Police won’t help in a civil matter. And contracts do not have to be in writing, you can find out how many properties they own by going to the land titles office in your state. But first you should probably start court proceedings on getting a judgement against this person.

Go to your local court and fill file a statement of claim, and have it served on their last known address – cost about $200.

Once you get the judgement then you can hand it over to the debt collectors.

Terryw
Discover Home Loans
North Sydney
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1. You can claim the expenses and negative gear and get to keep the CGT exemption if you are not claiming another main residence at the same time.

2. I suspect you could claim this property (or 50% of it) as you are the sole owner, and your friend is ‘renting’ from you. You would have to charge market rent though. I am not sure how the ATO would look at renting from a fiance – do you declare her as your spouse?

Terryw
Discover Home Loans
North Sydney
[email protected]

You can still use the property as security for an investment, even if the loan isn’t repaid – just needs to be enough equity. You could also set up a LOC on the house, using the existing equity, and then use this as deposits on further investment loans which could be with different lenders. This would save cross collateralising her home.

I think there is a difference between renting and boarding. Go to a bookshop and flick through the latest taxpayers guide, I think there is a section on this very topic – which says money form boarders is not income.

Terryw
Discover Home Loans
North Sydney
[email protected]

It will be hard, if not impossible to get finance while on probation. Both of the major mortgage insurers will not accept this situation. With probation, you can be let go at any time, so the job is insecure from a lenders POV.

Terryw
Discover Home Loans
North Sydney
[email protected]

I agree with TMA, it may not tell you anything worthwhile.

Go here:
https://lpi-online.lpi.nsw.gov.au/cgi-bin/lpis/menu.pl

And put the number in “dealing Number” and your credit card details and you should get what you are after (depending on how old it is). Cost is $8

Terryw
Discover Home Loans
North Sydney
[email protected]

With trust assets, the trustee’s name appears on title. This can be either a company or a individual (can also be more than one). The trustee is the legal owner, but not the beneficial owner. The beneficial owners are the long list of people listed on the trust deed.

What this means is that if you are sued, and you are the trustee of a trust, you don’t own these assets. If you have the right trust, the assets of the trust can usually not be gotten at.

That is why many people use a trust for owning property. Taxation savings is another major reason.

With running a business, it can be done through a trust, but businesses are risky, so a company may be a better option as the liability is limited. The companies shares can be owned by your trust, adding asset protection and tax advantages.

Terryw
Discover Home Loans
North Sydney
[email protected]

Brokers are often approached by ‘marketing’ companies who wish us to refer customers.

There is one out there that offers us 4% commission (of sale price) for just referring customers.

Terryw
Discover Home Loans
North Sydney
[email protected]

Kim

Surely with a loan agreement interest could be charged and hence claimed. At the seminar, did the ATO mention a written agreement? Without one, it probably could not work, but with one it should.

BTW, there was a recent case in the AAT where the ATO disallowed the interest claimed on a loan in a personal name where the funds were used by the client’s Pty company. AAT overruled the ATO and allowed the claim as there was a clear connection with the person borrowing the money and ‘lending’ to their company. (this is from memory, so may be a bit wrong)

Terryw
Discover Home Loans
North Sydney
[email protected]

I don’t think ASIC require licencing by these sorts of companys, just the real estate licence. It may depend on how much of the advice they start giving you.

Terryw
Discover Home Loans
North Sydney
[email protected]

I think they might be talking about setting up new structures and then not telling the new lender about the personal guarrantees given with the old structure??

Terryw
Discover Home Loans
North Sydney
[email protected]