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  • Profile photo of melbearmelbear
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    @melbear
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    I wouldn’t think it would make that much difference to the mortgage broker to make it worthwhile for them.

    Couple of things – you’ll have to pay stamp duty on the higher value, but you might anyway as it’s not a ‘arms length’ transaction if you are buying it for less.

    The bank may also only lend you based on price so if you do buy at the lower price may find you have to come up with the deposit anyway. Also with the higher price, if it’s not your dad’s PPOR, he will have to pay higher CGT – but again may have to as it’s not an arm’s length transaction.

    I would check out the above with your accountant/solicitor to make sure you do the best thing for both of you.

    Oh, another thing, if you pay a lower value, and it’s not your PPOR, and you sell down track, you will be paying higher CGT – so I guess the govt gets you any which way.

    Cheers
    Mel

    Profile photo of melbearmelbear
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    Sala

    As i said, it will depend on your solicitor. If she has taken all that stuff, you need to make them include that as part of the valuation when they make the division.

    So, have I got this right?

    IP Value $230K, Loan $127K, equity $103K.
    Home Value $430K, Loan $400K, equity $30K.
    Total equity $133K. + all contents.

    I hope you have got a really good solicitor who will fight for you.

    Cheers
    Mel

    Profile photo of melbearmelbear
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    Polar

    The pro rata one kicks in when you have it as an investment, THEN live in it as your PPOR.

    I have not heard any rule changes regarding living first then renting, and the group I meet with every second week in Sydney would have mentioned it if it had come in. Presumably there would have been a bit more publicity too.

    Cheers
    Mel

    Profile photo of melbearmelbear
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    Kelvin

    Agreed, I like the look of i. To make it simpler for yourself though, I would make the cells that are variable for the IO = to the same ones for the P&I. That way it saves inputting twice.

    Fudge, you don’t need to add tax to this one – it’s just a matter of CoC Return. And tax is always different for everybody, so if you want it, it’s easy to add it in yourelf.

    Cheers
    Mel

    Profile photo of melbearmelbear
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    fullout, I would get them out to the house. You might be surprised what they can pick up that you wouldn’t notice yourself. I think they need to show that they’ve been there also – my guy takes photos.

    Cheers
    Mel

    Profile photo of melbearmelbear
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    Is that for the rat to live in the IP or with you? I doubt your tenants would be too happy if the place came complete with rats![:O]

    Cheers
    Mel

    Profile photo of melbearmelbear
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    Hi Sala55

    What a bugger for you!! It is my understanding that your ex wife is generally entitled to half of everything, but I could be wrong.

    You did not mention what your IP was worth? I don’t think she can ‘get her hands’ on it per se, but she may be able to claim some of the equity, which would either cause you to refinance, or sell to pay her out. Hopefully your solicitor has ways of proving that your ex wife did not contribute nearly that much, and you get to keep most of what you have obviously worked so hard for.

    Good luck!

    Cheers
    Mel

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    I’m too shy!![:I] I didn’t see one of you though!!!

    Cheers
    Mel

    Profile photo of melbearmelbear
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    Shane

    You do not have to live overseas to claim the PPOR as your residence for the 6 years. You just cannot claim another place. In fact, if you buy one, live in it for a year, move out and buy another one, live for a year, then buy another etc. etc. It is only when you sell it that you have to make the claim as to which one was your PPOR for that time.

    LuckyPhil, PPOR’s do not attract CGT, so you could have lived in it a month, and then sold. I say get another valuer, get it valued, borrow as much as you can (LOC so if you don’t spend it there’s no interest) to invest, and then come and rent one of my places!!

    That way, probably for the same payment (less even) in mortgage, you can rent a place that is not out in the sticks of Gungahlin, and you can have depreciation, and other tax benefits, while retaining CGT exempt status for 6 years!

    Or another option which I have suggested to Bear before is to sell it, but to an investor, and sign yourself up as the tenant, for say 5 years, but give yourself the out after a year or so, but don’t let them be able to kick you out.

    Cheers
    Mel

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    Thanks Poltergeist, that one worked. crashy is a handsome divil[:P]!!

    Cheers
    Mel

    Profile photo of melbearmelbear
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    @melbear
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    Poltergeist, I can’t get your link to work either. I have before, but now it loads to halfway on the bars, and does nothing.[:(]

    Cheers
    Mel

    Profile photo of melbearmelbear
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    @melbear
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    Hallo darling[:P] (although still waiting on Huey’s approval)

    Why don’t you email some of the announcers on the radio station, or call up a DJ and ask? I listen to music, but I couldn’t tell you the name of anything, or who sings what – it’s just background for me.[:I]

    MiniMogul should be able to help – being in the biz and all!

    Cheers
    Mel

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    Hi Dom

    Banks always want to steal business from other banks! It makes their eyes light up.

    You could still take one of the other properties across, and keep it as a stand alone. Just find out what deal they are offering, and see if it’s better than what you have currently, and whether or not your current bank will match it.

    You could always tell the new bank that you will be purchasing more property and they will be able to offer you a loan on that one too.

    Cheers
    Mel

    Profile photo of melbearmelbear
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    @melbear
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    Oh thanks Lucky Phil.[:I][:I][:I] I think I really have gone red!![:O]

    Poltergeist you can consider, but Paul proposed first! Huey has volunteered to check him out for me, if he doesn’t stack up, you can be next.

    But first, you need to also answer the question:
    ‘I need to know your assets and liabilities – and that’s not just financial ones!!'[:)][:P]

    Cheers
    Mel

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    Peter

    You are incorrect in your assumption that the option contract has stamp duty payable on it like a regular contract. This is one of the (only?) legal ways of being able to onsell a piece of property at some point in the future without you ever owning it, and you don’t pay stamp duty.

    An option is a choice as to whether you buy or not, you do not have to, but you may lose your option fee. If you do not buy, you do not pay stamp duty.

    Even if it is a Put and Call option, you do not have to pay stamp duty, but you do pay ‘income’ tax on any profit.

    Cheers
    Mel

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    Fudge

    I think that you should add the cost of your interest on the loan into your ‘costs’ section, and not have it calculated separately for a tax deduction, and then added back.

    When you talk to the taxman, he wants to know if you made profit or loss, THEN he looks at your tax situation, not before.

    Also, a realistic figure in the Income Needed box would need to take into account what the two of you need to ‘earn’. Remember to subtract taxes, Super, some living expenses – you do need to have some sort of a life!!

    Other than that, I think it’s a good plan, as I said to you, but also consider starting off with a cheaper property which requires less initial capital.

    Cheers
    Mel

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    Mike, for you to invest it looks like you are going to need partners. Either parents who are willing to go guarantor (and lend deposits), or money partners who will get the loans and you can split the profits, using your finding the deal as your input.

    Cheers
    Mel

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    I think Pinky has banned Arty from the modem – or put a spell on it, that’s why he needs to escape to work!!

    Cheers
    Mel

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    I think that’s a bit like saying only friend of the contestants on big brother watch and vote. Those guys must have a LOT of friends!! I haven’t seen the ratings for Idol, but I would suggest for them to drag it out so much they are good.

    Cheers
    Mel

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    Hey Porsche

    The author of that article – Stuart – posts on here quite often.

    Cheers
    Mel

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