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Sounds like good advice! You wouldn;t won the company, the trust would. Also any profit will be directed to the trust, from there you can distribute it to a wide variet of beneficiaries. Now you don’t have that choice.
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 Buster
I am not an accountant, but wouls think that you could only claim expneses for inspections if you were running a property investment business or if you already had a property in the area you were travelling to. In that case you could only claim the portion that actually related to the property.
eg 5 nights on the Gold Coast with only one inspection might be deemed 4 days holiday, one day work, but if you could schedule daily meetings and inspections, you MAY be ok.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
What happens is, if you apply for finance, an entry is made on your credit file. This entry doesn’t say anyyhing about whether you went ahead or were declined. It just indicates the date, the amount and the bank. If you aply for a loan and the bank sees a few recent enquiries, they may ask whether you went ahead or not. Some banks will reject you outright based on the number of enquiries, and it doesn’t look good anyway ,so it is best to limit the number of enquires. It makes you look desparate if you have too many.
On the income you have listed, you could possibly borrow up to about $300,000, assuming a 4% rental yield on the purchase 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
Hi Jason
Can you speak to these people directly? if so you may be able to say to them, “look, I know someone that may be able to help you .. ” etc. Watch out for you banks policies, they may not like you doing this. Due to privacy legislation, you could jsut pass on their details wihtout their permission.
However, to receive a monetarty reward for introducing a buyer of real estate may actually need a licence. You could check with the department of Fair trading in your state.
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
Do you think it is still expensive?
My family owns a townhouse type (like half a duplex) property in Suita, just 15 min from the centre of Osaka. My grandmother in law bought it in 1943 for about 2,000,000 yen. it is now worth about 10,000,000 yen (about $140,000). Not very expensive, as my guess was initially about $500,000. It is in need of some renovation, and would rent for about 50,000 yen per month as is. There a re lot of new apartments popping up, so not too much demand for these old houses.
i don’t think it is hard to invest or buy property in Japan as a foreigner. But it is very hard to get a loan-even for citizens. probably because of all the bad loans that the banks experienced in the 90s.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Yes, a terrible story. Something similar happened to me too-before I was a broker. I had asked for a variable loan and when the documents came days before settlement it was too late to change. You may now be able to complain about that broker tot he MIAA (Mortgage Industry Association Australia)-If they are a member.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Yes, I agree too. Don’t do it!
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Guys
I used to live in Japan too, and looked at some loan products available over there. NAB (and others?) offer loans in Yen for property located in Australia. Interest rates are about 2%, with an LVR of 70%. but if you stop earning yen or return to Australia, you have to pay back the loan or switch over to Aus$. You need 2 pay slips as proof of income (don’t know how long you have to be working). Can also get a yen loan for a property you already own in Australia (ie refinance into yen).
Have you guys been looking at investing in property over there? I believe it is very hard for the average person to get a loan with the banks generally wanted about a 30% deposit and 3 years work history. Sounds like a good market for wraps? properties are also cheap at the moment.
Does anyone in Japn need a mortgage broker to come and visit? (I need a tax deductible trip).
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 banks actually ask about HECS debt and take it ito consideration, because you will be paying less tax. But if you don’t tell them about it, there is no way they will ever know about it.
You used to get a discount if you paid lump sums off your HECS. I paid mine off this way, but it might be better to pay via the tax system. It could be better to use the money for deposits instead.
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
Suzie
$10,000 is almost 10% deposit. Could you come up with some more money from a credit card? Even at 17% interest rate, the figures may still work if the rent is that high.
Your broker might be trying to get some more commission by trying to get you to refiance everything 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
Helena
You would think so, but some banks insist on instructing the valuer directly, and won’t accept a report already done even if it is from the same valuer. There are difference sorts of valuations such as market valuation, bank valuation, and fire sale valuation (ie if you have to sell quick).
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
Have a look at TR 2002/18, Income tax: home loan unit trust arrangement.
http://law.ato.gov.au/atolaw/view.htm?locid='TXR/TR200218/NAT/ATO(This is a Tax Ruling on renting you home from your Unit trust)
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 may not need to refinance, just ask for an increase from the same bank. And when you say you have that much equity, are you leaving a 10 to 20% buffer in there as well?
I would get as much as you can now, using a LOC or separate split loan to keep it all separate for tax purposes.
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
What you really want is the full licence. Then you can open your own agency. To get this you must do the full course which is 4 years with TAFE (part time) or 7-12 weeks with a private fee paying institute (cost about $4000 to $5000). I think you also need 2 years experience working in the industry too (NSW the rules changed recetnly).
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
One thing about giving up your ‘job’ is your loss of ability to qualify for the good loans. You will have to start applying for low docs, which generally means higher interest rates and hgiher LVRs. Just be mindfull of this.
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
Brett
Good idea, but not all banks will allow this.
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
Rita
CBA are like that. They won’t tell you the figure, but will tell you what 80% is. Strange isn’t 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
Most people would have done it the other way around. Your most valuable asset is securing your investment property. But it should be pretty safe!
Yes you could restructure and get a loan secured against your investment property and access that equity for deposits for investment properties. You should be able to buy a fair few with that sort of equity.
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
credit cards?
There are specialist lenders (or sharks?) that lend money short term. rates are around 10% per month and are securred by a caveat on your house. can be done in about 24-48hrs 9maybe too late by now). They advetise in the newspapers (daily tele in Sydney).
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
Michael
If you were going for a low doc loan, htey would not know wheter you are trading or not! No proof is needed.
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
