Forum Replies Created
[offtopic] OK people in here seem to be getting personal and defensive and forgetting Mr VIPs problem.
Do what they say, get the book, budget etc.
also for debt consolidation do you actually own any property? if you do try a company like Liberty finance, they take more risky clients than banks do but charge higher interest, nothing like a credit card or some other loans out there though.
keep tryign and dont give up, you can get help out there. If you dont mind me asking…how much do you owe total and what kind of debts are they? personal loan, care loans, credit cards etc.
for example lenders do not like people with multiple credit cards. try getting rid of them one at a time. actaully i think rich dad poor dad or one of the other books in the seriies…posibbly retire young retire rich have some get out of debt strategies. try those out. I think basically it was trying to get rid of debts one at a time.
also make sure you have the financial DISCIPLINE otherwise another loan will simply get you into more trouble…
good luck
William
Business Manager
The Mortgage ProfessionalsOk here is what i have been advised about tax for aussies investing in NZ.
remember though i am neither an accountant or legal professional so get appropriate professional advice before acting.
An excellent advantage for kiwis is that there is no captial gains tax in NZ. BUT for australians we unfortutnaly will still have to pay CGT to the Australian gov even the property is in NZ. If you sell your NZ property, you will pay CGT although it will be reduced some what as depreciation is claimed in NZ. I will add to this in the following.
Basically aussies who invest in NZ will have to complete a NZ tax return. this is why you will need an accountant in NZ. Also the accountant in NZ can prepare all the information your australian accountant needs to do your aussie tax return.
It is in NZ where you will claim depreciation, your loan costs and interest. You should be paying the interest into a NZ account. It should be noted though that losses accumulate in NZ and are paper losses as there is no other income in NZ to claim against. you cant claim losses in NZ on your aussie tax return. although we are POSITIVE cashflow people here so that should mainly be a problem for negative gearers.
Now for what we have to pay to the aussie gov:
Loan costs can be claimed in australia. Interest paid in NZ can be claimed on your aussie tax return. you will also have to add any profit in NZ as income in your aussie return.Also i want to add that buying/selling property in NZ works a little differently to here in australia. I recommend you take the time to learn the differences.
I will state again that I am not a professional or expert in these matters and you should get appropriate professional advice!
that said i hope what the above says is useful and you can understand it as it is very confusing. and believe me the more u get into it the more confusing it can get. I have seen some excellent returns in NZ making the effort worth while.
good luck and have fun [cigar]
William
Business Manager
The Mortgage ProfessionalsWhen finding a broker always make sure they have AT LEAST MIAA AMC accrediatation. which stands for Mortgage Industry Assosciation of Australia Accredited Mortgage Consultant. Having their AMC means they abide by the rules and ethics of the MIAA and have at least 2 years experience or at least the educational requirements. All AMCs will have Indemnity Insurance too.
Will
Mortgage BrokerI am a mortgage broker and i charge no fees what so ever…..and i dont understand why any do. the banks commission per loan is entriely adequate.
I don’t recommend seeing any brokers that charge fees at all. no good broker needs to charge extra.
cheers,
Will
Mortgage BrokerUm that only works for the first year…but then not really anyway cause of fees etc.
try ANZ.com.au, they got a good one. so do bankwest and even aussie i think
