Thank You so much for all your replies.  Another question is, Is it wise to use a broker in your home town as apposed to one in a different state.  I am looking at purchasing in other states now and wondered if there may be different products in othere states or are they all pretty much the same?Thanks againAnita

Thanks Bob and TerryI know that a Dicretionary Family Trust is not the best structure for property, but my accountant set it up as I thought I would be purchasing Positive cashflow properties – until I realised they were nigh on impossible!!!However the property we purchased cost $172,000 18 months ago and is rented for $340pw and the 2 houses we…[Read more]

Thank you for your comments above they are really appreciated and given me lots of things to think about. We are negotiating at $920,000 with rent back at $300pw for a year.We are also thinking of selling 1 or 2 properties so we are not  so stretched.LR – I do understand your theories and agree entirely about watching other peoples lives on TV.  I…[Read more]

Thanks MarcI understand what you mean.  I did get to speak to my elusive accountant today and he said similar to you and to sell down.  Although I didn't mention above that I would purchase it as an investment at first as the owners are building and would like to rent back.  As we are in no rush to move we would allow them to rent back for as lo…[Read more]

Thanks for your reply Fernfurn

The headworks are the statutory water authority costs so I think they are fixed.

However we did go to see the salesman re this quote and went through afew things with him. The retaining is for the sewerage to fall. We also checked with the council and the water authority and they said we could build 1.5M away…[Read more]

Hi Fernfurn

These costs include:

Headworks at approx $6000

Repeg survey, setout & contour feature survey $1000

Earthworks (higher floor to create fall) $10,000
Side access track $1000

Retaining Walls approx 54sqm…[Read more]

Hi Tools

Yes I mean experience with piling and site costs. Are these costs normal for such a low cost house and why could it cost so much?

Regards Anita

Hi, you could try http://www.homeplanpro.com/index, You can try it for a month before you buy it. Can’t say if it is Mac compatible though.

Anita

Hi nsellar

I went to a “Wealth” seminar in Perth afew months ago and Investor Finance were there to give advice during the intervals. I made an appt with one of the guys and he was really helpful and worked out a way of refinancing for us to enable us to have access to alot more money.

However, I think they are brokers but seem to be Investor…[Read more]

Lucky for me I have all my properties in WA – only cause I live here!

But since the Results programme I have purchased 3 properties in WA but I must admit the market is very competitive here. You have to be very quick with your decision and have finance approved and make as few conditions as possible if you want to stand a chance of your offer…[Read more]

Thanks Cata

You are AMAZING!!! You have put my mind at rest, the structure I am in is not great but it’s not too bad either. When I am ready to move into more property I will certainly consult you.

All the best – Anita

Hi Cata
I have three properties in the Trust.
The developments will be subdividing and building another one on one property and keeping both.

Then subdividing and building another two on another property(possibly selling the original house as it is old) and keeping the 2 new ones.

The third we will do a small reno and sell to give us money for…[Read more]

I do have just a normal Discretionary Trust and there is only myself as trustee and my partner as beneficiary. My son was in it but as he is 21, I was told that if he went for a loan for himself, then my debt would show up against him so we had to amend the deeds and remove him.

Is it possible to change to a Hybrid Trust as I only formed this…[Read more]

Hi Everyone
This topic has just come at the right time for me as I just didn’t sleep last night worrying about my trust situation.

A friend lent me a DVD from Ed Chan and in it he covers structuring and the importance of getting it right. He says that property in a Discretionary Trust is a disaster because I quote:
“with a discretionary trust…[Read more]

Yes, Simon, thanks.

I have just got the OK from National for an 80% loan at 5.95% fixed for 1 yr so I hope this plan will work and I don’t overcommit my borrowings with Wizard. Plus all loans stand on their own!

Hope I am doing the right thing.

Anita

Anita back again
Thank you for all you advice. I don’t owe anything on my own home but have now released the title to Wizard so they have arranged to lend me $180,000 on an IP now near settlement , plus $341,000 to use whenever.

With Low and no doc loans willing to lend 80% then am I able to draw down 20% deposits from the Wizard loan without…[Read more]

Yes, we put in a European laundry when we renovated our house afew years ago with bi-fold doors to hide everything away. It is right next to my kitchen so that all the plumbing is in a straight line. It is really innovative and saves so much space yet is functional also. If you can afford the 2nd bathroom I think this will increase the value…[Read more]

Anita here!

Thank you so much for your informative replies. I get the impression that whichever broker you get information from seems to want their piece of the pie. I have had advice to pull loans away from ANZ (at a cost). I am not entirely unhappy with ANZ it’s just that they kept so much collateral from me and didn’t give me advice on how…[Read more]

Hi Grant
Interesting post as I have just had the same problem. After discussing with my accountant, I set up a family/discretionary trust also (don’t know if there is a difference between family and discretionary) and put my partner and my son on it as beneficiaries. My lender (Wizard Home Loans) then told me that as my son is over 18 – if he…[Read more]

Hi, I too am from WA and I agree property is booming over here, nothing lasts more than 3 weeks it seems so you have to act fast. But as regards to the numbers, the rents are sadly lacking behind which makes the eastern States seem really attractive.

The rents are almost double in the Eastern States to what you can get in some areas here, so you…[Read more]