Amused. Your not sure of the legality? Don’t worry, it is perfectly legal. Afterall, you are just onselling a house on the day you settle. You will pay stamp duty on your purchase and the new purchaser will also pay stamp duty. There are ways to avoid this legally, talk to your solicitor about this. You will have to pay tax, but this can be…[Read more]

Hi

If you wanted to do a lease option, that could help you out by letting you gain access to equity while waiting for your credit problems to diminish. You can get a loan as soon as you are discharge, but the interest rates will be high, the longer you wait the lower they will get. So after renting for a few years from your daughter, you will be…[Read more]

Many banks put a margin of 1.5% above the rate when they work out serviceability.

Terryw
Discover Home Loans
Mortgage Broker
terry@discoverhomeloans.com.au

I’d be getting a few more agents around, and probably steer clear of that firm.

Terryw
Discover Home Loans
Mortgage Broker
terry@discoverhomeloans.com.au

Yes it can happen. What if you sign on a long settlement, your circumstances change and you cannot get a loan to settle? they original owner keeps it, with all new repairs as well as your deposit.

Ask you solicitor how you can get around these problems. Maybe something in the contract, about ownership of renovations and about insurance polices…[Read more]

Beware of taking advice from friends. Why wait? did it now, add value and access the equity for more properties.

It should have no bearing on CGT – especially if not selling!!

Also you cannot write it off unless it is a repair. If that is the case, you can repair anything anytime – if broken. If not a repair, you can still claim depreciation on…[Read more]

Yes use a trust at least. You will then be able to distribute to a company as a last resort and therefore should pay no more than 30% tax. Better spend some money on some good advice as you could save many thousands.

Terryw
Discover Home Loans
Mortgage Broker
terry@discoverhomeloans.com.au

There would be heaps of capital gains tax to pay, so why sell? If a good area, just keep and access the equity to buy more.

Terryw
Discover Home Loans
Mortgage Broker
terry@discoverhomeloans.com.au

profit

Terryw
Discover Home Loans
Mortgage Broker
terry@discoverhomeloans.com.au

Landt

I am not an accountant, but think it would go like this:
$160,000 profit, less costs such as stamp duty, agents fees etc
maybe $10,000 = $150,000
Since you have held it for more than 12 months, this is discounted by 50% = $75,000.
This is just added to your income. If you have purchased jointly with a spouse/friend, then only your share is…[Read more]

Watch out for WA Princes’ link, it refers to the NZ tax system, different situation here (aust) with taxing trusts and family law matters. It is a good link nevertheless.

Terryw
Discover Home Loans
Mortgage Broker
terry@discoverhomeloans.com.au

Just bear in mind that you cannot simply increase your IP loans and move the money into your home loan, as the interest wouldn’t be deductible.

Terryw
Discover Home Loans
Mortgage Broker
terry@discoverhomeloans.com.au

It is not really a good idea to go for loans jointly. This is because you will be be repsonisble for the whole debt. Therefore when going for future loans, lenders will assess you on the whole debt, but only your share of the income (ie half the rent).

So if going into a partnership, look at doing it so that you avoid both being responsible for…[Read more]

Hi

Valuers may be able to give you valuations on the end product, but it is very unlikely that a major lender would lend on these figures (unless lower than the contract price).

Have your considered 95% LVR loans to stetch your cash further?

Terryw
Discover Home Loans
Mortgage Broker
terry@discoverhomeloans.com.au

I thought there used to be one?

Terryw
Discover Home Loans
Mortgage Broker
terry@discoverhomeloans.com.au

I nearly bought some land a few years ago that was onsold more than 10 times before settlement! (it was a new subdivision off the plan)

Terryw
Discover Home Loans
Mortgage Broker
terry@discoverhomeloans.com.au

CGT: Basically purchase price minus selling price, less a few costs such as stamp duty. You may also have to add back any depreciation claimed. If you have owned (from date of exchange, not settlement) the property for more than 12 months, you may get a 50% reduction in the CGT. This figure is then added to your income for the year, and you pay…[Read more]

Paul

I don’t know what you can do in this siutation, maybe a talk with a solicitor would be hte way to go.

Another option is for you to build up as well, add value to your home, and get more of those water views.

Terryw
Discover Home Loans
Mortgage Broker
terry@discoverhomeloans.com.au

Probably the best way to find out is to look for job adverts and see what they are asking for. Have a look at ‘financial planners’.

DId you know you can get a diploma in financial services by doing a course of 1-2 weeks? do a search on google and you will find plenty available.

Terryw
Discover Home Loans
Mortgage Broker
terry@discoverhomeloans.com.au

How is your money secured? a second mortgage or a caveat or ??

Terryw
Discover Home Loans
Mortgage Broker
terry@discoverhomeloans.com.au