Forum Replies Created
The 40% taken from capital profit sounds like the new shared equity loans that Adelaide bank has introduced where they invest 20% and take 40% of your capital gain when you sell. These are for first home buyers and there is a limited amont of money being released.
Some lenders do not like HDT so double check with any lenders if HDT is ok with them.
Brett Duxbury
Duckster Financial Services
Mortgage Broker
http://www.ducksterfinancial.comComments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Tass . Check with your existing bank if you will be charged a fee for refinancing your mortgage away from them.
Ask the broker what fees the lender is going to charge you to set up a loan. Are the establishment fees deferred or upfront. What time frame is there for the deferred fees to not be charged if you break the loan.
Is the broker a member of the MFAA, COSL (odbudsman) and do they have professional indemnity insurance will the broker disclose to you what commissions he/she will get paid from the lenders. Tell your existing bank you want to know what it will cost to refinance away from them as a mortgage broker just rang you up and ask the mortgage broker what is the best interest rate and is it an introductory interest rate for one year or two years or three years. Ask what monthly bank fees are you going to pay. Ask the broker is he/she going to offer you an offset account and ask them how it works.Brett Duxbury
Duckster Financial Services
Mortgage Broker
http://www.ducksterfinancial.comComments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
In Victoria the landlord pays for the water rates and the tenant only pays the excess water component. I would think the excess water component would be impossible to measure in this situation.
I would think that the body corporate would have to get permission from the water company if it wanted to install seperate meters.
As the meter reader would have to read each individual meter.
I know of a strata title lot of units that has one main meter and then has individual meters for each unit.Brett Duxbury
Duckster Financial Services
Mortgage Broker
http://www.ducksterfinancial.comComments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
depending on the workmanship you most likely will need to consider insuring the quality of the workmanship . Builders liabilty insurance I think it is known as.
Brett Duxbury
Duckster Financial Services
Mortgage Broker
http://www.ducksterfinancial.comComments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
You could go to the troyandbec property investor meetings they cost $5 and learn about property investing and see some presentations from time to time from results participants. There will be another meeting in April or buy their filmed meetings.
I think it was on the 16th lookout for the next posting for April about a week before actual meetings. You could get added to their mailing list.
Look for the address from this months posting https://www.propertyinvesting.com/forum/topic/27503.html
about the march meeting that has already occurred.Brett Duxbury
Duckster Financial Services
Mortgage Broker
http://www.ducksterfinancial.comComments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
look into doing a family pledge on part of your equity. Look into if lenders will be ok with you gifting her part of the money and will see it as geniune savings for her home loan.
Brett Duxbury
Duckster Financial Services
Mortgage Broker
http://www.ducksterfinancial.comComments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Baz
Check out
http://www.pepperhomeloans.com.au/borrower_overview.asp
near prime lvr to 95%
A problem you are going to have is you want an owner occupied no doc loan and a majority of lenders will not lend no doc to owner occupied.
check out also
http://www.bluestonemortgages.com.au/page.aspx?id=327
http://www.liberty.com.au/home_loans.aspBrett Duxbury
Duckster Financial Services
Mortgage Broker
http://www.ducksterfinancial.comComments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
do a google search for a book called trust magic
or
go to online shop on this forum web site and select all products
look for
WealthGuardian (Revised & Updated!)Some lenders will not lend to trusts and have problems lending to hdt type trusts
Brett Duxbury
Duckster Financial Services
Mortgage Broker
http://www.ducksterfinancial.comComments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
If the income from the investment property is less than the expenses incurred for the investment property you are making a loss or breaking even. This loss can be negatively geared against other income (rent from other properties or a wage) thus reducing your tax assessable income. If breaking even you won’t pay income tax on the rental income.
If the investment rental income is more than the expenses incurred you will pay tax and might be expected to fill in an individual activity Statement with the ATO.
The marginal tax rate will determine if negative gearing is worth doing.
You should talk to an accountant to get specific advice based on your situation and whether it is worth doing.A Drawback is when you sell you will be liable on the investment property for capital gains tax if you make a capital gain.
Do not Borrow money for a house you will live in and then rent your old home out and try and claim a tax deduction it is not tax deductible and this will be picked up by the ATO
Brett Duxbury
Duckster Financial Services
Mortgage Broker
http://www.ducksterfinancial.comComments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
See
https://www.propertyinvesting.com/resources/40.htmlRenovators Toolbox on Online Shop link in this web site
Always get at last three quotes from the trades people.
Also Author of Reno toolbox has been conducting renovation tours
I found out about this product from attending TroyandBec ‘s investing meetings that are held monthly.
Brett Duxbury
Duckster Financial Services
Mortgage Broker
http://www.ducksterfinancial.com
Helping to make the great Australian Dream come true !Comments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
P.S if you need a Mortgage broker look no further.Contact Plan Australia
http://www.planabettermortgage.com.au/
Ask them about their broker development program
1300 78 78 14 Victoria
They will be taking a new intake soon
They will provide you with training and support…
use this link if in another state
http://www.planaustralia.com.au/indexInfo.htmlBrett Duxbury
Duckster Financial Services
Mortgage Broker
http://www.ducksterfinancial.com
Helping to make the great Australian Dream come true !Comments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
P.S if you need a Mortgage broker look no further.When I was dong my commerce degree I had to do a business plan for an uni assignment. The most important feature in a business plan is easy to read graphs. So you need to project your expected earnings over a number of years based on an assumption that you will grow your business by xx% per year. You can get a good idea of what needs to go into a business plan by searching the net for business plans to get ideas of what has to go
into a business plan.
Try these links for further resourceshttp://www.business.gov.au/Business+Entry+Point/How-to+guides/Thinking+of+starting+a+business/How+do+I+write+a+business+plan.htm
related pages right hand side of screen – templates available ..http://www.sbcs.org.au/SBCS-BusPlan.pdf
http://www.tenonline.org/sref/jg3.htmlsamples – http://www.businessplans.org/
http://www.businessplans.com.au/Services/FREEKickStarterPack/tabid/72/Default.aspx
http://www.anz.com/aus/promo/anzbusinessplan/default.asp?from=MPS
http://www.adelaide.edu.au/echallenge/docs/bplan_template.pdf
http://www.planware.org/businessplanfreeware.htmproject management templates
http://www.egovernment.tas.gov.au/themes/project_management/project_management/resources
http://www.e-businessguide.gov.au/__data/assets/file/982/e-businessguide_Template_Document_-_E-business_Plan_Template.rtfpay $30 type
http://www.planigent.com/html/template.html
pay $50 USD
http://www.capitalvector.com/bplan.htmlBrett Duxbury
Duckster Financial Services
Mortgage Broker
http://www.ducksterfinancial.com
Helping to make the great Australian Dream come true !Comments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
P.S if you need a Mortgage broker look no further.Michelle I have sent you an answer in personal messages
Brett Duxbury
Duckster Financial Services
Mortgage Broker
http://www.ducksterfinancial.com
Helping to make the great Australian Dream come true !Comments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
P.S if you need a Mortgage broker look no further.Also mention to the lender what you expect the rental income for the investment property will be as lenders will add a portion of this into the servicability calculations. If you have large credit limits on your credit cards that are not being used you will reduce your servicability. Also any amount owed on other loans will affect servicability.
Duckster Financial Services
http://www.ducksterfinancial.com
Helping to make the great Australian Dream come true !Comments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Estimated Breakdown of costs
based on LVR 95%
Value of Property $143,000
Application fee $600
Mortgage Registration $75
Land transfer $452
Stamp Duty $4060
Loan mortgage insurance $2676 estimate added to loan
Buyers deposit $15132 (FHOG +5132)
pay stamp and app fee from remaining funds
Loan of $132,950
Final Loan amount with LMI $135,626
repayment of $450 per fortnight based on 8% interest rate 30 yr term P & IBased on LVR of 100% if you can find a bank that will accept it
Value of Property $193,000
Application fee $600
Mortgage Registration $75
Land transfer $570
Stamp Duty $6460
Loan mortgage insurance $5246 estimate added to loan
Buyers deposit $0
pay stamp and app fee and difference in loan from property value from remaining funds
Loan of $187,035
Final Loan amount with LMI $192,281 added to loan
repayment $631 per fortnight based on 8% interest p & I 30 yr termCan you afford the repayment is what you have to decide.
No responsibilty taken for reliability of figures I recommend you talk to an appropriate lender for an exact quote on costs.Duckster Financial Services
http://www.ducksterfinancial.com
Helping to make the great Australian Dream come true !Comments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
check out non conforming lenders as lvr is low they may accept it also.
Duckster Financial Services
http://www.ducksterfinancial.com
Helping to make the great Australian Dream come true !Comments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
There is a risk of receiving an Audit if your low doc income declaration varies from your business income declared to the ATO.
The ATO has a computer system called AUSTRAC that cross checks the data so there is an element of risk that they may ask the bank for a copy of your income declaration information. By law your lender would have to provide this information if the ATO asked for it.
Also what year are you looking at as the ATO can go back several years after the event now or into the future.You can read all about the audit on the ATO web site
http://www.ato.gov.au/corporate/content.asp?doc=/content/mr2004042.htmDuckster Financial Services
http://www.ducksterfinancial.com
Helping to make the great Australian Dream come true !Comments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
check out this web site it may help
http://www.land.vic.gov.au
select guide to property values in right side / in middle of screen or
try
http://services.land.vic.gov.au/landchannel/content/guideDuckster Financial Services
http://www.ducksterfinancial.com
Helping to make the great Australian Dream come true !Comments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Not sure on if you would be eligible for two home buyers grants
email [email protected] and ask them if this is possible to be safe. You would have to live in the home to get this grant
see
http://www.osr.nsw.gov.au/pls/portal/docs/page/downloads/other/fhb_factsheet.pdf
and
http://www.osr.nsw.gov.au/portal/page?_pageid=33,63391&_dad=portal&_schema=OSRPTLTDuckster Financial Services
http://www.ducksterfinancial.com
Helping to make the great Australian Dream come true !Comments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
