Thanks terry,I am prepared to wait, the property is in Vic.My main concern is that I wait for the settlement to go through and then the contract is made void for some reason,

Thanks Terry,I spoke to the SRO today. I was told it would be best to fill out the form as having no partner. As this was the case when construction began.They also informed me it was a grey area as to if the grant would still be payable.

V8ghia,You are correct the FHOG is often payed at slab stage, but as my job is an owner builder, the grant is only payed out at the end.I received my letter from the bank today, they have admited some fault in the delay.  I will submit the FHOG application on Monday and see how I go.

v8ghia wrote:
You've lost me a bit there I'm afraid.Are you saying you started building a house and then tried to arrange finance afterwards, before you gave your lender any of the plans, etc or did your application? WHile there is not much detail there, that is a situation that can be an absolute nightmare…..especially if an 'owner builder.'…[Read more]

Thanks Terry,I did a quick google of the two types of mortgage you mentioned. There didnt seem to be much difference betweeen the two as far as I could tell.Could you please outline the fundamental difference between the two.Thanks.

Thanks for the replies,In one sense you are correct samson, i probably cant afford a holiday house of this size. But I can afford one for the 10% of the year that I can actually use it, and would like to get something back for the other 90%of the year.I do want to keep it all above board, but at the same time I want to get every dollar back that…[Read more]

Thanks for the info,Interesting point about the 40% rate and 40% of expenses claimed.Realisticaly i dont expect to be able to spend more than 5 weeks there a year at the moment. We are currently advertising at a reduced rate through social networks to generate interest and then hopefully book out more of next year at a higher rate.

Thanks Terry,I have purchased new furniture to help with the holiday rental. This will be depreciated over time with the rest of the house. I also have  a boat and motorbike that are kept at the house at all times. Would it be possible to now claim the depreciation, registration, insurance and maintenance of these items? Of course i would have to…[Read more]

Michael,I appreciate your advice.But,…Adjustments would just involve changing the date of invoices to more accurately represent when the work was done, rather than when the invoice was issued. In my industry  income over each period can vary alot depending on many factors, including billing cycles.Also would the ATO really be concerned with t…[Read more]

Thanks for the quick response Richard,You are right, I should have provided more details.Not marriedNo dependantsNo credit defaultsHave one credit card with $1000 owing, $5000 limit (Thinking I might cancel this card or reduce limit prior to loan application)The new property is located in Airport West, about 8km from the CBD in melbourne with…[Read more]

Linar"Some of the Reno Kings' practices look really nice but don't last long (eg, painting grout on floor grouting) so they are only really of any use if you are going to sell the property and don't care what happens after you have sold it.). "Good pointI have a bit of a moral issue with some of the "slap it together and sell it quick method". I…[Read more]

depends on a few things,If the carport is on or near a boundary it generally doesnt have to comply with the same rules as a garage in terms of fire resistant materials.But if the carport is going to be enclosed it will most likely be classed as a garage, there is a definition in the BCA on what is "enclosed". Any walls on the boundary side will…[Read more]

sounds like you have a rough idea of how  development finance works, most of your post is correct.Generally a  development loan is first obtained and then drawn down, (claimed) at various stages, eg: slab, frame etc..There are no payments to be made during the course of the construction, BUT, the entire balance is due at a pre determined dat…[Read more]

property experts? yes they are herebalustrade experts? look up the yellow pagesScott no mates was spot on with his advice.With a vague question you cant expect more than a vague answer, photos? measurements? access? scaffold required? repairs to existing surfaces? waterproofing requirements?There are a few places that can supply stainless steel b…[Read more]

finish everything!! (except carpets and curtains) then do a big clean up before getting the floor guys in. Any large gaps under external doors or in windows should be taped up to prevent dust entering during drying time. Allow about a week from start to finish for the polishing.

As an example of the benefit this provides, for a small business being conducted through a corporate structure, for every $1,000 of eligible asset acquired, the total tax relief will be $1,500 – or $450 after tax, resulting in an overall after tax cost of $550 for a $1,000 acquisition cost. I think this example is a little misleading when a…[Read more]

i remember wondering how all those highly geared property gurus featured in magazines a few years back were coping when interest rates were pushing towards 10%. Any that survived would be doing ok now i guess.

measure the height and width of the gate required and go to bunnings or similar. They have a range of un-assembled steel frames that can be assembled to almost any size. They are pre-hinged also. Cost $60 – $80. You will also need pickets or pailings to clad the frame, some screws suited for going into steel. And maybe a post to hang the gate off,…[Read more]

DodoI have wondered about this situation before also. But unless you are refinancing is the bank going to be aware your property has dropped in value? Would they be doing a valuation unless you are refinancing?

Hi,The stormwater drain is not always always found at the roadside of the property. It often runs across the rear of the block in an easement (which presents its own problems when building). Im not sure how you would go getting permission from the rear owner to run a line through their property. But i guess you could negotiate a compensation…[Read more]