The amusing one for me is new homes in Victoria will actually not sell until 1 July now. There will be a sudden glut on the market.VIC government announced an increase in the state top up for new homes from $5k to $11k from 1 July on the assumption that the federal grant would decrease.Now with the 3 month extension, you get $32k from 1July to 30…[Read more]

Just be careful if you go to another lender, that they don't use the same valuer in that post code.

Did your lawyer confirm that the land was public open space when they acted on your behalf when you were sold the property?

I don't care about paying gst to the builder, (I have to do that regardless as my purchase price is incl gst), as long as I can claim it back from ATO as well. It looks like I can lodge monthly cash claims on my gst. Obviously I need to discuss this with a tax expert who really knows what they are doing, but at least I feel I am heading in the…[Read more]

That's great to hear thanks Dan Exactly the answer I was looking for. Based on that I can do what I was hoping to do. Is this from experience, or are you a tax expert / accountant?

To put it in another business case scenario….If I sign a 2 year mobile phone contract at $44 per month (incl gst), surely the phone company only pays the gst when they receive payments from me each month, not 2 years in advance. Otherwise before receiving any money from me they have to pay $96 in gst in advance.

Thanks Scott,Hmmm, so let's say for example I sign a contract with a builder for $300k and a few weeks later I get a deposit of $20k from the eventual owner, for $20k more than I am paying for the property, but it won't settle for another couple of years. Does that mean I have to pay the gst on the $20k I have received in cash, or on the full…[Read more]

Hi Scott,If I purchase a house and land package which is gst inclusive, the benefit is in the gst credit I receive from the ATO for each progress payment during construction, which won't be repaid until I sell (which I am hoping is defined as transfer of title, which for me could be a while later). In the interim I have 1/11th of the property's…[Read more]

Not sure if there is a cap in NSW, but they definitely won't get the stamp duty exemption.

They should be able to get it. Investment properties don't count. Only personal residence.

The timing of the grant payment varies state by state. Where do you live?

Wrap kit is currently out of print. I just managed to get hold of a copy second hand. I had a couple of other replies from those that still have copies. I can give you their details, if you are interested, send me a personal message.Cheers,Matt

I wonder if they are one of the property investment groups renting at 20% less than market rate to get special incentives perhaps?

What are the current limits on negative gearing and what changes could they make to make it better than it is today?

Imagine the break fees on a fixed term 20 year loan!! ouch!!

The more articles we see like this where the government is legislating banks must assist those that can't afford payments, the tighter lending criteria will get.  I doubt the government has any idea that they are actually limiting who the banks can now lend to further. Cashflow is king at the moment and legislation like this kills cashflow for…[Read more]

Bibbzter, you seem very keen and enthusiastic to make some money in the property game. You will find it very hard to use most strategies for the following reasons:1. Hard to access bank funds2. Not a very high income3. Low / no savings4. Not a permanent resident5. Moving to Spain in a year (which you also seem to think will suck in any extra cash…[Read more]

I'm sure that their line will be "we need to make sure that you are serious about doing this rather than wasting our time. If you put some money into it then you will be more motivated to find the right deals". This is the typical message of this type of promoter.

Wow 6.19% was a great 10 year fixed rate.

The availability of credit will be the key consideration. What happens if banks only lend 3 times your income as has been the case historically and require you to have saved a 20% deposit and actually prove your income to repay it? How much can people then afford to pay for a property with the new criteria? What would that do to house prices?We…[Read more]