Forum Replies Created
The period is six months that you need to reside in the house. This must start within the first 12 months of ownership.
Be careful purchasing together – there are a few issues to consider:
1. If you take the FHOG then all three will be deemed to have owned a home and the other two will never get the FHOG.
2. If you share the mortgage three ways then your assets will be a third of the home and your income will be of a third of the rent. The liability will be the whole loan as you are each jointly responsible for the entire loan. This can make subsequent borrowing difficult.
3. Many people will describe the problems that might be encountered with entering into a partnership where you may have different goals and your lives will take different paths. You need to consider exactly what you all want from the investment plus a clearly agreed on exit strategy.
All the best,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
When you buy a property in NSW there is a five business-day cooling-off period after you exchange contracts. During this period you have the option to get out of the contract as long as you give written notice. The cooling-off period starts as soon as you exchange and ends at 5pm on the fifth business day.
A cooling-off period does not apply if you buy a property at auction or exchange contracts on the same day as the auction after it is passed in.
If you use your cooling-off rights and withdraw from the contract during the five business-day period, you will have to pay the seller 0.25% of the purchase price. This works out to be $250 for every $100,000.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I believe that if you “cool off” during the allowed period you pay a very small penalty.
If you pull out due to a clause inserted by your solicitor the you pay nothing.
Such a clause might be “Subject to a satisfactory report on the Owners Corporate by my solicitor”
Your solicitor will know best what to write.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
What state are you buying in?
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I wouldn’t be too concerned -the REA idea is to tempt the vendor into just accepting the offer – A bird in the hand…”
Certainly any deposit would be refundable if the offer isn’t accepted.
Perhaps attach a cheque and advise the agent only to bank it if the offer is accepted?
Let us know how it goes,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Mine just went up to 250 Mb today as well [biggrin]
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Perhaps you can purchase 2-3 bedrooms and rent the spare ones to other students to help with your mortgage?
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
The rent will be deductible over the period it is rented.
Any repairs to bring it back to the standard it was prior to being rented would be deductible.
Any improvements would not be deductible.
I suggest that a few minor repair claims might be OK but I wouldn’t claim any of the reovations costs – certainly not new carpets, aircon etc.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Is purely a tool for a broad brush comparison of properties. Assuming all things are equal except for rent.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Deb,
Noone is laughing – we have all been where you are.
I think a good broker could sit down and show you some loan structure ideas to set you up for your next step.
An accountant would be useful if you need to decide on what structure to buy a property under. I suggest you read up first so you aren’t paying a high hourly rate for someone to teach you the basics.
All the best,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Deb,
What do you want this professional to do for you?
Sorting out your finance is a bit vague to make you any recommendations.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Today is cold and wet – I can think of a dozen different countries I would rather be in right now.
But I am grateful to have been born here with the easy life and the opportunities we have![biggrin]
cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I haven’t heard of them.
Do they have a website?
I always find a good rule of thumb with brokers is to use ones referred by people you trust.
cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
must be no smart people up this morning so I will try to answer it.
weekly rent x 52 divided by prchase price x 100.
gives a % yield.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I have never come accross this situation before – You can certainly get a reval and top up done three months after settlement.
Be very careful with doing work prior to settlement. If you fail to settle for any reason you will not only lose your funds involved but may also eed to pay to restore it to the originalcondition.
All the best,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Chefman,
You are a legend.
Let me know if you need a pub partner in Newcastle [biggrin]
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Not entirely correct – you can purchase a new PPOR while you are selling the old one and this overlap can be up to six months.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
This is pretty well the case.
The additional equity can be used towards the next property and fees such as LMI and SD still need to be paid – depending on the numbers of course.
Some lenders will allow you to add LMI to the loan above the 95% LVR.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Seriously, I know what you mean. I loved backpacking through South East Asia – especially Cambodia and Laos. I plan a trip to India sometime when I can find time.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I will check my crystal ball when I get home tonight [blink]
cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
