Forum Replies Created
Hi Ozzienite
I’m sure a mortgage broker can help, as Simon says. I’d love to hear about your renovations. What did you do?
JudiSorry about my previous post. It was in response to a question on the first page. I just realised there were other pages since then. [?]
Thanks Betterbiz
Can anyone recommend an accountant on the Sunshine Coast or Brisbane?
Judi
Thanks very much everyone. That’s given me some options to consider.
JudiMichael
I don’t quite understand. If an Australian sells an IP in NZ and makes a profit, do they pay CGT in Australia?
Judi
Hi Yack
Re: Margin loans
When you borrow money to buy shares, it’s called a margin loan. With property you can typically borrow 80% no problem, with shares it’s 70%. However, I think it’s more likey that people only borrow 50% because the moment your shares drop in value (even temporarily) you get a “margin call” from your lender asking for money because the loan now constitutes more than 70% of the value of the shares and they don’t like that. One of the main beneifts of property over shares is leverage.
This is my understanding. Anyone feel free to correct me. I do invest in shares (some medium term, some very short term) but only with my own money.
Judi
Aren’t directors of a company still liable? Can anyone recommend a book on the subject of companies/trusts as it applies in Australia? I have my one IP in my name and wonder if I should buy further one’s as an entity of some sort.
Thanks
JudiThanks Simon
Don’t forget to consider buying costs as well.
That’s why i was thinking a 2nd mortgage. The $10,000 would be literally all I’d have. It would also be lodoc therefore 20% deposit. I’m looking at options for buying a second property without any deposit, but it won’t happen for a couple of months yet.
Just trying to plan ahead
Judi
Thanks Terry
If I had, for example, $10,000 of usable equity in one IP and nothing else, is it possible I could buy a $100,000 dollar property using a second mortgage? Or does it need to be bought with a deposit and the 2nd mortgage arranged later?
Thanks again,
JudiI recently bought in Rocky. I don’t think I’m silly, but one can never be sure. It’s cash flow +ve and although I didn’t do as much research as I could have at the time, on reflection I’m pretty happy with my decision.
JudiI recently had an experience in QLD with an agent telling me that it is illegal to submit an offer verbally. He said the only way to submit an offer in QLD is by completing the entire contract of sale. He went on to say that if you pull out during the cooling off period, there is no penalty. True story. It’s a good idea to do your own research. I paid $1000 deposit on acceptance of the offer when I did buy in QLD (with another agent). In NSW, I paid 10%.
JudiSounds like the tenant’s responsiblity. Listen to the RTA over R/E agents. The RTA website is good and they have a 13 phone number and are generally helpful.
