Not happy with refinanced home loan results

Terry, I remember it is different for ACT.
We are doing land leasing, not land buying.
The costs are associated with leasing, I guess.
 
acorn it doesn't work that way and you are creating more of an issue by not fixing the current problem correctly.

I wouldn't say that even the guidance provide may be 100% correct because we don't have visibility on all the numbers - the point is make sure you don't dig yourself a deeper hole.
 
Terry, I remember it is different for ACT.
We are doing land leasing, not land buying.
The costs are associated with leasing, I guess.

This won't change anything about loans or deductibility of interest.

What you are talking about is claiming stamp duty.
 
The issue isnt about Worstpac, the issue is more likely with the person that helped you do the application I guess.

Within reason, they should be able to reverse the deals and redo it in your preferred way

In the bankers defence - they arent there to provide you taxation advice OR indeed to represent your needs specifically.

As I always recommend to clients, dont take my stuff as counsel. take it to someone licensed and qualified in the area of specific interest, be it income tax, land tax, asset protection etc

ta
rolf
 
Shahin's done a great job outlining how to resolve this - and I agree, WBC are generally pretty good to deal with when it comes to this sort of stuff.

Best bet is to clean it up now and set yourself up properly going forward.

Cheers

Jamie
 
Thanks, Rolf, Jamie and all for suggestions and comments.
Go to bank on Wednesday, and will post any update here.

You do realise the people that are pointing out the issues here, can actually fix them for you also. Free of charge to you generally too as they are paid by the banks.

If the person at the bank stuffed it up so badly from the beginning then I don't know why you'd expect they will be able to fix their mistakes easily.
 
Jamie, I will take Shahin's suggestion (loan structure) to the bank, and see what they can do about it. I just assume this staff is more familiar with the original settings, and would be easier to modify the structure. Maybe I am wrong, and will let you know.
 
Jamie, I will take Shahin's suggestion (loan structure) to the bank, and see what they can do about it. I just assume this staff is more familiar with the original settings, and would be easier to modify the structure. Maybe I am wrong, and will let you know.

The problem with this is you're going back to the people who gave you some really bad advice and trusting them to make good on it. If they really understood the implications of what they're doing, they would have done it properly in the first place.

The structure that's been outlined for you appears to be quite appropriate for your needs you've outlined, but this is based on one very brief post, not a more comprehensive investigation. An in depth discussion with any of the brokers might reveal more information and the end result might actually be significantly different to what has been suggested.

You mentioned you've read the forums for 2 years. Cross collaeralisation and contamination of deductibility are common topics that are discussed here daily.

Good mortgage brokers and lenders do more than get loans approved, they give advice. You need good advice. Going back to the source of bad advice is unlikely to get the best result.
 
Screw up the loan once, you can at least plead ignorence.

Do it the second time, after getting good advice..... (facepalm)
 
Jamie, I will take Shahin's suggestion (loan structure) to the bank, and see what they can do about it. I just assume this staff is more familiar with the original settings, and would be easier to modify the structure. Maybe I am wrong, and will let you know.

But you need tax advice - how do you know how to split the loans. They are already mixed so you need to work out the relevant portions and split.
 
Just to close this thread by posting the revision from the bank:

Home loan: -52000.00 (available fund: about 350000.00)
Investment loan1: -115000.00
Investment loan2: -367000.00

Thanks for all suggestions and comments.
Cheers.
 
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