Like Geronimo, i worked for a subsidiary company of Sample and Partners (possibly the same one).

When i say i ‘worked’ for them, i did the initial 2 weeks training and went to a total of 3 clients interviews before i told them where they could stick their job.

World Home Loans is in fact owned by Sample and Partners, despite the fact that their…[Read more]

Just a minor point but DEF usually stands for deferred establishment fees, means exactly the same thing i guess but if you come across this terminology in the future don’t be confused.

You don’t live in QLD by any chance do you?

At the moment up here there is a massive under-supply of rental properties and most that become available are usually flooded with applications. They are even holding rental auctions! It is simple mathematics to work out that most applicants in this situation will be unsuccessful.

Don’t give up home…[Read more]

As Bridgebuff points out, generally ABN’s are required to be eligible for a lo-doc loan.

There are instances however when this does not apply, there are lo-docs available for PAYG employees (therefore an ABN is not required) and there are also a number of lo-docs where an ABN isn’t required, or isn’t checked. Westpac i believe doesn’t check ABN’s…[Read more]

Sorry, $200 a week should read $200 a fortnight. It’s been a long day!

Hi Robyn,

In my opinion, if you are struggling to meet current repayments then perhaps the IP idea should be put on hold until the disposable income situation improves.

In the current market, cashflow positive properties are difficult to find, therefore in all probability an IP would just add to your outgoings, rather than supplement your…[Read more]

Originally posted by Terryw:
Trusts can help cap tax at 30% as they can distribute to a company as a last resort. Company tax rate is a flat 30%.

While certainly theoretically possible, wouldn’t that defeat the purpose of a trust entirely?

Although i certainly don’t profess to be an expert in this area, if someone was happy enough to be taxed…[Read more]

One particular lender i deal with quite a lot when it comes to casually employed applicants lends to 100% LVR if casually employed for 12 months or longer, with an extremely competitive rate. However it’s very hard to get a high LVR loan (90%+) at adecent rate if casually employed less than a year.

As Terry mentioned, if your husband has only…[Read more]

Thank you Terry, as usual you are a wealth of information!

You quote $7000 for fees also, i’m not sure what state you are in but in South Australia you would be looking at over $7000 for stamp duty alone, nevermind LMI, conveyancing, valuations and so on.

Even in the least expensive states/territories you would be looking at around the $5000 mark just for stamp duty.

I assume you would be borrowing the $185000 through accessing the equity you have in your own home?

If not then it will be impossible to borrow $185000 against a property valuation of $163000 unless a personal loan or similar was involved which really isn’t a good idea in my opinion.

I realise this is a simplistic question and i’m sure you are…[Read more]

Just adding further to what Wayne said…

In this scenario i doubt the MIAA will be of much use in this case. The MIAA is more of a figurehead professional accreditation service which most lenders require you to be a member of before authorising you to write loans on their behalf.

COSL is the credit industry ombudsman and in my opinion would be…[Read more]

Go to http://www.abr.gov.au and apply online. Takes about 5 minutes and your ABN is emailed to you instantly (assuming no futher checks need to be conducted)

Much easier than dealing with the ATO!

Haha no, i actually used to live in the area and know the house, that was the only reason i singled it out. No doubt there are many better buys, i was thinking primarily of the land value rather than the dwelling anyway, i’m a bit peculiar in that way!

Anyway hope it goes well and you find something suitable, be sure to let us know how it goes

Personally i’d prefer something like this on Bribie.

http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=103427613&f=10&p=10&t=res&ty=&fmt=&header=&c=30136837&s=qld&snf=rbs&tm=1163749292

Quite a few older homes in the Bellara/Bongaree region for mid 200’s, it’s just my opinion but unless you have a particular affinity for the Toorbul lifestyle,…[Read more]

Toorbul is a funny old place….

As the crow flies it is not too far off the beaten track, but it seems to take ages to get anywhere from there! For instance you could virtually throw a stone across the passage to Bribie Island, but to drive there takes the best part of 30-35 minutes. It really is quite isolated. Caboolture is the nearest major…[Read more]

As Lena mentioned, you will probably have to be more specific, there are many southern Brisbane suburbs and quite a few bayside suburbs as well.

Not only are there are a large number of suburbs, but the southside in particular has a massive variance in suburban ‘desirability’ (and therefore price). It contains some of the best suburbs in Brisbane…[Read more]

Hi Lena, there a few things i’d be very wary of with properties such as this.

As you probably already know, capital gain in the less desirable suburbs of Brisbane, particularly with units, has been less than impressive in recent times. I’m only taking a stab in the dark here but 30k south of the CBD i’m taking a punt at maybe the…[Read more]

The catch is lo-doc and no-doc loans require a substantially larger deposit.

Where with traditional full documentation loans you can borrow up to and in excess of 95% LVR, as TerryW says you would generally be looking at an 80% LVR at best for a no-doc loan. It ties up a lot of capital that wouldn’t otherwise be required if full documentation…[Read more]