M3 wrote:

Quote:
MGo back and reread all the posts. Especially yours – you were asking to borrow $250,000 based on a security of $150,000. It is a business purpose, but you don't want to tell the bank that because they won't lend. What else can you do?Who is borrowing the money? you or your partner's parents?

That was the original plan but it…[Read more]

M3 wrote:
My partner and I will be fully accountable for the debt, we will never do that to her parents. 

If the loan is in her parents names, against their property, they are responsible for the loan. If your business fails and you can't pay them, they can't pay the bank, and the bank will take their house.I have seen * a lot* of these sorts…[Read more]

M3 wrote:
I've spoken to Westpac, they need to know the purpose of the loan… I am affraid to state that the loan is for a business as I will then need to apply for a business type loan, which I assume is harder to obtain because the business I am buying is "trading at a loss". I orginally wanted $250k but would be happy with $100k.. Is th…[Read more]

Cattleya wrote:
ew…. Hi Tim, Thanx for calling me crap. I know I was 'creative' but I challenge your claim that it was illegal. There is no law saying that you have to disclose everything to the bank. There is only a statement in mortgage application form saying you have disclosed everything. And because you sign this, it becomes legally…[Read more]

Terryw wrote:
where is kochi?

Is it the little thing that dangles at the back of your throat?

Terryw wrote:
Thats it Mick. You will pay more stamp duty and if there is a lender involved which mortgages the property it may be considered fraud if not disclosed. If there is no lender, then?????? check with your lawyer.

If :*the value the lender is basing their approval on is conditional on certain contractual improvements to the property…[Read more]

The tax office get's very interested in any arrangement, the structure of which, cannot be "explained" other than as a mechanism to avoid or minimise tax. As with all these things (a) don't establish a tax efficient structure based on the advice of someone not licensed or qualified to do so and (b) if there is any doubt, get a private…

yopoli wrote:
Thanks Richard,  your explaination is clear for me and no doubt that they don't show me details of calculation method. I understand that it's complex pretty much. However I'm wondering if something is unreasonable, I narrow down my case as below few lines:1) 15 Oct. variable rate: 7.88%, break cost: $10000  (got reply within 3 hr…[Read more]

C2 wrote:
Yossarian,Only tax fraud if intent can be proven.  By being up front with the bank and borrowing 30K to do IP renovations is legal.  If Paul 6 months later decides to only use 5K towards the renovation instead of 30K and the rest to pay off ppor where does fraud come into it.  It is a very grey area and why I indicated to tread very ca…[Read more]

Terry,OneDirect is ANZ's on-line play.

keiko wrote:
well will this work you buy house at $300k you pay stamp duty on $300k the vendor pays tax on $300k (if any) the banks loan you 90-95% on the $300k its also valued at $300kNow the vendor gives you a gift of $15k Or $30k surely thats just like receiving a plasma tv for your christmas present 

If it is a contractual obligation to pr…[Read more]

C2 wrote:
Lets look at Pauls05 situation in another light.If for example Paul owes 30K on a PPOR he could ask the bank for the extra 30K for possible future renovations on the IP he is borrowing for.  If later Paul decides to not do the renovations and use the 30K towards paying off the PPOR then the interest could still be classified as a tax…[Read more]

alani wrote:
are australian banks short of capital at the moment, umm, I dont think so 

Sure…they're out there doing/planning capital raising purely for fun 

pauls05 wrote:
Hi allIm new and just joinedIm currently in the process of purchasing my second property and taking advantage of the FHOG of 14KI have found a propert way undervalued with the seller in a situation of near mortgagee sale, and going towards bankruptcy withing 2 weeks.Basicly is it possible to get a contact price of say $260,000 and…[Read more]

Qlds007 wrote:
You need to understand that the Gemworth policy varies from lender to lender so you may still be able to refinance and move forward.Also bear in mind that not all lodoc loans are mortgage insured so that will also help you carry on.

Richard, I think you'll find the recently announced Genworth changes (i.e. Lo Doc) are across the…[Read more]

ummester wrote:

Yossarian wrote:
Yeah, all those atmospheric scientists driving Ferraris, theoretical physicists sunning themselves on yachts and molecular biologists skiiing in St Moritz.They're *clearly* in it for the money

How about in it for the industry? Proof of future employment? Convince the public that there is a reason to need the…[Read more]

Yeah, all those atmospheric scientists driving Ferraris, theoretical physicists sunning themselves on yachts and molecular biologists skiiing in St Moritz.They're *clearly* in it for the money

harb wrote:

foundation wrote:
I think I've been very measured in response to the provocation, aggression and outright lies from yourself and your buddy harb?

provocation, aggression and outright lies ? That's not a very nice thing to say about your buddies.I was looking forward to finding out the reason they kicked you out ,

Quote:
. was…[Read more]

myinvestorsplace01 wrote:
Even for me it happened sometimes. Its natural. But we are here to help you more. Please contact us for and with more detailshttp://www.myinvestorsplace.com/

When someone invites you to a poker game, work out who the patsy is.If you don't know…it's you.

stu_macca wrote:
Seems to good to be true to me – ,

You know what they say……