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If you are not a permanent resident, then you will need Foreign Investment Review Board permission to purchase property.
There are loans out there that do not have too many requirements. You could probably borrow around 70% LVR or maybe up to 80%, but the rates would be high and the security would need to be good. ie not country property.
Terryw
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North Sydney
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I don’t do many 100% loans, but what about Pepper Home Loans. they do 100% – without genuine savings (I think).
And then there is The Home Loan Company which is advertising a bit too.
both of the above are mortgage insured.
Terryw
Discover Home Loans
North Sydney
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There are now many 100% lend products out there. Especially if you are eligible for the FHOG.
other ways include borrowing the deposit and vendor financing (whereby the vendor will lend you the deposit). Be wary you don’t overcommit if you do this.
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
Using equity will certainly speed things up. But it really is a personal decision.
BTW, you can get 95% loans in country areas for properties up to $150,000 with most banks.
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 used a buyers agent to buy properties interstate. 7 properties that I have never seen! it worked out well.
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
Bec
This is a tricky one. i would say you could claim it as you have demonstatible equitible interest in the property by holding the option. probably just as business expenses??
Terryw
Discover Home Loans
North Sydney
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Orion
I think you shouldn’t have a problem claiming the loss against your personal income as you would be running a business of rental properties thru a trust and had the intention of renting the property out. check with your accountant first.
You would be borrowing the money in your capacity as trustee, tho the loan would be in your name only, not the trust’s.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Sam
Have a look in the paper at all the ads in the finance section.
Some people require money very quickly for short periods. eg they may have sold one house, but have to settle on a new house before the old one settles.
These loans are securred by a caveat on the client’s properties. It is very risky, so the charges are high – 6 to 10% per month in interest.
You will need to find customers – ie approach mortgage borkers and/or put ads in the paper. And you will need a solicitor who can draw up relevant documents.
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
Julian
Have a look at your trust deed, it will probably specify what will happen if the appointer dies. I don’t think the beneficiaries would be able to elect an appointor.
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 Banderos
With option one, you would have to apply for an increase in this loan. Getting a separte split with a redraw facility wouldn’t be a bad idea.
You could use your existing security to cover the deposit and the purchase costs, but this would be cross collateralising and make it messy for future purchases.
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 Skippy
I have done some training in ‘Islamic’ type finance and have made a couple of posts here before. i have never used one of these loans and am a bit rusty now!
There are some commercial lenders out there offering loans structured like lease options (eg Iskan http://www.iskan.com.au/) so that no ‘interest’ is payable. (these are approved by fatwa issued by various Imans).
If you want to do it yourself, then a standard lease otpion should be acceptable. I think the main problem is the Koran prohibits someone to profit via lending money for interest.
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 Banderos
You can increase your existing loan and then withdraw the funds as needed and lend them to your trust (have a written loan agreement).
Or you could use your existing property as additional security for the property you are buying in the name of the 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
to make the COC figure meaninful, why not asssume you are paying a 20% deposit.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Good point Pisces. Suncorp are VERY pick with their low doc approvals. It is still a good product and has its place.
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
James
The ATO has very wide reaching powers and can demand various private details about you from banks.
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
Julian
I think I answered this one somewhere else too.
I checked with one of my trust deeds. My wife is Appointor, I am backup appointor and our kids can be appointers in the event that we both die. I am not sure what would happen after that.
Terryw
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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 am not an accountant, but would agee with Derek above, but you may be able to claim a trip to inspect a property if you are a professional investor-eg you already have a few properties. Or investing thru a trust may help in this regard.
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
Sometimes finance brokers have clients who are in trouble and are unable to be helped and are about to be foreclosen upon.
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
Julian
You can have back up appointers, both named and generic. eg if husband is appointer, then the wife can be backup appointer. Then if required, the children of the husband and/or wife 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
Devo
Once you pay the balance down to zero again, then I would think there shouldn’t be any problems.
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
