Forum Replies Created
Hi again
Whilst the concessions for new builds are attractive – they can be pointless if you're paying well above the concession for the property.
You mention that you've already read bad reports about the builder – that doesn't sound good.
How much will an established property in the same area cost you?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Scott No Mates wrote:Jamie, it has been years since you had to buy leases from the Newsagent in NSW, only downloadable or direct from fairtrading.nsw.gov.au website.
lol – that explains why my wife is in charge of managing them. I don't even know where to get a lease from.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Hi Steve
Which state is it for?
In ACT and NSW you can grab them from your local newsagent – and I think they can also be downloaded.
It sounds like you're referring to the condition report which is usually at the back of the lease agreement.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Hi Rich
Why not just get Richard to suss it out for you instead of running around trying to work out which lender will do the deal?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Sounds like S/E to me.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Hi there
I can't comment on the company – I have no idea who they are.
With new properties, there's often a large mark up – similar to buying a new car over an older one that's depreciated and can be purchased for less.
Growth in new properties is generally slower and valuations can come back lower than purchase price.
Just make sure you obtain "formal" finance approval before proceeding.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Lenders see them as boarding houses and aren't huge fans of them so expect a low LVR. I doubt insurance companies will like them either – and I'm not sure who would manage it unless the fees they receive justify the additional effort.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Yes it should be deductible given the purpose.
Ask your lender to provide a rate discount on your existing loan too given your overall borrowings is increasing.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Dave
Which state are you in? If you do go down this path then I'd be listening to Terry's post about seeking legal advice. If you happen to be in Sydney, I'd be contacting him.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
+1 for Darryl. Solid contributor to the forum.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hiya Spearsy
I hope you're well – and good to see you posting on the forum
Tried giving you a buzz to discuss this in more detail. Pls give me call or shoot me an email when you get a moment.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
It will only hurt your servicing if it's taking money out of your pocket (ie. losing money).
If it's a profitable business – you may be able to use the income it generates to improve your borrowing capacity. You usually have to have a couple of years financials behind you to demonstrate this.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Dave
What's the benefit for you?
What's the buyers reason for wanting a 12 month settlement period? Is it because they can't complete the purchase now and require more time to come up with the funds? Or are they looking to flip the property after they've completed the renos?
What is they don't end up settling and the work the renos they've done are of poor quality or are incomplete?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Ideally that equity release should have been set up separately so in an event like this you can clearly define what proportion of the debt is deductible and which isn't. You'll need to talk with an accountant about the possibly of apportioning it.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Hi again
When you say you used equity from your other investment properties – did you set this equity release up as a separate loan?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Yeah it's possible – but I dare say that a number of agents suggest that they can get an ambitious price for your property in order to secure the listing – and then suggest that it's overpriced later on and it needs to come down.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hiya Chris
Any loans that were used to finance the IP that you now live in won't be deductible.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
I've had to make a couple of claims with Youi recently – the first was a bit of a pain and after a bit of persistence they finally paid out. The second claim was hassle free. Call around and get some quotes – also look carefully at what each policy includes.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
unlimited wrote:Terryw wrote:Don't mix personal and investment borrowings in the same loan. You will be able to apportion it easily enough to determine deductibility initially, but as you put more money in it will become a nightmare. Also any further deposits will be coming off the investment portion as well and this will result in more tax.It seems to split/separate the loan is the only best solution.
Hopefully my lender allows me to do this easily.
Thanks.
If they don't – there's plenty of other options out there.
Just do yourself a favour and work with someone that sets up these types of structures daily. An everyday branch banker is probably not going to understand what you're aiming to achieve.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Terryw wrote:Usually you cannot claim reno costs as outright deductions – mostly capital improvements I would imagine.Seek specific tax advice.
That's what I would have thought as well – this seems like improvements rather than repairs…..and I don't know if you can get away with claiming repairs soon after purchase because it's assumed you purchased the property at a price that reflects the need for repairs to occur.
Ask an accountant though.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
