Forum Replies Created
Chan$,
I just spoke to the OSR on your behalf (I hope you don’t mind).
They tell me that you are past the 12 month application period from when you bought the property.
I took it higher and we believe that the best strategy is to apply for the FHOG and you will get rejected.
Then appeal that rejection and put forward your case as to why you didn’t apply.
Youy will need to have some good reasons for why you didn’t know your entitlement.
Best of luck,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Very useful site,
Thanks Georgisj
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
It is worked on both the LVR and the loan size.
If you email me the figures I can give you indicative costs.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
If they need to use the property as s ecurity then they all need to be on the loan.
The main problem is they will all be individually responsible for the whole debt.
Better if they can all raise the fifth share on other properties and pay cash for the JV.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Chan$,
If you have never lived in them and didn’t own property before Jul 2000 then you are eligible for the FHOG.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I am doing it. I have five students and they are wonderful young people. The place is always spotless.
I was selective and chose my ones well.
If you have any specific questions please post them or email me.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
If you have an ABN for two years plus then you can self certify your income as being self employed. Generally the LVR is under 80%.
You can have a “no questions asked” NODOC loan if the LVR is 65% or less.
These are usually higher interest rates but some start as low as 6.85%.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I generally prefer the second option.
Depends on the exact situation though.
Regards,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
There is no need to change the loan if the property is to be rented.
If your loan is expensive or otherwise unsuitable then you may wish to consider it but you will need to take into account the fees involved before you can be certain it is worth it.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
SIS,
claim percentage of property as 25% used for business purposes
4. use 6 year rule and avoid capital gains taxsI don’t think you get the 6 year exemption if you claim costs whilst living there.
You need to speak to the ATO or an accountant.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Montrose,
You really got it against brokers haven’t you. Were you bitten by one as a child?
[
]Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
You know when I was first on this forum I was a little frightened by some of the well intentioned advice being given by one inexperienced investor to another. Some of the stuff I was reading was plainly illegal.
I think the forum would benefit from a few more professionals other than brokers who can give of their experience. Perhaps some agents, solicitors and accountants would be great.
Of course they need to identify themselves in their signature so that people can weigh up the advice being given as being from a professional.
What do others think?
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I am not sure but am guessing that it would probably be OK in that case.
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
You will be able to get the NODOC on their behalf.
They can get it if they meet the FIRB requirements.
We will have to do some research to see if they meet the requirements.
Is it a new property they are looking at?
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Woody,
Go to
http://www.mortgagehunter.com.au/first-home-owner-grant.html
Follow the links to your state department and you will see that it is essentially correct.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
They always check your CRA to see that you are not a serial defaulter!
They will know about the other loans so disclose them.
Remember that the lenders want your business so they will try to do the loan if it meets their policy guidelines.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Or check out the choice package if you want to stay with the NAB!
Cheers
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Yes it is correct depending on when they were purchased.
Check it out on
http://www.mortgagehunter.com.au/first-home-owner-grant.html
Follow the links to your state government department.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
If you continue your own savings you can build a savings pattern to satisfy the lenders.
Had a client recently who kept his savings in his parents offset account. Seems like a great idea but it crueled him when he applied for a 95% lend as he couldn’t prove it was his savings.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Montrose,
I am not going to dispute your opinions. In fact I defend your right to have and air them.
However it will please you to learn that you should no longer see brokers, real estate agents, buyers agents or others coming on merely to advise their services. The other moderators and myself will be deleting posts from people like this who don’t freely offer useful advice.
I have probably deleted a dozen such posts in the last few weeks and those people have stopped posts like that. I hope it is improving the usefulness of the forum.
If I miss one please do not hesitate to email me and point it out.
There is nothing wrong with folks providing an email address and stating what service or product they deal with in their signature. What is not allowed is the blatant selling of themselves that we have all seen in the past.
I trust this helps,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
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