Scary stuff… certainly wouldn't get away with it at my end of town…

sounds like doing it online is okay as long as you avoid the major mistakes…ie: there aren't 100 different types of DFT's to choose from and you should be okay as long as you have a basic idea…having said that… i'm not trying to hold you to any of your advice if I end up being one of the prople that posts their mistakes on this forum

Do you have a property manager for your IP's Richard, or do you manage and do background checks on potential tenants yourself?

especially if the rationale was "…but the LVR is only 75%!"

If I did that and our audit team found out it would most likely result in dismissal…

golden – thanks

Assuming you have had all the proper conversations regarding "the right structure for you", is there any way that an online application could leave out a piece of the company or trust structure that was vital? Or is it a case of "Once you've seen one discretionary family trust, you've seen 'em all"

haha… love the comment, but in all seriousness, can an owner rely on the QS report in terms of ATO audit?

Hi Magic, Unless it is the only account you have with them, then it is unlikely to affect whether or not they give you a loan. To be honest, even if you have nothing with them you probably have an equal chance – The only difference is that you would be seen as an 'existing customer', rathen than someone walking in off the street.Cheers,YI

Their income was good, but their creativity was better!

It sounds almost ideal as long as you have two things: – Property vacated without too much damage (hopefully none, of course)- Strong rental market to get someone else in their quickly. If you can manage both of the above, then you basically had a tenant paying an above market rent for a while. +CF to the max!Terry – we sold a property because of…[Read more]

NAB has a similar clause in both their consumer and commercial loan applications…

A good banker will ask for disclosure of any other debts/guarantees/interests, however there are still a few who close their eyes and block their ears just to get deals over the line. They aren't doing themselves or the borrower any favours in the long run, but still…

With 14,000 posts between the two of you, i'd be surprised if anyone here wouldn't forgive any phraseological errors on either of your parts …not that you would ever make any Terry

What happens if they QS overestimates the value of some of the fixtures and fittings, and then you get audited? I am sure it is unlikely that the ATO would send their own QS to check the place out, but can a property owner rely on the QS report as gospel when it comes to tax time without any fear that the values are overstated? Thanks,YI

Terry, When you say "go into ASIC", can this be done online, or are you referring to lodgement of forms physically over the counter at th ASIC office? Stupid question… but never formed a co before ThanksYI

Terry, Have you ever done a vendor finance deal where the buyer was unable to continue repayments half way into the deal? Obviously you wouldn't wish this upon anyone, however it is somewhat advantageous to the vendor as they can put a new tenant in, and still retain 100% of ownership. Just interested in your experiences. Cheers,YI

Hi Trevor, Steve McKnight mentions this in his most recent book, however you need to proceed with caution. Steve basically steps around the issue by saying something along the lines of most banks won't 'ask' if you have other companies or other personal guarantees, however you need to disclose all info IF you are asked.I can tell you from…[Read more]

Prop Fin – Any idea of the asking price?

How easy is it to salary sacrifice for property loan repayments? Would most employers do this, or is it more relevant to the self employed and business owners? Ta,YI