Jim,

You do have it wrong, the deffered establishement fee only kicks in if the loan is paid out in the first five years. For example if you pay out the loan in the first year the deffered establishment fee is 2% if you pay it out in yeaar 5 it’s 1.2%, after 5 years it no longer applies.
A deffered establishment fee is fairly common, particularly…[Read more]

Postie,

I’ve heard Mortgage Choice don’t like to sell franchises to people who have no finanace background – why? They say that they are truly independent because they pay a set figure yet 65% of their business goes to the ANZ -why?

If you want to know more please feel free to email me.

Steve

[email protected]

I’ve got good news and bad…[Read more]

Taxman, I was refering to a unit trust owned by a different entity than the super fund so it would be arms length. The super fund can invest in the unit trust as it would any other managed fund.
But your advice about checking with an accountant first is very important.

Steve

I’ve got good news and bad news. 1st the good news “Your Success is…[Read more]

Its true a SMSF can’t borrow which normally discounts property as an investment (unless you have lots of cash in the fund.) One way around it is to set up a unit trust to do the investing a trust can borrow no problem, the super fund can then make regular contributions to the trust ie buy units. There are obviously costs involved but having a…[Read more]

You can also try RAMS they have a lo doc loan that doesn’t require any income declaration if the LVR is <65%. This may suit your situation, the other good thing about the RAMS produst is that they recently charged the terms and conditions so that provided you don’t miss any payments for 24months the rate reverts back to standard variable.

I’ve…[Read more]

You’re right Carlon, stamp duty would be payable on each share sold i.e if you ended up with 4 owners stamp duty on 75% of the value of the property would be payable (3 new owners at 25% each). A contract of sale would suffice for the portions or shares sold to calculate the stamp duty liability. But it’d be nice to have a valuation to back it up…[Read more]