And if you do it right you won’t even need finance. But if your buyer cannot settle for whatever reason then you will be liable and will have to settle on the property.

Terryw
Discover Home Loans
North Sydney
terry@discoverhomeloans.com.au

Just one more point, you can only have one main residence at once time, so if you started living in your new property while renting out the old one and you claim the CGT exemption on that, then you new property may (probably) be liable for CGT if you ever sell it.

Terryw
Discover Home Loans
North Sydney
terry@discoverhomeloans.com.au

I think a period lease is just a continuation of the old one with no fixed term. They can lease with just giving the appropriate notice. Nothin to worry about, most people do this after 6 months.

Terryw
Discover Home Loans
North Sydney
terry@discoverhomeloans.com.au

Hi

Lease options can be structured amny different ways, the option price can be fixed, moving up with the market or reducing like a PI loan. They can be short – 2yrs or long = 25 years etc. And you can sublease so don’t actually have to live there (if your lease permits).

I beleive that you would probably lose everything if the owner went…[Read more]

I agree with Kay in that I think you lose too much when selling a property in addition to all selling costs, you have purchase costs agian when you go and buy another property to replace it. And you missout on any future growth. I have sold a few properties years ago and wish I hadn’t now when I think what they would be worth now.

Terryw
Discover…[Read more]

Ajax, your right!

I meant to write the “Victorian Civil and Administrative Tribunal”.

Sorry

I take it you are in SA, so you have to be very careful there that your option agreement is structured correctly so that it cannot be interpreted as a terms agreement. I am not sure, but beleive that if you structure it with weekly rent credits which act like a PI loan would, then it would not work under the SA law. So I suggest you do not do this…[Read more]

sounds like a good idea, just have an agreement in writting on what happens when/if one of you wants out etc.

Terryw
Discover Home Loans
North Sydney
terry@discoverhomeloans.com.au

In a nutshell, a trust is an agreement whereby you (trustee) hold an asset on behalf of somebody else (beneficiaries).

eg. having a child’s bank account in the parents name – the money is the kids, but the parent manages it.

Terryw
Discover Home Loans
North Sydney
terry@discoverhomeloans.com.au

Hi

I think it is mainly the mortgage insurers that won’t lend for those areas. Hence any securitised lender that has all of their loans mortgage insured cannot lend in those areas – eg RAMS, Macquarie Bank etc.

Terryw
Discover Home Loans
North Sydney
terry@discoverhomeloans.com.au

Good cashflow deals are still out there even in Sydney. In the past two months or so I have seen two people with cashflow +ve – or very close to it – on new purchases in Sydney. One was a unit renting for $700 pw which cost $500,000.

Terryw
Discover Home Loans
North Sydney
terry@discoverhomeloans.com.au

Hi Chris

I beleive it would be the transfer price. So what ever you pay for it.

Terryw
Discover Home Loans
North Sydney
terry@discoverhomeloans.com.au

I know what you mean. It is hard for self employed, but this is due mainly to the mortgage insurers strict requirements. If only you had a job with payslips for 3 months!

What about paying out the personal loan to help serviceability, and then getting a new one after settlement? Also reduce or get rid of any credit cards for a while. If you are…[Read more]

Hi Crashy

If you have had an ABN for 2 years, you could get a good low doc loan (eg. 7.30% dropping to 6.50%)- but that would mean 20% deposit.

Terryw
Discover Home Loans
North Sydney
terry@discoverhomeloans.com.au

They could always buy in the wife’s name. Or get a lease option.

Terryw
Discover Home Loans
North Sydney
terry@discoverhomeloans.com.au

I beleive you can claim interest on money borrowed to fund income producing activities such as property investing. So as long as the cost relates to your rental property you should be able to claim the interest.

ps I am not an accountant – but do wear glasess when typing these answers!

Terryw
Discover Home Loans
North…[Read more]

You could possibly negoitiate any terms to your satisfaction. 3 months is a long sale period and often agents don’t get serious about selling your property until the second month when they start getting worried that you will not renew if they can’t sell it in time!!!

Go for 1 month at a time, to keep them working hard.

Terryw
Discover Home…[Read more]

You could wrap any property at any price. Doesn’t have to be in the cheaper areas.

Terryw
Discover Home Loans
North Sydney
terry@discoverhomeloans.com.au

Who knows what will happen. Units in Sydney have definitely dropped in value recently (esp new ones), so now may be the time??

Terryw
Discover Home Loans
North Sydney
terry@discoverhomeloans.com.au

From what I have seen and heard, if you must do a course, then Freeman Fox is one of the best.

Terryw
Discover Home Loans
North Sydney
terry@discoverhomeloans.com.au