Before you do any thing you need to know what the zoning is. That is what determins how many units you can put on any particular block of land and their minimum size. Sometimes this is given as number of bedrooms. Eg 4 x 2 bedroom dwellings per 700 sq/m.  Your first phone call should be to the local council to get an idea of what you are allowed t…[Read more]

thanks for the input.I am very concerned about them making the wrong decision about this business as they dont have anything to fall back on (except us).Basically their situation is that they have just emigrated here from the UK and my F.I.L. has been disabled for the last 30 years (work accident, can walk, just). He is 64 and is getting a…[Read more]

Thanks for the replies so far guys,jeffj and  perpetrator- I suppose the renos that just have the existing house wouldn't be that much in it if you did sell straight away if you take into consideration Stamp duty, agents fees and CGT, what about……. 20- 30K for you perpetrator?  and roughly……… 15 – 20 K for jeffj?????Still that's n…[Read more]

Another thing which you may not know about in regards to any superanuation you may have in the UK.  My husband is English and didn't find out until 2 years later that he had 6 months? (not sure of the time frame) to transfer his UK super to Australia without it being taxed, after becoming a permanent resident.If he transfers it now he has to pay t…[Read more]

Hi all,the programme was a NZ one and the first episode mainly was introducing the people participating in it. There are about 12 people I think all of them either looking to buy or sell a home ( a few couple are in there). There are also a psycologist and a financial guy co presenting the show. This episode they did a lot of stuff about the how…[Read more]

I grew up in the Newcastle/Lake Macquarie area. Belmont is a nice area, sandwiched between Lake Macquarie and the ocean. Have a look at the Lake Macquarie councils web site. When I was at uni a couple of years back we based an assignment at a site in Belmont (architecture degree) and from memory, the council had Belmont ear marked as a future &…[Read more]

I was just thinking about this topic and thought I'd give people some idea about what is happening around my way, (newcastle & Port Stephens area).Whilst I think there is a price correction going on, I think to say that across the board there will be a 50% drop is far too general. My experiences around this area are that the top of the market was…[Read more]

Hi chrisb57,The short answer in my opinion is pay off your owner occupied home, then go looking for an investment property with the deposit from what is left over (if any) or by using the equity in your home for the minimum deposit on the investment.The loan on your owner occupied home is paid from after tax dollars and the out of pocket expenses…[Read more]

I really think you need independant financial and most importantly legal advice.You need to be aware of what will happen to your assets if something happens to you if you have you assets mixed up with your partners. As you have a child and I'm sure would want him/her to be provided for if something happens I'd strongly suggest you seek legal…[Read more]

Try your local council or the council for the area you are refering to. The council website should have details there (although I find most council sites confusing and hard to find info) or the best thing is to phisically go to council and have a chat with the duty town planner. Be aware though if you do go to have a chat that you may have to make…[Read more]

Thanks for that.I will be checking the ATO website and speaking to my accountant too I suppose.Now I just have to work out if it is worth doing this, financially speaking as ulimatly I’m just shuffling paperwork and moving money around.Just off the top of my head if the properties are positively geared it reduces the amount of positive income a…[Read more]

Here here EricH,Ask anyone over 40 what they had to do to get into their first property.My grandparents lived with my grandmas sister and family  till my mother was 7 (4 adults, 3 kids in the house, 2 bed with a closed in verandah acting as another bedroom). My grandfather spent a few years of that time building their very modest 2 bed house on…[Read more]

harb wrote:
Yes Scamp, house prices only go up and they double every 7 years. Too bad you missed out buying now, by the time you are going to arrive in Australia prices will have gone up by at least 20%. Not to worry Scamp, I can rent you one of my fibro shacks in Wilcannia for $12K a year until you can save enough to buy your own shack. If you…[Read more]

I would check your contact carefully if I were you.I have just bought 2 properties and both contracts had a "death" clause in them that if either paty dies or becomes incapacitated, the contact is voided.   Never come accross it before so it may be the latest thing to put in a contract but just check first. I was going to do just that but as one o…[Read more]

Ohricey,Before you make a decision based on weather or not to rush into buying a property, I’d check on what you are entitled to in regards to the FHO grant. I’m assuming your 6 month time frame is because you are getting married and you think you won’t be entitled to the grant then because your fiancé is only a resident? My husband emigrat…[Read more]

Thanks for the feedback everyone.We have decided not to procede with the purchase as the valuation is the nail in the coffin for this buy.The problems are:1. It has a right of way down the side of the terrace that we were told was on the title, (old dunny man lane) but we cannot get a straight answer as to weather we can fence it off and use past…[Read more]

Thanks for the feed back.I'm getting an opinion hopefully this morning from the rental agency I have selected about the true value. They have a few contacts and have promised to ask around for me.I am seriously thinking of pulling out of the sale. I know it isn't a bargain, I think the price we have agreed to pay is top dollar so maybe I should…[Read more]

My first post so be kind all your doomsayers!I myself am about to buy a couple of rentals. I don’t think there will be a bust at all. I’ve been reading a lot in the last 2 weeks in property investor magazines and watching industry experts on TV, notably “Your money, Your call” on Foxtel and doing a fair bit of research, mainly in my local area (N…[Read more]