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If your studying to be a RE agent, then you might as well become a valuer too. I think it merely depends on the subjects studies, not being any longer. You can then work as both or either, it may come in handy down the track.
Terryw
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It would probably be best to keep paying as much as your can off your loan (as it is not deductible), and then build up a bit more equity. Hold on to your excitement, your nearly into your second one.
Terryw
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It is possible to wrap where the repayments would be much higher than the rent, but it is just a little harder finding people willing to pay that.
I beleive you are still eligible for the FHOG if you have not purchased a home to live in before. check this with the OSR in your state.
If your unit values as you say, then you should be able to get 100% finance pretty easy as long as you can service etc.
Terryw
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Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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From my experience, country areas are generally not good places to invest in, unless it is at the start of a boom, and/or they are near large regional areas.
Terryw
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Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Wendy
a) If you were doing things between strangers, the ‘normal’ deposit for lease options is around 2% of the value of the property.
b) Depends on how much money she can spare. Even if it is non deductible, it may still be better paying IO and putting all extra money into a 100% offset account.
If she is going to lease option a proeprty to your, she would probably be making money, ie it would be positively geared under standard lease options. This would mean she would be required to pay extra tax. Having a trust may help a lot with reducing this.
Infact, you may be able to structure this purchase using a trust, where she could resign a trustee and you take over in a few years when you are ready. This may be possible without causing CGT and stamp duty to be triggered. I suggest you get a good lawyer, and get him/her to talk to Brett Davies lawyers in WA.
check out http://www.taxlawyer.com.au/Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Michael
The CG is just added to your other income for the year, so the rate will be higher if your income is higher. bringing expenses forward will help reduce your income, so this will reduce the rate you pay on your CG. If you had $500,000 worth of IP loans, eg, you would pay about $30,000 per year in interest. So if your income was $30,000 and you prepaid the interest for next year, your taxable income would drop to nil. so any CG would be added to $0, and you would save tax. of course, it would be hard to prepay such a large amount, but if you had a large gain you may have some cash lying udner the bed. or you could even borrow to pay the prepaid interest. of course, you have to be careful, as next year you would have few expenses, so your property may make a huge gain, and you will have to pay more tax.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
No need to buy any kits or packs. just do it! Talk to a solicitor and save some money.
one cheap Aussie book that I bought years ago was the Lease Option Handbook, for about $80. http://www.creativerealestateinvesting.com.au
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Rob, you must be talking form the LO purchasers point of view?? If you are selling lease options, you will still be buying properties, so they will still get their commisison.
If you are buying lease options (ie you would be the tenant in a LO arrangement) then they would have no point in ringing you, just like they would have no point in ringing tenants.
If you are just talking plain options, then the agents would not be so keen on assisting you in buying an option, unless they are getting a commisison.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Good point Brenda.
I remember selling one and fogetting to do this for 6 months-until I got the notice of renewal. The insurer kindly back dated by refund on proof of the sale and I got about $200 that I wasn’t expecting.
Terryw
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Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks Michael
I see they actually have to apply to the lender and “This section and sections 67 to 69 do not apply to a credit contract under which the maximum amount of credit that is or may be provided is more than $125 000 (or such other amount as may be prescribed by the regulations).”
Terryw
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Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Just don’t use any words that appear that way, like:
book
steve
mcknight
map
sex
etcTerryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
That’s propertyguru on the left.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I also would love to see a shares section.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
You would have to ask if the dentist were to move out, how hard would it be to relet, and how much could you get?
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I have had conflicting reports. Most recently when talking to the ANZ was told that, if the loan is repaid within 12 month, then 40% of the LMI could be refunded.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
There was a recent article in one of the mortgage magazines about the a certain bank calling in loans. I’ve seen it happen to two people as well, one a rural property.
Terryw
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Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
yes. I have heard there are a few people wrapping over there.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
If settlement is in April, why not just wait a bit? Most pre-approvals are only valid for 3 months anyway (but can be easily extended). You still have plenty of time.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
What database? If it is added to a tenant database, then only those agents with access would know about it. Not every agent subscribes to these databases and not everybody would check, so she probably could rent another place without too much trouble.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
That’s cutting it close to your deadline! Good on ya.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
