I’ve used a buyers agent before and have purchased many properties interstate without ever seeing them. It can work well if you can find someone you can trust. (i’ve found out now that mine was not so trustworthy!)

Terryw
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Any profit would be declared on your tax return and payed at the end of the financial year when you do your tax – as far as I am aware.

Terryw
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Capital gain would also largely depend on the area.

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Once you have exchanged contracts, then the sale has taken place. If you want to change things, then it would be like seliing half to your friend. Therefore stamp duty would be payable again. Depending on how far things have gone, the developer may be able to rescind the original contract and draw up a new one with two names on it – probably for a…[Read more]

Pyramid, I think you will find wrappees will also ahve to pay stamp duty on their purchase (within 3 months of exchange in NSW) of $340,000 – unless they are first home owners.

Terryw
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Try
John Vincent Accountant,
11/ 10 Victoria Ave Castle Hill 2154
Mobile Service 0408 675 802

Terryw
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Hi

Its good to start planning now.

The bigger the deposit the better. Generally 5% is needed plus assume another 5% for stamp duty and other costs. But there are also a few No Deposit home loans out there now (St George, Westpac).

You will need permanent employment. Contracting is not so good (for getting a loan anyway). generally they want 3…[Read more]

Japanese banks are not as flexible as Aussie ones. Even if you were residents you would have a hard time getting the loan. They are also not so keen on lending for investments.

The SMSF may be an option, but you will need specialist advice on this matter as there are various rules.

I think anyone buying overseas would encounter the same…[Read more]

Just watch out for CGT. you may lose the CGT exemption (paritally) on your house.

BTW, I think Derek meant the ATO website.

Terryw
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Yes, possibly.

Trading companies go under all the time. What if one of your major clients went bust owing you thousands? The company may not be able to pay its bills and may go under.

Even though the company’s other assets are held in trust, they may still be at risk.

Maybe better to spend another $1000 to set up a new company just to be sure.…[Read more]

Sounds good.

I lived in something similar when I went to uni is Sydney. Students are also a good market. Some places even have balconies converted into little bedrooms.

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I can see one potential risk.

What if the controlling shareholder forces the company to appoint a new director (maybe themselves). The new director would then control the trust.

A suppose the appointer could then sack the trustee and appoint a new one.

Terryw
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It would all depend on your borrowing capacity and your deposit/equity. You could do it one day after buying your IP, or it could take years. It all depends.

Terryw
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You cannot consolidate until you have equity, so you may have to buy something and wait 6 months or so, and then increase the loan to payout your other debts.

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Hi Joeic

Different peopple have different methods. There is no one best way. If it was me, I would be looking for high growth property. It would be a bonus if positive geared. If you have a large deposit, it is OK to use that, but also consider the possibility of using as little as possible (and maybe paying LMI) and putting the remainder in a…[Read more]

Actually, I think i remember talking to someone at Westpac about this. I think the loan is just handled in a different section, and the conditions for these loans may, in fact, be the same as a residential deal.

Terryw
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Derek

If you are paying PI you could always withdraw money (lif you loan allows it) and then use that for investments. This way you are paying your non-deduct debt down too. If you pay IO and leave the money in an offset, then when you use it the interest on the home loan goes up again.

And on retirement, have you thought about flogging your…[Read more]

Yes, I am not sure either. The mortgage insurance companies have different policies and then the banks have different, and changing polies, on top of that.

But I have heard the figure 40% if the loan is discharged within 6 months.

Terryw
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Hello Rob

I think you will find the unit holders are only entitled to income from the trust. When a property is sold, then the trust will redeem the units and the capital gain will be able to be distributed to the various beneficiaries at the trustee’s discretion.

But I am not an accountant, and do not have a hybrid (but should have got…[Read more]

Hi Skippygirl

There are various sorts of Reverse Mortgages out there. Most will lend the person a certain amount based on their age. Interest can be capitalised until they die. Then the loan is paid out of the proceeds of the estate. The loans cannot be assumed. Bluestone, MAcquarie, St George and a few others other these sorts of loans – they…[Read more]