What about some ‘latice works’ (not sure on spelling) ontop of the fence, and then put in some climber type plants like ivy? This may be a quick solution, and then also plant some fast growing trees there as well.

Terryw
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If St G, then it is called the Loan Extension Fee. St G have 2 options on their 100% loans, one option is the standard LMI and the other option is their own self insured one which they call the LEF.

LEF for a 100% Lend is 2.60% of loan amount
LMI for a 100% lend is 2.10505 for loans under $300,000.

LMI is a bit cheaper,

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Your mum would probably have to sell it to you, = stam duty and changes in insurances, (maybe higher premiums).

In the end, it is nto going to make much difference. Lenders don’t really look at vehicles. They are depreciating assets and everybody exaggerates their worth.

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I beleive it is only available jointly, ie shares by the two owners.

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It looks like its your mum’s asset, not yours then.

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And imagine all the points you would receive in Gross’ example.

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Look at this recent QLD case:
Pryke & Ors v. Commissioner of State Revenue [2006] QSC 226 (23 August 2006)
http://www.austlii.edu.au/au/cases/qld/QSC/2006/226.html

The Act states:
DUTIES ACT 2001 – SECT 152
152 Exemption–to correct error in previous dutiable transaction

Transfer duty is not imposed on a dutiable transaction to correct an error in a previous dutiable transaction about the same property if–

(a) no additional consideration is paid or payable; and

(b) the beneficial interests in the property change only to the extent necessary to correct the error.

Are you in QLD?
And Are you the sole shareholder?

If so, you may be able to do it?? Better talk to your lawyer.

Different states probably have similar provisions.

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I was just looking at a loan contract for a friend. He is buying a $75,000 car. In 5 years of having the loan he would have paid a total of $91,000 in for it, including interest, and by then it will only be worth $25,000.

We were working it out that he would be paying about $15,000 pa in repayments, plus it would be dropping in value by around $20,000 pa, plus insurance, petrol, tyres etc etc. probably cost him $50,000 pa all up!

I’ve got the oldest and cheapest car I can afford, and am happy with it as it gets me from A to B.

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Why can’t you gear up? Is it because of the location? That would be the quickest option.

And I am not sure what you mean above??? Deductibility does not depend on the security, but what the funds are used for.

It is not a complex situation, but a simple one. There are a few lenders out that that will let you go over 80% slightly. If you haven’t tried them, then that is a possible solution.

Another solution is to gear one up high, and keep the others at 80% to reduce the LMI.

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Homeside may also consider slightly over with no LMI.

A cheaper way to go with your existing lender may be to gear up to 80% on everything, and then go over 80% on the new purchase, that way you are only paying LMI on the smaller loan (not total loans) and your loans would be not cross collateralised. You could also possibly challenge a valuation as coming in low??

But you haven’t got much time left either.

You may also have problems with valuations coming in lower with a new lender too.

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