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It is not really a good idea to go for loans jointly. This is because you will be be repsonisble for the whole debt. Therefore when going for future loans, lenders will assess you on the whole debt, but only your share of the income (ie half the rent).
So if going into a partnership, look at doing it so that you avoid both being responsible for the loan.
Terryw
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[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Hi
Valuers may be able to give you valuations on the end product, but it is very unlikely that a major lender would lend on these figures (unless lower than the contract price).
Have your considered 95% LVR loans to stetch your cash further?
Terryw
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[email protected]Terryw | 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 there used to be one?
Terryw
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Mortgage Broker
[email protected]Terryw | 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 nearly bought some land a few years ago that was onsold more than 10 times before settlement! (it was a new subdivision off the plan)
Terryw
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[email protected]Terryw | 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
CGT: Basically purchase price minus selling price, less a few costs such as stamp duty. You may also have to add back any depreciation claimed. If you have owned (from date of exchange, not settlement) the property for more than 12 months, you may get a 50% reduction in the CGT. This figure is then added to your income for the year, and you pay tax on the combined income. You had better download the CGT booklet from the ATO site.
Agents commission is around 2.5%, but this is negotiable. Remember, the market is slow now, and agents need listings.
Terryw
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Mortgage Broker
[email protected]Terryw | 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
Paul
I don’t know what you can do in this siutation, maybe a talk with a solicitor would be hte way to go.
Another option is for you to build up as well, add value to your home, and get more of those water views.
Terryw
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Mortgage Broker
[email protected]Terryw | 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
Probably the best way to find out is to look for job adverts and see what they are asking for. Have a look at ‘financial planners’.
DId you know you can get a diploma in financial services by doing a course of 1-2 weeks? do a search on google and you will find plenty available.
Terryw
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Mortgage Broker
[email protected]Terryw | 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
How is your money secured? a second mortgage or a caveat or ??
Terryw
Discover Home Loans
Mortgage Broker
[email protected]Terryw | 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
Hey. What a great idea, changing numbers on the unit doors!!
Terryw
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Mortgage Broker
[email protected]Terryw | 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
Have a look at the book, “Trust Magic” too.
Terryw
Discover Home Loans
Mortgage Broker
[email protected]Terryw | 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
There is no real point in rolling all your loans together as the repayment over would be similar. It would be good to have an unencumbered property tho.
There is one way of selling and keeping at the same time. You can do this by setting up a trust, and selling to your trust. Stamp duty and CGT may apply, but you will be able to increase your loan as high as possible, and use the proceeds to pay down your PPOR loan. This converts deductible debt into non deductible. So hopefully you could wipe out your home loan completely and decrease the amount of tax you pay. However in your situation, this may not be all that much, so you will have to work out if it is worth the hassle and costs.
I would also make sure all IP loans are IO.
Terryw
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Mortgage Broker
[email protected]Terryw | 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 looks like you are in a really good financial position so you coulod do various things, but probably the most important thing is to get started on something.
I’ve seen a lot of people do various courses, they come out pumped up, but then the feeling gradually fades and they end up doing nothing.
But don’t just jump into anything, chose an area and do some concentrated research and jump in.
Terryw
Discover Home Loans
Mortgage Broker
[email protected]Terryw | 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 interesting to note Homeside has also relaunched their low doc loans. I haven’t had a good look, but beleive you can get them at normal rates.
Terryw
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Mortgage Broker
[email protected]Terryw | 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
Aperry, you can do this (order directly), but it is unlikely the bank will accept it as is. Some flatly refuse, saying they must ‘instruct the valuer’ (to put a low valuation??), others will need the valuation addressed/assigned over to them. Valuers will do this, usually for another fee of around $100. You also should inform the valuer it will be for the purpose of a mortgage.
Terryw
Discover Home Loans
Mortgage Broker
[email protected]Terryw | 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 Alf
I haven’t heard of that one either and it sounds strange to me. If you are part of the professional package, then an account needs to be open, but not otherwise. However they do give a $100 discount off the app fee if you have payments direct debted from an ANZ.
If they keep arsing you around, just open an account (it should be fee free if you have a loan) and set it up, and hten close it once it ssttles.
Terryw
Discover Home Loans
Mortgage Broker
[email protected]Terryw | 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
Get LOCs on those donkeys[blink].
Terryw
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Mortgage Broker
[email protected]Terryw | 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
Wouldn’t touch it!
Terryw
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Mortgage Broker
[email protected]Terryw | 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
Yack, Yes it will appear on her credit report and that will cause problems when getting finance. Especially if unpaid. Most will not touch it, some will want it to be paid before approving finance.
Terryw
Discover Home Loans
Mortgage Broker
[email protected]Terryw | 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
try
http://www.mintgroup.com.au
http://www.businesslawyer.com.au
http://www.strategicwealthmanagement.com.auall in Syd
Terryw
Discover Home Loans
Mortgage Broker
[email protected]Terryw | 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
Gee that’s a nice surprise. There is probably something in the lease saying they cannot run a business from your property without your permission. But it shouldn’t be too much of a problem, unless a customer trips etc on something and it ends up being the landlord fault. Better check your insurance policy to see if it covers a business (and its customers) being run from the house.
Terryw
Discover Home Loans
Mortgage Broker
[email protected]Terryw | 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
