AB replied to the topic When I sell my IP, do I need to pay off negative gearing i claim from tax return in the forum Help Needed! 4 years ago
Very well explained Ben..thanks for the example as well. Makes a lot more sense to me(and a lot like me I am sure) now. Any good accountants with a property focus in Melbourne or nearby that anyone could recommend?
This should give you a rough idea. Good luck
Just and update,
I had a quick conversation with the bank. My wife was asked to act as a guarantor – general position because the bank needed to use her income to service the loan.
They have clarified as below :
When an applicant applies for a home loan the bank takes only the applicant’s income in this case mine, however the full liabilities a…[Read more]
As to why they are asking for a guarantor – I am a bit confused myself.
Both me and my friend have good serviceability and borrowing capacity as far as I know. The only thing I see that could have raised some red flags from the banks end is that my friend does not have any history with the said bank who is lending- whilst me and…[Read more]
Thank you Benny and DT for your comments.
Benny – you are right I will need advice from a expert MB.
DT – this paints a gloomy picture for all partnerships, particularly ones with situations that need a guarantor (as in my case) , but I guess that is the reality of it. Is setting up a trust a better way of handling it?
Firstly apologies if the answers that I am seeking for have already been answered in the forum before.
I am in the process of buying land to build and use the property as IP. This would be jointly(both loan & title) shared with a friend of mine with whom I would be buying another apartment as an IP shortly as well.
Situation here is…[Read more]
Wow exactly what I am planning to do and the question I had in mind @Zopm….Very interested in the responses to follow…my first one as well so unfortunately no hands on experience with it as yet….I have a town-planner involved who’s sort of guiding me with the process…hoping the have the project complete before End of year.
I have been hearing /going through some discussions on off the plan properties with most suggestions here tipping towards steering away from OTP properties. The main problem being as I understand it is the fact that you would tend to overpay.
I have recently come across an advert that basically has the land advertised with plans…[Read more]
Any recommendations for an investment focused tax agent/accountant in or around Melbourne?
My current agent who is also a broker doesn’t seem to be investment focused at all. To me he seems to be lacking in a lot of areas including structuring of loans and I was pretty much in the same situation as Bungee – Although we don’t own IPs…[Read more]
AB replied to the topic Found an excellent block of units to buy current tenants not paying enough rent in the forum Help Needed! 4 years, 4 months ago
If you are looking to move into one of the units then yes – it would seem that evicting the $130 tenant for you guys to move in would be the best solution given your description. You can then have the agent gradually bring the other units to market price. If the agent is unwilling to do this then I would be looking at other agents in…[Read more]
I was referring to to Mortgage protection insurance.
Just found this link that I was going through after posting the question
I would be very interested to know what people here think of the insurance.
We are a bit confused on weather we really should be going for MPI .My understanding is that it is an option and not a requirement from the bank’s end, would I be right in saying this?
Our bank is pushing this product on the one hand and on the other I believe our super already covers scenarios like Death, Income protection, TPD.…[Read more]
AB replied to the topic Poll: What is your primary investing strategy for 2016? in the forum Opinionated! 4 years, 4 months ago
Thanks Benny , I chose buy and hold although I have a sub-division project in the pipeline for a property which is tipped slightly negative right now , I hope to gear them positive once complete. I am new here and so glad to see the wealth information around this site.
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