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Jamie just read your article, genuis! I'll have to keep that in mind next time!
Hi thanks for your advise! Unfortunately I have no spouse! I may have to sell it to buy new house. Thanks again!
thanks christianb, who should i call to find out whether i can build a duplex or not? Nice website you have by the way.
Thanks Spiro for your help!
Prob not +C, I live in emerald QLD, and i think its a good time to buy, a 3/4 bedroom brand new house is $345k, 2 years ago they were going for $400k so the market's at the bottom at the moment. Rentals are about $500/week. Nice houses are renting for $600+/w.
i always wondered how the banks benefit from offset accounts, because the interest they give on a savings account is far less than the interest they charge on a home loan?
thanks for response guys, yeah the terms were my sister and I will pay any capital gains tax, im worried the ato will be suspicious of me having 200k all of a sudden. Shouldnt affect pension because they wouldnt get much anyway if they hadnt sold the property i think.
well i live in Emerald, being a small town everyone knows everything…a few builders in town have gone bust, one had his license suspended because he had too many houses and not selling them fast enough…house prices here have dropped a bit, i live in a new estate and so far there's only been one house up for sale…i'm not too worried as things will pick up again after a few years. Best thing to do is not to panic if you have a property in a mining town.
thanks for the pointers Richard…hmmm what if mum was to 'gift' me the $250k, the house remains in my name, after i've paid off the house i transfer the property in my mum's name? I understand she'll still have to pay duty but will i be taxed on the $250k?
People have got to stop spending on so much crap…we don’t need plasma teles..or bananas…
I’m just worried whats going to happen when oil eventually runs out…
I’m no expert with $$$ but from my own experience, I’ve made some BIG gains after september 11th….i managed to turn $10k into $25k…..BUT capital gain tax took a chunk off it…i thought good times would go on forever…how wrong…took a BIG loss in spec. mining stock…i was back in square one….
I think with shares even if you dedicate your time with research etc…it’s all still a gamble..you can read all the financial reports, graphing but you NEVER EVER know what’s really going on with the company..take AMP for example…who would’ve thought it’d goto $5?? And MUL went from 1 cent to 10cents in a few days a few years back…and this company’s dodgy as hell…don’t get me wrong, i’m not knocking the share market….it’s just I find property a lot safer…even if i get 0 growth and loss of 400k interest over 30 years, i’ll still get a roof over my head in the end…with shares if you lose you get a piece of paper…heaps of people have made good $$$….but how many of us are as dedicated/smart as Rivkin or Buffet..or Gordon Gekko for that matter….
i used to do my tax online using etax and got my retun in a week…but last year i didnt do the depreciation bit so i think i’ll goto an accountant this year…
and the worst thing is my sister’s an accountant but she doesnt do tax…not very helpful is she…[biggrin]
I agee with LA…there’s no point in being bitter about your situation…house prices are quite unaffordable at the moment but that’s just the way it is…I’m too from your generation but i don’t complain about it, I just find ways to try to get ahead…i’m 27 and have been living at home until last year…I was earning an average wage but still managed to scrape enough $$$ to buy my first IP…I did this by living at home and make sandwichs for lunch, giving up alcohol etc…you’d be surprised at how much you can save if you give up a few things…
and last year I took a job offer in the bush for a 50% payrise and I managed to talk them into paying rent for me….i admitt it’s pretty boring in the bush and I miss my friends/family…but it’s too good an opportunity to pass up…there’re opportunities to make more $$$ if you look around, like where i live is a mining town and young blokes/couples flock in from brisbane to make good $$$…most of them i’ve spoken to don’t like living here much but they stick it out for a few years to get ahead and move to the sunshine coast eventually…
no point in complaining, just try to put yourself in a better position…and as for baby boomers pushing house prices up, that’s a good thing…more inheritance for me!![biggrin]
i think kids/teenagers and even my generation (i’m 27) are quite spoiled…they’re just used to getting what ever they want….like cars for exmaple…i had to save up and buy a crappy one during year 12…these days parents just buy cars for their kids…and most of my friends don’t own any property..they just spend all their $$$ on holidays, consumer goods etc…i think generation Y is the most materialistic…we spend so much on designer/trendy clothes and drive around in flashy cars…but it’s all on debt! I must admitt I was guilty early in my career, I spend most of my $$$ going out, buying $400 pair of shoes…and when i turned 24 i realised all I had was my wardrobe! From then on i’ve pretty much changed and saved and invested my $$$… I managed to save $25k for a deposit and mum was nice enough to be gurantor so I can get a loan to buy my first IP….
But I do believe there’s a lot of resentment towards the baby boomers for pushing the house prices up…most of my friends have given up the idea of owning a house…and the ones who recently bought are couples who are both working…it’s pretty hard starting on your own these days…i remember when i was buying my first ip the bank would only lend me $150k without a gurantor…you can’t even buy a studio apartment for that much…
there’s this quote from this couple who have property worth $6mil plus in a magazine i read, they said those doom and gloom theorists DO NOT own any investment properties…
Also you just don’t know who to believe, i watched this report on the ABC and the guy said demand for housing is up, but housing approval have dropped, therefore rents and prices will go up…and on the same day an article in the paper said the whole sydney market’s going to be flat for the next 10 years…
i don’t really have a problem with slow growth, as long as interest rates dont go thru the roof i’ll be right..even if i dont make any $$$, i’ll still end up with a house or 2…it’s just safer than shares…
but one thing is certain, population will ALWAYS increase…more people means more demand for houses…
hi wealth4life, yeah i know what you’re trying to say…but it’s kinda hard to work on my roots now because i’m not academically or business smart, i struggled through highschool but still made it to uni…struggled through that too and now i have a pretty decent paying job, i’m pretty happy with how i turned out but don’t know how i can get a better income job, I’m on a $95k package… going back to uni is not an option, i’d have to sell my ip at a loss…and i figured if i go back and studied to be a doctor or dentist i’d be in the highest tax bracket anyway, who needs all that stress?
and LA, is your wife earning $85k USD? If so you reckon she can get me a job as a radiographer? Can i live in your place rent free? I’ll pay all the bills…haha..had to try…
i blame most of the credit card debt on plasma and lcd tvs…but personal responsibility’s got to be a factor too, i mean people complain how credit card companies keep giving credit to young people, it’s upto the young ones to say ‘no’….i met a guy few months ago who took out a 50k car loan! And he only worked at woolies in the bakery..crazy…
Hi Cherry, i have a similar situation, i bought at lake mac. 2 years ago, it hasnt gone up at all, i pay $2700/m in repayments but only get $250/w in return…i too thought about selling, however i recently spoke to a builder, he’s about 60 and he’s been investing in realestate all his life..he’s got about 100 + properties…i asked him rather i should sell now, he told me to hold on, you won’t lose if you hold onto it long enough…he said the only people who whinge about losing $$$ in property are the ones who don’t have the patience, and don’t make the mistake of selling in gloom…after that chat i’m completely at ease, it helps to talk to someone with so much experience..
hi crj….yeah the features outlined is pretty much what’s happening…but i don’t know whether the link tells me whether i can do it or not…don’t understand the alert bits….i better ask an accountant
Hi Ross:
Ip will be in my name, i will own it
my company pays my rent as part of a package…Salary is about $95k, I told them to give me $73k instead and the rest they rent me a house…
The loan is in my name
It’s a Pty Ltd…
