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melbear
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January 21, 2004 - 8:48 am
Mooda, it doesn’t have to be equal shares in the trust, which can be really good if one puts more in than the other, etc. etc.
Also if you do split and no longer wish to own property jointly, buying back the units in the trust is a lot simpler than having to change the name on the title etc. etc.
Cheers
Mel
melbear
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January 21, 2004 - 8:46 am
Terry, why would Celivia have to pay tax?
Is that because paying out 5.5%, but saving interest on 6.5%? Even then I wouldn’t think it was taxable for them. It’s not income, it’s just helping to save them some money.
Her mother, yes, and as she’s paying tax already that won’t change.
Cheers
Mel
melbear
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January 21, 2004 - 8:43 am
Originally posted by LeighK:
PS: Whats with all these bears on the forum.
Hey, there’s nothing wrong with Bears! We are endangered remember. You can be one too if you like Leigh – Bearleigh. [:o)] LOL
Cheers
Mel
melbear
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January 21, 2004 - 8:31 am
Hi Bry0, welcome to the forum
I would suggest you buy one of Hans Jakobi’s books from the bookshop – How to Be Happy on Your Income or something like that, before spending big money on his home study pack.
I got a flyer recently advertising his home study pack, and what it says is included looked really good, and if I had a spare $3K that I was willing to commit to it, I would have bought it. However, I’ve spent heaps of money on education, so need to replenish the reserves.
But definitely check out his book first, and see if you like what he says. then you can decide if you want to spend the big bucks.
Cheers
Mel
melbear
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January 21, 2004 - 8:27 am
Yes, but moderator still won’t give him that extra star that he wants.
perhaps the moderators should get the sys admin to give PG a star all of his own! []
Cheers
Mel
melbear
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January 21, 2004 - 8:22 am
Originally posted by kay henry:
Hey Matt- what’d you do with Mel? Don’t tell me she’s gotten into (gasp) *shares* ??
kay henry
LOL[]
Nope, I’m looking at rabbits now!
Cheers
Mel
melbear
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January 21, 2004 - 8:13 am
PG you must have been bored digging up all these old posts!!! []
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Mel
melbear
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January 20, 2004 - 12:33 pm
Troy, the company could gift the money to the trust. I guess it just depends how you will then account for the money in the company’s statements.
2. Asset protection. (I think)
Cheers
Mel
melbear
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January 20, 2004 - 12:09 pm
Are you talking about a development off the plan – or a one off house?
With OTP, it is common for places to be onsold before completion, however the second buyer loses out on the builders 90 day warranty – unless they can do some sort of deal where the first buyer will chase up the builder for any defects. It’s a bit of a bugger, but some builders are actually good and will honour the 90 days even with a second buyer.
Cheers
Mel
melbear
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January 20, 2004 - 12:00 pm
Hi bozzies, welcome to the forum.
If the house is your PPOR, and you lived in it from when you first owned it, you can move out and rent it for up to 6 years, move back in, move out, 6 years etc. with no CGT.
HOWEVER, you cannot claim another place as your PPOR during that time. You can only have one (except for one 6 month overlap if selling after purchasing your new one).
Cheers
Mel
melbear
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January 20, 2004 - 11:47 am
troyid, you can either gift the money to the trust, or ‘loan’ it from yourself.
The bank will look for you to have a deposit, or additional security outside of the trust that you will let them grab.
The bank will also ask the trustee to sign as guarantor for the loan.
Cheers
Mel
melbear
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January 20, 2004 - 11:44 am
taleisha, it’s as Mortgage Hunter says.
My offer for the one I’m about to settle on in NSW included my terms of $1000 payable on exchange of contracts – balance payable at settlement.
The agents generally just want to make sure they get paid – and the easiest way for them to do that is to have the 10% paid into their trust account.
Just say you only have $1000 to put down, and that’s the condition of your offer.
Cheers
Mel
melbear
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January 20, 2004 - 11:19 am
No problemo!
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Mel
melbear
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January 19, 2004 - 1:39 pm
Agreed richmond
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Mel
melbear
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January 19, 2004 - 1:14 pm
That’s true Guru. I wasn’t suggesting it was bad.
Kay and Matt definitely spend time with us in here now, but I’ve just noticed that Pinky does not.
Arty, what’s ‘the little woman’ been up to such that we are no longer important? []
Cheers
Mel
melbear
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January 19, 2004 - 1:00 pm
Matt, your first step is to contact a mortgage broker, and work out what you can borrow, and what you have for deposit etc.
I believe NSW has changed the laws so that you must live for 3 or 6 (can’t remember) months to keep the FHOG, but check it out. If it’s an IP, you can’t get the FHOG.
However, buying an IP, and NOT living in it, you can still get the FHOG when you buy a PPOR.
Cheers
Mel
melbear
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January 19, 2004 - 12:52 pm
Hi Matt and welcome
Good luck with your plans. I hope if you do have spare time now you are looking at lots of deals and analysing them to see how they work.
this will be good practice for when you are out there doing it for real – and you will be much quicker at it then.
Cheers
Mel
melbear
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January 19, 2004 - 12:35 pm
Yay for Bear’s ‘spotting skills’
Will you ever go back to dial up again? []
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Mel
melbear
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January 19, 2004 - 12:23 pm
Yes, but it got very quiet when Arty moved house, and then was banned from the internet at work. []
I see he’s making a bit of a comeback though. []
Cheers
Mel
melbear
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January 19, 2004 - 5:46 am
That’s true SIS – but I think there is a way to make it tax effective. It won’t hurt to ask the accountant’s advice.
suggest that you’re thinking of renting out the room, and ask what the tax situation would be.
Cheers
Mel