nothing yet.

newpup wrote:
thanks for the reply terry, I not sure how it will affect their pension, if all goes to plan they are hoping to work for another 15-20yrs if that is a problem, I was thinking they could always sell 6yrs or so before they wish to retire or transfer them back. How much are the fees if I transfer the house?(valued at $250k)

If in…[Read more]

C2 wrote:
Qlds007,Richard I understand that may have been your situation but how do you explain my situation.  It was done as I said over the phone and fax of work contract.  To make matters even more interesting.  StG made a mistake and a few hours before settlement discovered a 25K short fall in the numbers.  There was no way I could tra…[Read more]

There is nothing you can do other that to ride it out or pay the break fee.So I would sit down and work out how much interest you are going to save if you were to go variable now. Work out any tax deductions for the break cost and see how long it would take you to recoup your money – then determine if you want to take the risk of breaking.

Terryw wrote:
Hi godJust reading the Duties Act 1997 (NSW) while waiting for the RBA announcement.http://www.austlii.edu.au/au/legis/nsw/consol_act/da199793/ I cannot find anything regarding transfer between spouses being exempt. But I recall reading something recently, maybe it was QLD.Found some other interesting exemptionss96 Transfer by…[Read more]

It can be done, but what effect will it have on their pensions – now or in the future. Can they qualify for the loan? They will also have to pay stamp duty plus legals, app fees etc. You will pay legals too on the sale. Potential land tax too.

fishngym wrote:
If in QLD, have a read of s151 of the Duties Act. It should help you out.

Thanks Fishngym 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 party to a subsisting marriage or de facto…[Read more]

What was that?

Hi godJust reading the Duties Act 1997 (NSW) while waiting for the RBA announcement.http://www.austlii.edu.au/au/legis/nsw/consol_act/da199793/ I cannot find anything regarding transfer between spouses being exempt. But I recall reading something recently, maybe it was QLD.Found some other interesting exemptionss96 Transfer by corporation of…[Read more]

Hi Ice1. I would recommend a different trust or company for your business and a separate company for your investments. The reason is, business is risky and you are very likely to run into trouble at some stage. If you have your assets in the same structure, then they are at risk.You could use one trust, but risky. You could use 2 corporate…[Read more]

Probably the salary sacrifice method?I think most states have exemptions for stamp duty where the property is the main residence and is transferred between spouses – but not for investments properties (unless due to a family court order – consider the tax benefits of divorce?)

I think you can still qualify for the FHOG, but you will be unlikely to find a lender willing to lend for that type of scenario.

Do you have any deposit?You may not have too many costs if you are a FHO but you will still need to pay solciitor, approx $1000, and lender's mortgage insurance. LMI can be hefty. around 2% to 3% of the loan amount.The FHOG will be available at settlement, but if you don't have a deposit most of it may be eaten up in fees.

I think getting a builders licence is a very worthwhile thing to do. You will be able to go far once you get some experience and know what you are doing. One of my clients is a builder and he built a house last year with the valuation coming in at over $150,000 more than his cost of materials and land. (You can do this as an owner builder too, but…[Read more]

Hi CraigDon't think any lenders will be keen to lend on the basis of a guarantee securred by a deposit.The easiest option is to probably enter into a loan agreement with the relative. have everything drawn up properly by a solicitor. And remember, a gift is not usually refundable!

The only problem is size. Sometimes these little studios are a bit too little and it can be hard to get finance. If it is over 50sq m, then should be ok. 45sqm maybe even be ok, below that and you may have problems.And one suggestion. Rather than pay it off, why not use a IO loan with a 100% offset account attached. You will save the same in…[Read more]

what about the amortization sheet in excel? There are a few loan template sheets around in excel.

There is nothing she can do but hope. If it isn't approved, she should find out why, and then go to another bank, or 2 depending on time.

In the Hart case they were using a loan product specifically designed to speed up the paying off of the home loan product while maximising the investment loan. It was marketed in this way too. This case wasn't really about the deductibility of capitalised interest as it was deemed a scheme to avoid tax and the ATO was able to apply Part IVA to…[Read more]

Hi MiaI don't want to alarm you, but you have done a very dangerous thing. You are locked into a contract when you are not sure if you have a loan. I would never advise my clients to exchange until you have full approval in writing. Usually things are ok, but with pre-approvals banks often do only very preliminary checks. Various problems can pop…[Read more]