Happy easter to all:
My name is Johann 22 years old
just bought my first property under a comany name (long sotry there)
for 185k. My property is currently valued at 225K+ due to alot of development in the area eg, new esates and more shops poping up left right and center. This proeprty is currently being rented for 175 a week.By next year i would like to purchase another property need some adivce,
Since my current property in under a company can i use this equity for another property under my own name or does it have to be
under the same company name?Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Ask your current lender if you can open a line of credit against 80% of company's property's equity in your name.
Use the LOC borrowings for the deposit for the next property in your name. If more than one director you may need to get their permission and may have to seek legal advice for all the directors.Having a company complicates things from a taxation point of view. If a company lends one of its assoicates money there are a whole host of rules which if they aren't applied property will mean the ATO could deem the loan to be a dividend payment and tax you on it!
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!!!
Thanks for the great advice guys cheers
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
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