Two 007s in Queensland, "I must be dreaming'

Thanks Mandy G,Will send you a message shortly.RegardsPete

Thanks Terry, does this mean i'd have to refinance or would the banks be willing to make the change? especially if the new director was in a better financial positon.regardspete

I'm just wondering what happens when a director has given a personal guarantee and who then ceases to be a director.is the former director able to be removed and the guarantee placed on the new director? i'm sure it can be done but do banks allow this?I only ask as i'm currently an alternate director so would hope to pass gaurantees onto the di…[Read more]

Thanks Spiro,I have not gone to one of their evenings yet but hope too.I'm currently trying to reach their HR so far with little success. will let you chaps know what they say.cheerspete

As someone starting out, i also agree the regs aren't tight enough. I'm aware that now is a hard time to start but you have tostart somewhere, i already put it off several months to see what the changes would be, turns out it wasn't worth waiting for.Will take a look at aussie thanks guys. I'm just wondering what percent range a new starter c…[Read more]

Thanks Terry and Eddie, your both a great help.i am looking into setting up a trust and finding an aussie to be the director of the trustee company until i get my pemanent residents. as im trying to be creative in order to own 2nd dwellings i was wondering if either of you had any experience in using bare trusts?i ask this as its my understanding…[Read more]

ive just come across them online and would also like to know if anyone has had any dealings with themregardspete

thanks terry big help.i dont suppose you have any experience with dealing with foreign investors? my partner is an aussie citizen but i am still classed as a temp resident and so am bound by firb criteria.as you probably already know this means i cannot buy 2nd hand property for investment purposes, it also means i cannot be a sole director of a…[Read more]

Firstly great thread, one of the best ive read so far, alot of info herei recently went to perth to see an accountant for the 1st time in relation to property investing as i wanted to discuss trusts.my situation (or rather my partners situation)2 IPs both pos geared and with recent price drops very little CG both of which also held for more than…[Read more]

hi guys , can someone please correct me if im wrong!!my understanding is that a foreign person cannot be a sole director of a company even if they are resident in australia, so to have a company as trustee you need a perm resident or aussie citizen to be a director.from what i have read from the firb website, A foreign person relating to company's…[Read more]

thanks again terry, I thought that may be the case, i am just trying to figure out why lenders wont accept it any more.Are there ways that you can get a mortgage for say 80% from a traditional lender and pay the 20% deposit  then have the lender take out a 2nd mortgage?I assume this is possible however would like some thoughts on ways to do it…[Read more]

thanks terry, can i ask how the differs from the example below?my understanding is a discretionary trust can be loaned funds from say me (a beneficiery) and these funds can then be used as a deposit to purchase property, i can even sell my own property to the trust which i (the vendor) would have in effect lent the buyer (trust) money to pu…[Read more]

i now understand that banks will usually take the contract price – rebate as the cost of the purchase for lvr.are the any lenders who will consider lending on the contract price?im also aware that point 2 on my previous post has no benefit to the costs involved compared with negotiating a lower price to the samevalue as the rebate.does anyone…[Read more]

hi guys, i came across this thread and thought id add to it instead of starting a new one as its of a related topic.Q) as a buyer, is offering the vendor asking price provided they give a rebate instead of negotiating the price down considered fraud?the situation!the area im in, prperty prices have flatterned or in some cases slightly dropped. as…[Read more]

thanks for that guys.Richard can i ask what you are refering to when you mentioned taking cash out the property when refinancing could be an issue to a related party?plan so far is to transfer the ppor into the trust 1st as this has cgt exception and also has the highest CG.costs could be a killer but to start with trust/company set up fees, loan…[Read more]

Thanks again Terrywwhen declaring yourself as a gaurentor either because you are a director or beneficiery, does this in a lenders eyes class you as having a loan for that amount yourself when you apply for a loan?on a related topic, if you rented  a property from your trust fully furnished (paying market value) i understand this makes the…[Read more]

Thanks for that Terryw, that helps me out alot in my understanding. i still have a couple more Qs however1)you stated that a new trust can easily borrow money in its own right but i am wondering what sort of a lvr we are talking? i have done a good old google search but found that only credit unions loan at a high lvr or major lenders dont state…[Read more]

Could someone please verify my understanding of discretionary trusts with a compay as trustee?1) set up a company that will hold no assets of its own2)set up a trust with the company as trustee and a couple of people as beneficiaries (the company can also be a trustee and therefore have a max 30% tax rate)3)funding hmmm, a)beneficiary gifts money…[Read more]

sorry Richard i didn't put it in a very clear way. but you hit the nail on the head!i wasn't sure if lenders would see it as as an accetable/safe form of income for my partner for further lending purposes.thanks again for your help!!!Pete