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Q: My husband and I are directors of our own construction company. We have reached a point where we are out of out depth with how to measure our progress and be able to see if our business is viable and our debts measureable and managable. We are lost as to what we should do next to get our debts under control. Should we seek advice from a financial planner?..and can't our bank manager help us with this planning?
A: Hi Clare, thank you for your question.
I am based over in Robina and I specialise in Business and commercial finance. The only way that this question can be answered accurately is to sit down for a chat or over the phone if you prefer and lay all of the cards on table to see if we can find a way to relieve some of the stress. It may mean that you need to speak with an accountant or financial planner but, I am happy to initially have a look and let you know my thoughts, no charge.
You are not alone and sometimes, things have to be outsourced so that you can concentrate on what you do best.
Kind regards Paul
paul@auswisefinance.com.au
0409366335
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Q: In am the md of a cash rich offshore company based in HK. Can I get a loan from the company and buy a property in Queensland ? I am an Australian resident and citizen.
A: Hi John
There is no issue that I know of for what you want to do. The only thing is that there must be a clear legal pathway for the money to be transferred into Australia.
We have a full safe and accredited money transfer system set up with our insurance partners who hold an AFSL (Australian Financial Services Licence). The application they utilise has been accepted by Austrac and as long as the person transferring passes their due diligence, the transfer can be any amount and happen quickly. It is transferred to the AFSL trust account and can be of any currency without paying conversion until it is actually sent to your lawyer handling the settlement and then converted to AUS. Must be bank to bank.
If you want to know more details and costs etc., please contact me on 0409366335 or paul@auswisefinance.com.au.
Kind regards Paul
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Q: If I go for a 2 or 3 year fixed rate, what happens to the rate when it finishes?
A: Hi Jackson
After the fixed interest term it usually reverts to the standard variable interest rate at that time unless you renogotiate an extension prior to the end of term. The variable rate will depend on which direction the RBA moves rates if at all. Most economists are indicating a downward direction. The banks can of course adjust it as they please due to cost of funding rising (so they say). I dont believe it will be a big difference either way.
Happy to catch up and explain in person or chat on the phone if you wish.
I hope this helps
Kind regards Paul
0409366335
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Q: Our business has been operating for 18 months and we need additional investment to grow. Instead of taking on new investors is it possible to set up our own SMSF to invest funds and have shares in the business?
A: Hi Bernadette
You would have to chat yo a SMSF professional such as a qualified accountant or financial planner about the rules of SMSF.
The other suggestion I have is that there are different companies that look at equity funding for the right businesses. The best thing is to have information pack or business plan prepared and i can present it to the right places on your behalf.
Kind regards Paul
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Q: I don't live in NSW & am looking to buy an investment property in Sydney. Will I have to pay land tax?
A: Hi Lou
if you go to the office of state revenue land tax site it will tell you the amounts as follows:
Land tax 2016
Tax Year Threshold Rate
2016 $482,000= $100 plus 1.6% up to the premium threshold.
Premium Threshold
$2,947,000= $39,540 for the first $2,947,000 then 2% over this
If you chat to a broker or your bank, they will.be able to do the land tax calculation for you if it is warranted .
i am on the Gold Coast if you would like to meet up.for a chat.
kind regards Paul
AusWise Finance
0409366335
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Q: Which lenders are still accepting foreign investor loans and what are the criteria or conditions?
A: Hi John
there are several Private lenders around that will do these providing that there is a registered Australlian Company as the borrower. They do not need to show income in this company as it is a pure asset lend. LVR's will usually max at 70%. Rates are typical private lending rates averaging 12-14% p/a.
John J Maxwell
8 years ago
