Hi,

Just a quick question while on the topic of subdivisions…..are we allowed to get council approval for a subdivision and once approved start the earth and building works if we haven’t settled yet (ie. we have a 12mth settlement)??? Or do we need to have that block in our names on the title before we can start any work?? Hope this isn’t a…[Read more]

i think meeting someone in Centrelink is a good idea as opposed to taking their word for it over the phone……the suggestions you’ve all made sound great and i will explore all options….will let you know what centrelink says.

many thanks to all

kim

thanks monopoly…..i had to re-read my initial post in case i worded it in a way to make people think i’m only interested to make quick dollar which is not the case…

and yes the only reason for the $78,000 is because that is the figure Centrelink gave in regards to the limit in assets before the lady loses out on her pension.

This lady told our tradesman that she want to get rid of the property because she’s paying council rates etc but she doesn’t want to receive any income from it (i.e she can’t rent it out and she can’t sell).

I’m not saying we’d offer her $78,000 and she should take it, our question is how she can sell (at a price she’s happy with of course) and…[Read more]

thanks for your advice monopoly….and i think i’ll ring around a few accountants to see if they do home visits like you suggested.

Much appreciated advice everyone.

i’m not sure but i’m guessing mid $100’s range.

i think what she said was the market value of her home can be up to $150,000 to receive the full benefits of the pension but as the value increases, the pension benefit decreases???

so i’m guessing she wouldn’t be able to just sell the house for $78,000???

Ok, just rung Centrelink, they said she can have up to $78,000 (cash value) before she will lose the pension. This $78,000 is all up whether a portion be invested in shares or other property. Also, the market value of her own home needs to be less than $150,000 if she is to receive the full pension.

She’s not allowed to sell the house extremley…[Read more]

Thanks Diclem and Monopoly,

They were some good points, we didn’t know that there was a limit so I think i’ll call Centrelink now and then maybe suggest she go speak to an accountant.

Looking forward to it!

Kim

Hi Sooshie,

Definitely my health and that of my loved ones. Happiness comes next but this is all VERY closely followed by wealth! Having money helps in the happiness side of things[cap]

Kim

Thanks Guys….SIS, you’re example made it easier to understand, makes more sense now! Thanks again

Kim

Hi,

Sorry for the stupid question but isn’t the LOC and Offset account similar in that if you deposit all your salary into the LOC or Offset account, then when you’re credit card bill arrives at the end of the interest free period, you would withdraw enough money from this LOC/Offset account to pay the bill hence the situation described in the…[Read more]

Hi Phil,

We had huge problems during the initial stages of our land loan and construction loan also……i’m a little confused by your situation but we had to do 2 seperate loans (1 land loan and 1 construction loan) when we applied (by the way, we weren’t told this….because i specifically asked the bank if we were going to be charged any…[Read more]

Hi James,

You can do a search under the “Vendor Finance/Wraps” forum and also read a brief outline under “Strategies” in the options to the left of the screen.

Rick Otten (the WRAP/LO expert) has a website at http://www.creativerealestate.com.au but i think its just been changed to http://www.webuyhouses.com.au (it’ll automatically redirect you there).

Steve…[Read more]

Hi Nesta,

There are several packages that you can purchase nowadays with all the paperwork including signs/pamphlets etc to sell your own home. I think they cost $1000-$2000 (dont quote me on this!).

I can only think of 1 of the company’s right now……i think its at http://www.fsbo.com.au Check it out.

Kim

We don’t actually have an accountant yet[]….still trying to find a good one around Adelaide but as soon as we do, i’ll post what he/she says on this issue.

Kim

One last question, would i definitely lose the 6 year CGT exemption if i were to declare the rent money as income??

Hi Everyone,

Thanks for all the advice…..you’re right in that it is something i’d have to discuss in more detail with an accountant to see which method would be the most beneficial but everyones comments have helped me out alot in that i’ve got some serious thinking to do
[]

Cheers,

Kim

Hi,

I’ve just used an excel spreadsheet (with no magic formulas). I just add up all my annual expenses (mortgage repayments, petrol, insurance, rego, mobile, telephone, water, electricity etc) and am left with an annual surplus which is for spending money and unexpected expenses. This annual surplus is then divided by 52 which leaves me with a…[Read more]

Hi OzPatinQ8,

Hate to ask for the favour also but would much appreciate a copy of the Property Manager Pro Version 3.14 if you have the time.

Please forward to kim_matthew03@hotmail.com

Many Thanks,

Kim