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Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
May 13, 2005 - 12:26 am
Originally posted by Dazzling:
In terms of rates we are getting at least 0.5% better than what the best of 7 brokers could achieve (including a couple from this forum who formally advised me they couldn’t compete and recommended I stick with the Bank’s deal)…so really don’t see the need for brokers at this stage.
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Dazzling, Not to be picky, but when you approached me, you didn’t give me the full details of your situation. I got you a quote which went fairly close to what you received, but possibly could have inmproved that with the additional information later received. Without going into your personal details it would be hard to say on the forum.
Now what happens when your current bank won’t lend you any more?
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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
May 13, 2005 - 12:03 am
A unit trust is a fixed trust with each unit being a percentage of ownership. If one person wants out they can just sell their units. This can also be done with a company with share ownership. I beleive transfer of shares in a private company is stamp duty free if the company was incorporated in victoria (up to a certain level).
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 13, 2005 - 12:01 am
Before you do anything, get another 2 opinions. Try a proeprty focused financial planner like Steve Navra http://www.navra.com.au
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 12, 2005 - 10:26 am
Originally posted by The Mortgage Adviser:
Terry, again, this is illegal mate. You cannot deduct interest on interest to help pay off non-deductible debt.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.au

Investor Links
Rob, Why do you feel borrowing to pay investment expenses would be illegal?
By making statements like this you could scare people away from getting proper advice which could lead to thousands of dollars in savings.
Are you an accountant or lawyer? If not, have you had advice on this matter? How do you know you are correct?
BTW, keep it friendly!
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 12, 2005 - 10:22 am
If you have other non-deductible debt, then IO is the way to go. You may not need to pay LMI, even if you borrow 100%, if you have equity. LMI and other borrowing costs are tax deductible – usually claimable over 5 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
Participant
@terryw
Join Date: 2001
Post Count: 16,213
May 12, 2005 - 6:55 am
They may have increased the value by $40K, but what did it cost to achieve? All the materials and tradespeople would have come close to this?
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 12, 2005 - 6:54 am
Yes I’ve read that article. It would be very hard, though not impossible, to get a lender to agree to that.
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 12, 2005 - 6:52 am
Also, talk to a taxation specialist about borrowing to pay interest on your investment loans so that you can pay all available cash into your home loan or 100% offset account linked to your home loan. This will increase your deductions and speed up the payment of non-deductible debt.
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 12, 2005 - 6:49 am
I have read Kevin Young’s new book – mainly seeking more information on the living on equity angle. I must say it is a very disappointing book. There is a bit of history about Kevin Young. but not much on their strategies.
I think more information is available within their free monthly newsletters.
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 12, 2005 - 5:01 am
Yes your right Island Dreamer. (if you were referring to me). I am sorry!
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 12, 2005 - 1:59 am
Yes Rob.
Terryw
Discover Home Loans
Mortgage Broker
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 12, 2005 - 12:16 am
Wow. Thanks
Terryw
Discover Home Loans
Mortgage Broker
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 12, 2005 - 12:12 am
If you are going for 60% LVR, ANZ may suit. $300 exit fees. But they will not do trusts or company borrowers.
Terryw
Discover Home Loans
Mortgage Broker
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 12, 2005 - 12:09 am
Couldn’t agree more!
Terryw
Discover Home Loans
Mortgage Broker
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 12, 2005 - 12:06 am
Originally posted by Rippah30:
Hey there all, first time posting.. decided to just mention this because I love to see people thinking ahead and trying to improve themselves.
Last time I checked, I think Property management Agencies need a licensee, ie: someone who has their Triennial Certificate (sp?).
While you can certainly attain your Property Management licence, and your Real Estate sales licence..a triennial certificate ( I believe, please don’t quote me)requires 2 years sales experience with decent results, considerable financial stability, good reputation and to be passed by the appropriate Real Estate Board. At least I think thats whats required in WA anyway.
Not that its a oppurtunity ending problem if it is the case, you can always hire a licensee as a legal figure-head etc. I’m sure you’d find a way through anyway
Knowing is not enough, we must apply.
Willing is not enough, we must do
These RE courses (to qualify for the full RE licence) can now be completed in around 3 months full time – in NSW anyway.
Terryw
Discover Home Loans
Mortgage Broker
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 12, 2005 - 12:04 am
Beware of how it will affect your borrowing capacity. Each person on the loan will be responsible for the whole loan if others don’t pay.
So when applying for your next project, on your own, the lender will include the whole loan for your joint purchase (even if you only own 1/3), but they will only count your share of the rental income.
Also look at http://www.lawcentral.com.au for a joint property purchasers agreement.
I agree with Richard, most people who get into situations like this end up regretting it. So plan carefully.
Terryw
Discover Home Loans
Mortgage Broker
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 12, 2005 - 12:00 am
Keep saving and investing. If your first one is an investment property, the lender will take into account potential rent, making it easier to pass their serviceability test – depending on how much income you make. Is their the option of converting to full time for a while?
Terryw
Discover Home Loans
Mortgage Broker
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 11, 2005 - 3:51 am
Excellent Idea Antonio!
Terryw
Discover Home Loans
Mortgage Broker
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 11, 2005 - 2:21 am
Its hard to say. Which do you think will grow faster?
I personally do not buy units. It is land that appreciates, so I think something with a high land content will be better long term.
Terryw
Discover Home Loans
Mortgage Broker
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 11, 2005 - 1:35 am
If he has a contract with the agent, often they have clauses included which will entitle the agent to the commission regardless of who sells – especially if the agent was the one that introduced you in the first place.
It still may be worth negotiating directly and bypassing the agent.
Terryw
Discover Home Loans
Mortgage Broker
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