澳洲Australia property General financial/investment advice | Syd


在澳大利亚 The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m


Hi,
I had no idea where to post this so I thought I would throw it out here.

Where does one go to get general advice on how to structure their finances ?

I learned over the years that investment advisors are really only sales people and accountants never want to actually give advice in case it comes back to bite them. So where do you turn ?

I have recently remarried, I am turning 40 this year. We are living in the property I have been renting for a few years. We have some savings between us and we want to set our priorities for what we would like to do over the next few years, ie. overseas travel, starting a family and buying either an investment property or our own home.

We both have good jobs and and I would consider us quite savvy but we need some direction.

Any thoughts anyone ?  

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Ah friends who work in the industry for free advice come to mind. Then your own research is the best

You're right about accountants being pretty clueless, esp suburban ones servicing mum and dad clients. As for financial advisors, again yea the ones at a random branch just sell you products.  

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A good mortgage broker.  

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Friends in the Industry are good.
I would look for a firm that has mortgage brokers,advisers and accountants all under the one roof or find a firm where they all work closely together That way they all bounce Ideas off each other.  

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explosiveanthon said: ↑
Friends in the Industry are good.
I would look for a firm that has mortgage brokers,advisers and accountants all under the one roof or find a firm where they all work closely together That way they all bounce Ideas off each other.Click to expand...
As someone who works in financial planning, I wouldn't take (or give) this advice in a million years. But then, I don't work for one of the financial supermarkets and never would in a million years.

If you want a good accountant, you will find one here. If you want a good mortgage broker, you will find one here. Those 'one size fits all' places are NOT where you want to be getting any kind of advice from.  

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Mortgage brokers and almost anyone else in the business of providing credit are now required to be licensed under the National Consumer Credit Protection act, so they can give advice on loan products. It's unlikely that an accountant holds a license and thus wouldn't be in a position to advise on these matters.

Financial planners can put together a plan to acheive certain outcomes as part of an overall strategy.

Based on what you're asking, you may actually need a combination of the two if you're looking for specific advice on how to move forward.

If you're looking for advice on what your borrowing capacity is and how to best structure your lending to suit your circumstances, this is clearly the role of a mortgage broker.  

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Mark Laszczuk said: ↑
As someone who works in financial planning, I wouldn't take (or give) this advice in a million years. But then, I don't work for one of the financial supermarkets and never would in a million years.Click to expand...

closed shop :)  

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Deltaberry said: ↑
Ah friends who work in the industry for free advice come to mind. Then your own research is the best

You're right about accountants being pretty clueless, esp suburban ones servicing mum and dad clients. As for financial advisors, again yea the ones at a random branch just sell you products.Click to expand...

Just in defence of accountants, unless they have the financial planning accreditation from their professional bodies (CPA, or Institute of CA's) then they wouldn't be in a position to give financial planning advice. To get accreditation requires some additional years of study I believe (changed a lot since I did my professional exams)

Similarly not all accountants can give tax advice unless they're a registered tax agent , nor can they audit a set of company financials unless they are a registered company auditor.

I've never understood why there seems to be this thinking amongst many out there that if you need financial planning advice you see an accountant. While many accountants may give kerbside advice to clients in relation to tax planning and superannuation, the bigger financial planning picture is outside the scope of what many accountants are trained in. Consequently it should come as no surprise that accountants won't give generalised FP advice for fear of being sued if the advice becomes outdated and/or no longer relevant.  

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six20aus said: ↑
Hi,
I had no idea where to post this so I thought I would throw it out here.

Where does one go to get general advice on how to structure their finances ?

I learned over the years that investment advisors are really only sales people and accountants never want to actually give advice in case it comes back to bite them. So where do you turn ?

I have recently remarried, I am turning 40 this year. We are living in the property I have been renting for a few years. We have some savings between us and we want to set our priorities for what we would like to do over the next few years, ie. overseas travel, starting a family and buying either an investment property or our own home.

We both have good jobs and and I would consider us quite savvy but we need some direction.

Any thoughts anyone ?Click to expand...
Any accountant that understands the concept of discretionary trusts, setting up companies as trustees and can tell you the difference between a company and a trust is worth his/her weight in gold.  

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HandyAndy888 said: ↑
Any accountant that understands the concept of discretionary trusts, setting up companies as trustees and can tell you the difference between a company and a trust is worth his/her weight in gold.Click to expand...
Most should know that I would have thought  

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ozmale42 said: ↑
Most should know that I would have thoughtClick to expand...
HandyAndy888 said: ↑
Any accountant that understands the concept of discretionary trusts, setting up companies as trustees and can tell you the difference between a company and a trust is worth his/her weight in gold.Click to expand...
Not all do, unfortunately. More importantly, you want an accountant that can identify your needs. You can do your part by knowing some of the basics and understanding your situation.

For example, trusts can be very useful but you have to be wary of anyone who suggests trusts for everyone. When I talk to one, I'm looking for 'you should do this because you are in these circumstances, if your circumstances change to this instead, here's what you should do'. I do symphathise with accountants who have to make these suggestions when the client doesn't know what they want, though.  

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go to a broker get the suggestions and then check with a good accountant ( one that has investment properties) that it suits your situation.

You r in melb so James GG is an accountant you should c!  

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I am in the process of launching such a service which is unseen within the marketplace.

This will be live in mid Feb 2011.

Not a financial advisor, more of an education resource with real life education/support based on real life in the field activity. You will always find spruikers and sales people, the missing link is the people who will hold your hand along the way with no hidden agendas.  

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alexlee said: ↑
Not all do, unfortunately. More importantly, you want an accountant that can identify your needs. You can do your part by knowing some of the basics and understanding your situation.

For example, trusts can be very useful but you have to be wary of anyone who suggests trusts for everyone. When I talk to one, I'm looking for 'you should do this because you are in these circumstances, if your circumstances change to this instead, here's what you should do'. I do symphathise with accountants who have to make these suggestions when the client doesn't know what they want, though.Click to expand...
Alexlee speaks gold again. I'm really looking forward to the book. :D  

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