PK

Writing to the complaints department does help get things moving. I have been speaking to ANZ complaints section about my other loans with them and they have been very helpful.

Also what about writing a letter to the bank asking for a pay out figure for all your loans. tell them you are moving banks because of xxx. Most banks, including CBA, now have a client retention unit whose purpose is to keep customers about to leave. They are emporwere to offer incentives to keep customers.

Terryw
Discover Home Loans
North Sydney
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It may be difficult to get the block now, but if you all stick together you can make it hard for the developers. I myself rescinded a contract for a unit I purchased off the plan after the sunset clause had expried (didn’t go up in value enough), and the developer could not do anything about it – they had to send back my deposit bond.

Terryw
Discover Home Loans
North Sydney
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Yeah, stamp duty and CGT would be payable, and probably legal fees. It may be better to just leave them as is and buy any future properties in a trust.

If you a sued, the assets held in Trust are usually untouchable – as they are not your assets. The ATO is looking as various schemes related to trusts such as the refinancing princple (where you can claim deductions for things that are usually not dedcutible) and renting your home from a unit trust that you are trustee of. In general, I don;t think they have any problems with Trusts.

If your trust income goes into negative, then this is quarrantined in the trust to be offset against future income, ie you cannot distribute a loss. Hybrid trusts can get around this.

Terryw
Discover Home Loans
North Sydney
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Say each property returned $2000 pa after expenses (or $38 pw). then you would need 50 of these properties to get $100,000 pa income.

You shouldn’t have to worry about future inflation etc as the rents will hopefully keep rising, so just calculate in todays figures – as Yack suggested.

Terryw
Discover Home Loans
North Sydney
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The University of Western Sydney also used to run short courses on this subject.

Terryw
Discover Home Loans
North Sydney
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Probably nothing as you are not running a business from the house. You may be able to claim a portion of the heating and lighting etc. please check with an accountant as the ATO has been tightening up on this area recently.

Terryw
Discover Home Loans
North Sydney
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Some banks will take valuation price for LMI calculation purposes. One of my clients was able to get a 95% loan with no mortgage insurance because the property valued at about 20% more than pp.

Terryw
Discover Home Loans
North Sydney
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There is still plenty of cheap stuff around in Sydney. You can get units in Campbelltown for $150,000.

Terryw
Discover Home Loans
North Sydney
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There’s not much he can do really. If he hasn’t got much of a deposit, then he won’t be able to get a loan. he will need at least 10% (plus costs) for a low doc loan (with a very high rate). I would suggest vendor finance.

Terryw
Discover Home Loans
North Sydney
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It should make a difference on deductibility of interest if you go as your broker suggested (If I have read you posts correctly). As Simon said, if you withdraw equity from you IP, you won’t be able to claim this extra interest as it is for domestic purposes.

It may be a good idea to rent for 6 months anyway. Since your from out of town, it would be good to get to know the area.

Terryw
Discover Home Loans
North Sydney
[email protected]