Forum Replies Created
More importantly do a forum search on Sample and Partners and see what it brings with it.
If that fails check out the ASIC website they have some thing to say about S &P.
Richard Taylor | Australia's leading private lender
Totally agree more with Terry.
It is all dependant on the lender and whether it is a full doc / lodoc loan, the security and whether you have a good track record and the property is for owner occupation.
Richard Taylor | Australia's leading private lender
Not if the property they are buying an IP.
Same answer as above would apply.
Richard Taylor | Australia's leading private lender
Hi ybuddha
As Matt has eluded to it is not difficult it is just a matter of structuring it correctly.
It however seems a shame that you will not be able to claim the interest on 50% of the value of your current property being the portion used to purchase your share of the PPOR.
Before you rush have you looked at all the altenatives. Do you really want to live in the current IP as you PPOR?
What are the purchase price / valuations of both properties and what is your current marginal tax rate.
With some structuring and dependant on the valuations of the 2 properties you may find that you can claim 100% of the refinance on the property which you are buying of your partner and use the suplus funds as deposit for your new PPOR.
Would need more information to make a detailed analysis of the numbers.
Richard Taylor | Australia's leading private lender
Joseph
Not at all if a good track record is in place. 2 years TR's with a list of projects and you should be fine.
Have financed many a PD and earn a fair bit of my annual income from doing just that.
Richard Taylor | Australia's leading private lender
Ian
As no one has answered your question yet I will offer my 2 bobs worth.
Try Terry W from Discovery Home Loans who is a long time contributor to the forum. Terry is very experienced in the finance field in Sydney.
You cant too far wrong with him.
Richard Taylor | Australia's leading private lender
Quick question without naming names. Where is the property located.
Richard Taylor | Australia's leading private lender
Terry W is a long established forum member and highly recommended MB.
He is Sydney based so why not give him a call.
Richard Taylor | Australia's leading private lender
HI Boy in Blue
Check out the Office of State Revenue website in your State but to help out in the meantime
To Qualify for the First Home Owners Grant
- You and your spouse must not have previously held an interest in residential property in Australia on or after 1 July 2000 in which you or your spouse have resided (Ownership of an investment property after 1 July 2000 will not prevent you from obtaining the Grant provided you have NOT lived in the home).
Hope this helps.
Richard Taylor | Australia's leading private lender
Joseph very simply.
1) If you are realting to financing of an owner occupied or investment property then like any self employed Profession they would look at 2 years Tax returns and work off these. Good track record never goes a miss.
2) If you are looking a mortgage insuring a development then it is simple they wont do it.I financed 187 wrap properties with the wrap income forming a large part of the Companies income and whilst it had to eventually go to National Acceptance level with the Bank concerned we had no problem. Property Development is just another occupation if presented correctly.
Richard Taylor | Australia's leading private lender
I have just completed a Wrap in my SMSF with a $25,000 balloon payment at the end of the wrap period.
There are many many ways of creating the solurion to suit both you parties.
Richard Taylor | Australia's leading private lender
Talk to Steve as he often does appointments in Brisbane.
Richard Taylor | Australia's leading private lender
Personally i am in favour of having the loans and securities separate.
It doesnt matter on what property you secure the loan (Usually when you are borrowing 100% + costs you will need to offer additional security or take out a loan on another security to cover the 20% + costs) as long as the loans are not crossed.
Whilst this may not cause an initial problem it would down the track if your lenders terms changed.
Keep them separate from day 1 and you wont have that problem.
Richard Taylor | Australia's leading private lender
Why not try my Accountant and forum member Steve Hodgkinson on 5532 2855.
Steve is the senior partner at the Gold Business Group based in Southport and is an expert in Property Trusts.
Tell him i referred you as most good Accountants are not taking on new clients.
Richard Taylor | Australia's leading private lender
No Marc I am a lot better looking !!!!!
Richard Taylor | Australia's leading private lender
Tax agent wont be much help you need a Quantity Surveyor.
Try someone like http://www.depro.com.au.
Richard Taylor | Australia's leading private lender
Sounds like an absolute bargain. I dont even charge that for a 100 page financial plan.
Richard Taylor | Australia's leading private lender
Issac
No the interest they receive will be taxable income offset by the interest they are being charged by their Bank but the repayment of the loan will be of a capital nature and not taxable.
If you paid them back say $120,000 then the $20,000 would be Taxable
Richard Taylor | Australia's leading private lender
Hi Thomas
Capital Works Allowance, (i.e. Building Allowance) is based on the actual construction cost of the building calculated from the date of construction.
The building allowance is either 2.5% or 4% depending on the date of construction or type of building (residential, industrial, retail, commercial). Therefore a building has either a 40-year life (40 x 2.5% = 100%) or 25-year life (25 x 4% = 100%). After this time there is no more building allowance as it has been exhausted. (Capital works over and outside the above period can be claimed i.e. new deck, patio or extensions from the date of their construction).
For residential properties, Depreciation on the building is calculated at the rate of 2.5% per year if construction started after 16 September 1987, and 4.0% if construction started between 18 July 1985 and 15 September 1987.
Richard Taylor | Australia's leading private lender
The Big C is quiet liberal on their serviceability so if he has maxed his borrowing with them then maybe he can't afford it.
Full details would be needed to make a responsbile comment.
Richard Taylor | Australia's leading private lender
