We have purchased a lot more than 30 in the last 12 months all most of which we have wrapped but surely it isn’t about the mere numbers.

The quality of the property acquired or the strength of the wrappee you have onsold the property to should be one of the most important criteria.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
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Anthony

We only deal with clients who have been pre-qualified and then go out and find their own property upto the maximum price we have given them.

Doing this not only means that you will reduce your interest bill but also your wrappees are likely to stay in the property as they found the house in the first place.

With regards to safeguards well other than the deposit if you have collected one then there is nothing to prevent them walking away. I guess it all boils down to how well you qualify them and ascertain whether you consider them to be genuine.

We take introduced business from a small panel of Brokers and feel that we are able to trust them as they usually sit in front of the client.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
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Steve

I beleive Robert is referring to Torrens title rather than Strata title although it maybe a condition of the Development Approval.

With regards to your CGT it is calculated on the date of your original contract as well as the date of any future sale contract. You require a minimum of 365 days between the two.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Elika

When do you need it done by and have a you estimate figure in mind.

You might want to PM / email me with the last bit.

Some of our trades guys might be interested in flying down from Qld and doing the job.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Think Terry has already answered this question on another post.

By the way you are not Henry Kaye in disguise are you?

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
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Wilko

Send us an email and i will return our Q & A sheet we send to all of our wrappees. It applies to Qld but will give you an indication for NSW.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Brahms is bang on for Qld Contract date is the date taken when calulating CGT and not the unconditional or settlement date.

The other thing is when seeking a 50% reduction in CGT because you have held the property for 1 year it is actually 1 year and 1 day that you need to hold the property and that is calculated between the 2 purchase dates.

Have seen several clients come unstuck by miscalulating their dates.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Guys

Why not accept the decision and move on.
The world is full of new opportunities and Split loans where just one of them.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Mel

Yeh good point you raise.

To date in 8 years of being involved in Vendor finance we have only had 1 deal go sour on us.

When I say go sour I mean the client literally moved out and handed us the keys back. In simple terms a lot of her income was from being a registerd carer. Unfortunately with the turmoil in the “caring” industry in Qld she lost all the children she cared for and hence the Government assistance that went with it.

Subsequently the property has been resold at a higher price than originally sold for and we have enjoyed the capital growth.

I guess in the months that the we took to obtain legal possession we lost a few bucks but my attitude is i think 1 in 148 is a statistic that the majority of the major lenders would be “Wrapped” (sorry about the pun) with.[cowboy2]

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
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Madhun

Hate to disagree with you but i think you will find it makes no difference if you subdivide your residential property and sell off part of it then you will be liable for CGT.

Again it is based on a percentage of the overall land size that is being subdivided.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found