You should be able to get standard loans with most banks. There is only one I know of that discriminates on age.

I once heard a banker just they just did a 30 year loan to an 88 year old woman.

However, to get a loan, you must have deposit and an income to support the repayments – inless you go for an asset loan or no doc loan.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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No. You will still need to give personal guarrantees, so the lender will rely on your income. If you can’t qualify now, nothing will change by forming a company.

You probably shouldn’t use a company to hold proeprty either. better talk to an accountant before setting any thing up.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]

Tasman

Yes. you right!. Of course, I meant to write Investment loan. You pay the interest on the investment loan with your LOC.

Sorry to confuse everyone. I will amend the original post.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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Can’t really be done like that. it may be possible somehow, but would be costly to setup.

look at http://www.chrisbatten.com.au for some info on smsf and proeprty.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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I knew it!

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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There is one bank that I know of that discriminates on age of clients. They generally do not like loans exceeding a persons expected working life – otherwise how will they pay it back!??

I don’t know if they can do this legally, but they must be able to.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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Sue

I am not sure. You had best run this by your accountant.

If you are putting the rent into an account, why not use a 100% offset account, at least you will save a few days interest per month.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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Adam, that sounds right with your units. Trusts can’t distribute losses. But they will not always be returning a loss. After a few years the rents will go up etc, and you will be making a taxable profit. Then it would be good if it was a trust. There are also other advantages such as asset protection etc.

With the Hybrid trusts it is a bit different. The loan is in your name, so you personally claim the interest – not the trust. This should leave you trust with a nice profit. From this profit other costs and depreciation are deducted and the net profit is then distrbuted in accordance with the trust deed.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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Say you have a $500,000 loan on your property (worth $1mil) and a $500,000 loan on your IP.

You have your poprerty loan PI, and IO on the investment loan. You also have a LOC set up against your home loan. When interest is due on the investment loan, you can pay this from your LOC. When rates etc are due for the IP, pay these also from your LOC.

The cash you would have used to pay these can go straight into your home loan (or 100% offset account).

Please check with your accountant on the capitalising of interest as if not done correctly, you may not be able to claim the interest on the interest.

You may, eg, need another LOC which you use to pay the interest on the interst of the first IP.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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There are a few companies in Sydney offering Islamic loans. I have written a post here explaining it about 2 years ago. Ican’t now remember how it works, but it was like a lease option where the clients are paying rent to the lender. It works out ot be exactly the same as paying X% in interest and these companies are even required to have comparision interest rates – even tho no ‘interest’ is charged.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]