Forum Replies Created
Hi Richard,
Thanks for the heads up with the LMI increase. I have been looking around lately, hoping to buy my first IP after this financial year (the OTP is almost 2 years away still).
An extract from https://www.osr.qld.gov.au/duties/transfer-duty/exemptions-and-concessions/home-transfer-duty-concession-rates.shtml
“If you move in and then sell the home within 1 year, you will have to pay duty on a pro-rata basis, depending on how long you lived in the home.”
I would assume this is the $3k that Claire paid? I don’t understand what will be added when the property is sold, can you explain this part please?
Thanks,
Jason
Hi Terry,
The $25k will be from cumulated income over each 6months period. The main intent being, placing the income directly into the offset account to generate a saving at the mortgage rate rather than the lower interest rate of a savings account.
Taking money from the offset account doesn't equal 'redraw' whilst it is the PPOR right?
Thanks,
Jason
Hi Claire, thank you so much!
I was informed of this awhile back, but had been completely sidetracked by researching for FHOG only.
The $3k sounds like your boyfriend only had to pay back the difference of the grant? Did he have to pay back the difference of the stamp duty as well? I don't seem to be able to calculate which grant he received, $7k+14k, $7k+10k, or $15k grant? I'm curious because the rules seem to be different for each grant.
I found this link https://www.osr.qld.gov.au/duties/transfer-duty/exemptions-and-concessions/first-home-concession.shtml
that says "not dispose of part or all of the property before moving in or within 1 year of the date you move in." I believe this only applies to the latest $15k grant.
And this link http://www.minkproperty.com.au/sites/mink_property/uploads/documents/Building%20Boost%20Application%20Guide.pdf
that corresponds to my $7k+10k grant. Which says "Applicants must ensure the home will be occupied as a place of residence for a period of at least 3 months (whether or not continuous) during the year after the transaction is completed"
The new problem for me is that I have recently received a letter from the developer saying the property won't be completed until early 2015 and in my original document it says the building work must be completed on or before 31 January 2015. Though the above link says the 30 April 2015.
Interesting times ahead.
Hi Jamie,
Thanks for your quick response!
Point 3 still doesn't make too much sense to me mathematically.
Let's assume I put $0 down as an deposit vs putting down 50% as a deposit. Let's neglect LMI and the fact that there is probably no 100% loans.
If the property value decreases by 10%. The original loan amount remains the same? The repayments remain the same? Or does the banks start demanding for extra repayment because the LVR is now 110%? Or if I somehow lose my cashflow to cover the repayments and decide to sell, I am still only losing 10% of the property value right?
Thanks,
Jason
