ShOw_Me_ThE_MoNeY, I owuldn’t decide by just taking into account tax benefits! These are short term benefits, icing on the cake (as Steve calls it).

Derek. Netown is a good area with long term growth potential. next to a uni and a major hospital!! Sounds like a good deal.

Terryw
Discover Home Loans
North Sydney
[email protected]

Hi

These days with banks, a lot a things are automated. The lender or the broker imputs the data and a credit check is ususally done automatically. Scores are then generated with points received for number of enquiries, stability of employment, stability of address etc. Often things out of the norm, results in a automatic rejection. That’s when the human assessor takes over and looks at things. So sometimes you can get rejected automatically, and then pass with your explanition is received. Its happened to me a few times too.

Terryw
Discover Home Loans
North Sydney
[email protected]

From memory, the FHOG is only payable in QLD after the wrappees have been in the house for 12 months. Richard 007 will correct me if I am wrong.

Terryw
Discover Home Loans
North Sydney
[email protected]

It will depend your cost base would be the value at the time it was transfered into the trust. You would have already paid the capital gains tax when you sold it to the trust.

CGT would depend on this transfer amount. lets assume is was $400,000 and there were $30,000 in legals, stamp duty etc. If you sell for $700,000, there would be a $300,000 gain less $30,000 in costs = $270,000. This would then be distributed to beneficaries who would then pay tax on this. If an individual, then may get the 50% discount, = $135,000. If on the top tax bracket, then maybe $67,500 in tax. But if you have many beneficaries, then the tax may be a lot lower.
I also think you would have to add back any depreciation claimed to the gain.

ps I am not an accountant.

Terryw
Discover Home Loans
North Sydney
[email protected]

You should be able to claim a % based on the floor area. But, I agree wth Scott again. You will probaby lose the CGT exemption on your home. So it may not be worth claiming.

Terryw
Discover Home Loans
North Sydney
[email protected]

It is not that unusual really. It often happens, one of my clients has recently come in $300,000 short on the valuation.

What you have to do is, prepare to argue. Get a list of comparable sales for the area as this is what is the major determinate. Then go back to the lender and say why you think it is worth more. If the valuer won’t budge, ask them to order a new one, or change lenders. Make sure the new lender does not have the same valuer on their panel, or you will have to go thru the same problems again.

Terryw
Discover Home Loans
North Sydney
[email protected]

You could get a separate loan for this but since you home will only have one title it will depend on total LVR, ie your current loan and your current debt on this property.

You also better check with council on meeting all of their regulations.

Terryw
Discover Home Loans
North Sydney
[email protected]

All mine are monthly too.

Terryw
Discover Home Loans
North Sydney
[email protected]

It is very hard to remove a caveat that has been lodged overa a family law matter. I think it has to go to the supreme court which will cost more in barrister fees than will be saved. My grandfather has a similar problem at the moment and he is unable to sell his house.

You had better seek legal advice asap.

Terryw
Discover Home Loans
North Sydney
[email protected]

Misty

It is a bit confusing, but basically you can borrow up to 80% of your property value. So if your prpoerty was worth $600,000 you could get $480,000 less any current loans. But you stiff have to be able to service these loans. They only way to buy many is for them to be cashflow positive and/or you having a very high income.

Some people use low doc loans and exaggerate their income to qualify, but you still have to be able to actually fork out the repayments each month.

You may also face problems of deposits. If your portfolio is not growing very fast, then it will be harder to come up with the deposit, you will have to save from other income.

Terryw
Discover Home Loans
North Sydney
[email protected]