I was there 2 weeks ago as a tourist from a cruise and I agree that some of the buildings I would not go into as I think they where a bit shoddy.

So others where quite good and some of the bars where nice places to drink!

All post are IMHO.

Capital Gains Tax from the ATO

http://www.ato.gov.au/individuals/content.asp?doc=/content/43486.htm

Here is the Tax Office information

This is the way I think it works

Sell $220 000

Less Purchase price $180 000
Less buying costs $25 000
Less Selling costs $7 000 ($5500 commission + $1500 for legals and aadvertising)

Total Costs $212 000

Capital Gains $8 000
Taxed on 50% as kept over 12 months $4 000
This gets added to your income for that year you sell.

All post are IMHO.

Diannec,

I can simpat with your on redundancy. I was with the Commonwealth bacnk for close to 15 years. They had just put me thru training to support the new stuff coming out and then out of the blue my position was made redundant. Emoitions come and go while dealing with this event in your life. Support from Family and friends is good.

I went on to get a better job and a lot more $$$ and now onto my 2nd property. This is 5 years later and I have found that making me redundat in that job was a turning point to a better life for myself.

You finanial future is totaly up to you as you are at a turning point in your life where you can make a decision on what to do. You need to make an informed choice.

AS you husband is working and you have a payout you should be able to secure finiance with the amount of different loans and brokers out there doing deals.

because you have good deposits then even Low Doc loans are a possible option.

All post are IMHO.

Sounds like a good idea but remember you have to take in Captail Gains Tax when you sell.

If you sell and what left after REA, Legal and TAX is going to pay off the holiday home sounds good.

All post are IMHO.

Gonnaberich,

I can only talk from personal eexperience when I refinance back in early 04.

It was very simple in that I put in my application with the new bank and they then had my properties valued.
From this they advised how much I could borrow based on my serviceability and the valuations.
I only wanted to payout the old loans and so gave them a total that I wanted paid out.

With my case it took me almost 2 months to get all the contract details correct in that some wording was wrong and I wanted no fees. At settlement the bank people got the payout from the old loans which included all fees that the old leader was charging for payout and then bank arranged them to be paid out.

As I had already made extra repayments to the old loan there was money left over which they gave to me.

TO me it was like applying for a new loan needing all the doco I had from the first loan. Even tho it took some time to complete was very easy and today with interest rates low you should be able to get a intro rate cheaper then your current rate.

All post are IMHO.

At what age did you start investing in property?
29 (Now 35)

What difficulties did you have in doing this?
Organising finance, showing a deposit and proving that you could service the loan.

Was your first property an IP or PPOR?
PPOR in Padstow, Sydney 3b House. $285k (Valued $550k)

How long did it take you to back up your first purchase with another?
1st IP 2 bed unit off the plan at Roselands for $286K (Valued $320k). -ve as most of Sydney.

How long did it take to acquire 10, 20, 30 or more properties?
Only PPOR and 1st IP at the moment but starting to get with it.

What are your plans for the future, ie. how many properties will get you to where you want to be financially?
Learning how to get the most out of property investment and to get enough income to retire or change professions into a full time investor.

All post are IMHO.

A tool to help you try and sell is the via radio transmitter in the house to people driving by. Check out this post

https://www.propertyinvesting.com/forum/topic/14434.html

All post are IMHO.

Have you got any outstanding non-investment debt? If so I suggest you pay this debt of first. Any repayments you have for that once paid off continue to put into an account for a deposit.

With most lenders you need to show savings and with buying a property it runs about 5% of purchase price for costs so you need some money behind you.

Start reading a few books as there are lots out there with good information and the most important is to start.
You have shown by posting here you want to improve your situtation more then a few Aussies.
Personally I start by investing in Managed funds until I got enough for a deposit. This shows you can saving and make the repayments for the long.

All post are IMHO.

If you search the forums at Richdad.com you find a few people in each state that play the game. You don’t even have to buy it yourself to learn how to play with others.

Where are you located? If in Sydney I have the game and maybe able to arrange a time to play

All post are IMHO.

Brady we need some more information.

Where are you looking to buy?
Do you have equity in another property?
Most lenders will lend on 80-95% of the property. You will have to pay costs as well.
With loans now days you can keep re-financing and always have time to pay it back.

All post are IMHO.