Is it possible to use equity in my first house as a deposit for another IP?
1st 1P: 285k value, 132k owing, leaving 153k equity. Currently rents out at $250 per week.
I want to buy a 2nd IP at about 600k and have no deposit. I earn about 77k per year and about $150 untaxable income per week.
Is it possible?
100k annual income.
Have 1 IP which is positively geared by $100 per week (income included in above 100k figure).
1st IP conservatively estimated at 300k, with 150k mortgage.
No deposit saved.
I would like to buy another IP for between 600k to 700k.
Would it be possible?
Would that be on the basis of constructing a dwelling and utilising the FHOG and stamp duty exemption, as if I purchased an existing dwelling, most of my 30k would be taken up by stamp duty and taking me out of the 95%LVR.
What type of minimum deposit is required now for a loan?
I remember a few years ago, there were 0% deposit home loans.
A couple of examples:
1) On an existing dwelling for $450,000, what type of deposit would be required?
2) For a newly constructed dwelling with land for $500,000 (making me eligible for FHOG & no stamp duty), could you use the…[Read more]
I understand adding your spouse to the title of your home does not incur stamp duty. Which Government body handles this in NSW? Is adding your spouse name onto the title, adding their name onto the Torrens register? Are you supposed to tell your mortgagee first? Will the mortgagee have something to say about it if your spouse is added to the title?
Does a trust have a limit on the number of beneficiaries it can have and do the beneficiaries have to be named when the trust is drawn up?
Also, if 100% of the profit is distributed to the beneficiaries, does the trustee still lodge a tax return reflecting profit incurred through the trust. Also, does the trust lodge a tax return in its own right…[Read more]
In a Trust with a minor as the beneficiary
– Does the trustee pay tax or is the beneficiary as a minor taxed at a penalty tax rate?
– Is the beneficiary minor eligible for the 50% CGT discount?
I’m looking to purchase an IP between 200k to 250k.
I have a 50k deposit.
I don’t want to purchase it in my name though. I briefly looked at a company structure but soon found out that there will be a high rate of tax when I do sell it one day.
What about a Trust structure? From my brief searching, it seems as though this is the norm. and is…[Read more]
- Load More