Hi VirtualT,

It’s actually “advice”, not “advise”… now what’s that phrase.. something about glass houses and throwing stones?

Cheers

Rob

Wouldn’t Paul still be able to claim the full amount of redraw, as long it was used to purchase another investment property? Different story if he was to use it to buy his PPOR. He hasn’t said what he would be using the money for.

Hi Alistair,

Thanks for the info! definitely a lot to consider. Obviously with a higher valuation, there might not be as much difference as I'd thought with regards to how much cash/equity I'd need, even with the LVR being lower for a commercial loan (as the valuation would be higher)

I am basically trying to determine which path to take with…[Read more]

Hi Richard,

I did have that in the back of my mind, but just to clarify, if I initially purchased the property for $550K with a 90% lend, when it comes to knocking the house down, the bank would be asking for some money from me (or lend me less money for construction) to bring the LVR back to 90%? If we say the land value is $450K, they could…[Read more]

Hi Derek and Michael,

Thanks for the responses!

As Derek mentioned, I would be expecting the need for pre-sales to meet the lender's requirements. Just wasn't sure if I was able to get finance under a residential loan, although it sounds like i should be able to.

The finer details of the project would need to be looked at by a broker to give me…[Read more]

Thanks All,

James from House of Wealth was extremely helpful and was happy to chat over the phone!

Thanks again for the recommendation

Hi Terry,

You raise some good points. I actually hadn’t thought of contacting a lawyer to get this set up.
I just got off the phone with my solicitor, who has told me he doesn’t set up trusts…
I also just rang Mark from M.J. Unwin & Associates, and have been told they are not taking on any more clients at this stage!
Finding a good accountant…[Read more]

Thanks Ian,

Have you used Mark Unwin before? And does anyone know how much a trust should cost to establish, along with a company to act as trustee?

Thanks Jamie,
I’ll give them a call.

Cheers, Rob

Hi count1234mein,

I am in the exact same position as you, having recently purchased a property in Vic, signed “and or nominees”, and am currently looking at setting up a trust structure. Having spoken to an accountant last week about this, i understand that the company in which you wish to nominate as trustee must be in existence BEFORE you sign…[Read more]