nguli wrote:
Haha nice one Terry! Had me for a while… I kept opening back up to the same page until it clicked. lol

clicked – is that a pun?

There is another guy with a mid life crisis here https://www.propertyinvesting.com/forums/help-needed/4346162#comment-272543

If you were deriving income from the GF then the expenses would be deductible against any income to the extend that they relate to the income.

But capital items would be deductible by depreciating the items.

Beware of the CGT sting too as there are a few issues to consider and ways to reduce its effect.

Doesn't sound like a mid life crisis as you sound young!

Ideally you should secure you loan to them. But if you do this then they may not be able to get finance as no lender would want to lend to them. Another option is to lodge the second mortgage after settlement.

Interest rate can vary depending on how good a deal htey are getting. Nil to 15% maybe.

bb, what are you trying to do? Or what was your intention in wanting to sell it to yourself?

You can't contract with yourself!

Who owns it now and who wants to buy? If the same then impossible. If one spouse selling to another then ok, if a trustee selling to himself then ok – subject to terms of trust.

Are you sure the stamp duty is so low? What state is it in?

steps
1. get  a lawyer to review your contract
2. get lawyer to prepare contract of sale
3. find agent
4. find buyer
5. all settle on same day.

What?

It will be hard to market if it is not complete. You will not be able to show people through etc.
There may also be other people trying to sell as well.

Yes, you can. But it won't be easy.

Maybe talk to the same agent who sold you or another agent in the area.

Have they just changed their name or are they forming new and separate companies?

If you go to asic.gov.au and do a name search you can find them. If they have a new name then that will be listed too. You can also go to http://www.abr.gov.au and do a name search there. Look at history.

If it is a new company then that is a separate legal person and no…[Read more]

williamwpy wrote:
Thank you Jamie very much for the reply and I really appreciate it.

I heard that when purchasing the house, you need to inform the ATO whether this property is for home purpose or is for renting purpose. Eventhough I do not physically live in the house and I rent it out. Can I still tell ATO this is for home…[Read more]

Best to seek specialised legal advice on this.

The fast food approach to finance!

Finance may be more restrictive for this sort of thing too. eg. Suncorp would lmit this to 80% LVR

Lender Mortgage Insurance

Well, you have to be careful. There are good and bad ones. Many will just recommend managed funds over property. Many are also under-educated having just a diploma which can be completed in 4 days.

skip the financial 'advisory' and go Jamie

No need to even meet them in person these days.

get the points.

No issues if you pay off your card in full each month as there will be no interest to claim