Loan for a Trust

Discussion in 'Loans & Mortgage Brokers' started by rastha2000, 27th Feb, 2022.

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  1. rastha2000

    rastha2000 Active Member

    Joined:
    26th Feb, 2021
    Posts:
    34
    Location:
    Schofields
    Hi All,

    I'm hoping to make a property purchase under my existing Trust (which is currently 10 months old). I've also heard that age of the Trust should at least be 2 years to proceed with a loan.

    I seek advices on this matter; and is there any alternative approach to proceed with a purchase which is about to be released/handed over in 2023/2024. By that time; my trust will be 2 years old.

    Thanks and Regards
     
    rastha2000, 27th Feb, 2022
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I have never heard that - because it is not true perhaps.
     
    Terry_w, 27th Feb, 2022
    #2
  3. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

    Joined:
    23rd Aug, 2015
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    Location:
    Bella Vista
    The trust can be 1 day old and purchase an property.

    Maybe you're confused with a business needs to run/operate for 24 months before a bank will lend to them.
     
    Tony Xia, 27th Feb, 2022
    #3
    Empire, rastha2000 and Terry_w like this.
  4. rastha2000

    rastha2000 Active Member

    Joined:
    26th Feb, 2021
    Posts:
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    Location:
    Schofields
    Thanks Tony,

    You made it clear. ☺️
     
    rastha2000, 27th Feb, 2022
    #4