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You can also lodge one yourself at the Landtiles office.
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 been using a trust for about 3 years now and wouldn’t have it any other way.
There is no problem with getting loans when using a trust – including 95% loans. They do not affect your borrowing capacity as you will still be giving a personal guarrantee for the loan.
I think Lucifier is mixed up by 15% CGT. Is this for super funds (or is it 10%)? Trusts do not pay tax, but pass on the income to the beneficiaries, so the CGT may be as little as Nothing, or even as high as 24% (if on top taxrate after the 50% discount).
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 you want to wrap it, you probably could get the deposit upfront, but the vendor would have to have $180,000 cash lying around to pay you (ie 30% of $600,000). You could also sell an option for this amount and get the ‘cash’ upfront. Option money is usually non refundable, but finding someone to do this may be hard. Then again, if they are getting a $400,000 discount as you say, then if may be possible.
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
Hey, he didn’t tell me about the wife!
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
And another one via correspondence at Tribeca:
http://www.tribeca.com.au/content.asp?Document_ID=286Cost is $545 per course or about $2180 all up.
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 those interested, here is the link to the 8 day course (cost $3800).
http://www.ps146.com.auTerryw
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 your properties are in your own name, there would be no point in paying yourself for this. Even if you could deduct the amount (Which I’m sure you can’t), you would have to declare an equal amount as income so they would cancel each other out.
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 have to be careful with information you get over the phone from Govt departments (and banks?). Years ago the was a guy at the tax office who would be telling people they could claim things that they couldn’t-just because he couldn’t be bothered looking it up.
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
Dan
With ANZ (and some other lenders) you can add the LMI to the loan so that it does not have to be paid upfront. You still have to pay for, just not upfront.
As to your other questions, brokers get a commission from the lenders, but some pay more than others and this can influence the decision of some brokers. ANZ actually pays slightly less than the other major banks. I kind of like ANZ myself.
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 you are divorced, you could have one main residence each CGT free. But i think it may be better to have one title in each name rather than joint ownership. You should be able to transfer existing ownership to either one of you without stamp duty. But also watch out as he may have claim on any of your future properties (and you on his) if you don’t legally go thru divorce before you buy them. Better to run everything by a solicitor.
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 you are not divorced, becareful. Any future property that you buy may be at risk when/if you legally decide to get divorced.
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 is best to give them a call (and pretend you are asking about a relative?). You can also look at the centrelink website for more information. It is pretty complex now, and they have closed a lot of the loopholes.
I think it will be hard to do without effecting the lady’s pension.
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
Waz
Have look at this thread:
https://www.propertyinvesting.com/forum/topic/11176.html?SearchTerms=unit,trust
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
Delboy
That is 3 months after signing the contract, ie just after they move in.
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.
Do a search, there have been posts ont his a few times in the last few months. There is actually a tax ruling out on one aspect of this – the details are already posted 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
In NSW, I beleive stamp duty is payable within 3 months of exchange of contracts.
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
Thanks Boyler Room. I don’t mind, I would have given my permission anyway. We both ended up making a profit, so it was a happy ending.
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 Mark
You should consider two things:
1) How to minimise risk (having two directors/trustees may not be a good idea)
and
2) How easy it would be to get a ‘divorce’ – if one of you wants out.Maybe taking turns buying in one name/trust/company, with some sort of agreement in place behind the scenes, will get you further.
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
Excel actually has a loan amortisation calculator which you could use or modify. You culd then extract the figures and perpare a statement copied off one of your own loan statements. It can get a bit messy if they are paying all over the place, though.
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 tend to agree, but banks argue that they are the ones paying for the valuation, you are only paying an application fee to them!
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
