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You could go for No Doc loans, asset lends, where no income is required. For the main ones, all you need is an ABN for one day. max LVR is 65% for these.
Terryw
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Hi
Could your husband’s employer put him on full time for a few while the loan is being applied for?
There is one lender out there that will do a 90% low doc/full doc for self employed with only 12 months history. The rates are high though, but you could possibliy get (after waiting a few months) in and then refinance to another lender in 12 months time at a lower rate.
Terryw
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[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Gannfan
Are you nervous because your wife is trying to get pregnant or because of investing?
When you say you can afford both, can it be done on one income while you wife is out of action with the baby? Long term, it would tbe the Wollongong one that would make you the most money, but the LO will put more money into your pocket now with the extra income received.
Terryw
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[email protected]Terryw | 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 have done a few loans for hybrid trusts.
Terryw
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[email protected]Terryw | 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
Hi ShOw_Me_ThE_MoNeY
It looks like you might be a bit short on the deposit. You generally need at least 5% deposit and would need another 5% for costs.
Terryw
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[email protected]Terryw | 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
Hi Michael
I think you have to take any losses off the gains before halving and then adding to other income.
I also tend to agree with Yack, Manly is a very good area with good long term growth prospects. I would not sell just to buy another property.
Terryw
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[email protected]Terryw | 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 think the earlier they get out the better. You will make your quick gains on the markup, and then can go and do another one to replace the passive income and get another deposit etc. So I wouldn’t put too much penalty, maybe mirror your lenders early exit penalty.
Terryw
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North Sydney
[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 hard to get development finance with major banks. A lot want to see a certain percentage of the units presold before they give finance. They will also look at previous record etc.
There are some small private type lenders out there. I have onbtained fiance for a few clients using these. The LVRs will depend on location and size etc, but generally about 65% of the end value will be possible. This should be nearly 100% of your costs.Rates are 10-12% apporx.
Once the project is complete, you can then refinance with a major lender at a lower interest rate
Terryw
Discover Home Loans
North Sydney
[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 will be very hard to refinance at more than 90% LVR. With ANZ you can go up to 95% on a refinance as long as you do not increase the loan. ANZ also allows you to capitalise the LMI. Another benefit with ANZ is that the broker can order the valution before submission, so you can pull out if it comes in low – with no cost or CRAA check.
Terryw
Discover Home Loans
North Sydney
[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 don’t know the Adelaide market at all, but in some states inner city apartments are harder to get finance for. Mainly because the mortgage insurers won’t insure for certain postcodes. If it is hard to get finance, it will limit the typ of people you can sell to and therefore may make it harder to sell.
Terryw
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North Sydney
[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
yes this looks like a wrap. But the figures look a bit low. usually there is a 20% markup on the value ,this would make the vendor finance purchase price $294,000.
Also there is usually a 2-3% spread on the interest rate, so 7.99% is a bit low.
Sometimes you can take a higher interest rate for a lower price or the other way around.
Since you already own the place, you don’t have to take stamp duty into account like an investor would when purchasing a property just to wrap.
If you are wanting to sell to get positive cashflow, this may be ideal – if you can negoitate the figures up a bit.
Terryw
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North Sydney
[email protected]Terryw | 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
Wow!
That was the biggest BUT I have seen all day!
Terryw
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North Sydney
[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 agree with mark, (except the bit about size not mattering). you should be able to claim the room rent, and portion of telephone, electricity, gas etc. Maybe even tea and coffee and milk, microwave, cutlery, toilet paper etc.
Terryw
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North Sydney
[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
You could sell your half share to your GF, she would increase the loan to pay you out. The money she received could be put into the mortgage of your new home. You maybe able to do it without stamp duty or CGT as there are various exemptions for transfer between spouses. (you may have to marry first?, btw, if it was me I think i would rather pay the tax!)
Terryw
Discover Home Loans
North Sydney
[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
As long as you have deposits, you will be able to buy properties. It will gradually get harder, with interest rates rising the harder it gets, but it can be done.
Terryw
Discover Home Loans
North Sydney
[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 would suggest the PropertyGuru!
Terryw
Discover Home Loans
North Sydney
[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
You’d better hope the value goes up! Renovations, market growth??
Terryw
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North Sydney
[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 owuld use a trust of some sort. for both protection and tax savings. If you run a business, you are at more risk of being sued, so protecting your assets would be more important than the average person.
Terryw
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North Sydney
[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
Its funny that most accountants cannot understand, my one had the same problem.
I would suggest you use Julia from bantacs, http://www.bantacs.com.au. Julia posts on this forum and seems to know a lot about tax and wraps.
Terryw
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North Sydney
[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
Originally posted by crj:If there is a caveat on the property the purchaser will not settle unless a withdrawal of caveat is handed over.
Your mother needs to get legal advice. If your father has lodged a caveat and does not have a “caveatable interest” the solicitor can lodge with the LTO (at least in nSW) under Section 74J Real Property Act an aplication by the registered proprietor to remove the caveat unless the caveator(your father) does certain things within 21 days.
Unfortunately, being a family law matter is enough evidence for the LTO to leave the caveat on there. They do not conduct any investigation into the truth of the matter. It would probably have to go to court to get removed. Barristers fees are around $10,000 per day I hear!
And I think your solicitor should have picked up the caveat before you entered into a contract of sale. I am not sure what will happen if you have exchanged contracts and cannot settle.
Terryw
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North Sydney
[email protected]Terryw | 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
