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Commercial 2nd mortgages generally only go up to 80$ LVR and the rates are high – up to around 24%. They may not be hard to get, if you have the equity, which you probably don’t.
Have you secured a first mortgage yet? Maybe you culd bump this up a bit, and/or ask the vendor to increase the amount they are offering as finance. I imagine it would be hard to gain more than 100% finance, but you never know until you ask.
Terryw
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A Binding contract could be established if it has an offer, consideration and acceptance. There is no requirement for a contract to be in writing-except for land.
So if you sign a piece of paper with a price, the adress and the vendor listed, it could be argued that this is a contact of sale. All the other party has to do is accept and it may be a binding contract.
Terryw
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[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 need to find a buyer. Thats the hard part! One Sydney based solicitor to talk to is Anthony Cordato http://www.businesslawyer.com.au
Terryw
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[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 am not sure also, but think you can only claim expenses at the same % of ownership. If she is not on title, she doesn’t own anything. The loan may be in two names, for whatever reason, but the deductions (and income) should go to you.
ps not an accountant!
Terryw
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[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
try Julia at http://www.bantacs.com.au
Terryw
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Mortgage Broker
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[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
Rob, You may need some new advice, and then make a back claim for up to the last 4 years.
Terryw
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Mortgage Broker
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[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 rarely come in over, but i had one client who had a property come in 20% more than purchase price. In the end, I was able to get him a 95% loan without mortgage insurance.
Terryw
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[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
What about you Coastymike? You sound like you know what you are talking about, where are you located? On the coast somewhere?
Terryw
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[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
Originally posted by geoff_b:We have purchased our own home using our family trust. We have since learned that this might be a bad idea. Can anyone provide any pointers on who we should talk to regarding un-doing this? Or any other advice? We’d ideally like to take it out of the trust and put it in our own name.
Geoff
How did you come about buying your PPOR in a trust? and why do you think it a bad idea now?
If you transfer it, there will be stamp duty and possibly CGT to pay.
Terryw
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[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Now that is thinking outside the square!
Terryw
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[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
It depends on each person’s situation. SOme for example allow 100% of rent to be taken into account, others only 70% – not much good if you don’t get any rent. Some also allow negative gearing benefits to be added back. or some self employed benefits to be added back.
Terryw
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[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 never ever seen a non-recourse loan. I have only heard about them from Henry Kaye.
I suppose if you are talking baout huge loans, there is not much point in personal guarrantees.
Terryw
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[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
All banks have their good days and bad days. or all are as bad as each other.
Terryw
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[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
It is a personal decision. Some people just feel more comfortable paying down debt – including Steve I beleive.
I, myself, prefer IO loans like Rob. You then have the option of paying more if and when you chose.Terryw
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[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
Be wary of making offers. If they accept your offer you could be entering into a binding contract.
Terryw
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Mortgage Broker
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[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
check out http://www.metropole.com.au for a group that project manages these sorts of things for you.
Terryw
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Mortgage Broker
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[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 think Richard (QLD’s 007) recomended against doing L/Os in QLD because of the tenancy laws up there. It is probably very hard to make the tenant pay for rates, insurance, repairs etc. Or, it may be easy to get them to do so initially, but if they were to take you to the tribunal down the track you would probably be forced to repay the tenants for these expenses.
Terryw
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Mortgage Broker
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 agree with TMA!
Get a pre approval first, this lets you know you can really afford it and speeds things up.
And use a solicitor. check with them before signing anything.
Terryw
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Mortgage Broker
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
http://www.strategicwealthmanagement.com.au
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 MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Nehal
Is it good that you are planning ahead!?
To get a loan you will generally need a deposit and will certainly need a job.
Terryw
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Mortgage Broker
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
