Forum Replies Created
With all due respect that legislation was changed some time ago and your broker should know that.
It is easy. Don’t live in the property and it will be an IP. FHOG will still be available for your home.
Check it out for yourself by following the links in my earlier post.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked! 6.85% Rate!!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
My interpretation is that if you are buying a home and reside in it then you are entitled.
However I would recommend you contact your state’s administrator of the legislation and ask the question. Links to each state are on my website:
http://www.mortgagehunter.com.au/first-home-owner-grant.html
If you don’t reside in the property and don’t get the FHOG then you will be entitled if you were to buy a home at a later date.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked! 6.85% Rate!!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
A Financial Planner helps you arrange your investing affairs to achieve your goals. Typically they recomend managed funds and the like. Rarely do they recommend property – their comission structure isn’t set up to be paid this way. Some in the past recommended tax effective agricultural projects such as Tea Tree Plantations, Olive Groves and the like. A number of people have had their tax deductions disallowed despite the planners advice.
A Mortgage Broker, like myself, simply assists a client to arrange property finance. Without going into a salespitch we find out what the clients needs are and identify suitable loan products. We then help with the paperwork and see it all through to settlement. We are often able to liaise with the lenders where things are a little out of the ordinary.
We are paid a commission by the lenders. Generally they are all pretty similar except for the more boutique style products.
If you are after a broker in Perth let me know. If a financial planner then I am afraid I don’t know any over there.
All the best,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
NODOC refers to no income or employment questions – not even to quote an earnings figure.
Yes it is available for country residential properties.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Drop me an email and I will send you some stuff about a group I am aware of.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Don’t listen to the people at work.
I think they are thinking of second hand car dealers [biggrin]
Your CGT will increase and yo need to understand what that means.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Well July was good but has dropped off since.
I hear that many people in the larger cities are buying new cars etc with their property windfalls.
Not what I would recommend – car is worth 20% less as soon as it leaves the car yard then you pay it off over 30 years….. Hardly seems prudent to me! I drive a 10 yr old commodore myself!
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
That looks really good Celivia! I was interested in polished concrete floors with heating installed for when we build our dream home!
Will explore this stuff a bit more.
Thanks for the link mate.
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Sharyn,
Thats a terrific post – well done.
Some food for thought for those considering buying sight unseen I think.
All the best,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
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 URL is http://www.loanalert.com.au
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Wanting more,
I think he meant white appliances like ovens, dishwashers etc….
Like you I wouldn’t dream of using anything other than stainless steel for the sink!
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
These sorts of decisions really need to be made for yourselves. As a broker I find this sort of questions weighs heavily on my mind and is one that you really shoudn’t ask someone to make for you – if they easily advise you then perhaps they are a little flippant and not to be trusted with your livelihood?
A NODOC would be the best – this would free up 65% of the value of all securities and shouldn’t be expensive. My NODOC is 6.85%.
I am sorry but this is really your call – once you made it then a broker can help a lot!
All the best,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Well done Sarah,
Might I suggest you do some searching and reading of the previous posts. That may answer many of your queries.
There are some advantages to establishing a property as a home…CGT is the one you avoid if you rent for less than 6 years- you will still pay income tax on any profit you might make.
There is some FHOG info on my website which I would rather not type out again.
Lastly for borrowing ability it depends on two things, deposit and income. If you can advise me of those I can quickly work it out.
Any broker or Bank officer will do it for you – remember that all banks are different so I would recommend a broker who covers many lenders rather than a bank who only covers their own products.
Starting young is probably the absolute best thing you can do. Any experienced investor on this or other sites will tell you they wished they had started earlier!
All the best to you!
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Tinkerbell it isn’t as simple as that. The great unknown is growth.
By all means buy pos cashflow properties, I am really reluctant (as I think any responsible forum member would be) to advise you on whether to sell a major asset that has greatly added to your overall position in the last few years.
I gave you some things to consider – end of the day it is your call.
I hope it goes well for you,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Whatever his decision you need to factor in the selling costs. I imagine these will be about10K for a sale plus any CGT he might owe.
You also need to factor in the buying costs of the first property he buys to replace it….Stamp Duty is quite expensive…
This may well put a different light on the figures.
All the best with your plans,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
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 we lived overseas I built my mum a new garden shed – stored our stuff and it was win win all around.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
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 would probably make finance enquiries at the very start so you know what ballpark your price can be in.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Free
Is that OK?
Have a great weekend!
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Allan,
Is only a 6 month residential requirement. This must start within the first 12 months.
Also the vendor duty shouldn’t affect you as it only kicks in when you sell your IP.
Cheers mate,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
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 suggest you spend your time deciding what you want and loking at places.
Speak to a mortgage broker. We can advise you how much you can borrow and when the time comes advise you on the nbest deal for yur situation.
All the best,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
