Hi all
I have been told by our mortgage broker that we should register for GST so that we can apply for a low doc loan as we are not eligible for a full doc loan.
After checking the details with our accountant he stated that we were not qualified for GST as our investments were in non commercial property.
If this is correct how do pensioners live off equity by refinancing their property..Puzzled reindeer
Hi there Rudolph
My mortgage broker just advised the same thing to me, but basically said you don't have to use your ABN, just create it. I just registered online at http://www.abr.gov.au and when it came to registering for GST, choose the option (can't exactly remember the wording) but its 'optional' registration not compulsary. Also choose under $74,999 per annum so you only have to do BAS statements annually, not monthly. Problem is most lenders now require you to have an ABN for at least a year, most require 2 years, so register ASAP. I wish I had about 14 months ago, when another mortgage broker suggested it would be handy for the future, but my now ex-accountant advised against it. Apparently just because its registered doesn't mean you have to use it.
Hope this helps. If anyone out there disagrees, or can add any more information, please do so. There's so much to learn.Hi corhig
Thanks for the info. I have an ABN for the last 2 years but will now have to upgrade it to GST. Hopefully I can backdate the gst section to the original listing.Thanks again
RudolphHi Rudolph
Yes you can apply to have it backdated.
It will merely show as the last modified date as the date in which you make the backdated application but lenders are ok with that.
Many lenders still offer competitive rate and fee discounts for lodoc deals so it is worth persuing.
Richard Taylor | Australia's leading private lender
Hi Richard
Thanks for the info
Rudolph
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