The loan rate sounds good and it you have an offset even better. But the fee seems strangeWho is the lender?

As a guide you can borrow about 5 times your annual income. So you will come up a bit short I am afraid. Boarders cannot be taken into account for income, but if you were to rent the place out and stay with parents, then you may get over the line.

yes.see s118-145 of the Income Tax Assessment Act 1997.TD51 for the definition of main residence.

hi CRJI think I recall hearing something about that now – will look into itFor the 50% bonus the asset needs to be over $1,000 for small businesses and to be classed as a small business the turn over needs to be less than $2mil.

you will not qualify for the FHOG as your spouse has owned property before. See my other post on the legislation

Hang onit subsection says:"(a) after the transfer, the residential land will be owned by the parties as joint tenants or tenants in common in equal shares; and "You will not qualify as you want  the property to be owned by your wife only.

I personally like shares better than property and would recomend you doing some intensive research before you do anything. A good Aussie book is Colin Nicholson "Building Wealth in the Stock market" 2009.

fishngym wrote:
(a) after the transfer, the residential land will be owned by the parties as joint tenants or tenants in common in equal shares; and
(b) the residence <font size=”4″>will </font>be the principal residence of the parties. I have previously contacted the QLD OSR in relation to the definition of WILL be the principal place of…[Read more]

fishngym wrote:
(a) after the transfer, the residential land will be owned by the parties as joint tenants or tenants in common in equal shares; and (b) the residence will be the principal residence of the parties. I have previously contacted the QLD OSR in relation to the definition of WILL be the principal place of residence. They passed me…[Read more]

Here are some more examples and further infohttp://taxbonus.com.au/Howitworks/tabid/314/Default.aspx

$1500 fee is way too much to pay. I would bite the bullet and get out of that lender now. Otherwise you will face the same problem every time you need more money.

pay off all non-deductible debt first – or at least as much as you can – and then reborrow the money to invest.

For these sorts of questions it is best just to look straight at the legilsation:http://www.austlii.edu.au/au/legis/qld/consol_act/da200193/s151.html DUTIES ACT 2001 – SECT 151 151 Exemption–particular residences Transfer duty is not imposed on a dutiable transaction that is the transfer, or agreement for the transfer, by way of gift, from 1…[Read more]

Interest on borrowings which are used for investment purposes should be deductible as are the actual costs.confirm with your accountant

Its hard to read and understand long sentences like that isn't it.My interpretation is this:Lessor can serve notice of increase prior to expiration of the lease.The notice for this increase is the later of                  – 1 month after the notice date / or                 – last day of the lease.So they cannot increase the rent during the le…[Read more]

I looked into it years ago and worked out that you were better off renting (just from a money pov) for the first 5 or 7 years. Then, with rent increases, and assuming rates stayed the same, you were better off to have bought.But that was when rates were much higher. Now it may be 1 or 2 years.You will also need to take into consideration that…[Read more]

I think the person damaging the property would be responsible. Your insurance cover may pay up and then pursue him (or her).

Yes, as long you you live in it for 6 months during the first 12.

Hi KarenAnd, did you know you may be able to amend previous years tax returns to include the depreciation that you missed?

HyrdramaxThe offsets are excellent products, but you can take it one step further by borrowing for actual investment/business expenses (from the LOC). This will leave the cash you would have used in your offset account saving non-deductible interest while increasing the deductible interest. Overall the interest amount should be the same, you are…[Read more]