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  • Profile photo of benqbenq
    Participant
    @benq
    Join Date: 2010
    Post Count: 10
    May 11, 2010 - 1:05 am

    cool thanks for that.
    yeh apparently 7.5% was the going rate, but becaue we bought property via them, they gave us the discount

    would luv to hear from others if they think/experience the same/differently

    Profile photo of benqbenq
    Participant
    @benq
    Join Date: 2010
    Post Count: 10
    March 29, 2010 - 4:58 am

    thanks guys.

    good point on the max loan – deposit figure.  i'll prob go down this route.

    cheers

    Profile photo of benqbenq
    Participant
    @benq
    Join Date: 2010
    Post Count: 10
    February 3, 2010 - 6:19 am

    thanks scedd.  yes im australian too and i would imagine that would mean im eligible for the FHOG also
    considering that sum + stamp duty concession for 500k property is about $23-24k, it is not insignificant at all when you also include the compounded interest saved over the life of the loan

    and no living with my gf does not consitute a spousal relationship :)
    we just both want to invest , and whilst doing so smartly and legally. 

    Profile photo of benqbenq
    Participant
    @benq
    Join Date: 2010
    Post Count: 10
    February 3, 2010 - 5:27 am

    Richard,

    but if she takes out a separate loan to be put towards the property, wouldnt that mean that she would be a co-owner and hence i wouldnt be eligible to the FHOG on this property (since she as an equity partner has already claimed the FHOG previously)?
    and at most, i'd only benefit from 50% of total property price exemption from stamp duty

    instead i thought your suggestion of her gifting $50k (after remortgaging her current home to get the funds) to me then creating a caveat towards a 50% entitlement of the property thereafter would allow me to make the full FHOG claim and full 100% exemption on stamp duty for a property under $500k

    do that make sense?

    Profile photo of benqbenq
    Participant
    @benq
    Join Date: 2010
    Post Count: 10
    February 3, 2010 - 4:37 am

    this might sound like a silly question, but am i correct to assume that the $50k gift has to be funds that she has available ie can not be drawn from her existing mortgage? ie refinance her loan to withdraw $50k to give to me for this purpose?

    thanks again

    Profile photo of benqbenq
    Participant
    @benq
    Join Date: 2010
    Post Count: 10
    February 3, 2010 - 4:06 am

    Hi Richard,

    thanks for the informative response.

    with regards to your comment about 3rd party mortgages: "You wont find in the current climate that would be acceptable ", can you elaborate on why it wouldnt be acceptable? in what sense wouldnt it be?

    im interested more in what you said about gifting the deposit and registering a caveat against it.
    is there some information that you can refer to me?
    would you be ble to put it in lamens terms how this works; perhaps even an example with our case
    ie we're looking to buy $500k property
    gf has an existing loan on her $400k property which she has held for two years
    we're both prepared to put up $50k each to secure the $100k deposit to eliminate the need for mortgage insurance (can she redraw against her existing loan towards this deposit?)

    thanks
    Ben

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