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About Me

Colin Kidd

Mortgage Broker
Loan Saver Network
Scoresby, Victoria
I'm Colin Kidd, live in Melbourne, with a 6y.o boy. No pets, but I do love dogs. I run a small mortgage broking business specialising in strategic debt solutions. Finance solutions for tax debt, mortgage arrears, insolvency solutions, and debt consolidation for business and consumer finance. We also offer business solutions helping with cashflow such a supplier and invoice financing.

My Activity

Q: I have an investment property in Darwin, which has no running at a loss due to the slump in the Darwin real estate market, I am seeking some ideas on what to do with it?
A: Hi Toby, what do you mean by running at a loss? Low rental returns or reduced property value?

Q: Hi
My mum brought a house for around 400k outright but was short 70k so my sister got a loan for the amount and then went onto the house title..we all live together but my sister is now moving out and wants me to take over the loan amd she want to get off the title..
Firstly: what is the cost to just remove her and leave my mum on the title?-is there stamp duty involved?
2nd: if i get on the title what will the costs be?? Will it be calculated only on the 20% my sister put in if i was to do tenant in common or the full market value??..i also work fulltime and have an investment property amd never applied for FHOG and i have a pension card and so does my mother...
Will us both being on a pension card wipe out the stamp duty ?? If i am only being added to the title..
We will have to refinance the 70k borrowed so the loan is in both our names or just mine
A: This sounds like a call to the state revenue office about the fhog. Regarding taking one none marital party off and another on would incur stamp duty. The amount to pay would be dependant on the title ownership split. I'd generally recommend talking to a conveyancer but as a general rule if you are buying 20% from your sister (her share) then your stamp duty would be 20% of the stamp duty payable as if sold at market value. The state revenue office is very easy to talk to and can give good advice are the fhog. As dates of purchase of the existing property are important.
Q: Will my declared income on a bank home loan application be data matched with the ATO?
So does the ATO receive information from banks about income declarations in loan applications?
A: Hi all, I'm a finance broker. I wanted to make a comment about low doc requirements and the ATO. So, no, the ATO won't be provided with income information. However, they can request it from a lender for auditing. It's not usually for a single application; however it would often be as a review audit.

I haven't had it happen in the 20 years of lending. However, it can happen. It used to be a conversation discussed with low doc clients. However these days there's less of a requirement because income from NCCP coded low doc loans must be verified. The income dec forms of old are only used now through private funding arrangements which are for business purpose loans. Here's an article I wrote on Business loans such as caveat and second mortgage loans https://www.loansaver.com.au/caveat-loans/ - there another page on second mortgages as well. However, they again are only for business purpose, and the pricing isn't suitable for any other consumer purpose. I hope this helps.