Good Accountant

[WebBoard]

Reply: 2.1.1.1.1.1.1.1.1.1.1
From: Gunna Doit


Hi there.
Would there be a problem with regards to having an accountant/broker etc in a different state to the one that you're buying in? (With regards to differing rules and regulations for each state, I mean?)
gunna

 

[henryye]

RE: Family Trust Friendly Lenders

Reply: 2.1.1.1.1.1.2.1.1.1.2
From: Henry Ye


Hi Kim,

In your structure, does that mean you can claim deduction on the
interest that you pay?

Is it all legal to borrow in your own name and secure against Family
Trust's asset?

Henry.


-----Original Message-----
From: propertyforum Listmanager
[mailto:[email protected]]
Sent: Thursday, 15 August 2002 3:55 PM
Subject: Family Trust Friendly Lenders


From: "Kim Heaver" <[email protected]>

On 8/15/02 1:31:00 PM, Rolf Latham wrote:
>95 % of lenders will do them
>no problem
>
>Ta
>
>Rolf


Does this also apply to the hybrid trust setups where the loan is in a
personal name and secured by the property in the trust name?

Thanks,
Kim



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[DaleGG]

Reply: 2.1.1.1.1.1.1.1.1.1.1.1
From: Dale Gatherum-Goss


HI

In theory, no. We have quite a few clients in different states and have little problems. However, there can be problems with stamp duties and each state's particular laws with land tax etc.

Dale

 

[DaleGG]

Family Trust Friendly Lenders

Reply: 2.1.1.1.1.1.2.1.1.1.1.1.1.1
From: Dale Gatherum-Goss


Hi Kim

It is something that you and your banker should co-ordinate properly. In theory, the broker lends money to you to buy the units in the unit trust. You then pay that money to the unit trust for the units and the unit trust uses the cash to buy the IP.

Have fun

Dale

 

[DaleGG]

RE: Family Trust Friendly Lenders

Reply: 2.1.1.1.1.1.2.1.1.1.2.1
From: Dale Gatherum-Goss


Hi Henry

Yes, it is perfectly legal and it is always a wise move to keep the banker in the picture as to what you are doing and how. It is not that unusual although it is not something that all bankers will see regularly.

Rolf will know all about them and will be able to sweet talk the bankers . . . won't you, Rolf?

Dale

 

[Rolf Latham]

RE: Family Trust Friendly Lenders

Reply: 2.1.1.1.1.1.2.1.1.1.2.1.1
From: Rolf Latham


Hi Dale

As I said as long as the lender perceives no additional risk to their security, and yoy can get the legal beagles to sign off then its a done deal.

Ta

Rolf

 

[paulzag]

Family Trust Friendly Lenders

Reply: 2.1.1.1.1.1.2.1.1.1.1.1.1.1.1
From: Paul Zagoridis


And the bank takes a registered first mortgage over the property for good measure. That stops the trust dealing in the property without the bank begoming aware.

Therefore the bank is secured by the property and the units. Basically every entity that is party to the transactions guarantees the loan.

From most banks perspective it is a needless complication. From my perspective it is smart and prudent planning.

PaulZag
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WealthEsteem :: Psychology of the Deal
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