abundantone10922 started the topic Opinions on buy and hold structure for 3 people in the forum Legal & Accounting 4 years, 8 months ago
Hi all.
Some friends and I are looking to buy a property together (long term hold) with a reno to rent strategy. I’d love to know what your thoughts are on the structure/entity we should consider purchasing it in? Is there anyone out there that lives and breaths this stuff and is happy to share?
Thanks 😊abundantone10922 replied to the topic INTEREST IN ADVANCE – WHICH BANKS? in the forum Finance 9 years, 6 months ago
I think the loan can be fixed for a period of 5 years, however I believe that a maximum of 12 (or 13) months interest in advance can be paid at a time. We currently have a 3 year fixed loan with St George and have been paying IIA for the past 2 years.
abundantone10922 replied to the topic What would be a reasonable cost for a solicitor to go over and witness mortgage documents in the forum Legal & Accounting 9 years, 6 months ago
Thanks guys.
abundantone10922 replied to the topic INTEREST IN ADVANCE – WHICH BANKS? in the forum Finance 9 years, 6 months ago
Thanks so much Richard. St George can offer 4.49% fixed for 5 years….and if IIA is paid, there is an additional .2% discount bringing it to 4.29%. Anyone you know doing better than this on IIA? Is there something else the lenders call IIA? I find it very difficult to find the product….Obviously not looking in the right spot….or using the…[Read more]
abundantone10922 replied to the topic how to reduce land tax in the forum Legal & Accounting 9 years, 6 months ago
Not sure how land tax is calculated when property is in joint names petehe but every individual receives their own land tax threshold, so ultimately if the properties were in individual names, you would receive 2 x land tax thresholds. Also, an SMSF receives another land tax threshold….and if you were to start up subsequent SMSF’s, you receive…[Read more]
abundantone10922 replied to the topic What would be a reasonable cost for a solicitor to go over and witness mortgage documents in the forum Legal & Accounting 9 years, 6 months ago
Thanks Jo_WA.
We received the invoice today and came in at $440, so $400ish must be the going rate.
abundantone10922 started the topic INTEREST IN ADVANCE – WHICH BANKS? in the forum Finance 9 years, 6 months ago
Hi all…but particularly brokers,
We currently have a loan with St. George and pay 12 months interest in advance in June. Tax returns are done promptly and we receive a good return soon after. Love St Georges product but wondering who else offers interest in advance as we are considering a refinance (for another property)?
Thanks ‘in advance’. :-)
abundantone10922 started the topic What would be a reasonable cost for a solicitor to go over and witness mortgage documents in the forum Legal & Accounting 9 years, 6 months ago
Hi all.
We recently had a solicitor go over some mortgage documents with us and also witness the documents. We were there about an hour and fifteen minutes and am wondering (before we receive the invoice) what would be a likely price to pay for such a service? I know, something I should have asked first.
We are in the market for a solicitor on…[Read more]
abundantone10922 replied to the topic Can I claim money borrowed from family to invest as a tax deduction? in the forum Legal & Accounting 10 years, 2 months ago
Thanks Richard and Jamie. Much appreciated. As it’s a LOC, legally he would be allowed to on-lend it, wouldn’t he? Don’t want to break any rules. :-) My understanding is that he can do what he likes with it. The only risk is if the bank called in the loan (LOC in this instance), but I imagine this would be an unlikely event. And yes, the purpose…[Read more]
abundantone10922 started the topic Can I claim money borrowed from family to invest as a tax deduction? in the forum Legal & Accounting 10 years, 2 months ago
If hubby lends me $’s to invest from his available line of credit, can I claim the interest as tax deductible if the loan agreement was drawn up and I purchased a property in my name? I am assuming that he would have to declare any interest payments as income but then can he claim the interest too? The loan would be paid back at his current…[Read more]