I think I would prefer to live across from a park rather than be backing onto one. Going in through a backyard is a lot less obvious for the thieves.

My sister and her husband are both coppers and were absolutely (dare I say) paranoid about NOT buying next to a laneway, as of course they had all the statistics of burgs etc. to back them up.…[Read more]

1. If an asset was acquired or disposed of under a contract, the time of acquisition or dispoal is the time of making the contract

Yack, I wouls say that time of making the contract is the actual contract date. It’s also what my accountant told me a couple of years ago, hence I did not exchange contracts until 6 July rather than last week of…[Read more]

I’ve never been a tenant[biggrin]… not a paying one anyway. I lived ‘out of home’ for six months in my grandparents house while waiting for the papers to be sorted so I could buy it, but then I moved back home…

Then I moved in with my partner for four years (no rent there, but lots of hassle[thumbsdownanim), then I dumped him and moved back…[Read more]

LifeX, I reckon that would be lender dependent.

ie. not all lenders will charge the fee, and some lenders are actually ‘trust friendly’

Cheers
Mel

Hey guys

Can’t resist a quick point on Kieran’s ‘article’. He compares the borrowings of Aus and NZ, and states that Aus is 10 times the Kiwis. Is that in total? Surely that’s so easily accounted for in our population differnces?

Cheers
Mel

Breakfree for an excellent starting point grab Trust Magic by Dale Gatherum Goss (www.gatherumgoss.com). If you have further questions he lists his email, and I believe he is prompt in his replies.

Also as mentioned, he is a moderator at somersoft, so you could ask the question there, and probably get a number of answers from the experienced…[Read more]

Myydral, if selling through an agent, I think about 3-4% is normal. then you’ve got solicitor/conveyancer costs for the contracts. Then you’ve got the possibility of not getting the price you want….

With buying you have the solicitor/conveyancer costs, stamp duty, inspection costs etc. These things really eat into the amount of money you…[Read more]

dragonlady, when you sell the old house, you need to make the election in your tax return as to its PPOR status.

If you decide that it was your PPOR for the whole time (ie you don’t want to have to pay any tax when selling it), then your new house cannot be classed as a PPOR for the overlap period.

If, however you decide that your current house…[Read more]

Hiya Dom

Make careful note of the new tax brackets that are being brought in over the next couple of years….

If you can, I would suggest as Derek said, staggering the sale. The reason for this is as he said, that the taxation can be less.

For instance, if you sold one in July this year, you not only have a year and more before you have to…[Read more]

Myydral, is that $20K after all costs? I don’t see how it will help buy two IPs, especially with all the extra costs that have to go into it….

If I were you I would hold onto the house, and look at saving as much as you can to get a deposit for the next one quickly – or see if you can get some equity out of the IP to help fund the next one.…[Read more]

Jars

I’ve got no problems with the level of your portfolio, especially as you have the income to service it. I also believe in rewarding yourself or else what’s the point…

Anyway, if I had such a large income (and obviously you have the possibility of increasing your wages as your deductions increase, thus keeping your tax payable down….) I…[Read more]

Wayne, any new home can be depreciated (and should be!)

Any competent QS can do a depreciation schedule for you so that your accountant knows what to claim, and if you want to, it’s easy to fill in the form that Redwing mentioned to get your tax back fortnightly/weekly (however you are paid), rather than a lump sum at end of year.

So don’t go to…[Read more]

Bucko, don’t ever sell that pre 1985 house. They are like gold… Once gone, you will never get it back.

I like the idea of purchasing a second place in Brisbane, and claiming that as your PPOR. Then rent ‘out west’, which should be covered by the two rents you’ll get on your IPs…

Plus, if you’re not sure how long you’ll be out west, it…[Read more]

Agree with above..

Go Low Doc, or No Doc.
Find a better broker…

Cheers
Mel

Lucifer, from memory there are Aussie stories, and I think Kiwi stories as well – to show that it can be done worldwide I guess!

But again, how long does it take to a. receive submissions from your readers, go through them to choose the ones to use, prepare them in readable format, get them edited, and then published etc. etc.

So wherever the…[Read more]

Rob, I cannot see where that tells us HOW to calculate the CGT based on whether or not you lived in it first, and then rented it….

Cheers
Mel

learay, if you look at margaret lomas website, she has a free download program that can work out stamp duty and other things for you.

As for letting fees, I’ve found it’s a weeks rent, or 2.3% of yearly rent (which is almost the same).

If all the prices of houses are approx the same, you’d probably only need to get a rough idea once and you’d be…[Read more]

Jet, that was one of g7’s answers way back when….

Cheers
Mel

Elves, check out http://www.notgoodenough.org (I think, maybe .au) and http://www.crikey.com.. Crikey may not be relevant, I’m typing off the top of my head (aren’t I clever[biggrin])

Cheers
Mel

Derek, I’m guessing that either the author and/or those surveyed were married?

And from what I have heard, that is true of all marriages?? If that’s the case, I reckon I’ll never get married…….[biggrin]

Cheers
Mel