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  • Profile photo of Mama2MiaMama2Mia
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    @mama2mia
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    August 6, 2004 - 3:09 am

    Hi Ggreg,

    Don’t know if this will help but we’ve just built a house (in Adelaide) where i did alot of ringing around for quotes and the rule of thumb for building a residential place is to allow for $1000/m2 for a finished product. The structure itself is relatively cheap however if you work on $1000/m2 that should include the aircond, floor coverings etc.

    Hope this helps.

    Kim

    Profile photo of Mama2MiaMama2Mia
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    August 6, 2004 - 3:02 am

    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 stupid question but i can’t quite think of the answer…..logic’s telling me the block would need to be in my name before i can do any work on it even though we’ve got a 12mth settlement but i’m sure i’ve read somewhere before where people have sought permission from the vendors for access prior to settlement to do reno’s or show people through for those doing a WRAP or L/O…just not sure if the same rule applies to subdivisions or building???

    Kim

    Profile photo of Mama2MiaMama2Mia
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    August 3, 2004 - 10:28 pm

    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

    Profile photo of Mama2MiaMama2Mia
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    August 3, 2004 - 7:48 am

    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.

    Profile photo of Mama2MiaMama2Mia
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    @mama2mia
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    August 3, 2004 - 7:18 am

    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 not have her pension affected in any way.

    I’m not trying to scheme her in anyway at all.

    Profile photo of Mama2MiaMama2Mia
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    August 3, 2004 - 6:39 am

    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.

    Profile photo of Mama2MiaMama2Mia
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    August 3, 2004 - 5:53 am

    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???

    Profile photo of Mama2MiaMama2Mia
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    August 3, 2004 - 5:31 am

    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 below value is she?

    That sounds like a good idea skippygirl, i’ll have to investigate further.

    Profile photo of Mama2MiaMama2Mia
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    August 3, 2004 - 4:59 am

    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.

    Profile photo of Mama2MiaMama2Mia
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    April 11, 2004 - 4:54 am

    Looking forward to it!

    Kim

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    March 26, 2004 - 2:31 pm

    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

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    March 16, 2004 - 2:45 am

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

    Kim

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    March 16, 2004 - 1:24 am

    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 article written by Julia Hartman would still apply (i.e it would not be 100% tax deductable because money is going towards non income producing purposes?)……I’m confused [:(]….How would an Offset account operate in a different way in this situation?? (sorry again for the stupid question)

    Kim

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    January 30, 2004 - 1:33 am

    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 additional fees for when we start building and they said no when in fact the construction loan was a completely new loan combined with the land loan hence another application fee and mortgage stampduty etc was charged again).

    When we had everything organised with the builder we went to the bank and said the house is going to cost us “x” amount, we have “y” money of our own that we can contribute hence only need to borrow “z” amount from the bank for the construction of the house. Our builder said he couldn’t start until he got confirmation from the bank that we were going to be lended enough money to cover the costs of the contract and would not start until he got that confirmation. That confirmation took at least a week for us to get because they have to go out and do a valuation etc.

    After this, a new loan was drawn up for the combined land loan and construction loan so from what i understand from your post, i think the same happened with us and we’re with ANZ.

    Hope this helps.

    Kim

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    January 30, 2004 - 12:22 am

    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 McKnight as well as Rick Otten have a WRAP Pack available for purchase which goes into detail on how to do a WRAP/LO.

    Hope this helps.

    Kim

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    January 26, 2004 - 6:12 am

    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

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    January 21, 2004 - 11:28 pm

    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

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    January 21, 2004 - 1:00 am

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

    Profile photo of Mama2MiaMama2Mia
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    January 21, 2004 - 12:56 am

    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

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    January 19, 2004 - 12:53 am

    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 weekly budget for spending.

    CheekyOldBat, i’d love a copy of your spreadsheet if thats not too much trouble [:)]. Please email to [email protected]

    Kim

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