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  • mattnz
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    May 14, 2009 - 7:28 am

    Vic's SRO have already published the details of the new grants at $32k and $36.5k on their website. No indication of any changes to take place.

    mattnz
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    May 13, 2009 - 12:06 pm

    For 400k property at 2.5% that is $10k, so I imagine that would be an insult.

    I could recommend Richard Taylor (regular forum poster) as a good mortgage broker and I am sure he could point you in the direction of a great solicitor there.

    Personally I think it wouldn't be wise making unconditional offers.

    mattnz
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    May 13, 2009 - 11:20 am

    You could always buy a unit without a car space and lease one till one comes up for sale.

    mattnz
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    May 13, 2009 - 6:54 am

    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 Sept. Really good :)

    mattnz
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    May 10, 2009 - 12:26 am

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

    mattnz
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    May 7, 2009 - 5:08 am

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

    mattnz
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    @mattnz
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    May 4, 2009 - 4:59 am

    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 right direction.

    Sorry what is a BAS?

    Thanks,
    Matt

    mattnz
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    May 4, 2009 - 3:00 am

    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?

    mattnz
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    May 3, 2009 - 1:30 pm

    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.

    mattnz
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    May 3, 2009 - 1:24 pm

    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 $320k?

    Surely you only pay gst when the money is received, not on the contract signing for the full amount?

    mattnz
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    May 3, 2009 - 1:05 pm

    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 value retained as a deposit on the mortgage freeing up cashflow.

    While it wasn't specifically what the article was about, I read about the possibility in the May 2009 "Your investment property" page 84.

    Cheers,
    Matt

    mattnz
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    May 3, 2009 - 10:05 am

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

    mattnz
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    May 3, 2009 - 9:56 am

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

    mattnz
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    May 3, 2009 - 9:49 am

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

    mattnz
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    May 3, 2009 - 9:44 am

    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

    mattnz
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    May 3, 2009 - 9:12 am

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

    mattnz
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    May 3, 2009 - 9:10 am

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

    mattnz
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    April 27, 2009 - 1:24 am

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

    mattnz
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    April 26, 2009 - 9:43 pm

    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 the banks.

    http://www.smh.com.au/national/overhaul-brings-relief-for-mortgage-holders-20090427-ajl3.html

    An overhaul of consumer credit rules to be announced today will make it easier for people who lose their job to envoke a "hardship" clause to seek relief from demands to meet mortgage and other loan replayments.

    As the Treasurer, Wayne Swan, warned that unemployment "will certainly go up", the Federal Government is moving to ease the stress on home buyers who find themselves unable to meet mortgage repayments.

    The Minister for Corporate Law, Nick Sherry, will announce an increase in the threshold for people to qualify for financial hardship from $312,400 to $500,000.

    Senator Sherry said the change was aimed at helping people to keep their home even if they lost their job.

    People will be able to apply to their bank or financial institution to negotiate a way to cope. It might include extending the term of the loan to lower repayments or a repayment holiday.

    "If homeowners find themselves in financial hardship they will be able to request help," Senator Sherry said.

    "Front and centre of our national consumer credit protection regime will be a deramatic increase in the monetary thresholds under which consumers can get help if they are struggling with a mortgage."

    "Many families may be missing out on the help these hardship provisions can provide – help that may keep people in their homes during challenging economic times."

    The hardship scheme also applies to people who become ill and covers credit cards and personal loans.

    The four main banks have signed up to the scheme.

    The National Consumer Protection Act is expected to begin on November 1 and will also set down rules for the disclosure of fees and charges for financial products and streamline rules for credit cards and payday lending.

    Banks and other lenders will be required to sign up to responsible lending provisions.

    mattnz
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    April 26, 2009 - 2:53 pm

    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 funds
    2. Not a very high income
    3. Low / no savings
    4. Not a permanent resident
    5. Moving to Spain in a year (which you also seem to think will suck in any extra cash you may get)
    6. Don't appear to have any experience

    When you put these things together I think it is very hard to make things work for you.

    However… there is a realistic strategy that I think you are in a position to do, as someone that appears time rich and cash poor. You could try "bird dogging". This means you charge a fee for finding excellent buys for those that are cash rich and time poor. They would tend to be properties where you have negotiated a low purchase price that provides both equity and positive cash flow. I have never done it myself but I imagine for a great deal you may be able to get perhaps $1k-$5k. Others with experience in such deals may be able to give you more information on it.

    Not trying to discourage you, but thought that this may point you in the right direction to get some money behind you at least in the short term.

    Good luck,
    Matt

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