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Hi
13% sounds very high!
There are about 5 main lenders (non-conforming) that could help you. eg. Discharged bankrupts (more than 1 year) could get up to 90% at 9.99% with Bluestone. but having only recently started your business will make it harder. With Bluestone, if you have less than 12 months trading history, the LVR would be a max of 75% with an interest rate of 9.29%.
Terryw
Discover Home Loans
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
of course – you can only have one main residence (only one can be the main)
Terryw
Discover Home Loans
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
Acey
Unfortunately most good low doc loans require that the applicant be self employed for more than 2 years. Mot want an ABN or company registered longer than 2 years as proof.
Terryw
Discover Home Loans
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
As far as I know, there is only one company offering full disclosure loans. Don’t recall the name, but a guy called Peter Sollner is involved, and it is up near Newcastle somewhere.
Terryw
Discover Home Loans
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 start with getting 95% loans with the LMI added on top, trying to use as little cash as posisble because I didn’t have much to spare. However, It is good to get 80% loans if you have hte equity.
Terryw
Discover Home Loans
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
Actually, I am not sure that it is even a related company. similar name, but maybe totally unrelated.
Terryw
Discover Home Loans
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 have one there.
Terryw
Discover Home Loans
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
Monopoly
For more information on this please see.
CGT Determination Number 51
Capital Gains: What factors are taken into account in determining whether or not a dwelling is a taxpayer’s sole or principal residence?
http://law.ato.gov.au/atolaw/view.htm?locid='CGD/TD51/NAT/ATO‘Terryw
Discover Home Loans
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 have seen a lot of clients recently where the values have come in less than the contract price a few years earlier.
Terryw
Discover Home Loans
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
Some commennts.
You could get a LOC on your home loan, separate to your existing loan. You could then sell all shares, putting the total proceeds off your home loan, and then take the money from your home loan to immediately buy back the exact same shares. This will effectively change non dedcutible debt to deductible BUT you may have a capital gains tax bill on the sale of your shares – but the cost base would be higher for the next time you sell.
If you borrowed $50,000 from the LOC, you could then get a margin loan and borrow another $25,000 worth making it $75,000. The interest on this portion would be deductible.
I also believe that the deduction of capitalised interest is still possible. You just need a very good accountant to structure it correctly. The Hart’s case only applies to a very specific situation.
Terryw
Discover Home Loans
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
The borrower cannot use your property as collateral as they will not own it untill they purchase it. They will be merely leasing hte property from you.
You could put in a clause that the tenant’s rent will be reviewed quarterly and moved up in line with any interest rate increase and/or any CPI increase. Also stipulate that it cannot go down.
You can also put a clause that they cannot sublease the property without your permission.
Terryw
Discover Home Loans
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
You do not have to use a solicitor to make a will. But if you do something wrong – eg getting a beneficiary to witness it, it could end up being uselless.
check out http://www.lawcentral.com.au for some wills you can purchase on line. also look up testamentary trusts.
Terryw
Discover Home Loans
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
Yes I agree with Simon, just pay cash or using a credit card would be better than a loan. Commerical loans usually have high application fees and high valuation fees – $1000+.
Terryw
Discover Home Loans
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
It would be very hard to use a managed fund as security, but you migh be able to use a term deposit as security for a housing loan. But in the end, this would be just like putting down the cash for the loan which would be a lot easier and cheaper.
There are also a few lendersout there lending 100% of the pruchase price.
Terryw
Discover Home Loans
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
Ausprop
You can avoid paying the stamp duty if you don’t sign the contract, you just collect money as a finder’s fee. But of course, you run the risk of the new pruchaser bypassing you and going direct.
Terryw
Discover Home Loans
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
Hi Mike. Stamp duty makes these sorts of deals tough as it eats a lot of the profit.
If it is a divorce settlement, then the person may be able to get a loan based on valuation rather than the price they are paying for their share. But, they may still need to show income to services.
Terryw
Discover Home Loans
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
If I could start again, I would not go to university, but start work asap – maybe in a buidling trade, or finance. And then go and buy as many properties as fast as possible. High growth ones, not cashflow.
Terryw
Discover Home Loans
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
For deposit bonds, you pay the fee up front, depending on the lenght of the bond and the amount etc.
Terryw
Discover Home Loans
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
Loan approvals generally only last for 3 months, so you may have to apply again or supply updated payslips at least.
Fixed Rates are usually always the rate at settlement. These days a number of banks are allowing customers to ‘lock in’ their rate at application or soon after. But they are charging a fee of around 0.15% of the loan amount. These lock ins also only last for 3 months.
Terryw
Discover Home Loans
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
Agile
You can use your equity by obtaining a LOC on your Australian properties and then using this money as deposits for your NZ property.
Terryw
Discover Home Loans
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
