Hi Peter

It’s never been easy.

I’m one of the much despised baby boomers. We had no mobile phones, credit cards or access to easy finance, no first home buyers grant or subsidised stamp duty, if you wanted something you saved for it.

Housing finance would only lend 66% of valuation – yes you had to save one third before they would even talk…[Read more]

I would suggest that you make an appointment to talk to the tenants and see if they are open to an offer to move earlier. Sadly for you the ball is in their court, you must honour their lease.

My son and his mate were renting a unit which was sold. The new owner came to see them, told them a sob story that he was living with his in-laws, could…[Read more]

These “interested buyers” may or may not exist – it’s a common ploy to get vendors to sign up with agents.

Check out other agents in the area and their charges.

You will probably have to sign an agreement with the agent for him/her to act for you, just be careful about signing up for a long period. I reckon 30 days is quite sufficient to begin…[Read more]

From your posts I think that you have made up your mind that selling is the best option for you.

It really is a personal decision for you to make after weighing up what is most important from your own perspective.

Here’s an exercise:

Right now, I am going to tell you that you MUST sell your properties.

How do you feel?

Relieved? happy? glad…[Read more]

Just done a quick add up of your figures. Total valuation is $1,040K, total loans $932K which is a difference of $108K. Which also means your LVR is not 80% but just under 90%.

How conservative are your valuations? Even if you manage to get contracts at valuation, you are up for agents commission, which would be…what…$8,000+ per property?…[Read more]

As always, there are advantages and disadvantages. We have owned two units for over 15 years and have been very happy with them.

You must be aware of the body corporate charges, these vary enormously. Lifts are a major expense, and the more features like pools, gyms etc usually the higher the expense. If there is a manager you need quite a…[Read more]

Best to check with your accountant or telephone the Taxation Office or even check out their website – http://www.ato.gov.au

My understanding is that rent, interest etc are claimed in your income tax return each year, and the capital gains tax is calculated on the profit, i.e., difference between purchase and selling prices with buying and selling…[Read more]

As Terry said, changing names on the deed would attract stamp duty and probably legal fees.

Could the $60,000 loan be renegotiated so that payments are lower? If the house is rented, maybe have the payments equal the rent. If your mother-in-law lives there, then payments they can comfortably afford?

Margaret

Sorry , I would have no idea. Perhaps contact a local bank and ask, most financial institutions would have similar rules. Or check out the bank sites on the web. Also check out the interest rates applicable.
And at the same time, I recommend you check out the insurance situation to make sure that suitable insurance is available in a rental…[Read more]

Have you checked out the finance situation? I am no expert, but since you are actually buying a caravan I can’t see that finance would be available at housing rates or conditions regarding the required deposit – 20% may not be sufficient.