Nick Moustacas.

Strategic Wealth

nick@strategicwealth.com.au and he is Sydney based.

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.

Mel,

I was working on the premise that she had enough in the offset to reduce the interest by $130pm?

Correct me if I am wrong please tancas.

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…[Read more]

1 Jul 2000 is the cutoff date. If they bought it prior to this date then you are are not entitled.

Check it out at

http://www.osr.nsw.gov.au/portal/page?_pageid=33,63398&_dad=portal&_schema=OSRPTLT

Cheers,

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

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

SIS – there is little talk of the FHOG being withdrawn. Unfortunately my crystal ball is not working atm []

If I ever hear anything I will post it.

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]

Also, why wouldn’t you just use the $5000 to pay off the principal, surely that would be a better option, if you didn’t need the money in the short term?

OK the main reason I would recommend an offset over just paying down the prinipal is as follows.

If you redraw from a loan you are effectively creating a new loan. This new loan may or may…[Read more]

The states are all the same as this is federal legislation.

Good info on that change to 6 months residency – we had heard it was coming but great to have a date for it.

SIS – you can depending on the date the IP was purchased as you have just discovered yourself[]

Cheers,

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

Cecilia,

I think you can just change the barrels not the whole locks – and yes if you had multiple properties you could cycle them around.

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…[Read more]

I don’t believe there is a timeframe to establish it as a PPOR.

I you rent it then move in the CGT is proportional ie if you own it for 5 years and rented it for the first two then you will pay 40% of the CGT (halved again to 20% – 12 mth rule).

if this is your plan then consider moving in to establish it as your PPOR before you rent it. Then…[Read more]

You can use a solicitor/conveyancer to do the necessary title changes. If you have the time and the inclination you can do the necessary transfers yourself at the titles office.

I transferred a title from my Grandma to my mum a few years back and the whole process took very little time and effort.

If you need to get a mortgage then that will…[Read more]

I agree with Terry – there may well be no real reason to change it except perhaps an emotional one. If it is never sold then the CGT will never be triggered.

If your parents pay “rent” to the brother then perhaps he can gear it. He certainly has an asset in his name which may help or hinder his future plans.

Simon Macks
Mortgage…[Read more]

Well the interest rate difference is 1.28% which on $50 000 is $640 pa or $213 for four months.

So if you are saving $130 pm this equals $520 over the four months.

So in this case it sounds like the higher rate might be cheaper.

Hope this helps.

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

Comments may not be…[Read more]

Fudge,

Simply it is an account linked to your home loan.

Every dollar in it offsets the loan – saves interest. ie a $200 000 loan with an offset account holding $50 000 will see you paying interest on a loan of $150 000.

Why not just pay into the loan and redraw as required you ask? If you convert the home into an IP and wish to buy a new…[Read more]

Julie,

Good point – anyone with a home loan and substantuial savings chould consider an offset account.

Why?

Because this will pay the current interest rate and will be tax free – way better than any term deposit.

Cheers,

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

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

Well if he introduces the buyer then some people would suggest he gets paid? Perhaps he will negotiate the comission pretty heavily seeing as he has a hot buyer waiting?

If you haven’t signed the agreement then perhaps you can approach the vendor direct?

If you haven’t signed anything then you should have no obligation but I suggest you…[Read more]

Allan,

With your income the deductions are going to be of minimal benefit – you are better off looking for something that makes a profit.

Be very very careful using the FHOG for an IP. They are aggresively auditing and you would need to have pretty good justification to move out after a month – perhaps a job move!! Not in your case atm I…[Read more]

Well there is no reason why you shouldn’t make these changes for your own financial organisation, perhaps you are adding an additional layer of complication into it but not the end of the world!

7.07% is a high variable rate. I would suggest you could get 0.5% cheaper if you looked around – even at CBA with their pro package.

Good…[Read more]

Luckyone,

Let us know what your broker recommends.

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.

Yields are high but not spectacular – got them written down somewhere – will post them when I unpack…..maybe in a week knowing me!

Underground is Coober Pedy. Lightning Ridge is a little damper and to live underground would lead to pneumonia so I was told.

I didn’t mention this but the absent CG has put me off buying – just doesn’t fit my…[Read more]

My money is with Mel and Terry.

If the property is taxable income producing (pos or neg) then expenses are deductible.

I don’t agree that a LODOC is automatically deductible just because you sign the declaration – depends on the purpose of the borrowing.

Cheers,

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

Comments may…[Read more]

Make sure you have your finance squared away first.

Most major lenders need it put together by a builder on a fixed price contract.

Owners builders are not popular at all!

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,…[Read more]