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  • Profile photo of BrizzaBrizza
    Participant
    @brizza
    Join Date: 2003
    Post Count: 75

    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?

    Profile photo of BrizzaBrizza
    Participant
    @brizza
    Join Date: 2003
    Post Count: 75

    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?

    Profile photo of BrizzaBrizza
    Participant
    @brizza
    Join Date: 2003
    Post Count: 75

    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?

    Profile photo of BrizzaBrizza
    Participant
    @brizza
    Join Date: 2003
    Post Count: 75

    That certainly helps and on that basis 95% of 450K appears possible.

    Cheers

    Yours in Finance

    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.

    Profile photo of BrizzaBrizza
    Participant
    @brizza
    Join Date: 2003
    Post Count: 75

    A bit more information provided:

    Single.
    No credit cards.
    No personal loans.
    Inheritance been in bank for over 3 months.
    No dependents.

    • This reply was modified 9 years, 9 months ago by Profile photo of Brizza Brizza.
    Profile photo of BrizzaBrizza
    Participant
    @brizza
    Join Date: 2003
    Post Count: 75

    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?

    Profile photo of BrizzaBrizza
    Participant
    @brizza
    Join Date: 2003
    Post Count: 75

    Thanks for the reply.
    So the days of 97% LVR and 100% LVR are over?

    Profile photo of BrizzaBrizza
    Participant
    @brizza
    Join Date: 2003
    Post Count: 75

    Thanks for the reply.

    Profile photo of BrizzaBrizza
    Participant
    @brizza
    Join Date: 2003
    Post Count: 75

    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?

    Profile photo of BrizzaBrizza
    Participant
    @brizza
    Join Date: 2003
    Post Count: 75

    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 or is the ‘trusts’ tax return, the tax return of the trustee?

    • This reply was modified 10 years, 4 months ago by Profile photo of Brizza Brizza.
    Profile photo of BrizzaBrizza
    Participant
    @brizza
    Join Date: 2003
    Post Count: 75

    Ok, cheers for the information.

    Profile photo of BrizzaBrizza
    Participant
    @brizza
    Join Date: 2003
    Post Count: 75

    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?

    Profile photo of BrizzaBrizza
    Participant
    @brizza
    Join Date: 2003
    Post Count: 75

    Thanks for your response. What are the current interest rates for such a security? How much would the repayments be over 15 years?

    Profile photo of BrizzaBrizza
    Participant
    @brizza
    Join Date: 2003
    Post Count: 75

    Do lenders still only go upto 60-70% LVR for Taxi Plates?

    If this is still the case what sort of repayments and over what time period would be expected with a 40% deposit?

    Profile photo of BrizzaBrizza
    Participant
    @brizza
    Join Date: 2003
    Post Count: 75

    On another note, besides following the usual path of getting hammered at a big 4 firm for 3 years and coming out with a CPA / CA. Do any graduates follow the path of getting experience as an Accountant to meet the ATO tax agent registration requirments and look to practice on their own?

    Profile photo of BrizzaBrizza
    Participant
    @brizza
    Join Date: 2003
    Post Count: 75

    Thanks for all your replies and input.

    I'll finish the initial studies first and work out what I want to do from there.

    Profile photo of BrizzaBrizza
    Participant
    @brizza
    Join Date: 2003
    Post Count: 75

    I see. Thanks for the info.

    So from a legal ownership perspective, if I've wrapped my property and the transfer documents have not been lodged, and no stamp duty paid, is my spouse entitled to half during a divorce? As in, do I still own it or do the people I'm wrapping it to own it?

    Profile photo of BrizzaBrizza
    Participant
    @brizza
    Join Date: 2003
    Post Count: 75

    Thanks for the info. During the wrap process, are relevant docuemnts lodged with the authorities to signify the transfer of ownership?

    Profile photo of BrizzaBrizza
    Participant
    @brizza
    Join Date: 2003
    Post Count: 75

    Any more additions to this topic a couple of years on?

    Profile photo of BrizzaBrizza
    Participant
    @brizza
    Join Date: 2003
    Post Count: 75

    Thanks for your answer

Viewing 20 posts - 1 through 20 (of 43 total)