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  • Profile photo of Andrew2010Andrew2010
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    @andrew2010
    Join Date: 2010
    Post Count: 4
    May 22, 2010 - 11:29 am

    Thanks all. May be we haven't talked to the right person. I will try to contact CBA next week.
     @ Banker: We have talked to Westpac. They have no problem lending to Individuals for the block of 6. However, if we want to buy under the Unit Trust name, they will classify the loan as Commercial Loan with commercial rate and only lend 70%.
    @ Richard: Do you mind telling me whether the loan you obtained from CBA for the block of 6 was commercial loan or residential loan? Were you able to borrow 80%?

    Thanks.
    Andrew

    Profile photo of Andrew2010Andrew2010
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    @andrew2010
    Join Date: 2010
    Post Count: 4
    May 22, 2010 - 12:15 am

    Hi Paul,
    r
    Thanks for your advice. Yes, we would feel much more comfortable if we can set up a Unit Trust with the Family Trusts being the Unit holders. And now, considering the Land Tax issue, that structure is even more appealing.

    If you don't mind, could you tell me if you had to borrow the money to buy the property you have mentioned with the Unit Trust? If yes, did you have the problem with the bank classifying the loan as commercial loan?
    I will make a post in finance forum as well as. Thanks

    Andrew

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