Forum Replies Created
You need to be sponsored by a mortage broker company to gain membership into the MFAA due to the requirement to have 2 years experience which is impossible to get unless you can get sponsored / mentored it is a sort of catch twenty scenario
see
http://www.mfaa.com.au/default.asp?artid=1879
You also need to be lender accrediated for each lender you deal with. Most are fairly easy except for CBA which is difficult to learn and pass the test.
You also need to be a member of COSL.
Y
ou have to be aware of if your aggregator will provide you with sales leads or if you are expected to find your own sales from people you know.
If you are trying to get affiliates you may find it difficult as a lot of the places already have mortgage brokers.
Also you need to be a very optimistic person who can tolerate having no told to you a lot.
Also you need to be aware if the aggregator is going to pressure you to get sales leads and write mortgages.
Also you have to be aware if the aggregator will pay your commission straight away or after the settlement of the loan.
You need to find a mentor see link below for an example.
http://www.diamondfinance.com.au/become-a-mortgage-broker-mentoring-program.htmlThe trading post or EBAY
Or if you are desperate for a quick sale an auction clearing place. see below for an examplehttp://www.youngsauctions.com.au/
or
Swan St Auctions & Sales365 Swan St
Richmond, VIC 3121(03) 9428 0677?
>Angus Antique & Estate Furniture
263 Swan St
Richmond, VIC 3121
(03) 9428 2744?It is also good for the data on the 8 last back pages for the growth of suburbs in each state of Australia. Sometimes a State may be missed out on the odd month.
The business mall has a lot of books for sale on the internet . http://www.businessmall.com.au/Valuer can do a number of types of valuations
Curb side – They drive past
Full – They examine the inside and outside of the property
Estimation – From the plans of the house they estimate the value.
Banks use a panel of valuers and you could ask the bank if they accept a valuation from another valuer on their panel,
ASK the bank for a list of their panel valuers and ask if they accept all of them for the loan you are looking for.Normally line of credit loan – 80% LVR – (debt owing)
Line of credit loan is a facility that you can draw on when you need finance to a pre approved limit and then you transfer the money to your nominated savings account.I would argue that the first home buyers grant has pushed up the price by allowing first home buyers to get $24,000 given to them rather than them saving up the money as property investors prior to 2000 had to.
I have an $18,000 hecs debt I would love the government to give me $18,000 for nothing without having to pay it back.This might help you get your head around working out the cost base
http://www.ato.gov.au/individuals/content.asp?doc=/content/36907.htm
http://www.ato.gov.au/corporate/content.asp?doc=/content/86198.htm
http://www.ato.gov.au/corporate/content.asp?doc=/content/00150720.htmI can’t answer the other part of the question but if I was you I would ask the tax department if you can do a balancing adjustment on a capital expenditure depreciation (building write off)
Ring them up on 132866 business taxpayers or 132861 individuals they are very helpful at answering questions.I am with CGU and I have claimed through them and it was ok but now they have an excess of $500 to pay on a claim.
not sure if they cover flood damage.student accommodation – students have breaks in the year from university and do not really need to pay rent if they go home for holiday breaks.
Just an idea –
I saw that they are bull dozing houses in the USA on the television.
Made a mistake with last post
duckster wrote:Superannuation is the most played around with investment by Governments.
The government is currently changing the laws in superannuation for salary sacrifice for over 50 year olds as they look for ways to cover the shortfall in tax revenue predicted for the next 4 years.
What else will change !
Lower income spouse Co-contribution – being changedI really like a scheme where I am restricted by a reasonable benefit amount; told how much I can invest into superannuation and also told I can’t use leverage through borrowing money to invest in superannuation.
P.S
Your link doesn’t work because you left out an m in com when you posted your one post.Superannuation is the most played around with investment by Governments.
The government is currently changing the laws in superannuation for salary sacrifice for over 50 year olds as they look for ways to cover the shortfall in tax revenue predicted for the next 4 years.
What else will change !
Lower income spouse Co-contribution – scrapped alsoI really like a scheme where I am restricted by a reasonable benefit amoun; told how much I can invest into superannuation and also told I can use leverage through borrowing money to invest in superannuation.
P.S
Your link doesn’t work because you left out an m in com when you posted your one post.Yes
You have to proportion your expenses
number of days 1st of may to 30 june 09 (if rented from 1st may)
divided by 366
multiplied by expenses incurredSo number of days after 1/7/09 to september 09
divided by 366
multiplied by expenses incurredsee http://www.ato.gov.au/content/downloads/IND00133187n17290608.pdf
However if you got first home buyer grant you can’t rent property out for 1st 6 months as you have to live in it !
So if you declare income and expenses you can expect to pay back FHOG.If you move back into house you need to get a valuation done to protect you from capital gains tax liability in the future as the valuation is proof your house changed from investment to
Main residence at x value amount in year 2009.
This is because if you claim expenses against rent you incur capital gains tax if the value goes up on the house, if you do not get valuation done you may sell in ten years time and have to prove which capital gain was exempt as a Main residence from September 09.Welcome to the forum.
Your first port of call should be to a loan manager or mortgage broker to find out what you can afford to borrow.
This will dictate where you can afford to buy.You can get a line of credit loan in your name secured against the joint owed property.
However the bank will require your mother to go to a solicitor to have the legal implications of this sort of arrangement and the risks involved to her explained . The solicitor then stamps the loan paper work and signs it.
This is required by the banks to protect themselves, as borrowers have borrowed money against a security without the other person fully understanding the legal implications
When things have gone pear shaped the other joint owner has simply claimed they had no understanding or knowledge of what they were signing and that it wasn't explained to them properly and the contract has become null and void and the bank loses money.I have done the above and spoken with the solicitor that is how I know about this situation.
Are you planning on renting the house out.
The tax deduction is for the expenses incurred to derive income from the property.
Also how new is the property as you can claim depreciation on the building costs if new of 2.5% a year however your capital gains tax liability will increase by 2.5% a year if you claim it.
Another thing is your tax rate on your job income.
see my explanation in this previous posting https://www.propertyinvesting.com/forums/getting-technical/legal-accounting/4327544One method is to put enough cash into the property or an offset account to make it cash flow positive if you are investing.in a rental property.
If it is a PPOR or main residence it is not tax deductible so you don't want to borrow as you cannot claim the interest expense or any other expense.Do not forget Bank A 's customer retention system swings into action to try and save the customer from refinancing away from them.
Also check and make sure Bank A do not have punitive break fees !
Your name, your phone number, and what sort of property you are looking for (maybe on the back)
see http://www.vistaprint.com.au for do it yourself cheap business cards.One pitfall is the large scale development requirement for the National Rental Affordability Scheme
see
http://www.fahcsia.gov.au/internet/facsinternet.nsf/housing/nras.htm
(there is a number on the web site to call to book ito an information nightThis firm below was advertised in API Magazine MAY 09
http://questus.com.au/
(not an endorsement or advertisement – Just information you may find enlightening)What are you trying to guard against. Outside internet attack?
. A router is a method of making it a little harder to be attacked as the IP address is different from the IP address on each computer. Also the router can assign the IP addresses via DCHP protocol to each computer on your network.
Software for firewall . Probably Mcafee Internet security on each computer to protect for Firewall , Spy ware and Virus attack.
I use CA myself
If using wireless networks – Encryption is a must and if you want to make it harder do not broadcast the name of the wireless network. This is done by logging into the router IP address from a browser on a wired connection into the back of router.
Cabling – if you are worried about eavesdropping off cables use shielded cables
Backup – You most likely will need some sort of backup routine and an offsite copy as well in case building is destroyed.Are you after a company that can install the setup ?
I don't know as I installed my own wirelss network
Can't recommend a company
Do a search in google for
computer networking installersAs an example
http://www.totalnetworksolutions.com.au/
