We have had the totally opposite experience with our bank (BOM/Westpac). When we used the equity in an existing property to purchase another IP the bank valued the property at $210,000. We also had 4 real estate agents in around the same time who all told us that we could expect to sell for between $180,000 and $195,000. In our case the bank’s valuation made things better for us.[]
We are in Victoria and the property in question is an IP that currently is negatively geared. As I don’t earn an income, for tax purposes we believe we would be better off putting it in my husband’s name only.
If anyone has any information specifically regarding the situation in Victoria it would be much appreciated.[]
I have looked into it a little and have been getting different answers. I only just spoke to someone at my bank and he says that he is “pretty sure” that it has been stamped once and shouldn’t be again. I wasn’t too confident with his answer but will ring my solicitor tomorrow and see what he says.
Benson,
where did you get this information from that you only have to pay stamp on 50% of the value of the property and why?
Can someone recommend a good financial planner/accountant based in the western suburbs of Melbourne? Unfortunately our previous accountant has just retired!