Forum Replies Created
Shaun,
I think you should see a decent accountant as to redoing your tax for the past few years.
I don’t believe that the ATO polices the FHOG. Regardless you have a very valid reason to leave the place and I would be surprised if you have much trouble with anyone over it.
I also agree that Pro Packs are very useful for those considering multiple properties. We use them a lot here in the office with our investors.
And lastly, I can’t imagine the situation where I would consider having an offset account on any loan apart from the PPOR one.
Cheers team,
Simon Macks
Mortgage Broker
[email protected]
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.
Mel this is true.
However I recently tried to neg a 5% deposit and the vendors solicitor crushed it. His grounds were that if I shot through and had to forfeit that 10% then they would have to chase me for the extra 5%.
Made sense to me and good advice to the vendor I thought.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
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 have built a house? You have already started my friend[
]Just keeping pushing on ahead!
Look at 20 open houses in your area next weekend. Start researching.
I wish I was in your position when I was 21.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
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.
Peter M,
I have an example report if you still want to see one.
Email me and I will send it to you.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
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.
Spot on Mel.
Easy to set up and saves exposing the PPOR as well.
The PPOR debt can be split to show the two loans one of which will be deductible.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
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.
Some people change the ownership of the PPOR and borrow 100% of the new value – to a spouse or a trust. This means paying stamp duty again. But it is also CGT exempt.
I think at this stage you need to be talking to a savvy accountant.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
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.
Damon,
Sorry mate but redrawing creates a new loan in the eyes of the ATO. They see you as having paid down the principal then any redraw is a new drawing on that principal. No different to drawing on the equity. So the purpose of this redraw will determine the deductibility. If for a new PPOR then not deductible.
This is why Offset accounts are great as they preserve the original debt..
Simon Macks
Mortgage Broker
[email protected]
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 isn’t illegal but make sure you are honest with your new broker.
One problem you will face is the additional hits on your CRAA and the second lender will ask you whether you have applied to another lender for finance on this property.
Cheers
Simon Macks
Mortgage Broker
[email protected]
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.
Chris,
May I suggest that you start mixing with people who are putting your plans into practice.
Where are you based? Perhaps there is a group of investors you can make friends with – and I don’t mean paying to join an investment group.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
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.
We have been advised and have read, that we should pull all our equity out of the current loan and dump it into a bank account (ING) and just pay the minimum on our current mortgage and put all the cash we normally put into the loan into the ING to save for a deposit for our new PPOR. Is this ok?
Might be too late to do this. Pulling out the equity creates a new loan unless it was in offset account. As you understand the purpose of this new loan determines it’s deductibility.
Once the time comes, I will refinance the IP to access the increase in equity we have over this home and then invest this equity into other income producing assets, shares, property etc. I believe this to be ok as we would be using the equity from the IP for other income producing assets, and therefore claim the interest. Whereas you could not do the same by putting the cash into the new PPOR.
This looks right to me.
Hope this makes sense.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
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 – if the new IP is producing taxable income then the loan will be deductible.
cheers,
Simon Macks
Mortgage Broker
[email protected]
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,
Can you very quickly explain the difference between passively geared and neutrally geared?
thanks mate,
Simon Macks
Mortgage Broker
[email protected]
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.
Russia
I think there might be a few handyman’s delights available.
Simon Macks
Mortgage Broker
[email protected]
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.
Depending on the LVR you could even try for a NODOC loan.
Rates from 6.6%.
I am sure Mel can steer you in the right direction.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
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.
By all means Cornel. Not promising anything but we can take a look and see if I can come up with any different lenders for you.
Have a great weekend.
Simon Macks
Mortgage Broker
[email protected]
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 think it varies according to state. For example here in NSW I recently bought a place and was not required to pay any sort of deposit with the offer.
A week or so after contracts exchanged the vendors agent asked me to pop in to pay the 10% deposit.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
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 true they all work with mostly the same major lenders.
It isn’t only the rates either. Lenders have different serviceability models too which see one lender being able to lend a person up to double what another lender may think is their limit.
We all have access to different smaller lenders. Noone could have all the possible lenders on their panel and know them all well enough to do them justice.
I’m not trying to give you false hope here. Just suggesting getting a fresh opinion.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
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.
Just reread my post and it comes accross a bit smart arsed.
I meant that different brokers have access to different products and some are more skilled in areas that others might not be. I have no doubt your broker is v.capable but a fresh look wouldn’t hurt.
There are a number of solutions out there and it really is worth while just being sure that you really have hit the limit.
I speak to people who have been rejected by one lender or one broker and really believe that they have hit the end. It is often not the case.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
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.
What about you find another Mortgage Broker?
Cheers,
Simon Macks
Mortgage Broker
[email protected]
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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