Forum Replies Created
Well, Westpac had no interest in the proposed solution, even as a good will gesture, however they did come back saying they could drop the rate to 8.49%, (from 8.89%) as this is what is on offer at Bankwest at the moment (matching price). Still there are other things like a $900 deferred settlement fee and other fees applicable to the new loan that arent in the old loan.
Let me add some more spice to this forum post. Is there any way to get my wife off the mortgage without refinancing? My solicitor says we can not change the title to just my name, without the mortgage being in just my name.(and hence all the interest rate changes and fee changes) Is this true? In essense, I want to know if there (or what is the cheapest way) is a way to get my wife off the mortgage without the expense or interest rate change. Surely this happens all the time, and surely each time the parties arent force to do new loans with new interst rates and fees.?? (although i realise the stamp duty is waved)
Thanks Terry. Great idea. Have contacted Westpac and I'll let you know how I get on.
I always repaint the bathroom if not fully tiled. For the cost of some good white paint ($100) and a good scrub, brings it back to life.
Doh, hes on leave till 17th…
The Ningi office in Brisbane looks like a donut shop. [evo]
I would sell and cut your loses. Sounds like it is not doing much for your health. I would suspect its going to be 3-4 years before you could come out square looking at todays market and based on what you borrowed.
Have you made a loss on this property? May be deductible on you income, so the loss may not be as big as first anticipated.Sorry, I know this is off the topic, but I just wanted to make mention that the Dale GatherumGoss’s book is pathetic. I dont know why so many people on here recommend it.
For $99 its a joke. He constantly repeats statements and facts sometimes 3 times in his book. (Its a book <edit>, I can go back pages and re-read it) It is poorly worded, spelling errors and inaccurate. It seriouls y needs to be updated.
I wouldnt recommend this book to anyone. The main point he repeatedly talks about (4-5 times) (claiming deductions in a trust, like birthday present, tea, coffee, sex toys etc) is bordering on tax avoidance (illegal) as opposed to tax minimisation.(depending on your circumstances)In NSW it is the same. YOU pay for the entire water bill. There is a clause that says, EXCESS useage is paid by the tenant, but hey, what is “excess” useage. Given that the actual water in kilolitres is usually a small proportion, I would just pay the bill, and claim it all in tax return
Electricity – Paid by Tenant
Phone – Paid by Tenant
Council Rates – Paid by YOU.Damn, i figured this would be the case. I wish I knew of this website before i bought my properties. So it looks like there is now no way to minimise the $20k im paying in CGT. Wont make that mistake again!!
Cata, whom do you work for, do you have a website?
Redwing – HDT?? Acronym for?
(And I thought there was a lot of 3 letter acronyms in I.T..i think property takes the cake [specs]Terry and Cata
You guys are awesome. Very forthcoming with info, even though there may be no financial reward.
May good karma come your way ten fold…or at least someone send you a case of beerIf I were you, I wouldnt try to apply a scenario or theory from another industry to the property industry. Cliche’s sound great, but in fact sometimes are totally not applicable.
Maybe in this instance you cant put this issue into Dollar terms???. If you could, Im sure we could come up to tens of scenarios or calculations,.Besides every situation is different.
In regards to this sitaution, I would look at say 3-4 properties of similar faetures, size, location and quality, then average it out. In the middle wouldnt be a bad place to start. As far as putting a price on tenants, I wouldnt overthink it. Bad tenants are probably 5% of cases. This means, if the current tenants hit the road, chances are you will get new tenants with no problems. (not the other way round which seems to be the way we are looking at things) Besides if you have landlord insurance, your mind should be at ease.Definitely go with the rent increase. Even if you consider it a risk.
Havent delt with BW before. But I know how you feel with conflicting information. If I call the “mortgage centre” for the bank i deal with, god forbid I rip my hair out. None of them no simple policies on little things like applying for “maternity leave” on a loan. getting a bit of the topic, but over the passed 2 years I think i have applied for every feature on my loans, from maternity leave, fixing portion of the loan, delayed payments, loan top up etc, but theres nothing like delaing directly with one person. Thats the best advise I can give. Be reasonable, but frank, and 99% of the time you will get what you need. (1k loss is not to bad, but hey, in saying that “a loss is a loss. Im sure you may be able to claim the loss in your end of year return!!) Good thing is your in a position to negotaite as your not committed. Go and see 2-3 lenders. (brokers and banks) Face to face. You will know who is there to help, and who is there to get your money. Besides the more people you speak to, the more knowledge and confidence you gain. My moto is always “nicely” push the boundry.
Yep, slightly confused now. (sarcastic)
I thought “Trusts” were a form of Asset Protection that couldnt be touched by anyone, since “I” dont essestially own them.So, given the hypothetical situation of my wife/girlfriend seeking part of a property owned by a Trust, that I am a beneficiary of, I thought it was protected, yet now it seems,
1) The Family Law court surely could investigate the structure, see I am a beneficiary, and order when the IP in the Trust is sold, or I recieved beenfits from this trust, she can then have part of the (% of) benefit…True????. If the family Law Court can do it, surely other government agencys can as well. Which would then mean Trusts, as far as asset protection is concerned are worthless. Surely I am missing something here? (leaving out tax implications for setting up trusts and focusing on Asset protection)Yep, to me it sounds like the tenants are playing you for a fool, and whilst where at it, so is the managing agent.
Sorry to be harsh, but in this situation, I would also increase the rent, probably somewhere in the middle as shwing suggested. (then another increase in 12 months – 6 is to soon) I would take ownership of this particular issue. Visit the tenants and explain the situation. Meet them half way, explain that an increase hasnt happened in some time, and that the place is of the highest quality and deserves a little more. Ask them if there is anything they are unhappy with at the same time. (if they say no, then they know there on a good deal – If they say yes, then address the issue) I would also be asking agents in the area what the demand is like for properties of your type and area, and if your current tenants did move out, if you could quickly re-tenant.
Also, what happens in two years when your tenant says, they cant afford to pay more..do you let them stay when rates are around $400
Hey. Good line of thinking. Definitely get your structure right before doing anything. Def read “How to Legally Reduce Your Tax” by Tony Melvin & Ed Chan. I read this about 2 weeks ago, and its gives some really good insights. And its written so any moron can understand it. (Well I got it)… [blink]
After I finished reading the book, I got on Google (AU) and searched all top 10 references for the 7 or so Trust structures outlined in the book. (Obviously the tax laws change rapidly) and was able to find a suitable trust quiet quickly. I was also suprised to hear you can start a trsut online, quickly and cheaply unders sites such as lawcentral.comWait Wait Wait…
“A Trust therefore gives no added protection in a tort (civil claim for loss or damages through the courts) that can accurately target responsibility under the CORPORATIONS ACT at any individual involved in a company in some way, which may have defrauded or failed in a duty of care to, a client or supplier, or even another employee. ”
Does this mean it only applies if you are working in/or as a company.(director of company)???? If I am a purchasing I.P’s under a trust, then get divorced,(properties purchased before marriage) this still means my wife cant get access to these properties right??? Or if the properties are pucrhased under the trust, and I live with a girlfriend for 5 years, she still cant sue me for part of these properties, as I dont own them.
Question is, the above statement refers to employess of company’s or directors right???
I would dump BW. Technically if you dont get this property, you have lost nothing. Theres plenty of opportunities out there. At least now you know the standard that you want and can improve on that. Best to get setup correct first time round, esle is expensive exercise fixing later!! (trust me).
I would say waiting longer than one week for unconditional approval, is unacceptable. I recently walked into my local branch, applied for a loan, informed her i needed unconditional within the week, and it was done. (I have two other loans with this bank) I deal with the same Home Loan manager every time.
ITS ALL ABOUT RELATIONSHIPS. (And she knows damn well if I didnt get it in one week, the business went elsewhere)wow, awesome…cheap and quick..(once you understand the legailities and tax implications behind each, of course)
Thanks !!!!Hey, in terms of cost for setup (rounded say to the nearest $100)
does anyone know what is the cost for setting up
1) Descretionary Trust
2) Unit trust
3) Hybrid trust
4) Bare TrustAlso lead time. eg: Can these be established within a week? Actually and whilst were at it, can anyone put down in say 10 point form, the order in which a trust is setup.
Just reading a few books now in relation to the differences betwene them all, but wondering on costs
Hey…like my logon name says…..any chance i can get in on this action….Maybe I can be Cc’d in on the answer to questions[bonjour]
