Sorry PMaurice,

You are out of luck on this one. Because you had an interest in property pre 2000 you cannot qualify for the FHOG regardless of whether or not you occupied it.

Simon Macks
Mortgage Broker
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment,…[Read more]

The answer is no. And if the son lives in it he will forfeit any future entitlement.

Secret is to structure the title and loan so only his name appears on title but both are on the loan if you need both for serviceability reasons.

Cheers,

Simon Macks
Mortgage Broker
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to…[Read more]

Thanks guys.

I can’t imagine how any of you can be any nicer to me than you all have been.

Maybe free beer…..

Cheers,

Simon Macks
Mortgage Broker
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a…[Read more]

Namaste,

I am going to add a few things to your great reply to Ivana’s post. Forgive me if I change it a little. Also excuse my capitals but I want my reply to stand out. []

quote:

Q Do you hire a solicitor or Conveyancer and what do they do exactly?
A Depends what state you are in. A solicitor can handle all the paper work, paying of fee’s…

[Read more]

It is true mate.

You can buy any number of Ips post July 2000 and still get the FHOG when you buy your home.

Owned and occupied is the legislation.

Cheers,

Simon Macks
Mortgage Broker
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation…[Read more]

Spider,

Fixed rates are a balance between trying to be competitive in the market and also to ensure that the bank makes money over the term. There is a measure of speculation by both parties but generally the banks call the shots as they set the rate.

So why are they edging down a little in some cases? The banks experts are trying to find that…[Read more]

Mel was echoing my thoughts.

Neg geared by itself isn’t the goal. The goal is to find a property with above average growth potential. The tax refund is just the icing on the cake.

Noone invests to lose money alone!

cheers,

Simon Macks
Mortgage Broker
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual…[Read more]

I think they may be going through some major restructuring atm []

I haven’t heard much from them for a year or so now.

Nivia was a particularly dynamic individual but I also heard she had to take a back seat for personal reasons. Hope she is back soon.

Cheers,

Simon Macks
Mortgage Broker
mortgagehunter@iinet.net.au
0425 228 985

Comments may…[Read more]

Does she have a home?

Simon Macks
Mortgage Broker
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Just to take Elysiums point a step further.

If you borrow jointly then you are individually liable for the whole debt. If two people can’t meet payments – guess who has to?

ie if you have a third share in a property and it’s mortgage then you have a 100% liability to the debt.

This can really affect subsequent lending power.

Cheers,

Simon…[Read more]

In NSW they refer to certain flood areas as one in a hundred year flood prone.

This might suggest that 60 years flood free may have little bearing on the issue.

Why don’t you call the duty planner at the relevant council – I have always found them only to happy to chat over the phone about zonings and the possibilities with particular…[Read more]

Take this as you will but St George has just dropped their 3 and 5 yr fixed rates as at yesterday to 6.95%.

Cheers,

Simon Macks
Mortgage Broker
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Quote:
There are a couple of ways to do this.

1. Listing price of property is $100k, you negotiate with vendor to buy at $80k. $20k equity to be used.

Picja,

In this case what purchase price will the contract read?

Cheers,

Simon Macks
Mortgage Broker
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual…[Read more]

Other downsides of commercial property include extended vacancy rates, lower capital growth and less liquidity than residential.

I am not saying they are a bad investment but they are quite different than residential and should be well understood before one ventures in.

Cheers,

Simon Macks
Mortgage Broker
mortgagehunter@iinet.net.au
0425 228…[Read more]

Talk to an accountant.

You should be able to claim the buying and selling costs off the profit you make prior to calculating the CGT.

I don’t believe you will be able to claim it as a straight deduction off your income tax.

Cheers,

Simon Macks
Mortgage Broker
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual…[Read more]

Had trouble finding the free service so here is the link.

http://www.mycreditfile.com.au/personal_information/free_credit_services.asp?CountryID=1&UserTypeID=11

Simon Macks
Mortgage Broker
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or…[Read more]

Smsaustralia,

Might I suggest you give Picja a call. A ten minute phone chat asking him all the questions you need and giving him all the info he needs will take you a long way closer to seeing where you actually stand.

Cheers,

Simon Macks
Mortgage Broker
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual…[Read more]

quote:
Mel Bear i know what most of the terms are when talking realestate investing but i just cant work out the LOC one , its probably so simple and in my face but i just cant seem to think of it.[]
Could you please enlighten me [:0)]

LOC = Line Of Credit.

The bank advances you a line of credit against which you have a chequebook or credit…[Read more]

Before you leap in and sacrifice your deposit saving ability (6 months is usually required by most lenders) to pay our your debts you need to understand whether it is the lack of deposit (savings) or lack of income (monthly comittment to the debts) that is the biggest factor is not being able to get finance.

In some circumstances you might be…[Read more]

All depends on the time frame involved.

One idea is to have a property revalued after 3 months or so and borrow the additional funds then to repay the reno fund source – often the credit card!

Cheers,

Simon Macks
Mortgage Broker
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend…[Read more]