Recommendation for financial strategist/ broker/ accountant (Melbourne)

Hi guys, I was looking for some advice regarding investing.

I have a investment property in Seaford (vic) that I share with my sister that we are looking to subdivide. I also would like to to buy a second investment property with my fiancee so we have something together.
We cannot do both projects at the same time and we will have to choose one now and then in 2 or 3 years hopefully we will be able to tackle the other. I am unsure which will be more beneficial for us long term and feel I need some advice from someone with more experience.
I would love some advice from the forum on my current predicament and also if anyone has any professionals they would recommend. I always hear that any good investor has a great team around them but I don't have an accountant, broker or financial strategist.

Thanks in advance
Marc

 

Don't purchase properties in joint names - you are killing each other's future borrowing capacity.

Most lenders with the exception of St George/BoM and AMP will take the full debt and only have of the rental income (if its a rental property).

Best purchasing properties in single names where possible.

Why can't you do both projects at the same time? Lack of funds?

There are several good brokers based in Melbourne so just talk to them and see how you go - you need to be able to gel with the broker so no harm having a chat to a couple in Melbourne.

Mike is an Accountant from Melbourne and I have had several clients say good things about him.

 

Melbourne based financial strategist I use and is a member on PC also is @Peter_Tersteeg .

If you do a quick search of his posts you will see he has many recommendations from people here on what he has been able to achieve for them..

 

If you need face to face then Pete's your man in Melb.

Shahin's on the money - joint purchases with a non spouse ruin future serviceability.

Cheers

Jamie

 

Hi Marc,
There may be options with your sister to transfer the newly properties into separate names during the subdivision process - speak with your tax person about this as sometimes it can be done with minimal stampduty and will set you up for further investing.

Having lending with your sister and your fiancee will be a huge hinderance to your borrowing capacity down the track. Some lenders will be more helpful than others, but there's only so far you can go with them.

 

Thanks for the advice everyone. I'll try and get in contact with Pete.

When I purchased the property with my sister I was not as educated as I am now and my broker didn't tell me about putting both our names on the title. I have been trying to look into how we can transfer the tiles during the subdivision but it looked like I would have to pay full stamp duty. Does anyone know of an accountant in Melbourne who may be able to help with this? Shahin you mentioned Mike as an accountant but there was no link unless I was missing something.

 

@Tunners believe member details are @MikeLivingTheDream

 

This is a legal question as stamp duty is a state tax - duty would be payable on the value transferred. This would probably be 50% of each title in your case.

But it doesn't mean it isn't worth doing, you could borrow to fund it and you may still work out better with serviceability. It might even help with debt recycling too - your accountant could advise on this aspect.

 

I'm also looking for recommended financial strategist/ broker/ accountants in Melbourne. I think I'm a much more simple case though, just a couple buying our first home. We'd like to keep investment in mind though. As my partner's income is highish (and mine could eventually also be high) there are also tax considerations. Mostly I just want to find a reputable broker who can help us find the right structured loan for our present and future needs.

 

Usually only if it was a joint venture.

 

I think it's called a deed of partition or something? Not sure how it works though

 

A broker isnt a "financial strategist". THey can offer loan strategies but cannot provide any financial advice. Borrowing money is not a financial service. Its a credit service. Take care thinking borrowing money and investmnet are the same thing. Hoever I will agree to the view a good mortgage broker assists with better borrowing outcomes in a diversity of ways.

 

There is no such defnition as a joint venture for GST, income tax or stamp duy purposes. A partition for example may attract a duty concession but triggers GST and maybe income tax. A CGT event can also trigger duty.