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Hi
I am actually sharing an office with a Certified Financial Planner (who was recently judged best in the state by IFA and Macquarie Bank). He runs a fee for service practice (which means he rebates any commissions) and therefore has no bias towards any asset class or financial products. His name is Sean and his email address is [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
Penguin
For low docs, they generally require 20% deposit and an income declaration. No checking is done to verify your income (usually). You still have to quote an income and if it is not high enough, then you will not pass (and you don’t get a second chance).
But they often require proof of your rental income, and copies of your credit card statements to verify the limits, copies of rates noticies to prove you own other proeprty (if applicable) etc.
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 could always borrow the deposits. you still have to pass serviceability 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
Yep, you better use a lawyer for any contract you do – to protect yourself.
These documents are not given out freely, but aparently some can be found on the net somewhere (I don’t know where).
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
A trust may not work with Centrelink.
They now deem the assets of the trust to be your own personal assets if you control the trust. I think they define control as being the appointer or the trustee.
The same for companies.
I would just give centrelink a call and get some info sent out.
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 beleive that the ATO gives the tax payer a letter to take to their employer. This letter outlines how much tax is to be taken out.
If the wage is the same then the new employer would be able to work off this letter.
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
Citibank has a good unsecured LOC, called ready credit. rates are high (17% ish), but you don’t get charged until you use the money, so it would be good to get this facility ready just in case. Personal loans are a lower rate, but may have applicaiton fees and other monthly fees (sometimes).
Just be aware that having these loans will affect your serviceability.
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 have been doing this for longer than 2 years, then the bank will simply average your income (assuming you have lodged tax returns). You are just self employed just like a carpenter would be. However, If your income is fluctuating a great deal, they may only go on the lower figure. And it may be easier just to go ‘low doc’ as Simon suggested.
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
Steve was buying at $40,000 a few years ago (according to the book), these properties have probably trippled in value to about $150,000 now. Phenomenal growth was occuring during this time.
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 have heard of one broker that got an 80 year person a 30 year loan!
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 if the deposit bond has expired, it means that the construction has drawn out and they have gone over the sunset clause. (usually bonds need to be as long as the sunset clause). this means that either parter can probably rescind the contract, so maybe you had better check your contract and/or talk to your solicitor. If the property has gone up in value, then the vendor could cancel your contract to resell at a higher price.
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
Just use Nick Moustacas to do it and stop your accountant arsing you around. Most accountants would just get them off the web anyway, there is probably no need to get a new document drafted.
If you want to save some money do it your self over the web at http://www.LawCentral.com.au (cost $275).
Once you have a trust then you can go back to your accountant to do your returns – if you think you can trust him after that.
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
Tony
I don’t want your business, but will let you know that PMI will insure loans for up to 95% in these areas. Are you sure the post code is the problem?? Or maybe the property is rural or is an expensive one.
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 that is the vendor’s problem. Just stay quiet about it, or you will be made to get a new bond or pay the deposit.
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
Go to http://www.corporateexpress.com.au/ to set up a new company. It only costs $921
http://www.LawCentral.com.au is a site that I have come across recently. they can set a trust up for you for $275 (plus stamp duty). lots of good info on there too.
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
Watch out as some lenders will not accept valuation unless they instruct the valuers themselves. So you may be forced to pay again. (I wonder what they say, ‘make sure it is a low one this time’??)
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
Get your Trust set up first, and then go for a pre-approval beofre you start looking.
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
Become a mortgage broker! Without finance you cannot get far, so you need to learn the secrets!!
Also it owuldn’t hurt getting your RE licence. These can be handy to have and are very valuable.
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
Why would you want to use a trading company. If the business is sue, your property is at risk.
And why use a company at all. There are no real benefits.
There would be no problems getting a loan at all. Nearly all banks lend to companies. Directors must guarrantee the loan.
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
Never heard of it. Waht is the context?
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
