Check out the duties act vic

TaylorChang wrote:

Thank you for the above,

Just out of my curiosity, currently, I am working in the financial service industry (fund management) and with finance degree. Do you guys think I can get an exemption from doing the certificate or diploma course to get the MFAA or FBAA ?

No. I was in the mortgage broking industry for around 8 years, masters of law, lawyer etc but still have to do a useless cert IV

BFAs are authorised under the family law act. If properly set up they are binding on both parties, but not properly set up would mean they could be set aside. They could also be invalid for a number of reasons. Costs to set up would be around $2000 to $5k

NCCP

Trusts and companies won’t help borrowing capacity unless, perhaps, you have others that can assist with guarantees. And deriving most of your money from PAYE is not really relevant when considering whether to set up a trust/

Foreign income – are you saying you want to make up an income – this would be fraud, offence of obtaining a financial advantage by deception, up to 5 years imprisonment but you would also need to declare any foreign income and pay tax on it.

Buying and trying to sell before settlement is extremely dangerous and you could lose out badly.

Higher rents will help servicing.

I was thinking that if i can demonstrate to the bank that i can mange the cashflow and debt very well. will they think me as a safe person to do business with ? is this the right way of thinking ?
= No, this would not make much difference as you have to fit their policies.

The only way to increase borrowing capacity really is to get more income and/or decrease debt.

But you should consider whether you have really maxed out as each lender has a different policy and works out capacity differently.

You need to think carefully before you do this as there are many issues.

You will need to discharge the mortgage and to enter a new mortgage again. This will involve a new loan application. You will need to get the transfer stamped by the OSR before the mortgagee will settle and they will deal with the registration on title.

In NSW stamp duty is exempt under certain situations only. one spouse going to both spouses 50/50 TIC or JT.

There are estate planning, asset protection and potential tax issues so speak with a lawyer before you do anything.

I have no idea either, just guessing.

I think it would be extremely rare for a student to write 4 loans per month, and there would be more involved then just checking the paperwork.

There is no real difference. I am a member of the FBAA . just choose the cheaper of the 2

Do you think there will be growth in the old property? Will this possibly exceed the extra interest you could save on the property 4 if you sold it?

Your maths is off, but that is the general concept.

mynameismike wrote:

Thanks everyone for the help so far. Saw an accountant today who seems to know his stuff, has a bunch of investment properties himself. Initially it looks like I’ll be buying my first house under my own name, live in it for a couple of months as my PPOR, then renovate and sell- as doing it this way means I don’t pay any CGT on the profit. I guess however that means I can’t claim the costs associated with the reno on tax because it’s not classed as an investment, but paying no CGT should outweigh the tax savings anyway.

Did the acccountant point out that if you bought with the intention of reno and selling at a profit then even your PPOR can be subjecct to CGT?