Forum Replies Created
- Mumof5 wrote:Thanks Terry
No not a contractor, Defence which was why we couldn't understand how his friend has apparently halved his income.
I was reading somewhere that PPOR status is lost once you move into another home you own? So does that mean you retain that as your PPOR and not claim PPOR on the new propert? We are always moving due to job postings so we haven't sold yet. We are also in DHA rental atm but do plan to build on a block we've bought at our next location. We might have to sell the other place before we move in?
You generally have 6 months to treat both dwellings as your main residence when you are changing over (section 118-140 Income Tax Assessment Act 1997). There are a couple of conditions to satisfy but this section may solve your problem.
Be careful with beneficiary "loan" accounts.
There is a legal difference between "unpaid beneficiary entitlement" and "beneficiary loan account". Your accounts should make this differentiation for tax purposes, especially when a corporate beneficiary is used.
In terms of the "beneficiary loan account", it is really just a "current account" where if a beneficiary owes the trust, it's an asset in the trust's Balance Sheet. If the trust owes the beneficiary monies, it is a liability .
Eddie
Thanks for that guys. Makes me feel much better!
Went to the NAB since I have everything with them… bad idea?
Thanks Derek – that’s exactly the kind of “voice of reason” I need to hear. The proposition is very seductive – but as usual, if it sounds too good to be true, it’s probably untrue! Thanks again!
Ed
Thanks Derek, that makes good sense.
I’ve also come across an investor club that helps people with property investments. They do the homework and have a list of positive cash flow property that would help you to buy. Any traps there?
Thanks for all the contributions so far. They have been invaluable.
I think I’m pretty much ready, so I will:
1. Start looking for a property (I have no idea WHERE to start though … thought I might just flip through the paper on the weekend).
2. Start talking to mortgage brokers to obtain a pre-approved loan.
Sounds like a reasonable move?
Thanks. I think I just need to kick start myself. I’ve been too content with just living but not investing. I guess the first step is to find an appropriate property. Guess I’m a bit risk averse as well, especially considering we just had a big up cycle in the property market. I wonder how long it would take for me to kick myself in the butt and do something.
I’m actually not terribly impressed by my personal banker and the bank for that matter. My finances are all with them though, so I naturally turn to them.
I have a credit card debt of $2K. Apart from the mortgage, I don’t have any other commitments. Given that my banker knows what my assets and liabilities are like, I’m surprised by the seemingly lack of enthusiasm.
Ed
Thanks for that!
What about actually finding a property? Any help on that? Also, I contacted my personal banker at the NAB. They seem a bit reserved in saying outright that they will give me the loan.
My gross salary is about $80K. Is that normal of the bank to be hesitant?
Ed
