Just chose a loan without high exit fees!

Terryw
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A lot of people do seminars, but take no action. The presenter cannot be held responsible for this, surely?

Maybe it is like trying to lose weight. You can read a book, do a course, but if you don’t try, you won’t succeed.

Terryw
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You can only claim one place as your PPOR at one time (except for a period of 6 months were you can have two to take into account the overlap between selling and purchase).

If someone is going to buy a new house to live in, they can chose which one to claim – usually the one that is growing the fastest.

if you are renting your property, the costs associated with it, icluding interest, can be offset against any income received.

Terryw
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You have t be very careful with making a written offer.

In Australia contracts involving land need to be in writing (eg. CONVEYANCING ACT 1919 – SECT 54A).

There is no requirement for this contract to be a properly drawn out contract. As long as certain requirements are met (property identified, parties identified, and price = the 3 Ps), the contract could be binding if it is accepted.

There have been cases where these reqirements were written on the back of an envelope and it was a binding contract.

Actually, a contract for land can be verbal. However, if it is not in writting, it cannot be enforced.

for NSW see, http://www.austlii.edu.au/au/legis/nsw/consol_act/ca1919141/s54a.html

Terryw
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I owuld be inclined to put off the payment of the HECS debt till a later date. Putting the money in a savings account won’t make much difference, but all that money oculd add up for a deposit on a house, helping you get into the market quciker.

There is also the possibility, tho slim, that the HECS scenario will change at a later date (eg. if Labour get in), they may abolish it, or change it so that you don’t have to start repaying it till you receive a higher income.

Also you may be able to keep your income low, and never have to repay it now. eg using companies, trusts, or working overseas.

A bird in the hand is worth two in the bush.

Terryw
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Yep, good idea.

Terryw
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If you are just wanting to increase an existing loan, you must go through the lender. If you order your own valuation, it is unlikely to be accepted. If they do accept that valuer, it may still have to be reassigned = another fee.

Can you tell us who the lender is?

Terryw
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Yes, i have set up 3 online using http://www.lawcentral.com.au
You can join for free and go through the motions of making a trust, and only have to pay at the end if you want the finished product. Do this and see how you go, there are lots of useful tips along the way.

Then decide if you need one set up by an accountant.

Another site is http://www.cleardocs.com.au

Terryw
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You can always ask the lender to use a particular valuer too – especially if you had a bad valuation with someone.

I recently had one clients property revalued at $150,000 more in 3 months – with the same lender, all because we asked that the previous valuer not be used again.

Terryw
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Hi

If you have a look at a few Low Doc declarations they are all slightly different. Some ask for your income this current financial year, while others don’t specify the year. Some ask for net Profit before tax, but others just ask for personal income.

In the end, the lender will usually accept whatever you put down. What you have to worry about is the ATO.

If you get audited you may have to justify what you have written down. Depending on the wording of the declaration, you may be able to argue that you included future profit, or projected income, or even income before expenses etc.

Afterall, if it is July 2 and they ask for your income for the year, what can you do but estimate?

Terryw
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