Recent content by mgl1100

But what's the relationship between the contract that you have to complete, and the DA? Unless the contract is conditional on the DA, or unless you can show some sort of relationship or correlation between the 2, then you will still be subject to the "penalty interest" clause that you have...

I realise that to purchase a property using borrowed funds, we need to set up a Bare Trust, with a bare (corporate) trustee holding the legal title to the property. I also understand that we can use the same corporate trustee for subsequent Bare Trusts (with a separate Bare Trust for each...

There is no particular science to dealing with a SMSF purchaser, as opposed to a normal (individual/company) purchaser. So you could use anyone, really. The complicated issues really are for the accountant who sets up the SMSF.

I suggest that you check with the real estate agent. Because it is (usually) deposited into the real estate agent's trust account, it can be made out to the real estate agency, or the real estate agency's trust account. The majority of agents these days are happy to accept direct deposit...

Back to one of the original questions, the purchaser is the corporate trustee, being the legal entity purchasing the property - the purchaser details on the front page of the Contract and on the Transfer can read "ABC Pty Ltd ATF ABC" or it can just read "ABC Pty Ltd".

I also recommend that you look at www.onthehouse.com.au - not only will you get information about the property in question, but you will also get useful information about sales data for other comparable properties in the area. It's a great website.

In New South Wales, the deposit is held between exchange and completion/settlement by the "stakeholder", which is usually the agent (or the vendor's solicitor in their trust account, if there is no agent). More often than not, the vendor will include a special condition in the contract...

I think you've hit the nail on the head. Our current home is double brick, concrete slab floors etc - so built better than the proverbial brick **** house! So we really appreciate not being able to hear every single noise from other rooms, and the thermal insulation qualities you get from a...

We're looking at staying there for long enough so that there is some capital appreciation to cover the costs. I get the feeling that if the vendors had spent $40k improving the property then they would be getting the price that they were originally asking in January. Instead, theyve had to drop...

Often the purchaser's solicitor will not get the details of the cheques required for settlement until lunchtime (or sometimes later) on the afternoon before settlement. This is because the vendors often need to wait for their bank to calculate the payout figure for the mortgage, and then...

Thanks for your comments. Where we live now is not very sunny (so pretty miserable in winter) and only has a pool and decking for a backyard. The other property has a large yard - which is something our kids have continually asked us for - and is also conveniently located to essential...

We currently live in a large, well built home in Sydney. We have heaps of living areas, too many bedrooms, pool, the joys of culdesac living, close access to the waterway ... But we're missing a backyard. And a "sun all day" location. We have found a much smaller house - still with enough...

Thanks everyone for your comments and feedback and suggestions. As of last night, we were thinking that it was all too hard and we would just sell our current PPOR in 6 months' time and then find a new PPOR. Then we realised how much we like the proposed new PPOR, and don't want to miss...

Our situation is: Current PPOR: $1,000,000 value $225,000 LOC (totally drawn) Proposed PPOR: $820,000 value $850,000 loan to purchase We are proposing to borrow to buy a new PPOR, change our current PPOR to an IP, rent the IP for $800/week, pay interest only on the existing loan...