Hi Rau,

That’s what the law says. And that’s also what the State Rev. factsheets say.

I know it looked like an anomaly the first time I saw it, but it seems quite clear.

The best method to put your question to rest is to call the State Revenue office in your State, and ask them that question. See what they say.

Cheers
M

Onya Steve!

I’m inspired to finish off my own book now (although it’s on DIY residential property conveyancing), although I don’t think I’ll get as many sales as you’re getting

Hey aussierogue,

You’ve inspired me to jump on the bandwagon with my own century.

Also quite useless to poor Brent, apart from the suggestion to try an aircon shop – they may be happy to do the installation for you, even though you haven’t bought an aircon for them. It’s still money to be earned, after all.

Cheers
M

Keep trying MissLily! Just a couple of weeks ago, I was looking at a decent townhouse which I decided to put in an offer for. I did my research and found that the exact same townhouse next door was recently sold a few months ago, and decided to use that as a benchmark (which incidentally was $50,000 less than the asking price on the one I wanted…[Read more]

You’re welcome guys. Don’t be afraid of asking questions. That’s what this forum is for!

Cheers
M

SuperTed,

this section from the WA FHOG Act may answer your question (the Acts for the other states should be similar – check http://www.austlii.edu.au):
Section 7
(2) If the Commissioner is satisfied at the time of deciding an application for a first home owner grant that —
(a) an applicant is legally married but is living apart from the person to…[Read more]

Hi Jules1,

quote:Jules1 said:
Does anyone know how I can get the FHOG if I want to buy an Investment Property before buying a home.

The short answer to your question above is “yes” IF:
you have never owned any residential property before 1 July 2000; AND
you have never lived in any residential property which you bought after 1 July 2000.

Of…[Read more]

If you’re the lessor, the lessee should be paying rent for every single square metre that the lease covers, including balconies. Of course, market forces may dictate that you discount the rent per sqm for the balcony portion.

If I were you, I’d either go and do some thorough research to work out a fair market rental for your property, or simply…[Read more]

You beaut! Thanks Mel!

I like the real life testimonials – they’re inspiring, because I can identify with some of them.

All the best coslett!

Oh and I forgot to mention that the primary liability to pay GST to the ATO is on the supplier (ie the seller). The buyer will generally pay GST by virtue of a contractual obligation – that is, the contract will say that the buyer has to reimburse the seller for the seller’s GST liability. In return (and upon receipt of a…[Read more]

The body corporate’s role is only to “run” the building. That is, get the lawns mowed, keep the books, pay common property insurance, etc. What happens in each unit is the owner’s responsibility.

This means that you need to hire your own property manager to find and manage tenants, or do it yourself (risky if you’re inexperienced).

The body…[Read more]

leowson,

I respectfully think that you may be confusing what RK is saying about assets and liabilities. Early in his book(s), he acknowledges that his view of what constitutes and asset and liability is different from the accounting, or generally accepted, view. I don’t think that he’s saying you should prepare your accounts on that basis. He’s…[Read more]

Hey I just bought the book yesterday – Dymocks Perth has lots of copies!

It’s really eye-opening. I think the best thing about Steve’s book is that it shows you that it can be done – it’s not just a nice theory.

That said, I think Steve also acknowledges that there are other aims which you may have when investing in property, which are different…[Read more]

Westan’s got a great idea – why doesn’t your friend do a deal with the granny and move into the property? It’s not ideal, but keep in mind that there’s no minimum time that you have to live in the property as your PPOR in order to qualify for the FHOG. If you make a bona fide bash of living in it, and it doesn’t work out, well, you did genuinely…[Read more]

I think that they’re quite big in Queensland. Apparently they develop these massive apartment complexes.

Sorry – that’s all I know.

Legally, you could probably evict the granny, but from an ethical perspective, I’d be reluctant to do so, especially since the eviction process may become drawn out and nasty. It’ll be on your conscience if she carks it due to the stress of the whole fiasco.

I think that your friend is caught between a rock and a hard place. The easiest thing to…[Read more]

I suspect that the bank will probably require you to borrow money on the unit to pay off the loan on the house. Given that you’ll have quite a comfortable level of gearing on the new unit loan, you may want to make sure that your house (which will now be debt-free) is not cross-collateralised to secure your unit loan. You will have to pay some…[Read more]

Hey Stu,

Do you know if the banks are upping their fixed interest mortgage rates in response to the RBA release?

Cheers
M

Hi Marilena,

Have you tried a mortgage broker?

Maybe Stuart (www.prosolution.com.au) or Terry (terry@discoverhomeloans.com.au) can help you. If they are not in your locality, maybe they’ve got some tips on how you can find a good, ethical broker to help you.

Cheers
M

p.s. I don’t get anything for recommending these guys, other than a buzz…[Read more]

I’ve never been to SA, but I’ve dealt with a law firm called Thompson Playford. very good, but expensive. Then again, you get what you pay for.

Cheers
M