Brizza replied to the topic Lending leniency in the forum Finance 2 years, 10 months ago
For my IP – I currently pay 14k per annum in loan repayments and this property has a rental income of 25k.
Would this loan effect my serviceability or improve it due to the excess of 11k per year?
Brizza started the topic Large Shed 114m2 into 2bd granny flat in the forum Value Adding 3 years, 2 months ago
Hi All,
Would anyone have a ballpark figure for construction cost to convert an approximate 114m2 (according to Google Earth) colorbond shed into a residence in Sydney?
Brizza started the topic Use Equity in 1st IP as deposit in the forum Finance 5 years, 4 months ago
Hi All,
Is it possible to use equity in my first house as a deposit for another IP?
1st 1P: 285k value, 132k owing, leaving 153k equity. Currently rents out at $250 per week.
I want to buy a 2nd IP at about 600k and have no deposit. I earn about 77k per year and about $150 untaxable income per week.
Is it possible?
Brizza started the topic Possible to borrow? in the forum Finance 5 years, 11 months ago
100k annual income.
Have 1 IP which is positively geared by $100 per week (income included in above 100k figure).
1st IP conservatively estimated at 300k, with 150k mortgage.
No deposit saved.
I would like to buy another IP for between 600k to 700k.
Would it be possible?
Brizza replied to the topic How much would I be able to borrow? in the forum Finance 8 years, 3 months ago
Thanks again. What about LMI? Does that have to be paid out of your own pocket or can that be capitalised into the loan about 95% LVR?
Brizza replied to the topic How much would I be able to borrow? in the forum Finance 8 years, 3 months ago
Thanks for your answers.
Do any lenders allow LMI to be capitalised above 95% LVR?
And are there many lenders who will do 95% LVR anymore?
Brizza started the topic How much would I be able to borrow? in the forum Finance 8 years, 3 months ago
1st IP – Owe $150k, worth between $200k to $250k. Current redraw available amount $10k.
Personal Income 135k pa.
Cash Deposit of Savings $20k.
Brizza replied to the topic Minimum Deposit Required in the forum Finance 9 years, 8 months ago
Would that be on the basis of constructing a dwelling and utilising the FHOG and stamp duty exemption, as if I purchased an existing dwelling, most of my 30k would be taken up by stamp duty and taking me out of the 95%LVR.
Brizza replied to the topic Minimum Deposit Required in the forum Finance 9 years, 8 months ago
A bit more information provided:
Single.
No credit cards.
No personal loans.
Inheritance been in bank for over 3 months.
No dependents.
Brizza replied to the topic Minimum Deposit Required in the forum Finance 9 years, 8 months ago
Thanks for the answer.
So more specifically, $70k per year salary, $30k in inheritance which I would like to use as a deposit. Is there borrowing capacity and if so, how much?
Brizza replied to the topic Minimum Deposit Required in the forum Finance 9 years, 8 months ago
Thanks for the reply.
So the days of 97% LVR and 100% LVR are over?
Brizza started the topic Minimum Deposit Required in the forum Finance 9 years, 8 months ago
What type of minimum deposit is required now for a loan?
I remember a few years ago, there were 0% deposit home loans.
A couple of examples:
1) On an existing dwelling for $450,000, what type of deposit would be required?
2) For a newly constructed dwelling with land for $500,000 (making me eligible for FHOG & no stamp duty), could you use the…[Read more]
Brizza replied to the topic Adding Spouse to Title in the forum Finance 9 years, 8 months ago
Thanks for the reply.
Brizza started the topic Adding Spouse to Title in the forum Finance 9 years, 8 months ago
I understand adding your spouse to the title of your home does not incur stamp duty. Which Government body handles this in NSW? Is adding your spouse name onto the title, adding their name onto the Torrens register? Are you supposed to tell your mortgagee first? Will the mortgagee have something to say about it if your spouse is added to the title?
Brizza replied to the topic Trust with a minor as the beneficiary in the forum Legal & Accounting 10 years, 3 months ago
In the event that trust profits are not distributed, does the onus fall back on the Trustee then to be taxed at the trustee’s normal rates?
Brizza replied to the topic Trust with a minor as the beneficiary in the forum Legal & Accounting 10 years, 3 months ago
Does a trust have a limit on the number of beneficiaries it can have and do the beneficiaries have to be named when the trust is drawn up?
Also, if 100% of the profit is distributed to the beneficiaries, does the trustee still lodge a tax return reflecting profit incurred through the trust. Also, does the trust lodge a tax return in its own right…[Read more]
Brizza replied to the topic Trust with a minor as the beneficiary in the forum Legal & Accounting 10 years, 3 months ago
Ok, cheers for the information.
Brizza replied to the topic Trust with a minor as the beneficiary in the forum Legal & Accounting 10 years, 3 months ago
So the beneficiary is assessed for the tax payable (which can be at high rates) but the trustee actually pays the tax on behalf of the child beneficiary?
Brizza started the topic Trust with a minor as the beneficiary in the forum Legal & Accounting 10 years, 3 months ago
In a Trust with a minor as the beneficiary
– Does the trustee pay tax or is the beneficiary as a minor taxed at a penalty tax rate?
– Is the beneficiary minor eligible for the 50% CGT discount?
Brizza started the topic Buying using a Trust Structure in the forum Legal & Accounting 10 years, 5 months ago
I’m looking to purchase an IP between 200k to 250k.
I have a 50k deposit.
I don’t want to purchase it in my name though. I briefly looked at a company structure but soon found out that there will be a high rate of tax when I do sell it one day.
What about a Trust structure? From my brief searching, it seems as though this is the norm. and is…[Read more]
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