouldn’t all savings accounts, including offsets, have GDT (if applicable in your state)?
Terryw
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Yes some people have done this, but it is hard to get a personal loan, and even harder to get a second. If you do manage to get the personal loan, then you have to demonstrate serviceability based on both loans. Personal loans are shorter terms, so the repayments will be high, which will hurt serviceability.
Terryw
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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
I agree with GP. eg. if a tenant had an accident in one of the properties and sued the owner, the trust(ee). all the assets in that trust then would be at risk.
Terryw
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Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Try a good solicitor.
Terryw
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Apparently you have to be careful in SA on how you structure your LOs, otherwise they too could be illegal. ie if they look too much like a wrap, with a decreasing strike price looking like a PI loan etc. So please talk to a good lawyer.
Terryw
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Sales contracts vary state to state. I think you should be able to pick one up fairly easy. Try asking an agent for a copy of one, or try the real estate institute in your state.
Terryw
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It may not be tax effective to keep it. Do you have a loan on your new home? If so, then it may be better to sell, to your trust, and put the proceeds off the new loan. you will be up for stamp duty on the sale to your trust.
Terryw
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Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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