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Disagree, it will depend on the lender you are refinancing to as to whether they will accept a Transfer of the duty paid.
Richard Taylor | Australia's leading private lender
Lance
"then you can sell your option to a purchaser with no Stamp Duty liability" – Regretfully this is not the case in each State.
Qld for one has no duty on Option Contracts but certainly 2 of the States I am aware of you are still charged Duty.
Richard Taylor | Australia's leading private lender
Because it gives them more disposible income to spend on appreciating assets and deductible expenses.
Also if down the track they decide to move out of their PPOR and rent the property the full amount of the interest is Tax deductible whereas if they have paid down the loan they often find themselves borrowing non tax deductible funds to purchase the new PPOR.
Richard Taylor | Australia's leading private lender
Joseph I disagree many loans secured against your PPOR are interest only especially when linked to a 100% offset account.
Richard Taylor | Australia's leading private lender
In my humble opinion if you are Sydney based you could not go past Terry W from Discovery Home loans who is one of the longest contributors to this forum.
Look at some of valuable answers to previous posts and drop him an email.
20 years in ther industry has to count for something. Alot of the Aussie guys have 20 minutes in the industry if you are lucky.
Richard Taylor | Australia's leading private lender
Several lenders will go upto 95% LVR for expats so there is no barrier at 80%.
One of the 2 main MI companies will provide cover on these loans so 95% is quite achieveable.
Richard Taylor | Australia's leading private lender
Look on this forum and seeing the answers to previous posts is a good start for someone who knows his onions.
In my humble opinion if you are Sydney based you could not go past Terry W from Discovery Home loans who is one of the longest contributors to this forum.
Look at some of valuable answers to previous posts and drop him an email.
Richard Taylor | Australia's leading private lender
Not the sort of strategy you will read in a book or learn from a lecture.
These strategies take time to learn and understand and even when you have done your upteenth deal you are still learning.
I have done well over a dozen flips with amount well over the $5Mil mark but must admit i would have never done it as an initial sdeal if i had been risk adverse and did not have the capital to be able to settle if all went wrong.
Richard Taylor | Australia's leading private lender
I think a good broker based in Sydney has already answered your initial post.
Terry W is excellent and well worth an email.
Richard Taylor | Australia's leading private lender
Hi Mark
Each Council will have different rules and regulations.
Depending on where you are located ring a local Town Planner and they can give you the requirements in the area.
Richard Taylor | Australia's leading private lender
In a word – NO.
Richard Taylor | Australia's leading private lender
Hi DS
Yes the IP is purchased in whatever entity you intend to hold the security and that entity is registered for an ABN.
In answer to your questions:
1) Yes but i am not sure you would want to.
2) No but maybe reasons why you would want to dependant on 1) above.
3) Always makes life easier.Trust certainly do not pay Tax at a flat rate of 30% in fact if the funds are retained in the Trust at Y/E and not dustrubted they pay Tax at the highest marginal rate. In the old old days when the Super Surcharge existed then there was reasons why you would consider paying Tax at this rate but not now.
Richard Taylor | Australia's leading private lender
I am aware of one that goes upto 75% but interest rates are slightly higher.
Richard Taylor | Australia's leading private lender
Hi Hobe
Yes expat loans are relatively standard although not all lenders will accept them.
In most cases your overseas income is converted to Aus $ and normal serviceability criteria applies.I have done loans for clients all over the world so as long as your income can be verified the rest is relatively easy.
Terms and conditions do however vary so shop around.Richard Taylor | Australia's leading private lender
Hi there
Regretfully your statement is incorrect if you look at a trust to place your IP in you can reduce your tax to 30per cent.
I think you may have been referring to a Pty Ltd Company where Tax is paid at 30 cents in the dollar initially and then each shareholder. The Pty Ltd Company would be the Corporate Trustee.
Certainly do not leave the funds in the Trust unallocated or the Trust will be Taxed at the highest marginal rate.
if you have rented it out at any stage it will reduce your ability to do this, proportioning then occurs – Again sorry to be picky but again this statement is incorrect.
All in all consult professional advice before you leap forward.
Richard Taylor | Australia's leading private lender
Hi D
I think you are getting yourself confused.
ABN stand for Australian Business Number and if you are in the process of carrying out a business are required to register for one when your turnover > 75K. You are still able to register voluntarily where your T/O is less than $75K.
Holding an ABN has no bearing on how you will hold a IP.
The ABN will relate to the entity on which you register it under i.e Business name / Partnership / Pty Ltd Company / Trust etc .
What you would do is consider the entity you intend to use to acquire your IP's and then look at registering the entity for an ABN.
Richard Taylor | Australia's leading private lender
When you consider you can set up a Trust for around $400-$600 (depending on whether you do it yourself) it is well worth it.
Even adding a Corporate Trustee is only these days going to cost around the same amount with the reduction in ASIC fees
Richard Taylor | Australia's leading private lender
Hopefully i answered this in my earlier response.
Richard Taylor | Australia's leading private lender
Hi Andy
Yes many of the securitised lenders have minimum length employment requirements.
You may find this is common place with the smaller fringe lenders.
Richard Taylor | Australia's leading private lender
A buyer can terminate using any of the conditions in the purchase contract.
They may have advised you that the Building & Pest report where acceptable as if they had terminated using this clause you have a right to request a copy.
With regards to the finance clause the terms need to be acceptable to the Buyer and therefore very little you can do. You granted the extension to the finance clause and whilst it appears that the Buyer made very little attempt to obtain finance in the name of the Trust I think you have little recourse.
Richard Taylor | Australia's leading private lender
