Forum Replies Created
Dammit is right. Your surplus money can be added into your PPOR loan. This may work out for you. You can reduce repayments and go for another IP.
duckster wrote:You need to see it before signing your purchasers contract.
Now if you went to your solicitor they would advise that they need to see this vendors contract and the purchasers contract before you sign anything.
see
http://www.lawyersconveyancing.com.au/section.asp#4see
http://jmbenson.com.au/buying_auct.html
If it is going for auction ask for a copy of both contracts so solicitor can check over them.I was also looking for the answer. My conception about vendors contract was not clear. Those links were really so helpful. Solicitor always make himself safe then do contract.
Appointing a quantity surveyor is a good idea. It will save your time. You know that ” Time is money”. I would like to say thanks to duckster. Your comments are really so useful and informative buddy.
You have not mentioned the details of the matter. As far as I can understand that if you run fast you also have to keep the speed always up. Don’t fear of time and cost always. Sometimes you have to take risk for being successful.
JD86 wrote:hi guysi have a question about accessing the equity i will have when my house is built
iv worked it out to be around $40,000
house valued and around $300,000 and having a $230,000 loan
only being able to use up to 90% of the value of the house, that works out to be about $40,000 euity correct?
now, im not sure that i will want to access it, as i want to see what interest rates do, and if i move people into my house making things easier etc. but id like to explore the option
my brother has lost his license, so i am thinking of selling my car now, using his car for 6 months, using the money from my car towards the house, furniture, driveway, fencing, garden etc.
then using equity, not much, around 10-15 grand to buy a new car when it is time to give my bothers car back to himmy reasoning for this is my car needs upgrading anyway, i will get more money for my car now than in 6 – 9 months, i will save money on rego/insurance and being a v8 petrol. i will have more money for the house (which iv worked out i have enough anyway, but its nice to have more and be safe, as this is my first house and its scary)
is this easy enough to do once house is finished?
the equity just goes onto the existing loan so weekly repayments will be slightly higher?
how much higher per week would it be on current interest rates? not much i am guessing, as it is only around a 7% increase to the existing loan
is there a limit on when i can access equity again after that?
as i would like to buy another property as soon as possible once this house is completed.any advice, tips, warnings welcome
thanks in advance
I like the idea of selling car and making some unpaid loans being paid. If you can save a good money in these 6 to 9 month you can easily get rid of this crisis.
The confusion about the unit 14 can cause some problem. You should check the contract more carefully. If anything is being mentioned there about such condition. If not written then you have some chance to get facility.
I agree with Scoitt. As you are borrowing for personal purpose you have less chance to get interest deductible. Private ruling is a process to get rid of legal problems caused for underpaid tax. You can search in web to get better knowledge.
Right. You have to be careful about borrowing more money. As you are already in a critical position. Your investment is not tax deductible.. So make decision thinking more than once. Wish you best of luck.
I would say it is very tough to manage a huge money in a short time to buy a house. There are also many formalities that have to be maintained that discourages people. Many one can not manage such big amount.
Terryw wrote:Look at the latest flash at http://www.bantacs.com.au. They have a private ruling on capitalising interestHi Terryw. Thanks for the link. I was searching for details about the private ruling. Got many things from the link. I think I may pray help of BAN TACS Accountants Pty. Limited sometime.
I think you should make it a shot. As far as you rent a house you get capital for a new one. This is a very good way for doing business. I do not find any problem in it. Good idea.
Canberra is the most expensive among all other places I think. One of my friend pays 6% management fee in Sydney. Sydney is one of the chipest management fee area as far as I know.
The above discussion about the topics was new for me. My concept about those matters was not so clear. But I am a bit confused because of the two types of discussion.
I am not sure you can get a tax deduction or not. If it is possible then that is good for you. If not possible you may include tax within rent. That might be more satisfactory for you.
ghoulie1 wrote:Hi,Has anyone had experience with regard to Gifting property to family members?
I would like to know what process I need to follow, and whom i need to see.I look forward to hearing from someone who can help.
Thanks
RobYou have to make a will to gift your property to your relative. There are some legal work to done. I would also suggest you to take help of a solicitor.
The location of the house is in a prime position. You can get everything beside of you. Communication is also easy. So I think you should make it a try. My main concern is about Repayments conditions. These look little complex to me.
thecrest wrote:Hi Josh
Brokers typically charge 3% to sell a freehold and 6% to sell a leasehold, negotiable as the commssion gets too big.Hi aof
What are you going to do with the building ?
If you are buying an existing operating motel as a going concern you pay no GST.
Much due diligence required before buying a building for conversion into an accommodation provider, council regs, local market, star rating, lots to do before choosing which type of accomm product to provide in that location.
ABS have stats by local area called " Tourist Accommodation Data By Small Area QLD " and other states, shows markets like "more than 15 rooms" or by star rating, shows month by month released as quarters, very detailed showing room $ yield, occupancy rates, bed nights, arrivals etc.
These brokers handle the bulk of NSW motels for sale, Qld will have it's own bunch. Ring a few motel owners and they will tell you who are the active frequently calling brokers in your target area.To check NSW motels for sale either leasehold or freehold, Google "Motel Brokers" and you'll find :
NSW Motel Brokers
Tourism Brokers
Hunter & Associates
Manenti Quinlan
Resort Brokers
Guy Smith BrokersCheers
thecrestYour informations about Motel Brokers was very helpful for me. Thank you. before buying a building many things are necessary to remember first.
Your current 7.57% Wrapee int rate would be good for the banks. They can easily afford 5% interest payments at your new deal. But though you are shifting into a new thing be careful. Best of luck.
devo76 wrote:This is a rough breakdown of what im looking to do. ( sub divide corner block and build on the back)Council contributions $5200
Sewer $7000
Water $6000
Sewer encasement $11000 ( building over sewer line so have to encase with concrete)
Sewer junction $1000Demolish existing double garage ( asbestos ) and remove concrete driveway. $6000
Town planner and odd bits $10,000
Hope that helps
The charges are nearly of the price I would refer. I think $800 is good to start a survey. It is not wise to pay $1000 or more for this purpose.
Depends on the type of service provided, difficulty level in obtaining the results and furthermore the percentage the competitors will offer for the deal you have in hand, total project value and such parameters. I might say a 2% and a fixed rate applied to deals less than USD 20000 or so … you may arrange a reasonable fee in some respects.
