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Hi Richard,
So the purchaser would have to pay stamp duty on market price. Then, I’d still have to pay ATO CGT at market price even though there’s no gain for me?IN NSW, we just completed a GF project.
Purchase price of existing 3 bed brick house = $500k
60sqm granny flat and landscaping and driveway incl. council contirbution etc. = $130k8 months later, end value by REA just the other day $750k.
Bank is sending their own valuation people now coz we want to refinance that to get onto another project. My bank manger confirmed they loan up to 70% LVR for dual-occ. But she’s checking if they’ll push it to 80% for us. *fingers crossed*It seems there’s no equity to take out right now.
HOWEVER, we funded the granny flat build from refinancing another investment property. so Actually, we can take out about $100k to put into the next project straightaway.
ALTERNATIVELY, if you just sit tight on this dual-occ for a year or two (positive cash flow anyway) you’ll be able to take more equity out. It’s important you seek capital growth as well so time will give you more $$ to invest again and again. Best of both worlds.Goodluck!
I actually don’t understand what you’re asking but this is the latest from Brisbane council.
Goodluck reading and researching.
