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Do you have grounds to sue? If it was not a binding contract, maybe you can’t. You should have seen a solicitor to go over the contract, accountants and mortgage brokers aren’t qualified to give this sort of legal advice. I would definitly see a solicitor about this now.
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 think Steve has previously meantioned that it is possible to get unlimited finance by setting up a new structure when you ‘max out’ the current one.
But this is not true as you must personally guarrantee each and every loan, so setting up a new structure has no effect on your borrowing capacity. each time you give a guarrantee it would go on your CRAA. Also you would be required to list these guarrantees in your loan applications under the statement of positon section.
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
From what I have seen Caravan Parks have small returns for the risk involved. I haven’t looked at Strata ones tho.
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
Beware of offering an early settlement. Some (most) lenders are so, and you may not make it on time!
It may be better to go for a longer settlement on the contract and then settle early if you can.
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
Depending on location, it may be possible to get 100% finance of these types of deals on the one security.
There are lenders that will lend 70% of end value. In this case, if they value up at $1,300,000. You could borrow up to $910,000.
But you will have to supply a personal guarrantee. offhand, I do not know of any lender that will lend to a company without a personal guarrantee.
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
Hi again George
Some say it is advisable to not have all your eggs in the one basket. It may be better to limit your trust’s assets – just in case. So after you buy a certain number of properties, just set up a new trust.
that’s all there is to it!
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
Hi George
You can get a partnership agreement for about $220 at
http://www.lawcentral.com.auTerryw
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 is best to read up on everything you can before you go and see your soliticitor – saves money!
http://www.taxlawyers.com.au
http://www.chrisbatten.com.au
http://www.gatherumgoss.comTerryw
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
Hello Julie
If you are only intending to live in the property for a sort time and then rent it out, it may be an idea to consider purchasing it thru a trust structure and then renting it off the trust.
However there are a lot of things to consider. eg if you purchase in your own names and then move out later on, it may still be possible to sell CGT for a period of up to 6 years.
Better talk to your accountant about scenarios
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
Funds to complete, simple means funds needed to complete the purchase – excluding the loan.
lenders want to know you are able to complete the purchase if they lend you, say, 80% of the price. Otherwise they maybe wasting their time in giving you a loan approval.
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
hi Yack
Basically nothing has happened since the above post.
I did not end up paying that company the extra money to issue a summons as I thought it was a bit much. The tenant still owes me the money – $1800 approx. I can still chase him if I want, but am a little hesitant at the moment.
If it was in NSW, I know the proceedure now, and could do it all on my own. Where is your tenant located?
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
Castledreamer
That’s good news![thumbsup2]
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
ET
Yes you can still borrow up to 80% or even 95% using a trust. But if you have two trustees, both have to guarrantee the loan. so this is where it hurts your borrowing capacity. You could be saving one person for future loans.
eg the mortgage insurers have a limit of about $1.5mil (for both). If you were joint trustees you could only borrow up to $1.5mil. But if you each had a trust with one individual trustee (or one director of the trustee company), then you would get $1.5mil each = $3mil in borrowing capacity.
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
If you are talking about buying the shares in a company that owns the property rather than buying the property itself, then you will not be able to save stamp duty. You will still be charged (same amount I think)
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
Don’t deal with nab, but Westpac only takes into account 75% of the rental income. However, they are fairly good overall from a serviceability perspective.
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 know one Sydney Financial Adviser that works for a fee (not commission based and therefore more impartial). His name is Sean Abbot, [email protected]
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
also try
http://www.chrisbatten.com.au
http://www.gatherumgoss.com.au (look for the book ‘trust magic’ on this site).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
Another idea, similar the Landlordtobe above.
Why don’t you state that the market rent for the unit is around $280 per week rent, hence we are putting the rent up to this level. Then say however, if you think this is too much, please contact me on xxx and we can arrange a slight reduction.
That way if they don’t contact you, you get the full amount. If they do contact, you can reduce the rent down to the original amount you were going to charge, and they will think your sister is a nice person.
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
Terry
There are private type lenders out there who will lend up to 70% LVR without many restrictions, rates are a bit higher (starting around 8%). You can also go up to about 80% LVR using a second mortgage – high rates. They are mainly interested in the securtiy, and may not even check your CRAA.
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
i agree with Pisces above. It is hard to say exactly what the limits are because it varies between lenders so much, and even with the one lender, it still varies lot.
As a guide, the two mortgage insurers have a limit of $800,000 and $750,000 each. So about $1.5 million in total is possible by using both. That is one reason to be careful when using low doc loans. Some are mortgage insured, behind the scenes, and you may not know they are eating into your limits.
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
