Forum Replies Created
Thanks for the info everyone. Yeah if there's a charge then it's definitely not worth it. But Thanks anyway
JOTerryw wrote:If you qualify as spouses and the property is located in VIC then you may be able to transfer it to your boyfriend without stamp duty and without CGT as it is your main residence. Your boyfriend could borrow 105% to buy it off you are market rates and this would free up a large amount of cash which could then be used to buy the new house. Net result = large conversion in undeductible debt to deductible debt. If the property is in NSW you would only be able to transfer it from 1 name to 2 without stamp duty and only if you were going to keep it as your main residence. I think the same applies in QLD.Thanks for the advice everyone.
Terry,
That's exactly what I was thinking of doing (if possible). I'm in NSW, the plan is my boyfriend get a loan and buy the apartment off me and I can use that money to buy our PPOR/house. And now i know we have to pay stamp duty to do that.
Just to double check – when do you say borrow 105%, do you mean borrow the whole amount including stamp duty fee? And it becomes deductble debt because it is now a negatively geared investment instead of a fully paid one?
Cheers
JoHi Duckster,
I am comparing data from different sources : annual growth over 10 yrs and 12month median growth from APi and 3 year growth from RPdata.
I can really understand your logic there. Almost all authors I've read talked about the ripple effect and i will try your suggestion instead as it sounds a lot easier. We've been talking about buying an investment property for ages but haven't done anything about it besides from read and research. I think we'll give it a go and hold it because I'm worried if I dont do something now we may put it off for another 5 years. Better to be in it now than not right?
Thanks for the advice, i really appreciate it.
Scott,
I agree SYdney is expensive and have had many advice that it's not worth the effort. I was thinking for my first investment it will be easier to start closer to home than going interstate where I have no knowledge whatsoever.Akirk,
I didnt quite get what you meant – Did you mean your REA suggest to renovate yourself instead of using traders and that's what you are proving them wrong abt?Cheers for the feedback everyone
Hey Gobiin,
I wouldnt mind discussing ideas however I am very new to investing, just giving you a heads up. We are deciding which strategy is best for us to invest at the moment. Have you invested much before?
Jo
Thanks for the encouragement Ryan,
Our main aim at present is to get a house, first. However we don't want to be stuck with a massive loan and never be able to afford investment properties. So that's why we thought we'd buy, do some minor renovation and sell – build up cash ~ 200k so we have a big deposit THEN buy a house with a moderate loan. When servicing the moderate loan, we can still save and buy investments.
If I buy a house right now,servicing the loan will be a burden eg 800k loan.
If I buy investment properties and hold a few, i dont see how that will help us get a house. In the end we'll still end up servicing a 800k loan right?
I'd much rather buy and hold, sounds like the easier way out. Also considering moving in and reno … not sure if we can make that large deposit if we have to stay in the property for a year?
Let me know what you think. I am aware that the renovation part looks easy on television and in the books which is why i'm posting this. I'm creative with colours but i agree I need to learn more about interior decor.
PS: I hope you and your wife are in Sydney and she;s available for consultation. Will be great to know someone that has experience.
Jo
Thanks for the support guys,
I dont know why but I hope Im not the only person new to investing that feels nervous about posting questions here. I dont want to ask questions that are too silly and ask too much of everyone. So if i do, I apologize now. Anyhow, here goes..
Been to see a Mortgage Choice broker a week and half ago but haven't heard back from him as yet. I;m thinking of seeking another broker for more opinions – any recommendation in Sydney?
Richard, can you explain about the 'structuring the loan' part? Is that something the broker can do or do I need to work it out myself? Whats the best way to contact you, (if that's not too much to ask) I'm in Sydney and would definitely appreciate some advice.
Thanks
Jo
