Leaving work.

[Andrew_A]

reality or just a good story?

Dear Likewow,

Some will see the gem that I have given with regards to "aged shelf companies". Others will not.

It reminds myself of a true story of a farmer who sold his farm to go in search of riches. It was only after he had sold his farm did he discover that he was sitting on one of the largest deposits of natural diamonds. He simply didn't know when a gem was looking straight at him.

Enjoy the journey. I'm not looking to debate vehicles.

Cheers,

Sunstone.

There is truth to the diamonds in the back yard story? I'd always thought it was a bit of a ripping yarn with a moral attached.

A quick googling reveals http://members.aol.com/icgc/2004_INVENTION/2004-07-INVENTION.pdf

But the moral remains the same.

Where did I first read about that tale? Was it "Think and Grow Rich"? One of my dog eared classics anyway.

 

[markpatric]

I think the story goes that he in fact knew there was gold but gave up when he couldn`t find it, the person who bought the land discovered the farmer had stopped drilling one foot from the gold, it is a story in persistance, and also had he simply called in an expert he would have known.
The story I think is more a pointer to when in doubt seek expert council!.

 

[likewow]

Dear Likewow,

Some will see the gem that I have given with regards to "aged shelf companies". Others will not.

It reminds myself of a true story of a farmer who sold his farm to go in search of riches. It was only after he had sold his farm did he discover that he was sitting on one of the largest deposits of natural diamonds. He simply didn't know when a gem was looking straight at him.

Enjoy the journey. I'm not looking to debate vehicles.

Cheers,

Sunstone.

Sunstone,

I dont want to debate vehicles either. I just find it ludicrous that a financial institution would consider the vehicle more important than the income to the individual. Ive had a company registered since i cant remember and the bank doesnt care about the company, it only cares about the money coming into it (net profit) and hence the money flowing to me. But as i have posted earlier theer are some disadvantages with dealing with property using a company.

A shelf company is only a shelf company wether 2 months old or 2 years old, its still an empty $2 company. I cant see how that would make any difference to a bank. The only 'gem' i can see with your reply is that you are somehow trying to be deceptive by using a three year old shelf company, but i cant figure out how that would work either.

Maybe someone in the financial field could throw some light on Sunstones cryptic reply.

 

[duncan_m]

The only 'gem' i can see with your reply is that you are somehow trying to be deceptive by using a three year old shelf company, but i cant figure out how that would work either.

Low Doc lenders who lend to people claiming to be self employed want to see that an ABN has existed for more than a few months.. 2 years or more. Given that most of us who have significant borrowing, but who still 'work' generally end up at the doors of Low Doc Lenders, have an 'aged' ABN eases things no end.

 

[likewow]

Low Doc lenders who lend to people claiming to be self employed want to see that an ABN has existed for more than a few months.. 2 years or more. Given that most of us who have significant borrowing, but who still 'work' generally end up at the doors of Low Doc Lenders, have an 'aged' ABN eases things no end.

Even if they cant see income from the ABN or ACN for the same length of time?
Do they just want to see a registered entity for a certain amount of time regardless of the income from it?

Admittedly i havnt ventured into the world of lo/no docs yet and find that concept very wierd.

 

[duncan_m]

Even if they cant see income from the ABN or ACN for the same length of time?

Correct..

I've done 2 low docs in the last few months, its a joyful process compared to a bank loan application, no running backwards and forwards with leases, bank statements, rental income, tax returns, company books etc etc.. A single page "income declaration" to complete and sign.

 

[quiggles]

And announcing the ultimate banking product - a no-doc derivex loan!