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  • Profile photo of Richard TaylorRichard Taylor
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    June 6, 2007 - 7:10 am

    You wont and hence you wont get 85% LVR.

    Richard Taylor | Australia's leading private lender

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    June 5, 2007 - 10:29 pm

    I think it would be difficult to obtain 85% if the building is presently vacant.

    Richard Taylor | Australia's leading private lender

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    June 4, 2007 - 10:04 pm

    Thanks Albert

    No problems. Be happy to help again especially as Gemworth who NAB use will no longer provide LMI cover to Expats.

    Richard Taylor | Australia's leading private lender

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    June 4, 2007 - 10:00 pm

    I am sure that Terry who has already answered a question here will have many satisfied clients from the forum.

    He is is only in NSW why not shoot him an email.

    Richard Taylor | Australia's leading private lender

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    June 4, 2007 - 12:06 pm

    Brad

    Cheaper even still to purchase it in a SMSF and then pay only 10% concessional rate when you sell it.

    Richard Taylor | Australia's leading private lender

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    June 4, 2007 - 9:37 am

    Terry

    It is Suncorp and the answer with them is No (we have been down that path).

    Richard Taylor | Australia's leading private lender

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    June 4, 2007 - 9:36 am

    Scully

    Still think there is a way around it but difficult to comment with specific information.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 4, 2007 - 9:32 am

    Hi OJ

    There are many ways to fund the project but yes the way in which you have described is probably the easiest.

    Assume the purchase price is $300K then you would secure $240K against the property itself and the $60,000 plus lets assume costs of $20,000 ($80,000 / 2 = $40,000) would be raised individually against your own respective properties.

    Just remember however that all income and liabilities will need to be disclosed on the new application form to the new lender so make sure the other couple are quiet happy with everyone knowing about each others personal affairs.

    Your Mortgage Broker should be able to offer some discretion when it comes to the sharing of information and your privacy.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 3, 2007 - 9:45 pm

    If she lends the funds to you in a formal agreement she can claim the interest she is paying as a deduction however she offsets this by the interest she would receive from you.

    In most cases this contra's each other out and has a neutral effect.

    Why would she not have some interest in the IP ?

    Richard Taylor | Australia's leading private lender

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    June 2, 2007 - 11:49 am

    Jeff

    When you have a business that holds a 160+ properties and does nothing else but installment finance you seek a private ruling on many things.

    Given the case law involving wrap contracts in 2001 we considered it a wise move.

    Richard Taylor | Australia's leading private lender

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    June 2, 2007 - 8:23 am

    Qlder why not try Steve Hodgkinson who is senior partner at the Gold Bus Group in Southport and has been my Accountant for 13 years.

    Steve is an experts on property trust and has helped many many clients of mine from the forum here. Also acts for us on all of our subdivisions and development financing.

    His contact number is 07 5532 2855.

    Tell him i sent you as most good property Accountants are not taking on new clients (especially this time of year) and you may not get past the receiptionist

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 2, 2007 - 6:23 am

    Chad Simons from melbourne does it very effectively although he does have his Business Partner based in the US which helps.

    Richard Taylor | Australia's leading private lender

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    June 1, 2007 - 11:11 pm

    Abbruzzi

    Yes certainly is.

    Use someone who gives SGB a fair amount of business and you will find they have some swing with the Bank.
    FYI SGB have just launched a 3 / 5 Year fixed rate of 7.15% wef from Monday which is attractive in this market.

    Richard Taylor | Australia's leading private lender

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    June 1, 2007 - 11:54 am

    It helps when your partner is a Builder.

    Richard Taylor | Australia's leading private lender

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    June 1, 2007 - 10:32 am

    I agree with everything Paul has written with the exception of the CGT issue.

    We obtained a Private Ruling in 2001 and the Tax is based on the emerging profit ruling rather than the completion of the installment contract.

    Richard Taylor | Australia's leading private lender

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    June 1, 2007 - 4:25 am

    Emil

    Sorry not sure why you cant get 85% Lodoc. Many of the non conforming lenders will do it with a ABN < 2 years.

    Saw your post, you would be better of talking with someone like Paul Dobson down in Newcastle.

    Paul is a fellow forum member and does many many JV wraps.

    Regretfully we dont JV any of our deals.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 1, 2007 - 4:19 am

    Buying and selling in a Company is fine as you will be taxed as trading profit at a rate of 30% however you will not get the concessional CGT rate which would apply if you held the asset for 366 days +.

    It is all horses for courses.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 1, 2007 - 4:16 am

    Assuming you didnt purchase the property in a SMSF when the discount is only 33% after 366 days +.

    Richard Taylor | Australia's leading private lender

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    June 1, 2007 - 4:08 am

    Steddi

    OMG i would be leaving that broker immediately and never returning. It is a shame we can't start a SHAME file of these so called Professionals where we could print their names and ensure others avoid them.

    In saying that you are not much better off in going to see a Financial Planner unless you have some need to be sold something.

    A good MB would structure the loans correctly for you at NO charge and is likely to be far more suited to your needs than a FP.

    For future reference the ATO will normally work off the Transfer Form when it comes to the percentage split of the property especially if purchased as Tenants in Common. Remember the funds have to comply with the purpose Test – what was the original purpose of the money.

    Richard Taylor | Australia's leading private lender

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    June 1, 2007 - 2:21 am

    Emil

    Depending in which State the property is based will determine when the Stamp duty is payable.

    In Qld it is paid 30 days after the Contract goes unconditional and prior to settlement. Can be the same day.

    Only problem i can see is that the lender will need to be advised of the Vendor rebate at settlement which will effectively reduce the purchase price and will increase their exposure. All this means they will want to reduce the loan amount to 80% of purchase price and not valuation. 

    Richard Taylor | Australia's leading private lender

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