Forum Replies Created
Yes as Jamie mentioned do a search on the name and also on the forum and i think you will see more than a few client responses.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Cool H i think you have misunderstood your Accountant.
Depreciation is a non cash deduction and certainly won't push you into the next Tax Bracket
Capital Allowance is the same although unlike Depreciation if you claim it now you reduce the Cost Base of the property by the same amount if and when you come to sell it
I.e Assume you claim $20K in capital allowance claims and you paid $320K for the property your CGT will be based on a Cost Base of $300K (This of course is a simplistic view and ignores Stamp duty and any other expenses you have not already claimed).
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Yours in Finance
Richard Taylor | Australia's leading private lender
Sure let me check with him first he is ok in me handing them out and then more than happy to do so.
We keep him more than busy at the moment.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Really Emma
What lender is happy to lend on the higher of valuation over purchase price ?
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Yours in Finance
Richard Taylor | Australia's leading private lender
Yes ASIC fees are $444 with no GST charged so a little less than $500.
In my opinion $1750 is expensive but i guess it all boils down to what your profit margins are and what you need to charge your clients.
We feel that $950 + GST is perfectly adequate compensation.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Wow Redwood $1750 is that what you guys charge for a LCBA.
And there was me thinking our $950 + GST we quoted a forum client last week was a but steep from our Lawyers.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi rc888
Yes interest is deductible based on the purpose the funds are to be used for irrespective of the security used.
Any other loan costs incurred as a result of the equity loan are also deductible over the term of the loan or 5 years whichever is the lesser.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Tom
If you go thru a Broker they are probably going to want to charge you a Brokerage fee as there is no money in personal lending.
Try and find a smaller credit union or smaller bank as they may be more accomadating than one of the big 4.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Emma
And will you be advising your Bank of the secondary Contract allowing for the rebate.
If not you could be embroiled in Mortgage Fraud.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Nope. what are they supposed to be able to offer
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Yours in Finance
Richard Taylor | Australia's leading private lender
Put up the weekly rent to accomadate this come lease renewal time.
Tenant will soon get the message and move or be more considerate of his water useage.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Catalyst
I am assuming Tommy is referring to his Stamp Duty or FHOG which depending on the State where he has located may require him to occupy for a continual period of 6 months in
the first 12 months
Assume he knows there is no CGT on a PPOR and is getting confused.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Not sure who the loan is with but knowing you wanted to renovate the property from day 1 i would have incorporated a reno line of credit with the original application.
We do more and more of this sort of funding and can often help especially when it is a high lvr from day 1.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Totally agree with what Jacqui has said and in fact be surprised how many forum members we have helped acquire property inside their SMSF with only 70K when it comes to the Roll over.
Course on of the misunderstandings is that you can only borrow from a Bank lender which us total not the case and that you can only have a single mortgage which is again inaccurate.
As a Financial Planner we design many variations on a theme for SMSF clients.
130k is certain a good start and am working with 2/3 forum members at the moment with similar amounts.
Certainly not too little to start with.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Just out of question miccalady how do you finance such projects.
We just pay cash for such deals but have many clients who have not realized that financing is not easy given they are no longer in PAYG employment.
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Yours in Finance
Richard Taylor | Australia's leading private lender
For what ?
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Yours in Finance
Richard Taylor | Australia's leading private lender
Agree with what has been said already.
Poorly structured loans cause so much work going forward and are the biggest killer when it comes to potential lost interest deductions.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Course the other issue is they may be fine interest rates are low but be surprised how quickly they rise when times get tough.
Other thing is the level of advice you get from these lenders.
Just restructuring a forum members portfolio who had a couple of loans with one of the lenders already mentioned. They were told it was fine to pay your salary and rent into the investment loan on one of the properties as the facility had fee free redraw.
Unfortunately the advisor hadn't purchased an IP before but his advice has now cost this client just shy of 5k per annum in non deductible interest.
As has been said you do get what you pay for.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Paterson it is called smoke, mirrors and a touch of magic.
All boils down to how you manufacture equity once you purchase the property and increase the return..
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Yours in Finance
Richard Taylor | Australia's leading private lender
Paterson it is called smoke, mirrors and a touch of magic.
All boils down to how you manufacture equity once you purchase the property and increase the return..
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
