Hello,
I know some fellow friends who wanted to borrow under a Discretionary Trust Structure.
One is Low Income, and the Other is Self Employed.
The Incomes are combined nearly 80K. They have a mortgage on 2 properties (inc their PPOR) and are wanting to do a development.
The finance broker has said he can PROBABLY get the loan under 50/50 joint names, but no chance of getting it under a Discretionary Trust Structure.
Why would this be?
Must admit i have absolutely no idea.
If they can support the borrowing in their personal names they can support it in Trust.
Maybe the Mortgage Broker was just not comfortable in dealing with a Trust structure.
Richard Taylor | Australia's leading private lender
Thanks for your input Qlds, i thought the exact same thing, they are currently trying to obtain finance at the moment so i might just refer them to another broker that i know, that deals with Trusts.
Thanks again.
Anyone else's opinion?
Agree 100% with Richard
agree 100% with Richard
may be u should change the brokerthanks heaps guys…
yeah well i have advised this people of what you guys are saying…
but they believe that because they are on a tightrope of not being able to/or not to service the loan, they are grabbing whatever they can get i beleive.
thanks very much for your input though, i have learnt for myself at least
maybe they are using low doc loans? Some of these are not available for trusts with corporate trustees.
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
i see. well if someone is S/E and the other is low income earner then i guess they would be.
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