Congratulations.  Great achievement to get rid of your bad debt.  You may still have problems for a while because of the default, buy just keep saving for the deposit and your achievements will help you get a loan

Nobody can give you any accurate advice without knowing the exact wording of the contract or any separate deed you have signed.  What advice did your solicitor give you when you purchased the property?

Tell your friend not to be worried.  He's only likely to be caught out if there are any of the following:Rental bondElectricty/gas/phone accounts for that address in his tenants' names or elsewhere in his nameElectoral records as aboveRTA records as aboveTax returns showing his address/his tenants' addressesBank records give another addressHis…[Read more]

Is your tax agent confused because you did not get any income in year ending June 2009 from the property (tell him to look at Steele's case) or because you mixed the redraw with other funds

Your problem is you are not able to meet your financial commitments, you have defaulted on your mortgages, and you need to have something to show your bank why they shouldn't take action.  Whatver the borrowing environment was six months, 1 yaer or 3 years ago, the world has changed.  Three years ago I was happy to go to my banks talk about f…[Read more]

Take the documentation you have and go and see a solicitor. 

Jan Somers and Margaret Lomas are worth reading too. 

Well, 4 identical posts – is that a record? 

The losses are applied firstly to exempt income such as FTB and then you carry forward the rest against future taxable income.From a tax point of view maybe eg your husband might only show enough of his half share of the deductions to wipe out his share of the rent.  You could then show your share to a maximum amount of your share of the rent…[Read more]

Hi Tony,Ideally you want to look at maximising deductible debt and minimising non deductible.First consider whether your current property is going to be a good investment in the future.  You're grossing about 4.2% based on the current value.  Are rents going to increase or values increase?  Is the house going to need work?If you sell your IP it wi…[Read more]

Unless either of you is over 55, you are unlikely to be able to access super for hardship.  If one of you is over 55 a transition to retiirement pension might assist

i'm sorry you're in this situation.  You need to be realistic on values.  Look at what else is on the market and what places are selling for.  Can you rent yours as permanent.  Can you move back to where you came from and get employment there again?  Potentially you have $300K of equity, unless you are able to come up with a realistic propos…[Read more]

I would think a 5 to 10 minute walk is close to transport.  A 10 minute drive might be close if the transport is an airport, but not for train or bus

If you want a rough rule of thumb I would say the transaction costs of buying and selling a property are about 10%.  So, if you bought for $160, you'd need to sell for $176 to come out in front.  This is assuming you haven't spent any money on the property and that you are breaking even on holding costs.  This is normally the reason why pr…[Read more]

You do not give enough information for anyone to give you any advice that would be worth paying attention to eg how much do you owe on the mortgage, expected rent, what your income is, is anything going to affect your income eg children, how much you are proposing to borrow for a second IP etc etc

It's not surprising.  Where we are i would say prices have dropped 10% in the past year.  Friends purchased recently a property they had looked at 2 years ago, which had had extra work done on it over the 2 years and only paid $5K more than the sale price 2 years ago.

It seems to me that either you always intended to develop or that at some stage you have changed your intention.  In this isntance Capital gains tax would not apply and you would be taxed as ordinary income.  If your intention has changed you need advice on how to have maximised your capital gain.  You may also have some GST issues.

In NSW provided neither of you have owned a property before yous hould be eligible for stamp duty exemptions

If it was your partner's Dad's PPOR until he died then the value will start at the value at the date of death.  If your partner was living in it and had no other PPOR that period of ownership will also be exempt from CGT.  After that period the answers will depend on whether your partner had another PPOR during the next 6 years at any time.  In an…[Read more]

Another aspect to consider is some lenders want principal and interest repaid over say 10 years.  This can have a detrimental impact on your cashflow