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  • Profile photo of Mick CMick C
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    March 3, 2011 - 4:23 am

    Jetison,

    Rual area and Vacant land…going to be tricky! – what are you planing to do with the land???
    What LVR and also what is the postcode?

    Regards
    Michael

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    March 1, 2011 - 10:54 pm

    dotkangaroo – Welcome!

    Scott is right, some state allows you to place you partner’s name on the deed without paying the stamp duty ie VIC ( pay a $20 rego fee only), another states such as NSW require you to pay the stamp duty portion of the “sell off”.

    I’m not up to date about QLD, SA, NT, WA…..maybe another members who knows can fill us in on these states?

    A trust will allow you to transfer the deed to the trust without any stamp duty payable, BUT the beneficiaries of the trust will not have any “personal tax advantage”; the trust is it’s own identity within it’s own right :(

    Regards
    Michael

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    March 1, 2011 - 1:17 pm

    Your friend is right.

    Any funds that is NOT used for investment purpose you can not claim a tax deduction.
    So if you had 200k in your IP- and you top it up to by another $100k, but use this $!00k as deposit for your PPOR – then only the $200k will be tax deductable- Hence why i suggested a Split loan; to keep them separate.

    Regards
    Michael

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    March 1, 2011 - 1:34 am
    benji beane wrote:
    Michael,
    You suggested "NCPP" but I think you got the wrong letter doubled. It is "NCCP"

    The National Consumer Credit Protection Act is a new Commonwealth law that includes the old state based Uniform Credit Code. It enforces reponsible lending obligations on all licensees. To find out more about the new National Consumer Credit Protection obligations visit ASIC.

    BB

    Sorry Benji, typo:)

    Regards
    Michael

    Mick C | Shape Home Loans
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    February 28, 2011 - 10:59 am

    Sigh…I dont know if i should be sad because it’s Monday or because this post about IMG gives us broker a bad name…
    No broker should charge a fee unless it’s a complex Commercial loan OR it involves a private lender.

    Lennyboy- in your situation; this “broker” has broken a few legal parameters set by MFAA and by the NCPP; from my understanding
    1. Brokers can NOT do cold calling, unless instructed by the client
    2. Brokers can NOT harass
    3. Can not charge a brokerage fee unless the client is aware of this before the initial meeting and written in black and white.
    4. Can NOT offer a loan that does not clearly benefit the client;

    Either way, i would complain to COSL (http://www.cosl.com.au/) and to MFAA ( http://www.mfaa.com.au/ ) – it’s free to consumers; and you can simply drop them a email if you prefer.

    Good luck! and keep us updated if you decide to take action.

    Regards
    Michael

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    February 28, 2011 - 7:41 am

    That’s what any good son/daughter would do- Good job mate!

    Regards
    Michael

    Mick C | Shape Home Loans
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    February 28, 2011 - 7:24 am
    propertyboy wrote:
    Just trying to gage what current rates are everyone is getting.

    I have $1.1m in debt.

    Three seperate investment property loans.

    The current interest rate I am getting is 6.96% on all loans.

    Is anyone getting a better rate than this at the moment?

    Could I renegotiate a better rate or am I getting the best out there on the market at the moment?

    Just want to know if I should devote time to refinancing or not.

    6.99 % is not a bad rate…the question is- are you happy with the lender? if so- it’s pointless changing.

    Regards
    Michael

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    February 28, 2011 - 7:19 am

    HI Marty,

    Your correct, HSBC is no longer part of the general broker market …im guessing due to cost VS numbers of loan placed through the broker/ aggregator market. However i had a direct accreditation with HSBC when they were in the market ( not via aggregator), and due to the amount of loans i had placed through to them and another products (not just home loans); im under a “direct contract agreement”

    This is currently still possible, because i have my own full credit license and i’m not a credit “representative”.

    Regards,
    Michael

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    February 28, 2011 - 5:55 am

    Trust fund is a totally different ball game! and depending on the trust you open ( hybrid, unit…) they normally have no "personal" tax advantages, the trust is it's only entity within it's own

    Regards
    Michael

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    February 28, 2011 - 5:53 am

    You will have a hard time explaing to the ATO it's a IP …renting to your partents- and your partent's are on the title deed as well..so i would say NO. ( all title holder are entitled to the tax benefit from -ve)

    But if you buy the property under your name only- and use your parents in a guarantor loan then this is possible- as they wont be on the title deed and hence your parents wont be entitled to any tax benefit anyway.

    Regards
    Michael

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    February 28, 2011 - 4:22 am

    LOl god….play nice- mat is providing free information to the general public– thanks Mat:)

    ( god i understand your point, and it is valid)

    Regards
    Michael

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    February 28, 2011 - 4:19 am

    From the amount of emails our firm received regarding this – i can you a lot of the deals fall through because of financing.
    Without money – you can't really invest..

    Financing is possible and we have placed a few loans recently, but  i have to admit, it's not easy financing US property for non-resident ( of US)- possible; but it's not as straight forward as a standard loan.

    It either involves:

    1. High entry cost- high application fee etc…( due to loan amount and nature)
    2. Risk of using secuity or equity in Australian as 2nd mortgage

    Regards
    Michael

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    February 27, 2011 - 11:02 am
    navyboy wrote:
    Seeing as there is plenty of equity in the PPOR could you borrow a further 20k on top of the required loan amount and fees and pay the interest on your IP loan upfront (which will be tax deductable?) and then use your wage and any income from your IP to pay your PPOR of quicker? Effectively just transferring your debt from non tax deductable to deductable.

    Not 100% if this works but seems good in theory, maybe some more experienced investors may be able to expand on this

    good luck
    Dave

    Yes this will work.
    If you have an offset account for your PPOR it would beneficial as well- in case you need to access the funds.

    Stoj- 15k would only pay for the stamp duty and legal cost…you will need at least 5% deposit, unless you borrow this deposit via your PPOR top up. If you do top up the loan; make sure it’s a split loan to separate the IP and PPOR part.

    Regards
    Michael

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    February 27, 2011 - 10:05 am
    Sav wrote:
    Thankz for the fast reply ……….speedy gonzales……….your nick suits you ahahhaha…….im interested in the USA market………have 30k in savings…..income 70k + girlfriend 50k …….we are both 26 years old and have one investment property in Melbourne renting out at $320 per week……..the property is worth around 400k ….owing the bank 245k………..what should be our next step to purchase in USA…..looking for postive cash flow deals……..the area im interested in is Miami and las vegas……..any advice or information will b appreciatted………..Thank You

    Sav -im not endorsing purchase of US property. BUT in term of finance since you have equity in your IP – you can refinance it to a 90% LVR loan and cash out the rest for the purchase.

    Regards
    Michael

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    February 27, 2011 - 3:10 am

    ahha ok, make sense now :)

    Answer is yes, as long as this is your declared PPOR, and also the main “purpose” is not for rental ( meaning you can rent out to 1-2 ppl..but dont go over board and rent out 3 of the 4 rooms…)

    Regards
    Michael

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    February 27, 2011 - 2:50 am

    At 90% it’s impossible…even private lenders wont touch this deal:(

    If your asking 80% LVR, with a house as equity in Australia when we are in business :)

    Regards
    Michael

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    February 25, 2011 - 12:01 am

    Be aware some areas are now marked in the LMI providers black book…and will only be financed under a 80% LVR ( where LMI is not payable)

    If you buy in a area where finance is hard obtain- yes it may be cheap…but it be hard to sell as well! low capital gain ( ie look at how student accommodation works)

    Cheap does NOT equate to bargain!

    Just my thought.

    Regards
    Michael

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    February 24, 2011 - 11:57 pm

    nice house! nice and big…

    I dont know about changing the floor plan to add value; wouldn’t it make more “financial” sense to do renovations and touch up the existing place to make it more attractive to home-owners who are after a dream/GRAND home…

    ie – Make your family area connect to your outside balcony – turning it to an OPEN alfresco!! …always brings good money

    Just my thoughts.

    Regards
    Michael

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    February 24, 2011 - 10:33 am

    dame :(

    Maybe a real estate agent can answer this…

    But from a investors point of view – If this is a good tenant ; rent paid on time, stable job, takes care of the home, good family…i would just reduce the rent slightly. Because at the end of the day if the tenant leaves your friend would lose 2-3 weeks worth of rent MIN ( after paying agent fee..and finding new tenant), and finding a new tenant can be annoying :(

    Regards
    Michael

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    February 24, 2011 - 9:30 am

    Get it all back from the Insurance company- if your covered for floods…

    Regards
    Michael

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