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Good tip – however we have specifically been asked for this in the past. Perhaps we need a better Mortgage Broker! [biggrin]
I wouldn’t discount using the corporate trustee first up – it’s easier to set it up correctly first time around, and it gives you more flexibility down the track re asset protection…
Cheers,
Scott [strum]—
Scott Matthew
Property Investor & Director,
Show The World Internet Solutions
http://www.showtheworld.com.auComments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi again Mat,
We use Neville Halloran from Business Accountancy (http://www.businessaccountancy.com.au) for one of our businesses in Walcha (northern NSW).
Neville is based in East Brisbane, and knows his stuff & is very helpful.
Hope this helps.
Cheers,
Scott [thumbsupanim]—
Scott Matthew
Property Investor & Director,
Show The World Internet Solutions
http://www.showtheworld.com.auComments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi Mat,
In my experience, the major Banks don’t seem to have any problem with Trust structures (even those with corporate trustees) – it’s just a matter of having a sufficient paper-trail and being able to give them what they want to approve your loan. Unfortunately, we don’t write the rules, but if you know what the rules are, you can play them to your advantage.
Without being biased, Steve’s DVD entitled “How to get the banks to say Yes!” is brilliant. I would recommend that you buy, beg, or borrow a copy as I think it will certainly help you.
Also I believe “Wealth Guardian” is also very good – we haven’t actually got it, but have a very very good accountant who deals with all of this kind of stuff. I can put you in touch with them if you are in NSW and want some help in this department.
One other tip: If you have a corporate Trustee, get your accountant to write a letter certifying that the company doesn’t actually trade (ie it’s sole responsibility is as the Trustee of the Trust) – for some reason, this seems to smooth a few ruffled features, probably as the company isn’t going to be open to other losses or legals.
Cheers,
Scott M. [smiling]—
Scott Matthew
Property Investor & Director,
Show The World Internet Solutions
http://www.showtheworld.com.auComments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
