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Oh, being regional may make it a bit harder too.
Terryw
Discover Home Loans
North Sydney
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St George are not very generous with serviceability. If you LVR is too high (not your equity), then you may just have to lower it a bit to get over the loan.
Terryw
Discover Home Loans
North Sydney
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Yep. the gain would just be added to her income. ie on top of the pension. so she may pay tax, but this may be less than the tax that you would pay. But it will affect her pension. so be careful.
have you considered a discretionary trust. You may be able then, to give her a bit of the income and keep the rest yourself.
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 the API magazine http://www.apimagazine.com.au
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
lenders will want to know the limits of your loans and LOCs as this is what you can potentially bring your loan up to. But it depends on how they ask. Some ask for limits, others ask for loan balances.[
]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
Col
Standard is 42 days in NSW, but can be whatever you negoitate. Just remember, any shorter and some banks will have problems settling the loans in 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 done a few where I sold options. It works better the other way around though- when you are buying options.
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
Some lenders would consider vendor finance. The ones that do not require genuine savings should be able to do it! But they will have to take into account the interest you will be paying on the second mortgage into account for serviceability calculations.
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
Maybe a new marketing company will pop up soon?
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 you will find that the trust distributes profits. So any costs will be deducted from the gain and this profit will then be distributed to benenficiaries. The beneficiaries are then resposnible for paying any taxes.
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 don’k know much about these sorts of things, but looked at somethings similar a few years ago. Don;t beeleive anything the agent tell you. Ring hte local council and talk to them about it.
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
C2 and be aware that these are Austrlain requirements, other countires have their own requirements, and I think Japan introduced something similar to Austrac a few years ago.
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
C2
I don’t know about the $50K/month one. maybe that is just a Lloyds bank policy. I think you could get into trouble is you try to do multiple transactions to avoid the FTRA reporting requirements whether cash or t/cs.
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
a few years ago, I remember reading that someone purchased a property for about $4000 and got the $7000 FHOG!
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 too think it would be very hard. it would be hard just to buy one with such a low deposit. On a 95% loan you would still need about 10% of the cost as deposit (5% for costs). So you would have to purchase a property valued $100,000 or less.
The only way to keep borrowing is to come up with further deposits. Liek swampy said you can buy under value and then increase the loan, or:
– renovations to increase the equity,
– sell an option on the property to
– wrap it
– etcTerryw
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 a bit on the reporting side of things. Every overseas transaction is reported automatically and is monitored by a govt department called Austrac (www.austrac.gov.au). In addition, the banks can also report suspicious trasnactions separately. Domestically, every transaction over $10,000 must be reported. So if you cash $10,000 worth of travellors cheques, the institution must get your id and fill in a report. Avoiding this by doing multiple small transactions is an offence (known as structuring) against the Financial Reporting Transactions Act. The penalty is up to 5 years imprisionment!
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 Simon, it is too hard to generalise as the borrowing capacity will vary depending on things like:
Your income
You current debts
no. of kids
credit card limits
car leases etc
rental income
etc
etcAnd it differs between banks as well. Some load the interest rates others add a buffer to you total loans and most calculate PI even if you are applying for IO.
I have found Westpac to be one of the best lenders (at the moment) in terms of 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
Hello Swampy,
I think flipping usually refers to ‘selling’ a property before you actually settle. You can always onsell a property at any stage. If you keep it for 12 months and one day or more you will get a discount on the CGT.
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, what’s the stamp duty for? If you are refinancing you should be exempt from paying stamp duty on the loan again (unless you go over the original amount).
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 had a fixed rate loan for a while now, and the break costs were about $5000 6 months ago. This has now come down to about $300, good news.
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
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