Yes I am sure it is just what Micman needs a 106% LVR at 8.8% with access to possibly $220K of deposit.

Be real if you are going to offer structured advice try not to promote your own products all the time.

This forum is here to share information and voice ideas and opinions not to advertise your own products.
Must admit you can see when times are tought new mortgage brokers arrive on the scene push their barrow for a week or two and then disappear.

Not bad 3 posts 3 mentions of First Permanent even if you do work for them.

Nothing new several similar products have been around for a while with a cheaper interest rate and DEF.

As Terry mentiones it is a common problem when purchasing as Joint Tenants or Tenants in Common.

I may have one solution and that is get your brother to shoot Terry and email or give him a call as he has a full suite of lenders to hand and it will cost your brother absolutely nothing to get the best advice.

If you guys are prepared to go to the Gold Coast then feel free to contact my Accountant.

Steve Hodgkinson who is a partner at the Gold Business Group on 5532 2855.

Tell him i referred you as most good Accountants are not taking on new property.

He looks after my Million $$ + portfolio and I have referred literally dozens of clients to him from the forum and they are all very pleased with the excellent service they receive.

Terry as usual is of course correct.

Legally it is the date the contract was entered into.

Hence the reason to be extremely careful in Tax planning when you are buy and selling a property over a financial year end to ensure that you have atcually owned the property for 365 + days. have seen a couple of clients thought the magic date was the unconditiona or settlement date (which was extended) and lost the CGT concession.

Mark

Sorry I am slightly confused.

You have an approval from the Broker but the lender has no knowledge of the deal ?
Are you sure it is not an email or letter advising the amount you can go upto.

Did you sign an application and if so with whom was the lender ?

FIRB = Foreign Investment Review Board

Residential real estate means all Australian urban land other than commercial properties (that is offices, factories, warehouses, restaurants, shops). Acquisitions of 'hobby farms' and 'rural residential' blocks by foreign interests are included in the residential real estate category.

Foreign purchasers intending to acquire real estate in Australia must seek prior approval from the Government through the Foreign Investment Review Board unless specifically exempted by the Foreign Acquisitions and Takeovers Regulations.

Exemptions include:

• acquisitions by Australian citizens resident abroad;
• acquisitions of property zoned residential by foreign nationals who hold permanent resident visas or hold, or who are eligible to hold, a 'special category visa' (eg a New Zealand citizen); and
• foreign persons purchasing, as joint tenants, with their Australian citizen spouse property that is zoned residential.

Under the Act, a foreign person is:

• a natural person not ordinarily resident in Australia;
• a corporation in which a natural person not ordinarily resident in Australia or a foreign corporation holds a controlling interest (that is, a holding of 15 percent or more);
• a corporation in which 2 or more persons, each of whom is either a natural person not ordinarily resident in Australia or a foreign corporation, hold an aggregate controlling interest (that is, a total holding of 40 percent or more);
• the trustee of a trust estate in which a natural person not ordinarily resident in Australia or a foreign corporation holds a substantial interest; or
• the trustee of a trust estate in which 2 or more persons, each of whom is either a natural person not ordinarily resident in Australia or a foreign corporation, hold an aggregate substantial interest.

A substantial foreign interest (ie, a controlling interest) occurs when a single foreigner (and any associates) has 15 per cent or more of the ownership or several foreigners (and any associates) have 40 per cent or more in aggregate of the ownership of any corporation, business or trust.

The Government seeks to ensure that foreign investment in residential real estate increases the housing stock. The Government, therefore, seeks to channel foreign investment into activity that directly increases the supply of new housing (that is, new developments – house and land packages, home units, townhouses, etc) and brings benefits to the local building industry and their suppliers.

The policy on developed residential real estate is negative. The effect is twofold. First, it helps reduce the possibility of excess demand building up in the existing housing market and secondly, it aims to encourage the supply of new dwellings, many of which would become available to Australian residents, either for purchase or rent, therefore maintaining greater stability of house prices and the affordability of housing for Australians.

Hope this helps.

Martin

With all the nodoc / lodoc short term financing we deal with you will have similar costs.
Maybe set up costs instead of exist fees but certainly the rate will be considerably higher.

Martin

Which State are they located in and what is the LVR.

Any reason why you dont want Bank funding would be a lot cheaper.

Eternit

There is no exchange of Contracts in Qld so the duty is payable 30 days after the Contract goes unconditional as long as this is prior to the date of settlement or possession date in the case of a wrap.