This is my situation..... - PropertyInvesting.com

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blondie_bec
Participant
@blondie_bec
Join Date: 2004
Post Count: 91
October 8, 2004 - 12:38 pm
I am young, ambitious and in a way most people probably wouldn’t like. I am pretty insistant that I do not want to work. [biggrin]
My partner and bought our first IP a while ago now and are going to live in it until we are ready to buy our dream home and in the meantime start to get together a healthy portfolio. [biggrin][biggrin]
So…. we want to retire as soon as we can, we are planning 6 years approx and I would like some advice….
What is the best loan structure for investing?
Should I have all my loans at one bank? (Mates rates?)
How soon should I get an accountant involved?
Whats different about a trust account?(Is that a blonde question)[blink]
Whats the quickest way to be able to get together deposits for IP’s to avoid morgage insurance?
What is the CG tax rate? When does it apply? And what conditions are there?
Is this too much?[blush2] Sorry if this is a bit much but any helpful info would be greatly apreciated.[biggrin]
-Blondie[withstupid]
brahms
Participant
@brahms
Join Date: 2004
Post Count: 485
October 9, 2004 - 12:43 am
Hi blondie bec
sounds great, keep us posted.
cheers
Brendan Heagney
Mortgage Broker
07 3240 4815
Mobile Mortgage
Member
@mobile-mortgage
Join Date: 2003
Post Count: 913
October 9, 2004 - 6:04 am
Hi Blondie beck,
You may need to do some research, try the search function on this site or google,
here are some links with info on trusts to get you started.
http://www.strategicwealth.com.au/documents/5Reasons.pdf
http://www.sjq.com.au/sjq/site.cfm
http://www.ntaa.com.au/ntaacorp_partnershipoftrustexp.html
http://www.gatherumgoss.com/
https://www.propertyinvesting.com/forum/topic/12469.html?SearchTerms=loan,structure
Regards
Steven
Mortgage Broker
[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIA
PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
October 11, 2004 - 4:16 am
Q. What is the best loan structure for investing?
A. It depends, probably IO would be better for investments, with each loan stand alone (ie not cross securitised)
Q. Should I have all my loans at one bank? (Mates rates?)
A. Sometimes you can squeeze discounts out of a bank if you have leverage. But then again, having all you eggs in one basket can cause problems when this bank says you cannot borrow any more.
Q. How soon should I get an accountant involved?
A. You should probably get an account involved from the beginning.
Q. Whats different about a trust account?(Is that a blonde question)
A trust will save you tax, and help wtih asset protection.
Q. Whats the quickest way to be able to get together deposit for IP’s to avoid morgage insurance?
A. Save like mad, wait for values to increase and access the equity.
Q. What is the CG tax rate?
A. There is no rate for CG. Usually half the gain, less costs is added to your other income.
Q. When does it apply? And what conditions are there?
A. When you sell an asset, if held, more than 12 months, then only half the gain is assessed.
Q. Is this too much?
A. No.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au