All Topics / Help Needed! / advice for my situation?

Viewing 4 posts - 1 through 4 (of 4 total)
  • Profile photo of ichaicha
    Member
    @icha
    Join Date: 2011
    Post Count: 2
    March 24, 2011 - 1:59 am

    hi, all

    found this web site couple of days ago, and feel it is so helpful.

    i bought 2 IP (one sold few month ago), they are all under individuals name. after reading this forum and some books about trust, i feel that is the right way to go and continue to invest in property.

    my current situation:

    my house:  bought 2 yrs ago, current value 650K+, balance of mortgage 230K, redraw available (260K)

    IP #1:        bouhgt at 230K, current value 180K,(ouch), rental 15K/pa, current balance of mortgae 100K (we lost 130K due to the porcess of selling IP #2. this IP #1 is 99% ownership to my wife and 1% to me.

    i wish that we can increase mortgage on IP back to 230k for tax, also to decrease mortgage on our house to 100K so we can knock it off in couple of yrs.

    any advice will be greatly appreciated.

    regards

    [email protected]

    Profile photo of drainoskydrainosky
    Participant
    @drainosky
    Join Date: 2006
    Post Count: 6
    March 24, 2011 - 12:45 pm

    sell everything and use funds to buy anything u can add value to.  eg subdivide, da…

    otherwise waste of time.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    March 24, 2011 - 12:55 pm

    Firstly welcome to the forum and I hope you enjoy your time with us.

    Without the balance of the information to hand it is difficult to provide an exact recommendation but just because the IP security was sold there should be no reason why you had to reduce the loan unless of course the loans were cross collateralised.

    Even there there should be a way around it.

    As i say difficult to comment without the full facts.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of ichaicha
    Member
    @icha
    Join Date: 2011
    Post Count: 2
    March 24, 2011 - 3:49 pm

    thanks QLDs007, it was a mistake by the bank (and me, lack of experience), both IP was held as security for the investment loan, when one is sold, investment loan decreased to keep LVR. but i did informed them that i can provide security with my house, but their back office didn't do that way.

    i am thinking to set up a trust and then purchase IP #1 from us (so we can reduce loan on my house), is this a good idea or there is something better? i don't have experience with property investment, but at the moment, the rent is ok to me.

    you talked about 'full fact', what kind of information you need to know?

Viewing 4 posts - 1 through 4 (of 4 total)

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