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Terryw
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@terryw
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Post Count: 16,213
December 31, 2004 - 8:17 am
Thanks Michael
I see they actually have to apply to the lender and “This section and sections 67 to 69 do not apply to a credit contract under which the maximum amount of credit that is or may be provided is more than $125 000 (or such other amount as may be prescribed by the regulations).”
Terryw
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Terryw
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@terryw
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Post Count: 16,213
December 31, 2004 - 8:09 am
Just don’t use any words that appear that way, like:
book
steve
mcknight
map
sex
etc
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
December 31, 2004 - 8:07 am
That’s propertyguru on the left.
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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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
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Post Count: 16,213
December 31, 2004 - 8:05 am
I also would love to see a shares section.
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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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
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Post Count: 16,213
December 31, 2004 - 7:55 am
You would have to ask if the dentist were to move out, how hard would it be to relet, and how much could you get?
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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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
December 31, 2004 - 7:47 am
I have had conflicting reports. Most recently when talking to the ANZ was told that, if the loan is repaid within 12 month, then 40% of the LMI could be refunded.
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
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Post Count: 16,213
December 31, 2004 - 7:43 am
There was a recent article in one of the mortgage magazines about the a certain bank calling in loans. I’ve seen it happen to two people as well, one a rural property.
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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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
December 31, 2004 - 7:32 am
yes. I have heard there are a few people wrapping over there.
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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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
December 31, 2004 - 7:27 am
If settlement is in April, why not just wait a bit? Most pre-approvals are only valid for 3 months anyway (but can be easily extended). You still have plenty of time.
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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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
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December 31, 2004 - 7:22 am
What database? If it is added to a tenant database, then only those agents with access would know about it. Not every agent subscribes to these databases and not everybody would check, so she probably could rent another place without too much trouble.
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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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
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Post Count: 16,213
December 31, 2004 - 7:03 am
That’s cutting it close to your deadline! Good on ya.
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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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
December 31, 2004 - 7:00 am
or both
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email me
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
December 31, 2004 - 6:58 am
Rob, interesting story. Do you often drive about in crime spots, drinking coke, reading law books at 2am?
I think both Glebe and Redfern have the good areas and the bad areas.
Terryw
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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
December 31, 2004 - 6:52 am
Rob, I don’t understand your question!
When you do a lease option, you buy a property and then sell an option to a tenant. There is no need for an agent to call you.
They would make their usual commisison on the sale of the property (ie when you buy it). They may see you advertising a rent to buy situation and contact you, hoping you could be talked into selling through their agency. But other than that I can’t see why they would call at all.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email me
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
December 31, 2004 - 6:48 am
What do you mean back? Some of us never left.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email me
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
December 31, 2004 - 6:46 am
This year (2004), I’ve seen at least two clients purchase cashflow positive property in Sydney without them being LOs or wraps. So they are still out there.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email me
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
December 31, 2004 - 6:32 am
Many banks accept a second mortgage for the deposit. You must be able to service both loans tho!!!
And usually you will not be asked for proof of funds to complete at an 80% LVR.
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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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
December 31, 2004 - 6:16 am
regarding the UCCC, I think, from memory, the UCCC allows for (maybe even requires) lenders to do whatever possible to help the borrowers in tourble out by temporarily reduce the repayment amount, extending the loan term etc. ie they cannot just kick people out of their homes very easily.
(Incidently, this is why many private lenders will only lend to people if they sign a declaration advising the loan is for business purposes).
Terryw
Discover Home Loans
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North Sydney
Click below to email me
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
December 31, 2004 - 6:15 am
Will you be paying cash for these cabins?
Terryw
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Click below to email me
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
December 31, 2004 - 6:06 am
What a distorted article!
Terryw
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Click below to email me
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