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Thanks for the advice,
I live in a defence house (Mq,300 per ft rent) and my parents live in the unit. As you commented, it was an opportunity to get me into the market when we bought the unit and my parents are thinking that with the extra $ i have, it might be a good time for me to go alone.
Thanks for providing the numbers, and will look a bit further regards stamp duty.
My thoughts, if it all works out with the stamp duty issue, I will have $40,000.00 to put towards the IP (20 which i have put in during the last 12mths or so, plus the 20 I have now) and I will be able to put the 400 per ft to the unit repayments. Looks like a bit more complicated than i thought.
Does this have any effect on the ‘numbers?’
thanks heaps Gross for taking an interest.
ok, purchase price $420,000.00 in apr 04 split 3 ways. repayments are $1100 per ft (400 from me, 800 from parents), although the outstanding balance is $124,000.00. My parents put a lump sum of $200,000.00 in oct/nov 04, reducing the interest. Other units in the area have been selling close to $480,000.00 and my understanding is they would have to pay the stamp duty on the whole amount. We havent gone down that track yet, and looking for other options..
The three names are on morgage, “tenants in common”?
Does that help? Really appreciate your advice.
