Many can now get finance, but the rates and conditions can make taking up a wrap cheaper.

eg. a 90% low doc loan with GE. The rate is about 10.65%, you must still put up 10% deposit, plus they have huge upfront costs and exit fees. And then there are the postcode restrictions.

All this makes wrapping look good, esp if you will be charged about 9.5%, with no exit fees.

Terryw
Discover Home Loans
North Sydney
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Bankruptcy is a long and complex process. It would probably take up to one year for someone to force you into bankruptcy. If they do, then it is basically over for them, so it is in their interest to keep you out of bankruptcy. They may accept to settle for a lower sum, or may accept payments in installments.

Go to your local library, and have a look in the legal section, there will probably be books on this topic there.

Also have a read up at http://www.itsa.gov.au so you know the process of bankruptcy.

I was in hte process of chasing a debt with the intention of bankrupting the person, but in the end I accepted an out of court settlement for a lesser sum – just to speed things up to reduce costs. It is better to get sometihng than nothing.

Terryw
Discover Home Loans
North Sydney
[email protected]

http://www.gatherumgoss.com look for Dale’s book on Trusts, called trust Magic.

Terryw
Discover Home Loans
North Sydney
[email protected]

Munjy

CGT would be payable on what you paid for the property, including any rebates. Stacking the contract would not be required, but may be helpful in getting a higher valuation.

I have a client who pays cash for his proeprties without stacking and he received a valuation 20% higher than purchase price.

Thanks hellman

TMA, Thanks.

Terryw
Discover Home Loans
North Sydney
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Would your loan contract with your wife be enforceable in a court? Possibly it would, even if it was not written. if so, tehn you may be ok.

I would myself treat it as a loan. One loan repaid with another, should be OK – but you never know how the ATO will treat it if audited.

Terryw
Discover Home Loans
North Sydney
[email protected]

I personally have found network marketing a waste of time and money. The products are usually way overpriced in order to allow commissions to be payable. Why pay $15 for some shampoo when you can pay $5 in the supermarket.

Terryw
Discover Home Loans
North Sydney
[email protected]

Xenia

That is a legitimate problem. The only way around it is not to tie all your equity up in lease options. keep some buy and holds as well.

You will also probaably find that a small portion of the tenants leave the properties within the first year. So that could give you some room for equity extraction.

Terryw
Discover Home Loans
North Sydney
[email protected]

POAs differ from state to state. So you had better consult a solicitor or go to http://www.lawcentral.com.au. Me and my wife have enduring power of attorneys for each other, and I have bought a few properties when my wife was overseas (she still doesn’t know about them !).

Terryw
Discover Home Loans
North Sydney
[email protected]