Forum Replies Created
- Qlds007 wrote:Hi blueheeler
I am assuming that you mean self employed for 10 months as if you actually meant employed i can think of a dozen lenders all else being equal that would have considered the application.
I cant comment on Loanmarket but as a competitor you get will get as good information and advice as the person who owns the franchise. Like every organisation there is good and bad.
Sorry for the confusion, not self employed.
There are 2 other people involved with the appliction.
I'm just disappointed with the time frame that the mortgage broker got back to us. If he was unsure about the products available then he should have said.
Has anyone heard of Loanmarket?
I've had a bad experience with them and applied for a loan 1 month ago. Firstly i was told that i didn't qualify with Rams because i was employed for 10 months. Then, he said that i could apply with Bankwest. A few weeks had passed by and then he told me that we had to apply for the loan ourselves. I asked him if he could find a lender to suit our needs. He then said Rams was the only lender to suit our needs……………….please refer to his email and tell me what you think?
I am glad to help out any way I can – but I cannot submit the loan for you as the product you require is not available to brokers, it is only available through the RAMS branches.
You will need to ring RAMS (137267) and set up an appointment with them.
As I said, unfortunately I cannot assist directly with the lodging of the loan but will be more then glad to help any other way I can.
Thanks
Check out investorfinance, they are a mortgage company whom are also investors.
Try googling valuer, make sure they are qualified and hold indemnity insurance.
I think depreciation items and building is depreciatiable at 2.5% but it all depends on the circumstances etc. If you were to repair and maintain your investment make sure you do this with a tenant. Some things are tax deductible, dont over do it thou. Just to confirm what I've said, talk to a savvy accountant who has property investments.
Hi there, have you checked the residential code with council? If so, then divide that into 10,000 (standard number) that will give you the size of your lot.
eg. Residential Code 20 divide into 10,000=5000 square metres.
Good luck.
Quantity Surveyor is good value for money……….money for jam. Give Washingtonbrown Surveyors a call on 1300990612 or http://www.washingtonbrown.com.au, they will send you a schedule. Goodluck with your findings.
Have you thought about opening up a 100% offset account in conjunction with your morgage loan account? With LOC, you can't claim as a tax deductable. Are you claiming depreciation?
What about adding value with a quick reno, increase your rental income, valuation, refinance and add equity to your 100% offset account to counter some interest.
That's my thought and maybe someone else may have a better idea.
Michael Yardley is an experience investor and developer. That might be a good start.
Cheyenne Brae is a hands on chick.
Checkout Josh Williams website………………www.thehappysecret.com
Michael Yardley's- How to make a million dollar portfolio
Craig Turnbull-Books
Robert Kiyosaki-Boardgame 101 Cashflow, 202 CashflowYou are absolutely right, the only dif is the land tax concession.
Hi Terry, its a property investment trust, not hybrid. Yeah, totally agree, firstly confirm with the ATO.
I also would suggest it is not wise to buy an appreciating asset in a company as you lose the 50% CGT reduction for assets held over 12 months – which could cap your tax at half of the top marginal rate of 46%. 23% is less than the company rate of 30%.
And you certainly should not buy in the same company you trade with. Businesses are often sued, and this will place the properties at risk.
I would look at trusts, probably in your situation a discretionary trust. Losses cannot be offset against no trust income, but being self employed, you may be able to structure it so your company profits can flow into the same trust offsetting losses.
Blueheeler, losses cannot be be claimed by a beneficary. Unit holders may be able to claim a loss by borrowing to buy the units, but to enable this to happen there seems to be too many restrictions required for the ATO to accept it.
Terryw
Discover Home Loans
[email protected]
email me to join my newsletter.A property investment trust exist and you can offset against your property, this trust is the only one. Check with the ATO. This trust is new to the system and it is legal.
Just trying to point out the facts about trust, sorry if I've offended you in any way, it wasn't intentional.
The Boss is absolutely right, set up a trust "property investment trust" with
1.Asset Protection
2.Losses claimable by beneficiary or unit holder
2.Possible land tax concession available
4.Profits distribution at trustees choice
Unlike most trust you can claim tax deductions "negative gearing" But before you jump into something like this, seek help from an accountant who knows all about trust. Good luck.
Try contacting the respective council and ask for the Planning Officer. They should be able help to answer all your questions, most officers are pretty flexible and easy going.
If you would like to find out the size of each block, you need to ask for the residential code and then divide that into 10,000this would give you an estimate size of the block eg, Residential Code 20 divide into 10,000=500sqm. Good luck.
reeco wrote:Hi OrienYeah i actually read it wrong. which is worse because its over 5000!!! and thats the bloody special!!!! Geez thats a BIG call for anyone no matter who they are.
I can definitely put things into perspective but at that price you have to have a written guarantee to something…anything…at all.am i right?
Rhetorical question of course, because if you pay full price 7500 THOUSAND dollars your still suppose to be getting a GREAT deal. AND AND…. you have to have $10000 in capital to be "involved"
thats almost 20,000 you need before you even have a look at the damn course!!! Can anyone in this whole forum who earns the median Australian wage tell me they HAVE what it takes to take steve seriously on those charges.
Ive read of people who have failed through steves guidance(think today tonight) .Are they available to comment on this forum??
Im not here to go against steve. I like his books alot. Now that i know how much his courses cost thats is!! Im sure people will say that what you achieve is immeasurable, but there can be NO guarantee at all that anything will be achieved. I wouldnt go in there to achieve nothing of course but stil, with that attitude(i can do it) that stil wont guarantee nothing from steve. am i right?
Seriously though i believe im entitled to a well rounded answer/s to this forum considering the sheer amount of cash thats required of it. So im gonna track those who have taken the course and those who appeared on today tonight and voice my conclusion
Would you or anyone else be willing to sell there masterclass pack? im obviously a bit of a tight ass so im gonna try at least.
Thanks
Reeco
I Reeco, there is one person u might wanna talk to and that is, Craig Turnbull. I've just about completed all 4 books including Michael Yardleys book, "grow a million-dollar portfolio" These books are excellent, which is an understatement. But to the courses Craig holds, "sapphire partnership" "ruby partnership" you can e-mail him on http://www.craigturnbull.com or his company Aspire on http://www.iaspire.com.au for more details.
Sorry Steve!! Wasn't intentional.
In the early 90ties i brought a 1974 Hillman Hunter color brown, $1000, it was a gem until my favourite dog ripped all the insides…………..it aint no gem now lol.
rickotton wrote:Facts…
North Sydney was sold with wrap instalment contracts as was Newcastle as was Chatswood as was most other regional cities in australia…..
Fact……on one documented ontract has been disputed in court…………1
Fact……vendor finance contracts made up most real estate contracts in the first 100 years of Australias history
Fact….Meriton the biggest apartment builder in Australia built its empire on vendor finance contracts
Fact…The writer of the article asked for a phone interview but as I'm presently in London my staff asked for questions so we could research and supply accurate facts to the article……………the paper decided to run with old inaccurate outdated information
Fact… Arthur Schopenhauer German Philosopher 1788-1860 said anything out of the ordinary passes through three stages. First, ridiculed. Second, violently opposed. Third, accepted as being self-evident. Look at John Simmons and aussie home loans……..his motto think change
Fact…the federal minister for small business over lunch said he won't allow the abolition of vendor finance as its part of the way of business and couldn't understand what all the fuss was about
the what if ..Forward fear of what could happen in possible events that might eventuate
we can only move forward operating with reality and facts!
Fact…over million aussies now prefer to live and thrive overseas than live locallytherefore does anybody mind if as a country we move on and take on the rest of the world……………
P.S…Rick Otton (London)
Rcik OttonHi Rick, I dont know who ur but your facts are spot on. After researching about wraps and like Rick states, there has only been 1 that has gone to court, talk about getting a "BAD WRAP?"
My understanding which is another fact must i add is, vendor financing has been around for many decades inthe US of A and, has been purposely and positively used extensively.
If you base your facts on reality then you will limit your risk in property investments.
Hope no one is offended by any comments included in my statement, they were not intentional.
The process does take time depending on how motivated your morgage broker is. I have had great dealings with morgage brokers and, the process was 2weeks from interview-settlement which was great.
If you have had bad dealings with a morgage broker do not reflect this on the other morgage brokers. It only takes one to split the good and the bad.
My understanding of the process works like this,
1. Interview-Selecting appropriate product and availability with lender/s too your suitability. Once this occurs then the loan process starts.
2. Loan Application Process- Application is lodged with the lender within 24hours of receipt of all required supporting documents.
3.Conditional Approval which takes about 2-3days.
4. Valuation Reports-Valuation reports will be received by the lender within 3days of request (subject to property access)
5.Unconditional (full) Approval takes about 2days-Will receive unconditional (full) approval from the lender within 2days from receipt of their satisfactory valuation/s. Broker contact buyer to confirm a written unconditional (full) approval has been received from lender.
6.Morgage Documents takes about 5-10days-Under normal circumstances, the lender will send a copy of the mortgage documents and return them to the lender within 5days. On receipt of the mortgage documents, you are required to phone to confirm the receipt and ensure all is in order to be signed.
7.Loan Settlement takes about 2-10days-Between 2-3days after returning the mortgage documents the solicitor/conveyancer will contact the lender to book settlement. Solicitors/Conveyancers require 2-5 working days prior to settlement to arrange the necessary paperwork.
8.Settlement has been effected and the loan is in place.
