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melbear
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@melbear
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January 17, 2004 - 11:58 pm
‘Sell PPor 380000
Less owing and costs (160000)
Balance 220000′
Leigh, I thought Sue covered that in the above?
Cheers
Mel
melbear
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@melbear
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January 17, 2004 - 8:19 am
Sounds like good numbers to me Sue.
Can you subdivide the land, and have separate title?
Cheers
Mel
melbear
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@melbear
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January 17, 2004 - 8:11 am
Luke, mate, in this instance I say give it a couple of days to let Mortgage Hunter work his magic.
with a deposit bond, I believe the banks and insurance companies are tightening up their criteria, and you basically have to qualify for the loan anyway. Also, to use a deposit bond, you hand it over on exchange of contracts as it is your deposit. Then you’re either unconditional or subject to finance, so you need to know where you’re at with that anyway.
Patience my friend.[^]
Cheers
Mel
melbear
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@melbear
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January 17, 2004 - 8:08 am
Kiwi, the main point with the Super money and using it for deposits etc. is that it is in a Self Managed Super Fund – not in one of the industry funds etc. I don’t know of any way to get that money for deposits.
Cheers
Mel
melbear
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@melbear
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January 17, 2004 - 7:57 am
Arty, you’re right – I definitely won’t be picking a fight with you! []
Cheers
Mel
melbear
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@melbear
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January 17, 2004 - 7:56 am
Originally posted by Fibejebe:
Not even sure how it happened as I thought the game was only controlled by the mouse. []
Nope. All the number keys control it too.
ie 1-8 for the columns. 9 is either for the 4 at the top, or to move a card straight to the ‘discard’ and 0 for the one that 9 is not.
You can still play a game until you beat it – when you start a new one, just select that number to play.
Cheers
Mel
melbear
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@melbear
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January 17, 2004 - 2:10 am
At the moment, there is an administrator, who is talking to all the creditors. they get to vote on whether or not they wish to liquidate the company, or let it trade in the hope that they will get more $$ back.
I don’t think any of this will affect Henry Kaye personally – it’s only a couple of his companies involved, and from all reports that leaves him with another 100 or so that he’s a director of.
I think if they liquidate, and creditors get 2c in the $ back, that is when the ‘bankrupt’ terminology would suffice, but I”m only guessing.
Cheers
Mel
melbear
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@melbear
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January 17, 2004 - 2:00 am
SIS, I think there are self help groups that will be able to help you over your addiction[:p]
Cheers
Mel
melbear
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@melbear
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January 17, 2004 - 1:57 am
Originally posted by Julia:
It is not worth paying a quantity survery unless the property (if residenital) was built after July 1985 as it is the building depreciation that makes it worthwhile.
Originally posted by Mortgage Hunter:
Check out bmtassoc.com.au Quantity Surveyors.
I believe they refund the fee if the report they produce does not get you double their fee in refund.
Jimbo, if bmtassoc do refund the fee you have nothing to lose! For info, I had a QS report done on a 30 year old property, and have got quite a lot of depreciation on carpets, curtains et al.
Cheers
Mel
melbear
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@melbear
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January 17, 2004 - 1:45 am
Jackaroo, I’d contact one of the mortgage brokers on this forum, and run your income/assets/strategy etc. through them. They will let you know where you’re at, and can advise where to go from here.
Cheers
Mel
melbear
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@melbear
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January 17, 2004 - 1:33 am
Believe half of what you hear and none of what you see and you’ll be safe…old drunks tale ![8]
I always thought it was half of what you see, and none of what you hear?
Cheers
Mel
melbear
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@melbear
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January 17, 2004 - 1:29 am
Bruce, I think this was a loophole that the govt recently closed. I would suggest you speak with an accountant regarding the possibility or otherwise (but also, if the money stays in the trust, it will be taxed at 47.5%).
I have no spouse or dependents, but I do have siblings, a nephew and parents. they are all listed in my trust (a trust can be very broad, and a discretionary trust allows you to choose who gets the money, so you don’t have to give anybody anything).
Definitely speak to a good accountant. If nothing else, a trust affords you more asset protection than a sole trader.
Cheers
Mel
melbear
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@melbear
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January 17, 2004 - 1:19 am
Tell her happy birthday from us – o ***** father of Muppet.
Why won’t you answer my question? I’m developing a complex now. I didn’t mean it when I said you were old, really I didn’t[].
Cheers
Mel
melbear
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@melbear
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January 16, 2004 - 2:58 pm
Hi burbonbill
Yep, it’s legal to sell the first place, however, you’ll find that the bank wants you to substitute the security, or pay some off the loan to bring the LVR back to 80% against your IP.
Or if you have set up an LOC against the place with equity, and used that for the deposit (therefore avoiding cross collateralising), the bank will require that the entire loan is paid out.
Cheers
Mel
melbear
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@melbear
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January 16, 2004 - 2:53 pm
Originally posted by ijballin:
Shortest successful counselling event ever!!
Look how Mel bounced back!
Ivan
Still forgetting things, if I remember rightly
[][][8D][:p][:o)][][]
Cheers
Mel
melbear
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@melbear
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January 16, 2004 - 2:44 pm
Originally posted by kay henry:
Oh Mel- you big numbercruncher! Well this one is still a record- it’s a single- the other post you referred to is an LP
kay henry
[]No, it’s just that it’s resurfaced and I saw the number of reads.
Hey Kay, one more post and you’re a Blue Member (used to be pretty gold stars, but alas no more)
Cheers
Mel
melbear
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@melbear
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January 16, 2004 - 2:37 pm
We always get about $10K worth of contents insurance – and definitely some public liability insurance.
Tenants policies do not cover your carpets, light fittings, internal walls/doors, curtains etc., so if you don’t do it yourself you could be in for a rude shock if something happened.[!]
Cheers
Mel
melbear
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@melbear
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January 16, 2004 - 2:31 pm
Thayer, they all look like ones I would take further interest in.
Now you need to work out what you’ve got to put in, and how much the interest would be on the remaining loan (don’t forget you’ve got to pay stamp duty and legals out of your own cash).
Then find out all rates, land tax etc. costs, and add that to your interest costs.
Work out what will give you the best cashflow/ cash on cash return.
Also don’t forget to find out when they were all built – remember, post 1985 houses have much better depreciation (non cash deductions[]) than do older ones.
Cheers
Mel
melbear
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@melbear
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January 16, 2004 - 2:28 pm
Dragon, another option is to establish a LOC or offset account against the IP, and borrow some extra $$ against it – BEFORE your wife stops working.
If you get, say $20K (or more, whatever) and have it sitting in the offset account, you won’t pay interest on it until you use it. then you can use this money to fund the repayments while you need to. yes, it is increasing your loan, but not by a massive amount, and enables you to keep it.
Cheers
Mel
melbear
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@melbear
Join Date: 2003
Post Count: 2,429
January 16, 2004 - 2:10 pm
Hey guys, it’s not as if I spend all day every day doing stuff for others[8]
I recently splashed out and bought myself my shiny new (well 3 yr old) RAV4, and I have muchos funos driving it round the traps.
I spend lots of quality time with my godson, and read books and chat to you lot on the web, and sleeeeep (oh, I love sleep), and go to the movies and out to dinner. And down the coast to relax.
Cheers
Mel