Your mortgage broker should write extra notes with the application to the lender that explains your situation and employment prospects. For example that you worked in industry xyz for x years in Canada and have recently moved to Australia and have gained work with the same industry as you are a qualified {whatever you are}.

I think one of the problems might be due to aggregators wanting sales super stars rather than customer service people. I would have made a good Mortgage Broker and actually completed the training but the aggregatorheld on to the certificate. After promising that there was no sales quota when I signed up they started pressuring me into building up…[Read more]

wdemirdonder wrote:
So as long as you dont live in the IP, you can use FHOG later on when you choose to purchase PPOR. Is that true ?

Falsesee 3. Are you eligible to receive the grant? athttp://www.sro.vic.gov.au/sro/SROWebSite.nsf/rebates_fhog.htm#3)orseehttp://www.firsthome.gov.au/pick state you live in and select more information

depends on marginal tax rate of tax payers and costs of investment loan interest, council rates, water rates, insurance cost and rental income achieved.check http://www.ato.gov.au for tax rate scales.half negative gearing if joint owned house and calculate for each wage earner the tax deduction.

the problem you are having is due to the banks using a daily interest calculation and charging interest at the end of the month.Ring the bank and ask them if interest is calculated by 360 days or 365 days it depends as US system is 360 days as public holidays are not counted. so get the interest rate say 9% and divide by 365take the balance each…[Read more]

What you have to careful of isPaying more than the market value for the property (remote buyers get taken for this trap a lot)Use independant solicitor not theirs if offeredGet independant valuation not theirsBuying a property that doesn't suit the tenants in the area who are mostly labourers according to the demographics below.You only have a…[Read more]

FHOG You need to live in PPOR for 6 monthsseehttps://www.propertyinvesting.com/forums/property-investing/help-needed/4324086?highlight=first%2Chome%2Cowners%2Cgrantalso do a google search on FHOG or First Home owners grantthis will provide a web site for your state on the terms of FHOG

Having carpet in the house I live in I have noticed that high traffic areas wear down the carpet. This reinforces what Banjo is advising. Also a lot of tenants prefer wooden floors and I think the reason could be allergies to dust mites, needing  to have carpets steam cleaned at the end of a tenancy, plus what Banjo was saying about stains and…[Read more]

if you move back you need to get a valuation also as you could end up with capital gains tax for the future sales capital gain proceeds even though you live in it as PPOR. You have the onus to prove via records that when you moved back in your property was worth a certain amount. There is a mention of this situation occurring to a seller in the…[Read more]

You can only claim expenses that are incurred from making income. This means it has to be rented out.However under the third element of the cost base you might be able to increase the cost base of the land while it is not being rented out from the date you entered the purchase contract to the time it is rented out.…[Read more]

If the mortgage is in both names you need to check if the title is a joint title in both names also. Nett rental Income will then be split into half. Look into land lord insurance to cover you for lost rent, ect. You need to find out what the council rates are it should be coming in the mail or you have next years rates notice already.You need to…[Read more]

Loan balance divided by Market value of PPOR * 100 (LVR) one ratio used by bank to access how much you can borrow.Information missingMarginal tax rate, age of building may be able to claim building write downInterest charged on loan,  Council Rates , Water rates, insurance, repairs  –  Claimable  deductionsnett property income = rent – int…[Read more]

Also get a valuation on property B when it becomes a PPOR because if you sell property B in the future you will have a hard time working out which part is subject to capital gains tax and which part is exempt from capital gains tax as a PPOR .Also you will have a similar problem with property A as it has changed from PPOR to investment property…[Read more]

I am 40 my wife is 40 . We had a goal of becoming wealthy through property but that was when I had a high income. Then we had two baby girls (twins). This has meant that I haven't worked full time for 6 years and have no income. So out went the negative gearing and in came the positive gearing. In 12 months the first property will be paid off…[Read more]

tax deductibility of interest paid on your investment loan depends on what marginal tax rate you are on.for an example : if you are on 40% you lose say $1000 to get $400 back on taxif you use an offset account you save $600 in interest costs taking the $400 tax rebate into account . Even if it was a positive cash flow the tax is $400 so you are up $200

Also when you go for the house loan the lender will reduce how much you can borrow by the credit limit of your credit cards.Sometimes even if you owe zero on the credit card.As for borrowing on a credit card you should only use it for very very short term borrowing rather than for longer term borrowing.if you could get a personal loan at say 13.5%…[Read more]

Can you afford a higher interest rate of say 12%?If property value drops and you find you cannot afford the repayments you may need to sell the property and end up owing the bank the difference between the loan and the lower house value. Do you have the hidden costs covered ?Stamp duty see…[Read more]

Line of credit on first property for deposit on second property to lower second property lvr  to 70% and borrow from another bank .Thus second property is not secured by first propertyDo not sign privacy release until finance is approved thus no extra adding to credit reportIf credit rating is crook borrow from a non-bank lenderdo a search in…[Read more]

You state you have lived in house for a year the FHOG states 6 months. You (or at least one applicant) must occupy the home as your/their principal place of residence for a continuous period of at least 6 months, commencing within 12 months of either settlement or completion of construction.The home must be used as your principal place of…[Read more]

It probably would be ok if the lender factored in a 12% interest rate rather than a 6.5 % interest rate when working out if the FHO can afford to pay the loan back.