Forum Replies Created
Hi
It is not difficult. You make contributions into Super and then in turn (On the basis that you have established a SMSF) purchase property, shares etc.
Remember that you are unable to borrow in your Super name so gearing is almost impossible however an investment in an Instalment Warrant is acceptable which in turn involves an element of deferred payment.
Tax in a Super Fund is paid at 15% and 10% on Capital Gains where the asset has been held for a period of 12 months and 1 day so does have its advantages.
Cheers
Richard Taylor
Residential & Commercial Finance Broker. Licensed Financial Planner.
Ph: 07 3720 1888
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Hi Albert
No a standard account that can be direct debited will be just fine.
Some lenders will reduce the LVR on the amount they will lend if payments cannot be debited from a Bank A/c but an HSBC A/c is fine.
As mentioned earlier just remember that you will not be able to obtain internet access for a minimum of 6 months with HSBC.
Cheers
Richard Taylor
Residential & Commercial Finance Broker. Licensed Financial Planner.
Ph: 07 3720 1888
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Email me and i can give you some further details.
Can also offer you an Qld installment contract with all of the accpanying documentation for a reasonable price as we have done 1 or 2 of these before.
Cheers
Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
Email us to be added to our mailing list.
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Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Cabo
Regretfully not.
currently own outright an investment property .
Cheers
Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
Email us to be added to our mailing list.
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
It is a an offence to provide financial advise unless you are a licenced financial planner so i don’t believe you will get many responses.
In saying that even as a FP I would be reticent to offer her any suggestions without completing a Full Client Data Fact Find.
Where is she based?
Cheers
Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
Email us to be added to our mailing list.
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
This might help
http://travismorien.com/FAQ/ripoffs.htm
Cheers
Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
Email us to be added to our mailing list.
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Might want to try a US website for starters.
Not sure how many buyers here are eager to move to NJ.
Cheers
Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
Email us to be added to our mailing list.
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Grant
There are ways around the CGT issues but not the SD i’m afraid.
Cheers
Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
Email us to be added to our mailing list.
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Ben
Just wondered how many other Banks you were aware of that have a presence in both US and Aus ?
Neither Citibank or HSBC offer immediate internet banking.
Cheers
Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
Email us to be added to our mailing list.
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Hi there
It is a question that crops up from time to time so maybe do a search and read the previous responses.
I have done if for clients on many ocassions (normally it is a principal place of residence which in turn they rent out and buy another PPOR with 100% non tax deductible borrowing) in Qld and the process is as follows:
1) Obtain a letterhead valuation from a local real estate (ideally you want this as low as possible).
2) Draw up the Form 1 Transfer in the Trust name with the letterhead valuation being the purchase price.
3) An application for finance can be made on this basis.
4) On the basis that the Trustees can show sufficient income to service a loan you will be able to borrow upto 95% of the Transfer value.
5) The net loan proceeds are yours to do whatever you wish.Downside
1) Stamp Duty will be payable on the Transfer value and also mortgage duty on the amount borrowed.
2) The property when sold maybe liable for CGT
3) If the property is currently an IP then when sold a CGT will be triggered. Might want to check the dates to see if any exemption could apply.Is there any reason why you wouldn’t move into the IP and then gear against it.
Happy to help if you need further advice.
Cheers
Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
Email us to be added to our mailing list.
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Hi Jason
Not really enough information to provide you with an accurate answer.
1) What is the loan balance and approx value of the IP’s.
2) Are they or will they be mortgage insured.
3) Who is the current lender and do they have any break out fees even on their variable rate loan.
4) Employment wise have you returned to the same employer or the same field of employment.
5) Is there a probationary period with your new job?Should keep us all going for the timebeing.
I appreciate You may wish to take some of this personal information off site.Cheers
Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
Email us to be added to our mailing list.
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Hi Phil
Opening a US Bank A/c when you are in the States is no problem.
You will have you Passport and that is one of the forms of ID they will require.Make sure you use an institution that gives you immediate Internet access so you can access the funds and also transfer the monies to the US A/c when you are back in Oz.
Someone like Bank America i can recommend to you as a helpful institution in Tx who offers immediate internet access.
Cheers
Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
Email us to be added to our mailing list.
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
With one of the 95% lodoc loans you only need to have had an ABN for 1 day but have been self employed for 2 years.
The rate is 8.99% variable at the moment.
Cheers
Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
Email us to be added to our mailing list.
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Josh
WBC don’t do Nodoc loans and i think that’s what Terry was after.
Cheers
Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
Email us to be added to our mailing list.
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
We use them all the time when buying a development site as it gives you the option of deciding which entity to be able to buy the property in and also can easily be flipped if you decide not to proceed.
In Qld there is no stamp duty on an option contract so it makes flipping easier.
Cheers
Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
Email us to be added to our mailing list.
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Liz
Not sure where you heard that but you have been ill informed.
Cheers
Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
Email us to be added to our mailing list.
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Subject to serviceability and all of the parties agreeing and signing the application then there is no reason why you can access your equity with a LOC.
Usually the LVR limit would be 80% without LMI or 90% if you are happy to pay the premium.
Cheers
Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
Email us to be added to our mailing list.
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
If you are thinking of doing it in Qld yu will need to check the State legislation.
Try the Office of Fair Trading website.
Cheers
Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
Email us to be added to our mailing list.
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
I have done this on many ocassions and retained a property in my own name or Family Trust name that my Pty Ltd Company has developed.
The only requirement is that the property is purchased at cost price + $1. As is mentioned you don’t avoid the stamp duty and will merely defer the tax liability if it is an IP.
Cheers
Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
Email us to be added to our mailing list.
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Yu can do a lot better than ING check out http://www.cannex.com.au
No really disadvantage other than you do everything over the internet and sometime may have to give a period of notice on your funds and they might be tied up for a period of time.Of course if you have a mortgage you can park them in a 100% offset account and get the same rate as you are paying on your home loan Tax free.
Cheers
Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
Email us to be added to our mailing list.
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
