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Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
May 27, 2005 - 12:03 pm
Opps, Sorry, I thought I read ‘Sydney’ in your post.
Terryw
Discover Home Loans
North Sydney
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
May 27, 2005 - 11:54 am
Has anyone tried to plot some figures into excel? Either those for or against?
I have been trying, but am not no excel expert – there are too many variables for me to work it out.
If anyone has, could you please email me.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
May 27, 2005 - 11:35 am
I wonder when the vendor tax would be payable on a wrap?
At sale (ie exchange of contracts) or at settlment?
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
May 27, 2005 - 11:12 am
Putting it into an offset account so it can be redrawn for investments may not be the best way to proceed.
What happens when the money is taken from the offset and invested? The interest on your home loan increase – non deductible.
If you pay into your home loan and withdraw for investment, the net interest will be the same, but the interest will now be tax deductible.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
May 27, 2005 - 11:09 am
Make sure you get the licence appropriate for your state, or you could get into trouble.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
May 27, 2005 - 11:08 am
I don’t think Options are common – especially on residential. They are more common with commercial type deals.
If you can’t sell the option, you will lose the option fee paid or you could just settle on the property.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
May 27, 2005 - 11:04 am
If you come back here and start working at the same type of job as you had in the UK, you could probably qualify for a full doc loan within a short period.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
May 27, 2005 - 11:00 am
Originally posted by cutegirl:
To Terryw:
Rates can be fixed on most low doc loans. The fixed rates can also be rather high on these.
Are you sure you cannot obtain a ‘normal’ loan? When factoring in rent from the new purchase, you may qualify.
Do you mean I can get the normal loan from the bank, not using Low Doc, but using standard normal loan from my work ?? If so, will they need to refinance my loan for my PPOR again ??
You may be able to get a normal loan from the same bank or a different bank, depending on your income. If you don’t have deposit and go to a different bank, then you may have to refinance your property (unless you could increase the loan and withraw some equity).
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
May 27, 2005 - 10:56 am
Luci’s suggestion sounds like it has merit. Moving out and renting could save you money – even if you rent next door. This money can be used to build equity faster. You should also still be CGT free on your initial property even if you rent it for up to 6 years.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
May 26, 2005 - 6:42 am
I should also add, PMI have increased their maximum total customer exposure on PMI Low Doc facilities from $800K to $2.4 million per borrower!!!!
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
May 26, 2005 - 6:23 am
Maybe you are referring to this one?:
The 19th International Building & Design Expo
http://www.designbuildexpo.com.au/
5-8 June 2005, Sydney Exhibition Centre.
A free ticket is available here:
http://www.infosalons.com.au/Designbuild05S/register.asp
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
May 26, 2005 - 5:56 am
Better talk to a solicitor asap!
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
May 26, 2005 - 5:54 am
No. The lender would take into account only the annual money received from the annuity. on $100,000 over 5 years, it may be something like $23,000 pa.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
May 26, 2005 - 3:29 am
Rob, Westpac used to lend on income from annuities. (I have never done a loan involving an annuity).
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
May 26, 2005 - 3:28 am
You can also get low docs for NZ property. So I would say your chances are good.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
May 26, 2005 - 3:26 am
1) Yes
2) yes, have to pay CGT even if you reinvest.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
May 26, 2005 - 1:36 am
If you friend want to pay more interest send him my way. I can fix him up on a 10% pa interest rate. He will be able to claim a fortune!
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
May 26, 2005 - 12:25 am
My understanding is that tax losses cannot actually flow through a trust. Not even a hybrid can distribute losses. The only way around this is for the interest to be claimed personally as the above describes.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
May 26, 2005 - 12:22 am
I think most aggregators need at least 2 years experience before they will take people on. Maybe Lawfund will be ok??
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
May 26, 2005 - 12:21 am
Section 118-145 of the ITAA (1997) says you can claim your main property as your main residence even if it is rented, for a maximum of 6 years.
There is another section of the act which states you can actually have 2 main residences for a period of 6 months to allow for cross over periods.
So you should be able to buy, then sell without CGT if you can do it within 6 months. Please check this with your accountant.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au