I can’t see why your wife would be required to guarrantee the loans – unless your income was not enough to service.

I think a solicitor shouldn’t charge more than about $200 per this advice. But some of them take it very seriously and do give you thorough advice, and charge for it.

It is unfortuate, but nearly all lendes require guarrantors to get independent legal advice. Most know what they are doing but some don’t.

eg A story forma few years ago. A guy got his old mum to guarrantee a loan. He went bust, the bank tried to forclose on mum’s property and she did not know what was happening. In the end she took them to court and won the case as she didn’t understand what she had gotten into.

Terryw
Discover Home Loans
North Sydney
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You can do both.

If you have spare cash, pay off your home loan and then reborrow the money to invest.

This way you are reducing your non deductible debt, increasing your deductions and getting hopefully higher investment returns.

Terryw
Discover Home Loans
North Sydney
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The ATO wants to know about your worldwide income, so you will be requried to declare your NZ income.

Terryw
Discover Home Loans
North Sydney
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Not really. If the car is relatively new you may be able to get finance on it. There was one lender (Liberty) accepting vehicles as additional security to get the deal over the line, but they no longer do this.

Terryw
Discover Home Loans
North Sydney
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Do you have a PPOR with a loan? If so the cash may be better used by putting it ina 100% offset account attached to this loan.

If you are currently on a honeymoon rate, why not just stay at the same bank and access the equity that way? Either corss securitising or getting an additional LOC on the same property. If you got the LOC, you could even go to another bank for your next loan.

Terryw
Discover Home Loans
North Sydney
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I once went to one 5 day seminar which cost $5000. There would have been 200 people there and they held one of these seminars every month. = $1mil per month in seminar fees!!!

It turned out to be a waste of time and I ended up getting my money back – only after going to the Dept of Fair Trading.

Terryw
Discover Home Loans
North Sydney
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It depends. Records on your CRAA drop off after 5 years, but somehere has said that banks have access that enables them to see beyond the 5 years. Some banks do not even do CRAA checks if the LVR is low enough.

Sometimes the banks will also do a name search on the individual to see which properties they still own. This data is, I beleive, state based – so even if they did that they may not pick up all of your properties if in different states.

Terryw
Discover Home Loans
North Sydney
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From Memory, Steve and Dave were living on their wife’s incomes and saving all of the income from their accounting practice which they ploughed into cheap property. In addition they were ‘wrapping’ a lot of the properties and so were getting back a large portion of their deposits which they used for the next round of purchases.

And don’t forget, this was at the start of a large real estate boom so the equity built up quickly.

Terryw
Discover Home Loans
North Sydney
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I would suggest to get a job FT for at least 6 months and save like hell. It will be hard to get your first property, but once you do it will be easier to get your next.

Also register an ABN now as this may help qualify for good low doc loans 2 years down the track.

And just keep studying, reading anything you can. Don’t bother paying for ‘courses’.

Terryw
Discover Home Loans
North Sydney
[email protected]

JD

Try these
http://www.lawcentral.com.au
http://www.cleardocs.com.au

Terryw
Discover Home Loans
North Sydney
[email protected]