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It is best to give them a call (and pretend you are asking about a relative?). You can also look at the centrelink website for more information. It is pretty complex now, and they have closed a lot of the loopholes.
I think it will be hard to do without effecting the lady’s pension.
Terryw
Discover Home Loans
North Sydney
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Waz
Have look at this thread:
https://www.propertyinvesting.com/forum/topic/11176.html?SearchTerms=unit,trust
Terryw
Discover Home Loans
North Sydney
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Delboy
That is 3 months after signing the contract, ie just after they move in.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Of course.
Do a search, there have been posts ont his a few times in the last few months. There is actually a tax ruling out on one aspect of this – the details are already posted somewhere.
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
In NSW, I beleive stamp duty is payable within 3 months of exchange of contracts.
Terryw
Discover Home Loans
North Sydney
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Thanks Boyler Room. I don’t mind, I would have given my permission anyway. We both ended up making a profit, so it was a happy ending.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Hi Mark
You should consider two things:
1) How to minimise risk (having two directors/trustees may not be a good idea)
and
2) How easy it would be to get a ‘divorce’ – if one of you wants out.Maybe taking turns buying in one name/trust/company, with some sort of agreement in place behind the scenes, will get you further.
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
Excel actually has a loan amortisation calculator which you could use or modify. You culd then extract the figures and perpare a statement copied off one of your own loan statements. It can get a bit messy if they are paying all over the place, though.
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 tend to agree, but banks argue that they are the ones paying for the valuation, you are only paying an application fee to them!
Terryw
Discover Home Loans
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
It may depend on your circumstances. There are many low docs out there, soem with LMI others without. Location may be an issue with LMI so those without include:
Suncorp, upt to 80% LVR
ING
Adelaide Bank – both up to 76% LVR without LMI.Incidently, other than these three, nearly all low doc loans are mortgage insured, but most times the client doesn’t realise as the lender picks up the tab.
Mortgage insurers generally have low maximum exposure levels, which means you may only qualify for a few loans – no matter which bank you go to.
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
To all those people getting a divorce, watch out for spouses with joint cards. We have seen more than a few clients with blisters on their CRAAs, that they did not know about, due to their ex spouses going out and spending up on the credit cards.
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
Yes it will be harder than the average loan. Banks will only lend on the value of the security and if you are buying a going concern, there may be some ‘goodwill’ built into the price. 40% deposit would seem about right.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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I don’t know, but would think it would have to be market rents at least for tax purposes. And you would have to pay tax on whatever way you calculated it.
For loan purposes, you could get a letter from an agent indicating what the property would rent for, but if you are not receiving any money you could not use a figure for rent for serviceability purposes.
Terryw
Discover Home Loans
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
What I do is make an excel spreadsheet for each property, and they add up all expenses as they are paid. I then just print out this summary and give that to the accountant. That way he just has to plug the figures into his software and he is done.
Terryw
Discover Home Loans
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
Alf
Sounds alright to me. Selling the PPOR and moving into the investment is a great idea.
Terryw
Discover Home Loans
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
It wouldn’t be illegal, but some people have clauses in their contracts saying the tenant would need the landlord’s permission to sub lease.
One of my LO tenants did this (without my permission I later found out). He paid a small option fee, sublet and waited a couple of years, selling the property for a nice profit without paying stamp duty (he ended up making more than me).
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
Alf, why did they say no? Maybe due to not enough equity in one of the properties?
Terryw
Discover Home Loans
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
You will need around 20% deposit plus costs for a low doc.
Because you are self employed as well as paye, most lenders will want to see you business financials – they are worried that you may be running the business as a loss.
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
Kay
dunno. But some of these groups do seem cultish don’t they. It would make a good sociological study for someone (Ph.D Topic maybe). I have also heard that Robbins used to be a member of the mormons.
Terryw
Discover Home Loans
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
Jenman has actually put some conditions in there. One is that they cannot make their millions by running their own get rich quick seminars.
BTW, is this the guy that is also promoting MLM?
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
