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This is actually a lease option. ie I have sold them an option to purchase the property, with part of the rent going to reduce the repayments. If a court were to order me to refund the money for rates etc, then this would be added to the price they could buy the property from me for. So no big deal in this case.
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Originally posted by hb:grossrealisation
such a brazen statment….200% in 12 months
its beyond belief
can you enlighten us ,that are untrained, in this effortless technique of accomplishing such prosperityHB, Just imagine if he borrowed 99%, ie 4% off the vendor and 95% off the banks. This would make the % return much higher because of the reduced amount started with. A high COC return doesn’t necessarily mean it would be a good investment.
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St George offer foreign currency loans to people residing in Australia or overseas, but again, they must be earning money in the currency of the loan. They will ledn up to 80%.
Rates vary depending on the amount, term and currency, but start at 3.53% p.a.
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Oh, yes that would be the case.
If serviceability limits have been hit, (or if you have changed jobs etc) you may not qualify for the increase – they would probably require updated payslips etc.
Terryw
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Sometimes problems occur with settlements, and in this sort of situation, it may be better if you have a solicitor on board. However, some conveyancers are more knowledgeable about property transactions than solicitors.
Terryw
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HB
Not sure if I found a loophole or not, but many many years ago I had advice that any lease over 5 years in length could be classed as commercial and the RTA would not apply (in Vic). This is probably wrong. If they take me to court, they may win.
Terryw
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Mal
I see where you are coming from now.
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A trust does not give you any advantages in borrowing – in some cases it is harder to borrow using a trust. Lenders will take guarrantees from the trustees so no history of the trust is needed. A brand new one is ok.
A company is safer, as in some cases a trustee can be sued. If it was a $2 company, then this is safer than yourself.
It costs more to set up and more annually, so you much weigh up the cost vs risk.
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No, 1 day old ABN would be OK for 70% No Doc.
for a 90-95%, probably around 3 months employment history would be needed if PAYE or 2 years if self employed.
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Fixed rates can be costly to exit. This may cause problems if you sell the property, or if you want to change banks etc.
Terryw
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Yes, Bankwest are one of the best. ANZ do them – sometimes.
RAMS etc will do them with a corporate trustee. The problem is if the title is in one name and you want the loan in another. That is like getting a third party to guarrantee the loan. Thats the bit that causes problems.
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Horwath’s Tax Telegraph January 30, 2006 newsletter contains a bit on owning your home via a company.
I could forward a copy to you if needed.
Terryw
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Sorry, replied to the wrong post
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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He would have to wait 1 day before qualifying for a 70% No Doc loan.
He could use his NZ house to get a LOC (over there) and then bring this across for deposits.
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Originally posted by smunslow:Just on these No Doc loans – what sort or interest rate and LVR is available to PAYG eaners who don’t have significant assets yet.
This loan is only available for self employed. Min 2 years
Most of the other 70% No Docs are also only available to sef employed – but the proof needed is just an ABN.
Terryw
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Mal,
I cannot see how it would change your assessable income.
You you get $500 rent, your income is $500 less the deductions of $100 = $400.
If you get $400, without the deductions, you assessable income is still $400.
Terryw
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Redwing
I have had an email back from RAMS saying they will do HDT, but the loan must be in the same name as the title. cannot have a company trustee and loan in directors name. If personal trustee, then should be ok.
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If you are living and workign in Japan, Aussie banks offer Japanese rates on Australian proeprty. But once you leave the country or stop earning yen, then you must renegotiate the loan in AUD.
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BTW, I have a residential property where I make the tenants pay all outgoings. If she pays hte rates, I do not claim. If she forgets, i pay it, then claim it, she reimburses me, and I declare that as extra income.
Terryw
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It means you must have assets 2.5 times as much as the loan.
Not available for constructions or developments.
Quote from RAMS:
For Investors (Property, Equities etc) who do not require an ABN but support themselves from investments,
– A letter addressed to RAMS from the applicant’s Accountant confirming the majority of the applicant’s income
is derived from investments and that have been for position for at least 2 years is to be provided.
– Applicants who do not have a registered Accountant or Tax Agent must complete the asset and liability section
of the loan application providing details of all investments. The applicant’s net asset position must be at least
2.5 times the loan amount.Terryw
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