Forum Replies Created
Mee Chee but it wouldnt have been Lodoc with NAB certainly not as a devlopment deal.
Richard Taylor | Australia's leading private lender
Rams as you know are securitised lender and not a retail Bank and therefore do not offer a full suite of products.
Unless you need to go lodoc / nodoc you would not use their normal suite of products which are uncompetitive and expensive. If you think the customers service staff couldnt speak English you want to try and deal with their credit team. They are an absolute joke.
Certainly a lender of last resort.
I wonder why they are up for sale.
Richard Taylor | Australia's leading private lender
With actual figures an accurate assessment could be made.
Richard Taylor | Australia's leading private lender
Downside with a Guarantor (and assuming they have some financial benefit) is that all of their liabilities will be taken into consideration i.e home loan, personal loan, car loan, credit card etc etc.
I Guarantor is not always the answer.
Richard Taylor | Australia's leading private lender
Hate to disagree with Sanjiv but that is not the case if you are in Qld.
Richard Taylor | Australia's leading private lender
If you are using a HDT structure that is not quiet right.
The property will be in the name of the Trust although the loan in your name.
You will then borrow the funds to purchase units within the Trust.The interest deductions, depreciation etc etc will flow through to you as the unit holder.
In saying all of this make sure your Accountant is upto date on the ATO queries concerning HDT's as most Accountants aren't.
A badly worded Trust Deed will have you in deep water.Richard Taylor | Australia's leading private lender
As long as your income is base salary then 3 months should be fine.
If it commission or bonues etc then you will probably need a full 12 months.
Richard Taylor | Australia's leading private lender
There ya go then it is CGT exempt.
Richard Taylor | Australia's leading private lender
Excellent point crj the 6 year PPOR exemption rule will apply if you have lived in the property at all.
Richard Taylor | Australia's leading private lender
Mat
The loan amount is immaterial.
The three methods of calculating capital gains are summarised and compared in the following table. In some cases, you may be able to choose either the discount method or the indexation method to calculate your capital gain. In this case, use the method that gives you the better result.
Indexation method
Discount method
'Other' method
Description of method
Allows you to increase the cost base by applying an indexation factor based on CPI up to September 1999.
Allows you to discount your capital gain (by 50% for individuals and trusts, and 33 1/3% for complying superannuation funds).
Basic method of subtracting the cost base from the capital proceeds.
When to use the method
Use for an asset held for 12 months or more if it produces a better result than the discount method. Use only for assets acquired before 21 September 1999.
Use for an asset held for 12 months or more if it produces a better result than the indexation method.
Use when the indexation and discount methods do not apply (for example, if you have bought and sold an asset within 12 months).
On the basis you use the Discount method you would deduct all selling costs from the end sale price and add to the cost base any stamp duty or Building Write off claimed.
If you assume that these came to $200K then you would declare a capital gain of $100K and this would be taxed at your marginal tax rate for the year in which you signed the sale contract.
Richard Taylor | Australia's leading private lender
Hi Ann Marie
We have had a few meetings here in Brissie already with fellow forum members so will keep you informed when the next one comes along.
Richard Taylor | Australia's leading private lender
Alternative to asking them is take out a 100% + loan and do it yourself.
Richard Taylor | Australia's leading private lender
Ring a couple of independant valuers and ask them who Bank panel they are on.
Then work backwards. Everything can overcome.
Richard Taylor | Australia's leading private lender
Valuation will be based on what the valuer sees at the time and unless he is aware of the work being done on the property it is unlikely he will value the property accordingly.
Presumably when you agreed to purchase the property you had a reason for paying the purchase price. Why not ask you mate if he has ever had a valuer put this agreed purchase price figure on the property and if Yes contact the valuer and see whos panel he is on and get you broker to use them.
Alternatively commission your own valuation and see what that comes in at.
Richard Taylor | Australia's leading private lender
Fidel
Regretfully you are unable to transfer the property into an alternative name with incurring stamp duty (ignoring the Love and Affection clauses available in certain States) as it is treated as a Sale.
In saying this there are many reasons why you would still do this. A Trust structure can give you a combination of Asset protection on the basis you use a Discretionary Trust as well as flexibility when it comes to distribution of income at year end.
Richard Taylor | Australia's leading private lender
Brett
The 2 lenders that offer 100%+ loans do no tmortgage insure them so it is not the Mortgage Insurer that imposes the post code restrictions
Richard Taylor | Australia's leading private lender
Sorry is this a paid advert.
Not bad for your first post. And dont tell me the properties are in Western NY not a place called Buffalo surely.
Richard Taylor | Australia's leading private lender
You real estate agent is wrong.
You can certainly sell the property prior to the duplex being strata titled albeit you cannot use a standard REIQ style contract.
After the property is strata titled you then need to lodge the approved plan of subdivision into the Titles Office which will take a few weeks to get separate title numbers.
If you have not done this before you should get a Solicitor to draw up the contract for you.
Richard Taylor | Australia's leading private lender
As has been mentioned in one of the other forums the loans cannot at this stage be used for Investment purposes.
Richard Taylor | Australia's leading private lender
Many lenders will not lend 100% + in certain post code areas.
The 100% + lending in limited to restricted suburbs.
Richard Taylor | Australia's leading private lender
