Hi Both

Someone asked the same question earlier in the year

Hi – you guys on the Forum seem to know everything and everyone – financial that is.

Has anyone heard of this company who operate out of North Sydney ? Doug Pestano is one of their senior advisers.

Any good stories out there about them ?

Thanks

But never came back to tell us how good they are.

Have sent you a PM to answer your question.

This day an age most deals are done online and you end up seeing so few of your clients face to face.

I have clients all around Australia and throughout the world who i havent ever seen face to face or even spoken to. Email is just an accepted form of communication these days.

With regards to an Accountant can give you an excellent one of the northern Gold Coast but not the SC.

Assuming the land is zoned appropriately and your builder has confirmed that the house you wish to construct will fit on the block i.e No building envelopes or unusual convenants on the land then the clauses you have mentioned should be fine.

That is easy.

Depending on who the lender is will determine whether any of the offset can be applied to the fixed portion.
Most lenders will limit the offset to the variable rate although there is a few exceptions.

Bender

Get your Broker to organise the valuation for you and you supply the valuer with the mentioned information.

They will only use their panel valuers and you do not get to choose who that is but at least as long as the valuation is 
a "Fair Market Value"  valuation who should be ok.

We organise them for clients all the time so as mentioned your Broker should be able to do this for you.

Don

Maybe he hasnt got upto that section of the Sales manual yet.

Sure an answer will be forthcoming when he has.

I never like to disagree with Terry but for once i have to:

I think GST only applies to residential properties if they are new – ie being sold for the first time, otherwise they are exempt.

This is actually incorrect. The definition in the Tax Act when it comes to 2nd hand properties relates to "Substantial Renovation" and causes many a refurber to come unstuck.

As someone who with my Building partner has bought, strata titled, renovated and then onsold old blocks of units around Brisbane for the last 12 years I have come across this on dozens of ocassions. We obtained a Private Ruling and I would strongly recommend anyone doing it for a living does likewise.

The Margin Scheme will certainly help you but does little to aid profitability if you havent factored in the 10% GST and are relying on this to determine the viability of the deal. 

Charlie

My understanding is that as long as you offer a fixed interest rate you are not required to lodge anything with asic ?

This is certainly not the case. I would check out the requirements under the Managed Investments Act before you place any ad.

I am with you DIY.