It is not true that banks will lend only 50% for commercial property.

Simon Macks
Residential and Commercial Finance Broker

simon@mortgagehunter.com.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.

Jacob,

The other party won’t be making a loss so they wont have any deductions?

Simon Macks
Residential and Commercial Finance Broker

simon@mortgagehunter.com.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.

Jacob is correct – you can rent the property for 364 days then move in for 6 months.

This loophole was designed so that people buying homes already tenanted could honour the lease yet still move in at the end.

Cheers,

Simon Macks
Residential and Commercial Finance Broker

simon@mortgagehunter.com.au
0425 228 985

Comments may not be relevant…[Read more]

I would suggest yo uexamine a trust.

Best to see an accountant specialising in this area. I can recommend one in Sydney if you email me. I get no kickback from him.

Cheers,

Simon Macks
Residential and Commercial Finance Broker

simon@mortgagehunter.com.au
0425 228 985

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

A few points…

You only need to reside in the property for 6 months to keep the FHOG.

Why does negative gearing rarely work? This seems to be a bit of a cover all statement whereas I have seen it work wonders for people.

You will also have some tax deductions that will make a rental property a little more affordable and a 6 yr CGT exemption…[Read more]

Sell the property to a spouse or trust for the market price. Have them borrow 100% plus costs.

This loan is now deductible.

Factor in Stamp Duty on the transfer – may be avoided in some states with a transfer between spouses.

Cheers,

Simon Macks
Residential and Commercial Finance Broker

simon@mortgagehunter.com.au
0425 228 985

Comments may…[Read more]

You will be able to claim the $155K used for the IP. If you draw mwore for the home then have it seperate on the loan statement. This new amount wont be deductible

Cheers,

Simon Macks
Residential and Commercial Finance Broker

simon@mortgagehunter.com.au
0425 228 985

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

If you have someone who can help with equity then I would go that path. $40K really isn’t a big amount in terms of property so I suggest you have them borrow the full amount by taking a mortgage or topping up their existing one.

You will get your 30 year term, 100% finance and the ability to repay as quick as you need.

They are also then…[Read more]

Jacob,

You are going to have problems finding a loan like that.

Most commercial lenders want at least a 20-25% deposit or equity elsewhere. They offer terms of between 10 – 20 years.

$40 000 is a very small loan in their world and many may not even be keen to do it.

Perhaps a personal loan or even a credit card might be the way to do…[Read more]

Good on you Bill – you only deal with seasoned investors who pay the asking or even more in a buyers market?

You advise someone to pay as much as they can scrape together for a property. If they don’t then they are not a serious investor? Just playing games?

You must be a great agent. Are you a serious investor too? If so then have I got a…[Read more]

I think agents work for themselves. Perhaps this one too – seems that the minute he got an offer that the owner would accept he rushed it through to exchanging contracts. He gets paid and can move onto the next sale – remember a bird in the hand is worth two in the bush.

I think they work for the vendor right up until he gets the listing then…[Read more]

I reckon you should keep your house.

Look at open houses every weekend in the area you wish to buy in to get a feel for the market.

Put in low offers until you get one.

Use your home to secure a loan.

Rent it out.

Do it again.

Easy as that!

All the best,

Simon Macks
Residential and Commercial Finance…[Read more]

My whole family wants one but I just know it wont add any value to the PPOR and we plan to upgrade in the next year or so….is on the list for the new place tho.

Cheers,

Simon Macks
Residential and Commercial Finance Broker

simon@mortgagehunter.com.au
0425 228 985

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

Yes I believe so.

Please don’t rely on my thoughts here. You need to speak to an accountant and a solicitor and get 100% accurate advice.

Cheers,

Simon Macks
Residential and Commercial Finance Broker

simon@mortgagehunter.com.au
0425 228 985

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

My only concern is that the ATO will see that the only benefit to yourself of doing the transaction to yourself will be to save tax – on this basis it can be disallowed?

Any experts?

Simon Macks
Residential and Commercial Finance Broker

simon@mortgagehunter.com.au
0425 228 985

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

Not quite. There is some latitude for claiming holding costs if construction is intended – see an accountant.

Perhaps the 50% share you sell to your brother will allow you to pay down $140K into your PPOR loan immediately?

I am not sure that selling them to yourself is possible? People usually use a spouse or a trust to achieve this. Does…[Read more]

Jenny,

Ask your broker to call his BDM at ANZ and get it sorted out immediately – no doubt he is well onto it already . Have him tell them that you are speaking to the banking ombudsman about it.

If you are correct (and no doubt you are) then this should be sorted out very quickly once the right people are on the job.

All the…[Read more]

I would love too – can’t wait for the warmer weather to arrive here!

My missus is at uni for another year then post grad work for two years after that. We are really stuck here for a while yet. But the summers are wonderful and Newcastle is so much nicer than I expected – is our sea change I guess!

All the best,

Simon Macks
Residential and…[Read more]

Welcome to our forum JTW.

Seems you have some experience buying and selling – look forward to your contributions!

Cheers,

Simon Macks
Residential and Commercial Finance Broker

simon@mortgagehunter.com.au
0425 228 985

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

I suggest that yo usee a broker and find out if you can get a normal loan.

I have found people coming to me believing they need a LODOC often qualify for a better and cheaper loan.

Also if we use a lender that wants to win your business with very “supportive valuation policy” we might be able to get a much better LVR and save money on LMI. I…[Read more]