I think what the guys probably mean is that they are guessing that since 200 acres is a lot, the pricetag is probably big.  Let's call the pricetag 3 million.  In order to get a loan, you have to come up with the deposit and stamp duty money (eg 20% deposit plus stamp duty which is normally around 5% of the property cost) plus also you have to be…[Read more]

Have a chat to your solicitor about it.  They have probably dealt with such situations before and they'll tell you how they'd handle it.

Hi Terry, in your opinion, what are the advantages of a Discretionary Trust versus buying in one's own name?

I'll state the obvious – you need a UK pounds account for the money to land in (eg a UK bank account).  Easiest way to get one if you don't have one already is to do it through HSBC bank.  Otherwise, change your address with your Aussie bank and ask them to send you a statement to the UK.  Then use that to help with ID for opening a UK bank ac…

I've also moved large volumes with them several times and they've been great.  I suggest calling them to place your order rather than doing it on the website.  This is because you are moving a big amount and therefore should ask them for a better rate.

Have you thought about gathering evidence (ie records of sales of similar properties in the area recently) and handing that over to the valuer to assist him in his job?

You are so lucky!  A repossessed property.  With a bit of luck your offer will be accepted and you'll be buying below market value.  Good luck!Why not offer on the second property "subject to the first property being rejected"?  I've never done it before myself, but I don't see why you couldn't…  though you might lose your holding depo…[Read more]

As the boys are pointing out, might be tough till  you clear the debt.  In the meantime, perhaps start shovelling money into a SMSF (Self Managed Super Fund) and use it in a year or two to buy property? (ie the Super Fund buys the property)  Benefits are of course money going into it is only taxed at 15%

Development Approval (from council)

One option is to offer to buy it subject to the relevant council planning permissions… but on the contract, consider putting your name OR NOMINEE.  That way you never pay stamp duty.  You just handball it on to your buyer.

According to this you forfeit the cashhttp://www.domain.com.au/content/advertorial/misc/aussie/Pest-Inspection.pdf

You probably want to keep  this tenant in the house as long as possible, yes?  Keep the income flowing while you build the new house?  If so, is there any reason why you can't explain to her what will be happening, and see what she says?  If she complains about losing the backyard, maybe knock $10 or $20 a week off the rent…When it comes tim…[Read more]

by the way there will be no usage fee.  how insulting to charge you a fee when they are creaming off commission of that kind of volume!

I use http://www.ozforex.com.au for money shuffles between the UK and Australia.  With that volume of money to move, you can call them and negotiate a better rate than that quoted on their website.

The costs that immediately spring to mind are:- Your solicitor- The selling (real estate) agent.  They don't all charge the same commissions.  Ring a few in  your local area to ask what they      charge.  2% is a guesstimate.- Capital Gains Tax.  The "gain" you make is added to your taxable income, and may push you into a higher tax bracket.…[Read more]

You won't be able to negative gear the 1st place.  Not the loan interest anyway… because the original purpose of the loan was not for investment.

I think you'll find that to avoid the CGT, you will have to be living in the house when you sell it.  The 6 year rule merely means you have 6 years to move back in to do this tax dodge.  However if you've moved to another house and declared it your PPOR, and turned the first house into an IP, then you will not be selling CGT free…

You could of course do that, but it wouldn't be very smart.  For the same reasons as discussed in this thread:https://www.propertyinvesting.com/forums/property-investing/help-needed/4333469

The trouble is that when you borrow funds for a PPOR, the interest on the loan is not a tax deduction.Generally when people come on this forum asking a question such as this, the advice tends to be to sell the unit, and buy a new home with that.  Your gain will be CGT (capital gains tax) free.  If you want to buy an IP and deduct the interest on y…[Read more]

It is easier to subdivide with a smaller lot if there is already a dwelling on the lot, or if you provide plans to show a proposed dwelling that could be built on the lot.  That way council doesn't have to guess and speculate at what could fit there