As far as I know most major banks will not provide finance for Vendor Terms onselling.

There was a long psoting about this a week or so ago.

Terryw
[email protected]

Felicity

yes you have to be careful as most low doc loans are actually mortgage insured-even if they are under 80% LVR. I lot of people think they can jsut increase their income ebcause they don’t ahve to provide proof. BUT if you go to the ING bank and say you earn $30,000 pa, and then later on go to Integris for a low doc loan and say you are actually earning $60,000 the mortgage insurer may already have your details, and query why your income suddenly doubled.

Here are some low doc lenders that don’t mortgage insure:
ING-up to 76% LVR
Adelaide Bank-up to 76% LVR
Suncorp – Up to 80% LVR
HSBC – 70% LVR
ANZ -65% lvr
St George – 65%

Now these lenders are not going to lend to you forever, some have maximum exposure levels per client. But if you switch and swap between lenders, you can go very far. And as long as you can come up with the deposits, you can go on forever if you are prepared to pay the price in high interest rates. There are small private lenders that don’t do craa checks, some don’t even have application forms, they just go on the security value alone. Rates start at about 8% and go up to 16% (highest heard of so far).

And then there is short term cavaet lending, rates around 8% per month.

Sorry Andrew, bit of a side track here.

Terryw
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Terryw
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If they do list it with Baycorp, there are solicitors that can help you get it removed.

Terryw
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I agree with Rstar.

You haven’t indicated any income, so it is a bit hard to estimate.

Generally you can borrow up to 80% LVR with not too many hassles. However 700,000 x 80% = $560,000. You already owe $550,000 so that is just $10,000. If you can service it, you could go to 90% = $80,000 extra.

Using this as 20% deposits, you could get roughly $320,000.

Terryw
[email protected]

Vluu 27

Holy shit!

Sounds like you must have entered into a contract. Do you still have a copy of the thing you signed?

I would suggest you speak to a solicitor quick. Also ring up the department of fair trading and ASIC. They are both looking into these sorts of companies and they may be able to help?

Also make contact with ACA, and it wouldn’t hurt to go to 4 corners as well. (They did a story on this sort of thing about a month ago).

And also mention this on the somersoft forum. There are a lot of people there that don’t like this company, and there are a few solicitors as well.

Let us know what happens

Terryw
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hw007

I beleive the 6 years starts again if you move back into teh property.

Speak to an accountant-not just any, find a good one.

Terryw
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Just a note on 2. You probably wouldn’t have to pay the CGT until you lodge your tax return. It might be an idea to delay it as long as possible (until Feb?) and keep the money in your account earning interest.

And is it possible to claim one of these properties as your PPOR? Did you live in either at any stage?

For an accountant in Sydney try Bruce Whitting. http://www.mintgroup.com.au (I think)

Terryw
[email protected]

If you want to sell, another option is to sell your property to the trust (trustee). that way you can sell and keep it at the same time. It will save paying agent’s fees and the hassle. Your only going to replace it with another IP anyway. I suppose it depends your expections on growth and rental income.

Terryw
[email protected]

Vul

I had the same problem with an overpriced course I did in SYdney a few years ago. I ended up reporting the company to the Dept of Fair Trading and then they quickly gave me the refund.

Terryw
[email protected]

Borrowings for a trust or company has the same effect as borrowing as an individual. This is because the bank will require the Trustee to guarrantee the loan. If teh Trustee is a company, then all directors must guarrantee the loan. It appears on your CRAA.

Terryw
Discover Home Loans
North Sydney
[email protected]