Why not? If it is income producing, then you are entitled to make a claim for these legitimately.

You can also keep claiming it as your main residence and sell tax free as long as you do not rent it out for more than 6 years.

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

Hi

It shouldn’t make too much difference wiht lenders. They do not treat singles any different.

A lot of people are married and one of them stays at home not working. This hurts serviceability as the lving expenses are hgih for two people.

I have a lot of clients who are single, and still living at home with parents and are doing well – ie not…[Read more]

I don’t think you could claim it as your main residence until you moved in. As you haven’t yet, you could not claim it as your main residence. If you move in now for 12 months, then that 12 months may be exemption form CGT, but the other periods wouldn’t.

To claim a house as your main residence, you must live in it before…[Read more]

I was of the understanding, that if you lived in your house and then rented it out, you could still claim it as your main house for up to 6 years and hence pay not CGT if you sell within this time.

But if you are renting out a portion of your house while living there, then when sold that portion will be subject to CGT – ie you cannot claim the 6…[Read more]

Hi Misty

I like your curly questions.

1) I would say you would have to apportion any costs based on area rented out. eg if you have a three bedroom house and rent out one romm, then you could probably claim 1/3 of any repairs relating to the house in general. If something broke in your room, you probably could not claim the repair on that. If…[Read more]

Freedomfinder

The figures you quote are the maximum exposure levels per client for LOW DOC loans.

That is why I think people should consider purchasing in one name only, especially for low docs. With low docs, a husband and wife buying separately could have up to about $3mil in loans, but jointly only up to about $1.5mil.

Terryw
Discover Home…[Read more]

You could steer your prospective clients to Wide Bay Capricorn Buidling society and also St George. I beleive both will finance small places like yours.

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

XXX

If you lived in the house as your main residence, then there would be no requirement to live in it for one year. You could sell after a few months and still pay no CGT. BUT if the ATO suspect you are doing it as a business, then they could still impose CGT.

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

I just did a loan for someone ’employed’ thru this company, and I did not know they were a contractor – nor did the bank.

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

Yes, it may be hard to use as security when it is not finished. It is also not worth what you quote at the moment as it is still being constructed, so maybe it would be better to wait.

But, as Simon said, don’t beleive anything a bank manager says without verifying. When I started out, I went for a loan and was rejected because I was part time,…[Read more]

It appears the reno kings site is diverting to
http://www.renobrothers.com.au/

the reno kings are actually at
http://www.renos.com.au

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

try staters try:

http://www.renovateforprofit.com
(an aussie site)

http://www.renokings.com.au

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

I don’t think you can claim a trip before you own the property. But maybe if you set up a trust/company you could???

Trusts are usually more appropriate for owning appreciating assets.

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

I used to live in Japan, and know that Aussie banks over there such as NAB will lend money in Yen at Japanese interest rates (around 2%) to purchase in Australia. But you must be living there and earning money in yen. If you move back to Australia, the loan must be repaid.

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

Not to mention your equity, you could use that as well!

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

YC

The ATO wants to tax aussies on their world wide income. Have a look at the latest Taxpack – there are various questions on income earned overseas etc.

But the good news is Australia has various taxation agreements with other countries, so you may not be taxed twice if you have already paid tax overseas. I beleive that there is no CGT in NZ,…[Read more]

it is generally getting harder to get loans. Even with low docs, there are various restrictions and maximum exposure levels. It may just come down to how badly you want more loans. If you have equity, they can always be arranged, but you may have to pay higher itnerest rates.

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

Great to be starting so young. If I could go back in time, I wouldn’t go to uni, but start working asap, save a deposit for a cheap property and buy as many as you can afford as quickly as you can. Once you have done this, then maybe go and study or do a course in building while you are waiting for growth to kick in. Once you have equity, then you…[Read more]

Hi

Yes there are banks that will lend to non residents, such as St George. There are various restrictions such as which country you are residing in, FIRB permission etc.

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

‘wrapping’ is when you onsell a property to someone who pays you in installments. It is just like a normal sale – usually a 30 day or 42 settlement period. But with wraps you have a 30 year settlement period, you give the new purchaser permission to reside in the property during this period and they agree to pay you some interest and capital every…[Read more]