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Steven, that is a good rate. Would this product be available for owner occupiers only? I did one a while back for someone with a small blemish and the rate ended up over 10%.
Terryw
Discover Home Loans
North Sydney
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Also, If there is a loan on the property, this will also have to be renegoitated. There may be fees and another application with proof of income etc would probably be required.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Originally posted by stran:Hi,
I’d like some recommendation on good books to read to get an understanding of the different trusts, how they can be applied to investments especially in Australia.
Tanks
Tanks
Try http://www.gatherumgoss.com and look for the book, Trust magic, costs about $99. but is worth it.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I have used Mcdonalds and Associates. Don’t have the details handy, but they are right in the city and are very profsssional.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Oops. Sorry Steven and Simon.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Devil
It is possible to get loans for some of the big franchises. Maybe around 60% is possible for some like seven eleven, gloria jeans etc.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I have been looking at Condo units, starting prices seem to be from about 600,000B (A$20,000) up. They are not too bad, I have rented one, and it would go for about 900,000B (A$30K). I would be content to live in this one for a long time.
Rental yields are not all high, they would be around 8% or so. Interest rates are around 6-7%, but I have haivng trouble finding someone to borrow from as I am not working here, nor a resident.
I have also checked out building in the countryside. Constuction of a nice and large home would be around A$20,000 with a nice large price of land at around $10,000 +. There are much higher rental yields in the country, but the capital growth is smaller.
One problem is the ‘system’ here. The legal process is not like Australia, and if things goes wrong, the law doesn’t always help. eg. you can register caveats on land, but these are generally ignored.
It is fun looking anyway.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Everyone
Thanks for the replies, I am still in Bangkok and have been looking around, and talking to people. I have heard a few bad stories such as this one:
Western man meets Thai girl, he decides to retire and buys a house for 23,000,000B (nearly $700,000) and a mercedes benz. Since he is not a resident, he buys it is his girlfriend’s name. He then goes back to his country to get his superannuation money. He is away a month. When he comes back, the car is not in the driveway, but the lights are on. He tries to open the door, but the keys won’t fit. Then a strange man opens the door, and they ask each other, “who the hell are you?” The guy in the house tell him that he just purchased the house from a thai lady. It seems the woman sold the house, the car, and just took off.
There are supposedly many stories like that floating around.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Good news Simon.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Take any longer than a normal purchase. Banks will want to see the trust deed and have their legal people ‘review’ it, so maybe an extra day there.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
YOu may be able to get the vendor to rescind the contract and you sign a new one with the new names.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I beleive they are moving towards an electronic system, but is is still early days. Last year i receved the actual physical title for one of my properties from the bank. If it is an old proeprty then there would be one.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi
You can’t use the FHOG as they are only renting from you. They may be able to use it when they cash you out.
Usually you can increase the loan on the property after optioning it. But they may place a caveat against the title, preventing this unless they agree.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
The owner of the property would be the trustee, which is a company in your case. So the company name would be on title.
Claiming a taxation variation would still be possible because you have invested money in the purchase of units of the trust, and are able to claim a tax deduction on the interest on the money claimed for this.
It just maybe a bit more complicated than usual.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi
Thats the way I see it too. Even if they are paying the same, they will ahve all of the extra tax decutions to claim, making them better off.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
The trouble with overstating your income is that on most applications you must sign a statutory declaration. If you declare something to be untrue, then this would be an offence against the act with a maximum penalty of 4 years imprisonment.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Simon
About 6 months ago. It was done using Solicitor funds. I agree it is very unusual.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
It will be hard to finance student accomodation, if you declare that is your intention. The lenders may want 20-305 deposit, which you don’t appear to have.
Even if you could borrow 95%, it may be very tight equity wise.
do you have any other cash you can put in?
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
You just add the CG to your yearly income (less any discounts and some costs).
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Kerwyn
I am having language problems in Bangkok. Not as easy to learn Thai. I have a friend that purchased a hosue last year for 900,000B = $200,000 at current exchange rates. There are plent of apartments etc avertised in English, but I imagine these are inflated prices for foreigners.
In Pattaya, houses near the beach seem to be going for about $1,000,000.
Will try to find out more.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
