You have to save up the next deposit and/or wait for growth to build up equity.

Terryw
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Hi

ANZ have no limit on the number of or timing of valuations. I have just done one where the client has done a revaluation one day after settlement – with nothing done to the property – for a 30% increase.

Terryw
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I have seen a few people get all reved up and form syndicates with their friends. off the top of my head, can’t say I’ve seen anyone do more than 1 property. It seems the enthusiasm gradually dies off in one or more members and one person ends up doing all the work and then gets fed up.

Terryw
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I too would start diversifying.

In addition to generally being rather dangerous, this will have effects in the future on financing, if your lender suddenly decides that you have too many properties there, they could limit your LVRs reducing the amount of equity available to be withdraw, etc.

Terryw
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You could simply set up another account. But I think there is a way around it, by getting different deposit books that are coded. So each will appear differently on your statements. Let the bank know your problem and see if they can help.

Terryw
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Like writing endless posts[biggrin]

A unit trust will not effect distributions. The unit holder would be the discretionary trust, so all profits could be moved around at the trustee’s discretion.

A hybrid, allows the unit holder to borrow money in their own name (not the trust) and so claim the interest against their own personal income. This in effect allows you to negative gear with a trust.

If you are going to the trouble of setting up an expensive structure, maybe you should get Dale’s book to get a better idea on how trusts work. And look at http://www.chrisbatten.com.au

Terryw
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If you move out and rent your PPOR, the interest would be claimable, but if you increased the loan, the extra interest on this portion would only be claimable if the money was borrowed for business/investment purposes.

Terryw
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Looks good, but why not a unit trust with the units held by the discretionary (or hybrid discretionary). This many come in handy in transfering property to your SMSF in future without stampduty.

Terryw
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Switched on investors mainly use trusts to hold their assets. Very common.

Banks can and do lend money to ‘trusts’. It is really no different to individuals, same rates, same LVRs etc.

Terryw
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A lease option is really just renting with an option. So it would not be classed as a refinance. They won’t even class a wrap as a refinance. But lenders will treat these favourably, and you may be able to get the loan based on value rather than contract price (which could be much lower), generally it would have to be an 80% LVR to do this to avoid the mortgage insurers. I have done the loan for one of these.

The first house is generally harder as you usually need to show genuine savings (depening on the LVR). When refinacing, you will not have this requirement, but must show 6 months of good repayment records.

Terryw
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