Greetings,
We have an LOC on our PPR, which we are in the process of increasing and splitting into an investment account and our current private account. Our intention is to purchase the IP’s using a corporate trustee structure. When we mentioned this to the lender they suggested that for the first purchase we get a 60-day contract. Apparently for a company/trustee purchase we need to provide documentation for the titles office and their legal department so it can be seen that they are not doing anything illegal/dodgy. But this is only for the first purchase of the corporate trustee, all following purchases will take the normal timings.
Can someone explain the details to me? [eh]
Thanks
MichelleTake any longer than a normal purchase. Banks will want to see the trust deed and have their legal people ‘review’ it, so maybe an extra day there.
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
60 days!!!! I’ve had home loans with corporate trustee (company) and trust in 30 days (damn valuers always taking too bloody long….).
Hellman
You must be logged in to reply to this topic. If you don't have an account, you can register here.
