LOl dont know about jail.

They would just ask for a adjusted + penalty $$

Either way- get a accountant involved and get it right the first time and every time.

Regards
Michael

Mick- if your wife had the IP from her grandfather’s Will- then from what i understand ( hopefully someone can confirm or correct)
-> CGT is discounted and calculated based on the “Base cost- from the time of deceased acquired” – meaning home was worth $500,000 at time of deceased acquired – 12 month later home is worth $550,000 —- you pay…[Read more]

Wtih 10k deposit + low income and no real asset + im guessing your under 35??? to be honest seeing a Financial planner will just be a wate of your time and money- not much to work with…

1. You could borrow with 5% Deposit these days- it’s very common; most of the major banks would do it
2. 10k is not a lot, but it’s a start….
3. Depending…[Read more]

tmlnets- 40k for granny flat in Sydney is decent!!! do you have the contact of the builder/ capenter ? PM if you want

Regards
Michael

It’s called a PAYG adjustment.

Regards
Michael

” Where there’s a will there’s a way ” – Love this quote! i have it frame up in the office to remind ppl to PUSH on! don’t take a No as an answer

Regards
Michael

I agree with Rahrahprincess – Depreciation and tax benefit should not be the reason to purchase a place ( tax rules changes…they are now talking about reducing the Negative gearing benefits etc – most likely not going to happen but you never know) –
Depreciation and tax benefit are bonus not the drivers of a purchase- because they can be…[Read more]

Terryw wrote:
Mick,

I think it may be an idea to sell a property. The tax savings overall may be worth the extra costs incurred with the CGT and stamp duty on repurchasing a new investment property. There are also significant asset protection advantages available if you can set it up correctly.

I am a solicitor based in Sydney CBD. If you buy…[Read more]

$40k at 21 is not something to look down on- it’s more savings then a lot of ppl i know who’s twice your age!

With 40k you could potential invest into 2 properties ( def 1 ) as long as you can service the debt/loan with your income+ Rent – However nice and slow wins the race…

Yes Nathan is an exception to a lot of ppl! a smart investor i have…[Read more]

Call/email first – Get everything ready ie all the paper works + questions..and it can all be done within 1 meeting ( when done correctly at the phone stage)

Regards
Michael

Yes his from ACT.

Most of the mortgage stuff can be done Via email/Phone or Skype etc…
It like you applying for your mortgage with the above company – Quick direct OR even ING – all done online/phone and some of them are based OVERSEAS as well

The main difference is rather then a whole CALL center looking at your loan, a broker can provide a…[Read more]

slowachiever wrote:
I have been to see a few property investment type people to maybe assist me .All providing differring levels of help.As I don't have a lot of time free to chase up property deals on the eastern seaboard . A couple of the groups I have spoken to have provided sample ideas or scenarios . Which include forever using equity to…[Read more]

i wont say yes or no to that question, as im a mortgage broker and the answer would most likely be basis anyway
But it comes down to our personal choice and trust in the broker- as you will be giving a lot of personal details to this person/firm- like you would to any bank staff.

Think of us as an accountant ( who’s free) , we help you structure…[Read more]

tmlnets wrote:
I think the idea is to limit the number of people to have multiple properties. I guess is all about supply and demand, if the government include a tax levy onto property investor this may deter them from buying more and therefore less demand on the short supply of property.In saying this, i think this only applies to property that…[Read more]

I went to industry meeting/forum on Wednesday about this topic. I can tell you now, all the banks are pushing to abolish OR decrease the function of -VE ; There were no ATO representatives at the forum but im sure they were sitting at the back listing and taking notes. ANZ talks about how it can improve housing affordability etc…<moderator:…[Read more]

ANZ one works the same as NAB. But there are limitations in which sub-account the offset can be in…ie can’t be linked to the “fixed rate one” etc…

Regards
Michael

anhie wrote:
hiim looking to buy house for around 400000kmeans i will need to have 20% which is 80k to avoid lmi(will be using as ip after getting fhog)i have been looking for home loan that is-interest only-offset account-low interest, low or no feesusing infochoice home loan comparison websitethe best deal is listed was Equity saver premium…[Read more]

Hi – emptyvessel

It depends which date and day you took out your credit card; it’s really stupid i know.
In basic terms it’s really interest free for 6 weeks only ( 42days) ….say you took out your credit card on a Monday- they count 6 Mondays from that day onward to charge you.
However if you took this credit card out on a Friday- you got the 6…[Read more]

Looks awesome!!!
I like how you knock out the arch ways…def more space!
How much is the rent going up by?

I’m currently renovating my 4bedroom IP…very time consuming; will post pics at the end of the month.

Regards
Michael

mickb67 wrote:
The situation we are in, is my wife and I have a huge mortgage on our PPOR (500k). We both work full time with myself being the highest wage earner.My wife, by inheritance, has 3 properties owned outright. One house (divided into 2 units) & 2 strata Townhouses. We have owned the properties since August 08. Its great having the…[Read more]