C2 wrote:
Does the other person want all the money or would they be willing to take a percentage plus weekly/monthly payments etc?You could be in a sticky area if this is a defacto relationship and even if everything is in your name they may be able to claim 50%.Also are you looking at borrowing 50% of the total price or 50% of what is owed on…[Read more]

keiko wrote:
I don't see why you can't up the loan take some equity out and pay the other person. but prob run it past your accountant

I've got just a few thousand left on this mortgage. I claim this interest as a loss. I will need to redraw 200K against this property to pay the other person up. So, if I do, tomorrow I will have to claim…[Read more]

If I refinance the investement, and start claiming the increased interest – will ATO ask me what the hell is happening? As I said it is a positively geared property, and I need to redraw 200K, so, it will be significantly negatively geared one – will ATO start questioning me? I am probably being naive here, but can I claim that these 200 K are for…[Read more]

eddiec wrote:
Have you considered using a discretionary trust to buy half of the interest in the property? The trust can borrow and claim the interest and will be assessed on half of the rental income.

Perhaps, we should have orginised it 10 years ago, but it was not done. Now the other person just wants his half. The property was and stays…[Read more]

Terryw wrote:
legally you maybe acting as trustee for his share. Has he been declaring the income in his tax return?

No that person never claimed anything, and in every legal and tax way it is under my name and is mine. The other person doesn't exist.

but this becomes a problem when trying to sell because the Council has not issued a permit.

What kind of problem this may create if/when I sell? They don’t even have the plan of the property. It is not recorded anywhere on title how many bedrooms there are.

THe project starts in 2 weeks if you have any info/ideas PLEASE tell me now. I spoke to…[Read more]

Hi,
Thanks G7, really appreciate.

GelF – you’re right, most of the people knock down walls, I want to add value by increasing the num of bedrooms, compromising kitchen space. I’ll try to compensate this by building a nice kitchen – top modern finish, good appliances.
For a 3 bed unit it’s not overcapitalizing (I hope).

Thanks for that.
The property will be changed from 2 to 3 bedroom one. Where do I change this? Is it recorded anywhere? From what I understand it is not recorded on the title of the property. SO, if it’s not council, then who? What government body records/looks safter this?

If I sell it tomorrow as a 3bed place – I am not going to have any probs…[Read more]

CYA

Thanks for replies guys.

… As for your door opening, I seem to recall from your previous post that it is load bearing. This is where you need to be careful. Not hard to do but you need to follow the right process.

Yes it is a load bearing one, but it’s not going to be a problem.
When you say ‘to follow the right process’ – do you mean…[Read more]

mate, I’ve had quotes for plumbing in the area of 2-3 grand all the way up to 5-6.

Originally posted by APerry:
Hi Leoau,

Assuming the units are in a Res 1 zone, you should not need a planning permit for this. The relevent part of the planning scheme is Schedule 32.01-3-6. You therefore should not have to advertise your proposal.

You’ll probably need a building permit, but these can usually be organised much faster. I’m no…[Read more]

Originally posted by Celivia:
I’m surprised that it is all gonna take this long!
About the plumbing… is it a big job to have it moved to the new kitchen area?

Celivia

Depend if I do it nicely or cheaply. I can cut through the concrete, move the pipes, reconcrete again, quite expensive, couple of grand. Or I can run a pipe from the new location…[Read more]

Gentlemen,
I do appreciate the time and effort you put into replying to me. Thank you.
My question was not about morality of ‘dumping’ my creditors, but rather about consequences in doing so for my future borrowing ability.
Without telling the whole story of my life, I’ll add this. I tried to pay my debts off. All of them. Initially I w…[Read more]

thank you for replies.
I have another 5 or so entries like that. I did not apply for those loans. Could someone simply trying to stuff up my credit rating?
I am going to write to Baycorp about this. What’s the procedure and timeframes of removing this bull* from my file?
What do the bank look at when they assist my application any way? What if did…[Read more]