Hi,
I'm almost going to settle on a block of flats- the first property I've bought using a trust.
A few observations...
. Cost for me to set up the trust was $600 + GST
. There were problems with the bank. There were more legailites and checking- it was only one day late to settle in the end- but that was helped because I had a bit of driving time available.
. I'm with a "Professionals Choice" package with the NAB. That would normally mean that I did not pay loan application fees. But, going through the family trust, there was a question as to whether the loan could be included in the PC package. They allowed it for me- but it would be worth while for anyone else trying the same to check early.
The bank took out my $600 fee- but they may not again.
.Insurance cost increased. My NRMA multi-policy did not apply- as the new place was in FT name, not in my name. (Perhaps that would have been negotiable if i had known before).
.Insurance on a block can vary hugely. First quote $3,200. Second $620- and only so high because multi policy discounts did not apply to the trust.
I'm almost going to settle on a block of flats- the first property I've bought using a trust.
A few observations...
. Cost for me to set up the trust was $600 + GST
. There were problems with the bank. There were more legailites and checking- it was only one day late to settle in the end- but that was helped because I had a bit of driving time available.
. I'm with a "Professionals Choice" package with the NAB. That would normally mean that I did not pay loan application fees. But, going through the family trust, there was a question as to whether the loan could be included in the PC package. They allowed it for me- but it would be worth while for anyone else trying the same to check early.
The bank took out my $600 fee- but they may not again.
.Insurance cost increased. My NRMA multi-policy did not apply- as the new place was in FT name, not in my name. (Perhaps that would have been negotiable if i had known before).
.Insurance on a block can vary hugely. First quote $3,200. Second $620- and only so high because multi policy discounts did not apply to the trust.
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