Forum Replies Created
- Originally posted by ellis1:
Hi Simon,
As a newbbie to this forum I am amazed at how helpful everybody is! I like most people have bad debt which is taking a toll on my good debt. Unfortunately I bought properties just before prices starting heading down and this has had a huge impact on my LVR. Would love to get some personal advice from some mortgage brokers about increasing LVR for a short period?
“If you can dream it, you can do it!”[biggrin]
Thank you for your kind words.
By all means give a broker a call and run your situation past him.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by Derek:Simon,
Well written – do I have your permission to give a copy of this to my wife and two daughters?
Derek
[email protected]
http://www.pis.theinvestorsclub.com.au
0409 882 958
Skype – derekjones2113Course you can Derek.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Either of these guys will do a sterling job for you.
Be careful with those big franchises. There are some great brokers working there but you are also likely to be allocated the new guy…. McBrokers I call them [biggrin]
They share much of their comissions meaning they need to do more loans than us smaller operators – you may end up being advised by little more than a factory..
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Why do you think they are your only choices?
Sounds like either option is unattractive so why not consider option 3?
Sell the land and buy something that improves your current situation.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Stephen,
You might be better off spamming a US based site.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
He can complete the FHOG application and submit it with his loan application in order to have it for settlement.
He can submit it to the OSR after settlement and receive the funds directly himself.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Of course you cannot refuse to rent to a smoker.
You may state that smoking is not permitted in the house but how on earth can you police something like this.
I think if this is a big issue to you then perhaps direct property investment might ot suit you.
Your rental properties will end up with wear and tear regardless of whether or not people smoke.
All the best
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
During the boom people made money just by holding a long term contract on an OTP place.
Some investors were left holding the baby and now have to settle at inflated prices.
Be very careful and make sure you get an independent val if you pursue this path.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Grant didn’t exist back when you were a first home buyer.
You are no longer a First Home Buyer so no entitlement.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
The financial planner is itching to invest it for you to get his 4% comission and annual fee for managing it.
If you feel managed funds are the way ahead then do your own research and buy them through a discount broker. You will then get $100K worth of funds instead of $96K worth.
http://www.morningstar.com.au is a place to start.
Shares (either direct or thru a managed fund or two) and property are both realistic investments.
You need to do some learning before spending the money. Spend a few months reading books and websites and talking to other investors.
In the meantime check out http://www.ingdirect.com.au for a nice place to store the cash.
If you have a homeloan then consider putting it there and redrawing money to invest. Will make part of your homeloan tax deductible. Best to speak to an accountant first.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Is it a purpose built student Facility or a converted house?
If the latter then normal residential loans apply but the former is generally treated differently.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by ginnybear:
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Cool – we get someone new in here every week promoting some Eastern European website selling investment properties. Add this to a member with one post to his name and you can see why my spidey sense started tingling.
Going down this path entails a much higher risk profile than investing in normal Australian residential property.
Combine Gold Coast resort sales from the 80’s with a 2nd world country… get my drift.
But I have no experience in Bulgaria.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Sounds like you work for the website Dave?
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I would be very very cautious about getting involved with this sort of deal.
Your sister may well be best off cutting her losses and taking whatever lump sum is left after the sale of her home and use it to start again.
She needs to avoid going bankrupt if she wants to buy again tho.
If she is desperate to keep her place then have her call a decent broker who can run some fugures and see if there is any conventional means open to her. If she has been defaulting on her loan then there are few lenders who will take over the debt. And those that will – will charge accordingly.
It is a crying shame it has got this far without her taking action. Now her repayment history is not 100% it will make things much harder.
Sorry to hear about this – is a common marriage breakup scenario.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by andymitchell:Hi Derek – the OSR said that for the buyout I would propose (we own 250K each, so I would buy about 200K from her?) would be $9000 + $.450 for every $100 on top of that! – so about $18K??!!
Cant understand that – thats the same duty you would pay on a 500K purchase?!!
I think it should be half that as well. Maybe another call?
Another thing to be careful of. If the ATO suspects that you have purely done this transfer to reduce your tax then they may disallow it even after you have done the transfer – I would feel better if you ran it past an accountant.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Chelley,
You need to share the love around several banks. Using a broker who understands the different serviceability models used by each lender should help an awful lot.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Where are you Basil?
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Call Nick Moustacas at http://www.strategicwealthmanagement.com.au and see if he has any ideas.
Tell him I sent you.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I am pretty sure you need to realise the loss but there may be a way around it by transferring title within family or trusts. You may occur SD as well.
Please speak to your accountant.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
