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Terryw
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@terryw
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January 26, 2005 - 11:17 am
Usually rates notices are only required for security proeprties. And they will be valued.
Values on the other proeprties are only to be estimated, it will generally not effect your application, but it better to estimate on the high side as it makes your position look better.
Terryw
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Terryw
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January 26, 2005 - 11:15 am
Scamsters!
– High upfront fees
– Very high interest rate (unless she has credit problems)
– And she won’t be able to claim the capitalised interest, so the whole thing would be pointless, and costly.
Terryw
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Terryw
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@terryw
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Post Count: 16,213
January 26, 2005 - 11:11 am
That’s why it is not a good idea (from a financing perspective) to get loans in joint names. It adds to your risk (by exposing both of you instead of one) and severly hinders your borrowing capacity.
Not only are you repsonisble for the whole debt, not just your share, but when going for subsequent loans, only half the rent will be attributed to you application. ie half the rental income, but fill debt will be included in your assets and liablities.
One solution is not not tell them. Just state your share. Usually they will not ask, and not pick it up. You would not be lying either.
Another solution is to buy properties in alternate names – maybe using trusts.
Terryw
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Terryw
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@terryw
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January 26, 2005 - 10:42 am
I have also heard they are slow, so slow, in fact, that it is hard to settle on a purchase within the alloted time frames,
Terryw
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Terryw
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@terryw
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January 26, 2005 - 10:37 am
Use cash, buy a cheap one.
Financing a vehicle is a bad idea if you want to keep purchasing properties.
Terryw
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Terryw
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January 26, 2005 - 10:32 am
Gameone
its not as simple as that. In certain states (such as NSW and QLD) you will have to pay stamp duty again if you nominate a non related party. In VIC you can only avoid double stamp duty if you have a written agreement with your nominee before you sign the contract.
Terryw
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Terryw
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January 26, 2005 - 10:31 am
Pinchy
I think its too late now!
Terryw
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Terryw
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@terryw
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January 26, 2005 - 10:25 am
Whats a rooming house? A house where the rooms are rented separately?
I rented a room in a house like this while at uni, back then I didn’t know anything about real estate, but now when i think of it, the owner would have been making a fortune.
Some potential problems are sharing bills, electricity, phone (every one has mobiles these days so you don’t really need one), and cleaning. Maybe you can factor these into the rent, and get a cleaner in once a week?
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Terryw
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@terryw
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January 26, 2005 - 10:16 am
Some people do not have a company as trustee. Having a company adds extra protection, but with added costs.
The fees quoted seem cheap for setup going through an accountant.
have a look at cleardocs.com.au where you can set your own trust up for $137. Your accountant would probably be getting the trust from a similar place to this.
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Terryw
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January 26, 2005 - 10:14 am
With lots of equity there, why sell? Unless the proerties are not performing.
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Terryw
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January 26, 2005 - 10:13 am
Is there any security?
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Terryw
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Post Count: 16,213
January 24, 2005 - 1:56 pm
http://www.mortgagemagazine.com.au
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Terryw
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January 24, 2005 - 1:44 pm
To sell something, you must first own it. So I don’t think it would be possible if you’ve already signed a contract. If not, maybe you could get an option on the property and sell the option.
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Terryw
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@terryw
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January 24, 2005 - 1:33 pm
Yes you can do it, but can’t claim the interest if the money was redrawn to pay for your new home.
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Terryw
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January 24, 2005 - 1:25 pm
Paul, it might work if you were a first home buyer, and buying in an individual capacity – ie not using a trust or company.
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Terryw
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@terryw
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January 24, 2005 - 1:09 pm
Hi
For lending purposes, generally interest will not be counted as income. It can be spent too easily.
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Terryw
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@terryw
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January 24, 2005 - 1:06 pm
ANZ has a min loan size of $20,000 for some products.
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Terryw
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@terryw
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January 24, 2005 - 1:04 pm
It doesn’t hurt to ask, does it!
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Terryw
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@terryw
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Post Count: 16,213
January 24, 2005 - 1:00 pm
it will be very hard if you only have a 6 month contract. Could you ‘go back’ to your old employer full time for a while?
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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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
January 24, 2005 - 12:57 pm
I agree, they all move up and down, someweeks fast, others slow. But I have found the smaller lenders are generally quicker.
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au