I don’t have that much experience with deposit bonds, but was told by one company that they do a CRAA check. However, I have had a bond myself and no check appeared on my CRAA.

usually with loan pre-approvals the bank will check your CRAA. It is one of the first things some banks do. But with some you can request a pre approval subject to CRAA check. You can actually get a deposit bond without a pre-approval, the bond company assesses you on your ability to get a loan.

There are many deposit bond companies in Australia, only a few underwriters. Most banks can issue them now.

Terryw
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Thank you fellow brokers!

Terryw
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Hi Chris

I only know of one good financial planner that is property focused, and he has just retired (early 30s). There are very few financial planners that know about property or recomend property, fewer still would know about wraps. Maybe you could see a solicitor to get an idea of the process and a wrap contract. Check out http://www.businesslawyer.com.au for one in Sydney (cost about $500?). An accountant like Bruce Whitting can talk to you and give you some advice on wrapping and structures etc. His company ahs a home page at http://www.mintgroup.com.au and a consultation would be about $200 per hour.

Other than that just read this forum. You will learn a lot and it is free!

Terryw
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Hi

Here are a few ways to get the deposits:
-Wrap- and get the $7000 FHOG as deposit
-Wrap Cashouts – reinvest back into more wraps
-Lease option – Option fees
-Buy under value – revalue and with draw equity
-Buy and add value – revalue and withdraw equity
-Buy under value – borrow based on valuation not contract
-Borrow deposits – offer family and friends 15% pa
-Use credit cards – short term until you can get a valuation to access the equity
-Get seller to pay for stamp duty etc – reduces you upfront costs
-JV partners -they pay deposit
-Work at a good job and save
-Save all positive cashflow and reinvest
and
-A combination of the above

that is all I can think of at the moment!

Terryw
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Buy using a trust. You can then disdribute the income to relatives that pay less tax than you. You could also distribute to a company and the company will only pay 30% tax.

Terryw
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They held a seminar in Sydney recently. I would be interested to hear how it all went too.

Terryw
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I don’t think you need to give any reason. You should be able to live next door and still claim the CGT exemption. Ring the ATO and check (but don’t give your name of course).

Terryw
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My company has access to private funds for property investment. Rates are higher and start around 8%. Conditions vary greatly depending on the location, LVR etc. I recently had a client who purchased an inner city unit off the plan. banks are very wary because of teh location, but the private funder would give 80% of valuation at 8.X%.

Terryw
Discover Home Loans
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Arty

yes we are mortgage brokers.

Stuart

I love ANZ products, but….. There are some good lenders out there. the smaller ones seem to be better at the customer service are.

Terryw
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Hi Melanie

You forgot to mention claw backs!

If a loan is paid out or refinanced within 12 months the borkers usually have to give back all or part of their commission to the lender. Thats one reason why it is not wise to rebate any commission to the client.

Terryw
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