bardon love it ……………….. and appreciate that redwing try to be a good guy

If you are after the best property Accountants in SE Qld then look no further than Steve Hodgkinson who is senior partner at the Gold Business Group on the Gold Coast.

Steve has been my Accountant for the last 10 years and is an expert on property and Trust structures.

I have recommended many forum clients from all over Australia to him and they cannot sing his praises enough.

Give him a call on 07 5532 2855 or drop him an email on [email protected].

Tell him i sent you as most good Accountants are not taking on new clients.

As has been mentioned then is absolutely no way Title will be transferred to you and the mortgage discharged if the debt to the current mortgagee is greater than than the purchase price.

It is very simple the Bank will refuse to sign the Transfer document with complete repayment.

The only way this would happen if the vendor has other security that the Bank hold and they are prepared to accept a partial release on repayment of the net proceeds.

Dont waste your time unless you discuss this implication with the seller.

Kate

If the property is being purchased for your daughters then wouldnt it be preferable to hold the property in Trust rather than your personal names.

Any future Transfer to them will incur both Stamp Duty and CGT.

LW

Sorry dont ever want to burst your bubble but i think you maybe slightly short in the way of capital for setting up a SMSF.

Whilst there is no legal minimum amount we normally deal with clients with minimum $75K + due to the setup and annual compliance costs.

With regards to using the funds as deposit for a commercial property inside the SMSF this amount would be eaten up in Government charges such as stamp duty and establishment fees let alone the minimum 20% deposit requirement.

I assume you have consider the Tax implication of buying it your name alone.

If it is your intension to buy, renovate and then sell the property I would have thought a DFT would have been a better structure to use.

Mick

Probably need to think about the use of a Discretionary Family Trust for your investing journey with you and your wife as Trustees and the 2 soon to be 3 of you as Beneficiaries.

Hi Mick

With a good income and reasonable equity base you should be able to start to develop that asset base over the coming years.

A good mortgage broker will aid you in assessing your borrowing capacity although there is more to consider than just this.

I am assuming your Spouse is not employed or if she is her marginal tax rate is lower than yours.

This means that the loan structure is probably more important and therefore I would ensure that your MB has plenty of first hand investment experience themselves.

I have many many forum clients in Sydney so feel free to drop me an email and I would be happy to assist you further.

I am with V8.

Depending on who buys the loan book will determine how easy it becomes for them to carry on in the wholseale market.

Many of the smaller players have disappeared due to funding issues and if you purchased a franchise with any of these then it is not worth the paper it was written on.

Thats why in the last survey the Big 4 (soon to become Big 4) made up 87% of the overall market.

Albert

Good to see Steve is doing the right thing by you.

Remember you cannot put the offer in if you havent established the structure already.

Also the days of getting 70% of GR on vacant land have almost been and gone.
There are a couple of specialisied lenders we use who will do it but they will want to see someone with a bit of experience in such a development. For a first timer unless you have good income and asset backing there is no chance.