I beleive that you would not have to show the lease payments as a liability on your application as the cost is passed to the company. How does your salary appear on your payslips and group certificate. This would be the income you show.

Some banks take into account employer provided cars, and adjust your living expenses downwards to take this into account. eg ING allow $3500 (annual) on top of your income if you have a company car.

Terryw
Discover Home Loans
North Sydney
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Whereabouts are you living?

Generally, most LOers mark up the rent by about 40% and the purchase price by about 20%. Using this as a guide, you could just type up a letter to the landlord saying you would like to pay more rent, in addition you will pay for all rates, repairs insurance etc. In return you just want the option to buy the property at an agreed price sometime in the future.

Start low and see what the landlord says and you can then adjust your offer-if necessary.

Terryw
Discover Home Loans
North Sydney
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Hi

I know of one lender that will lend on valuation if higher than purchase price, but the max LVR is 70%, so it has to be an extremely good deal to get 100% finance.

Many people use rebates, like in Smiley’s example. You would technically be required to inform the bank of the details. Some people consider it fraud if you don’t, others say you are just giving the bank what they ask for (usually just front page of contract-so they don’t see the rebate).

Terryw
Discover Home Loans
North Sydney
[email protected]

Hi

I would just relax for a month or so and think things out. If you have sold properties you may have enough money to live on for a while. Things may seem pretty hectic at the moment, so it may not be a wise time to decide something major. Your husband may also find another job quicker than expected.

Terryw
Discover Home Loans
North Sydney
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I beleive that borrowing your equity to live on can be a good idea. You must have many properties and only borrow a low percentage of the growth tho. As long as your portfolio is growing faster than you are spending it, it should be ok. I would rather see someone do this than selling a property to access the funds.

BTW, I know someone doing this at the moment with one property! Not good.

Terryw
Discover Home Loans
North Sydney
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I knew someone that purchased a small unit in Kings Cross that was positively geared after tax deductions.

But I think you will be very hard pressed to find something without being creative. eg. renting individual rooms out, adding a bedroom, something with a granny flat etc.

Or you could wrap or lease option something to make it positively geared.

Terryw
Discover Home Loans
North Sydney
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I don’t think there is much to it. He would want the new loan to be IO if it is going to be rented out. But PI if he is going to live in it. A LOC would be suitable for this, but you may pay a premium for this (try ANZ on their package deal). Or go for a loan with a redraw and pay only the minimum off the new loan and plough every thing you can into the offset, so if you move out, you can withdraw that money and put it onto your new home loan.

I wouldn’t worry about paying down the new home to reduce the negative gearing loss. It is far better to pay off the one you are living in.

Terryw
Discover Home Loans
North Sydney
[email protected]

Noel Whittaker also has a monthly newsletter which you can sign up to via his web site. It is pretty basic, but sometimes has some good info, and always some corney jokes.

Terryw
Discover Home Loans
North Sydney
[email protected]

Confused. You are probably aware of this but, don’t forget if you pay your dad, he has to declare the money as income.

Terryw
Discover Home Loans
North Sydney
[email protected]