http://law.ato.gov.au/atolaw/view.htm?locid='PAC/19970038/118-145'#118-145

The above link may assist further. Your Accountant should be able to point you in the right direction, but if in doubt you can always request a ruling from the ATO on your individual circumstances but this will take time but give you a clear understanding.
Regards Grant

Hi,
I am happy to have a chat with you on the phone with no obligation to you to try and answer some of your questions and to give unbiased feedback if you like, what you do with the feedback is up to you, but I am happy to assist if need be.
Regards Grant

HI Ralph,

I to cannot comment on any of the above mentioned courses but I do receive emails from Knowledge Source who seem to promote a lot of these seminars for various speakers and promoters of their products. There are also companies out there who are more a fee for service for more specific education based around your strategy and what you…[Read more]

I have been to Newman, have clients in Newman, and know some of the Developers there as well. Newman is still considered a Mining Town, it was originally designed to be a temporary town for a mining hub. Local Council in the past few years have addressed the Town centre and replanned and developed a more permanent and user friendly…[Read more]

If the site is DA Approved, did you receive the Drawings submitted for the DA? To take on a 7 apartment development as your first venture is a big step, and I would recommend that you talk to as many QUALIFIED/EXPERIENCED people about moving forward.
As mentioned earlier, the funding on the Development will be Commercial, so be prepared to put up…[Read more]

Hi Jenny,

Yes you will need 5% Genuine Savings, all lenders nowadays with Loan to Value Ratios over 80% want to see Genuine Savings.
Regards Grant

Hi Shahin,

I agree, every persons circumstances are different and a full understanding of clients needs and personal circumstance should be taken by a broker before any product comparisons are presented.

Regards Grant

Hi Jenny111,

Homeloans is the lender that offers this loan package. Following is an example, (Please note that the interest rates may differ at anytime and the following is simply an example)

$400k Purchase

Term Loan with 100% Offset @5.79%pa
$360k (included in LVR: Max 95% ($12k LMI not included in LVR)

Plus

Line of Credit @5.89%
$20k…[Read more]

You would split the loan to be able to demonstrate for tax purposes the use of funds between Personal and Investment. Good Financial Housekeeping…

Hi,
I have just read the thread and thought to comment as well. The $40k that you refer to is Personal Debt so it gets priority either way. How and when you choose to pay this is up to you. To transfer over to your Offset on the new debt really defeats the purpose as it is still Personal Debt. Initially you may want to look at an Offset on that…[Read more]

HI,

There are various products in the market place which can become confusing. As noted in previous posts, the Broker should have completed a Client Assessment to understand your needs and what you are trying to achieve. For a Mortgage Broker to advise you to fix, I believe is stepping over the boundaries of their advise that they can give. Only…[Read more]

HI Sam,
My apologies on the Superannuation amount. I have attached another link that may help, I could not access the docs on the ATO website either.

http://www.macquarie.com.au/dafiles/Internet/mgl/au/docs-pa/articles/smsf-from-set-up-to-wind-up.pdf

Regards Grant

HI Sam,

With your Superannuation amount to date being $60k, and using this to purchase a property in a SMSF should be approached with some caution. It is being discussed by many in the SMSF industry that the ATO and ASIC have an interest in SMSF's being set up to solely invest in property without any other diversification within the fund. The…[Read more]

Hi Ben,

There is a feeling in the market at the moment that the RBA will look at another 25 basis points drop in the near future, what does this mean to the Lending Institutions?

The Lenders have not historically always forwarded the RBA reduction to consumers, so it is always an unknown until it happens. As Jamie pointed out, there is more to…[Read more]

Hi Michelle,
I have a number of scenarios I think are worthy of consideration, but there needs a little more understanding of your circumstances. Some further questions;

1. Are any of the loans Fixed?
2. Are there multiple Lenders, or just the one, who are they? There are interest rates in the market place now that are under 5% in the Fixed…[Read more]

HI,
The only time that I have come across changing the locks is when one of my Tenants moved on, a new Tenant moved in and within the first two weeks the Police arrived on the doorstep looking for the old Tenant! The kind and concerned Policeman suggested that the Tenant change the locks, At a cost of  $240 we changed the locks immediately. Happy…[Read more]

HI,
I agree with Jamie, seek legal advice and dependent on the State the house is in there may be different outcomes, but I would also suggest calling the State Revenue Office and ask them directly.

Cheers Grant

HI,
Have you completed any costs analysis and a feasibility on what you are trying to achieve. A lot of people fall into a trap when renovating with over capitalizing and not getting a return on their money as anticipated. What are you trying to achieve out of the renovation, increased equity, more rent as a 3 Bedroom, or is the property that…[Read more]

Hi Tanya,

I suggest your first visit should be to your local council, and talk with the Building Department to see what can be built on the site, and to also check if there are any easements that may hinder your ideas (restrictions on where you can build on the block, common easements are storm water drains, sewerage or underground power), along…[Read more]

Hi Richard,

Thanks for your comments. I was more alluding to the fact that there are companies out there that have pre-approved Trust Deeds, such as SuperFund Pro for most lenders.

My thoughts are if you are looking to set up a SMSF for the purpose to include property utilizing an Limited Recourse Borrowing Arrangement, that there should be as…[Read more]