Forum Replies Created
I have a wry smile on my face when RP data, australian property monitors, etc have varying "medians" for each capital city.
Here in perth recently (Jan) had three different organization quoting 3 different "medians" for perth.
Then REIWA brings out their quarterly report based on actual sales figures (From Dept Land Admin)- different again.
MAQ-WET wrote:Hey guys I already own a house but am looking to set up a family trust and transfer the
finance to the name of the trust. I am in Perth and looking for a good accountant, not knowing too
many people that invest in property in Perth im after a point in the right directionWelcome MW try Chan & naylor do alot with various trusts. accountants that are very much into property investments.
Qlds007 wrote:Dan is bang on.Firstly Stamp Duty will certainly be paid on the purchase and CGT on the assumption the asset had appreciated.
I cant think of 2 many lenders who would even touch a PIT or HDT in the current climate and the odd or two that do will not be attractive in terms, conditions or interest rates.
Richard last sept(2009) settled on a studio apt in melb which ad been purchased via a PIT with a copororate trusteeoff the plan back in 2007.
Had a good valuation so LVR was below 80%. Borrowed the money in my name with PIT giving property as security to CBA got rate and conditions.
Mike Lewis wrote:Hi everyone, Im new to the forum… hoping someone can shed some light as I've hit a brick wall. I have 4 properties with one of the major banks and want to buy another IP. I have been knocked back for finance which to me is a bit of an insult really, I've got a solid income plenty of equity and they say I have reached my maximum borrowing. They are telling me that if I want to buy again I need to sell which just doesn't add up. I hear of people who build large portfolios i.e. 10 – 20 properties plus and my question is how in hell do they do that. I spoke with a mate of mine who tells me its the way they secured the loans against the properties, can anyone offer me any advise on this? All the best MikeMike your secenario is very similar to mine but thankfully 3 of my IP's are stand alone so accessing the equity won't be too difficult. I have realized that i have got to a point that I need professional assistance ie Finance broker to move forward.
heed the advice from the gurus in richard , terry et al.
ChrisEd chan's "Wealth for life"
Hear hear
Peter you might want to check out this thread
https://www.propertyinvesting.com/forums/property-investing/help-needed/4330324
Living off the equity is the mantra of the Investors club?
Fredo you could have them privately valued. I did this here in perth in oct 2008 CBA were happy to accept them.
Hi mike thanks for your prompt reply. great service. also cheers for tip on getting a bit more off on the SVR than my already discounted rate.
Deprro have done ones for me in perth and melb. I think they are Aust wide about $400
cheers richard. I am I being cheeky by asking which lenders allow "cash out"?
Qlds007 wrote:Denny i think you are getting slightly confused on the situation.You would look to take out a line of credit sitting in behind your current loan (and Yes Westpac offer LOC's) and use this to fund the 20% deposit plus costs.
Then on a standalone basis would secure an interest only on the new investment property.
As both the interest on the LOC and the interest secured against the new IP is for investment purposes the interest would tax deductible. The "purpose test" is applied rather than where the loan is secured.
In turn you could invest some of the funds from the LOC into the share market and the interest would still be deductible.
It could be secured against a motor bike or stamp collection if there was sufficient value in these assets for a lender to lender against them.
So the LOC taken out with Lender A is secured by equity in your IP or PPOR to pay the 20% deposit + costs and the 80% is taken as a stand alone loan (Interest only) with lender B(or can it be lender A?) secured against purchased IP.
Will Lender A not require some info on where the money is being spent? I thought banks are being more stringent on the use of LOC's?
Deppro do agreat job and I think ar ebased aust wide
I have a three IP's with very healthy equity ie $200k ,$170K & $55K repectively. (we have 4 IP's, 3 standalone)
the strategy in the past has been to cross-colateralize with other properies(mainly PPoR )until the particular IP reached the required LVR then the additional security was retired.I'm interested in this notion of "refinancing" to unlock equity to fund more purchases is it similar to the above strategy? maybe the same strategy?
I have a good relationship with the CBA and get a 0.7% reduction an a varibale loans.
Am still learning.
Qlds007 wrote:Yes and charge you and arm and leg for that advice.You have been to C&N for this advice??
Talk to Chan & Naylor – property investment specialists
suehe wrote:My husband is aged 57 and has $620,000 in super, working parttime and salary sacrificing $1000 per month, we can withdraw $290K from our super now and are very keen on buying a unit here in Perth ($260k) while the prices are still down. Our main reason is having a place for our daughter who cannot afford a mortgage by herself, so the plan is for her to live in it and pay rent to us. Are there good tax breaks available to us. I guess what I'm asking is what are the advantages or disadvantages of doing this. Many thanks, Sue.Make an appointment to see Chan & naylor in perth. they will advise how to proceed in using SMSF to buy aproperty and how to strucure it correctly to maximize the tax benifits.
wuzziemoo wrote:HelloI looking at buying an investment property in Rokeby in Tasmania. Does anyone have experience in this area or elsewhere around Hobart and are willing to share their opinions or thoughts.
Thank you
kane
check out mypropertyhunter.com.au – buyers agent for Tassie
leok31 wrote:Does anyone know where I can get info on new apartments being build in Melbourne?HockingStuart ask for Rosie Dabic
