Forum Replies Created
Please, Please can anyone help me ?
kay
I think we should also be entitled to the stamp duty exemption as well. Why shouldn’t property investors still be entitled to both grants, it not like we are double dipping, you can only claim the grants once.
One day us property investors might also purchase a first home, its not like it is any easier for us, I saved extremely hard to purchase my first IP. I only purchased a IP because there is no way I could afford to purchase in the area I live, unless I continued to save for the next 5 years and hope prices didn’t continue to increase.
You should not be disadvantgaed because you decide to purchase an IP before you purchase your first home. Why should people who purchase a home first , then decide to become property investors be treated differently to people who invest first.
I personally think they should change the grant to anyone who purchases there first property, whether IP or first home.
Thats just my view.Matthew
Simon and Kay
I did some research today nad as you said I am entitled to the FHOG , however sadly I not entitled to the stamp duty exemption as I have a IP. It seems a little unfair that if you purchase an IP first you are not entitled to stamp duty exemption.
matthew
Kay
I am certain I had read previous post by mortgage brokers on this foru, who advise we are still entitled to FHOG, even though we own a IP.I have attempted to look for the postings, however topic’s only go as far as june.
Here is a section from Mortgage Hunter’s web site;
Yes, you may be eligible for the First Home Owners Grant (FHOG) if you and your partner:
have never owned and occupied a home before
have never owned an investment property before 1 July 2000 – ( I only purchase a IP this year)
are purchasing a home
intend occupying that home within the first 12 months
are a permanent resident of Australia
are at least 16 years of age.kay henry
I was pretty certain from previous advice and other posts on this forum that if you purchased an investment property but never lived in it you were still entitled to FHOG.
matthew
Geronimo
I not sure how the ATO will select which tax payers to audit / check.
If I was having a guess, I would say they would do a search on tax payers that have a rental property ( this would show on their return under the rental schedule) and are self employed ( abn listed on their tax return) and have a taxable income that doesn’t reflect their ability to service a investment loan ( eg claiming $10000 of interest expenses for an investment loan and their total taxable income is only $20000 ). The ATO would have a computer system which would do this type of search , quite easily.matthew
melbear / Geronimo
I work for a goverment department closely linked with the ATO and I can confirm that the ATO can certainly request a bank / lender to provide a clients loan application which must be complied with.
In my position I can request any bank / lender or any other oganisation / company / person( the legalisation I work under gives me this power) to provide me with the information I need including a clients loan application, the bank / lender must comply with my request or they will be prosecuted / fined. It is as simple as sending a notice to the bank.
You will find most major banks/ credit unions etc have a whole department that deal with requests for information from goverment departments such as the ATO and law enforcement agencies etc.I am consistently surprised at the difference to what people declare on a loan application and what they declare to the ATO.
I have also been informed that the ATO is going to be looking very closely into applicants on Lo Doc Loans and verifying the info against your tax returns.
matthew
gday jaapmeenchi
I purchased my property for $127000 and renting it for $170 a week. Yes I know it is negatively geared, however as it was my first purchased ever I wanted to be totally comfortable with my purchase and my research on rocky leads me to believe there may be some capital growth in the area.
My property is in Dalton street, park avenue.matt
Gday jaapmeenchi
I also justed purchased my very first IP also in rocky. I was bloody nervous during the whole process as it was my first time.
I have done a fair bit of research on rocky and it seems to have a fairly solid future.
In regards to my property, settlement was last tuesday and I had tenants move in on thursday so I had no problems renting out my property and the rental rate was at the higher end of my expectations.matthew
I justed purchased my first IP and I also have a large HECS debt, not once was I asked about my HECS by either my mortgage broker or the bank. I think the banks may just look at your after tax income.
matthew
Hello Simon
I have justed purchased a property for $127000 with a 5% deposit using LMI. If my property was to increase in value to $140000-$150000 could I use the extra $13000 – 23000 equity, along with LMI to purchase another property ?
Sorry if the question is silly, but I am a newie.thanks for your help
MattI have just had my offer for a property in rocky accepted. It is my first property purchase. My investment has a rental yield of between 6-7%, a little low, however I am happy . My property is not one of lower price ranged properties available in rocky, as I felt uncomfortable purchasing my first property at lower price range. It is more in the mid price range.
I spoke to one property manager in rocky, who advised that it is taking between 2-4 weeks to lease out rental properties, and this time of the year is the quiet period, however it should pick up after christmas.
If you look at my “termite” topic , I have a big decision to make whether I will proceed with the sale.matt
the property is in QLD and the owners have already taken spot treatment for remove the termites. The report recommends that treatment is not essential , however regular inspections are.
matt
Phil
They have already purchased another property , so they need to settle as quickly as possible. When I put a offer to them they accepted based on a 2 week settlement, which was not possible for me. They have now agreed to extend settlement to 23/12/2003, which I fairly confident will be possible as long as nothing goes wrong.
Your idea about renting sounds good, however not possible as I live in NSW and the property is in QLD.
This is my first property purchase , so everything is new to me and I can certaintly tell you I am bloody nervous.matt
simon
2 week settlement, impossible thats what I told the real estate agent.
matt
I just about to purchase my first property , and it will be a investment . The reason, I cannot afford to purchase a property in my area, prices have almost tripled over the last 5-6 years.
So I have no choice but to purchase a investment property first, even if I save solidly for the next 3-5 years I would still have trouble purchasing a property in my area and the repayments would restrict me from investing. So buying a property to rent or live in first is really up to ones own financial postion.kay henry
I think the reason the owners did a building / pest inspection is they want a quick settlement. The owners wanted a two week settlement, which for me was not possible .They have already agreed to fix a couple of things from the report.
I am going to read the report, and make contact with who ever did the report to ensure they are qualified, then I will make a decision on whether do request a building / pest inspection myself.luckyphil
the link is now working
matt
call me matt. Not to sure why the link is not working, however the website is still up and running. You may need to copy and paste
however nice to meet you luckyphil
