Forum Replies Created
Can have two PPORS at the same time for 6 months if they overlap between buying and selling.
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.
If it in NSW then email me.
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.
For SA.
http://www.revenuesa.sa.gov.au/stamps/sdreal.htmlWhere value of the property conveyed Amount of Duty
Does not exceed $12,000 $1.00 for every $100 or part of $100
Exceeds $12,000 but not $30,000 $120 plus $2.00 for every $100 or part of $100 over $12,000
Exceeds $30,000 but not $50,000 $480 plus $3.00 for every $100 or part of $100 over $30,000
Exceeds $50,000 but not $100,000 $1,080 plus $3.50 for every $100 or part of $100 over $50,000
Exceeds $100,000 but not $200,000 $2,830 plus $4.00 for every $100 or part of $100 over $100,000
Exceeds $200,000 but not $250,000 $6,830 plus $4.25 for every $100 or part of $100 over $200,000
Exceeds $250,000 but not $300,000 $8,955 plus $4.75 for every $100 or part of $100 over $250,000
Exceeds $300,000 but not $500,000 $11,330 plus $5.00 for every $100 or part of $100 over $300,000
Exceeds $500,000 $21,330 plus $5.50 for every $100 or part of $100 over $500,000Cheers,
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.
Check out your office of state revenue equivalent for the stamp duty formula.
Borrowing costs will be dependent on your loan size versus the purchase cost. LMI is the killer here.
Legal fees are usually $1500 – 2000 here in NSW – but it does vary a great deal between states.
Sorry I’m actually not all that accurate. Call a conveyancer and ask what the legal fees are there. Email me the loan details and your deposit and I will calc the borrowing costs for 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.
You are looking at the following.
Building and Pest inspections $400 – 500
Stamp Duty
Borrowing Costs
Legal FeesIf you give me a state and a price of the property I could put figures in for these.
All utilities are the tenants responsibility.
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.
Andrew,
We have a 5.7% return.
Why is this a good buy?
Please don’t think this is an attempt to put you down – but rather an opportunity for you to educate us on the benefits of this investment!
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.
Simon, you can actually purchase another home to live in. You just have to decide which one you class as your PPOR and therefore CGT exempt. I’ve stated in another posting that you do not even have to make this decision until you sell, and you can work it out based on which option is best then!!
Exactly Mel. As I said the exemption can only be retained for the opriginal property provided you don’t own another PPOR.
However you can buy another home and sell the first one up to 6 months later and have it for both.
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.
All the positives are in black and white on their website. Great long leases, well maintained and inspected properties. Built to a standard and painted and recarpeted on expiration of the agreement – depending on the length.
The negatives that I have heard about from investors are mainly,
High management fees, this is balanced by 100% occupancy.
Rent is not always adjusted to market rate to satisfaction of owners.
Because of the long leases they can only be sold to another investor. I have heard that this may result in a reduced valuation due to a limited market.
Overall I think they are great for an investor who needs a little additional security and is happy to negative gear. I think the more sophisticated investor might find the restrictions a little stifling!
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.
http://invest.dha.gov.au/dha/html/dhaprop/invest.htm
They have a lot of info on their website. There are a lot of positives and some negatives associated with this type of investment.
As an Army Officer and Mortgage Broker I have had some experience with their system and would be happy to answer any questions either in this forum or by email.
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.
Loyalty counts only for so much.
By all means call me for a chat and see how you feel.
But shop around and see what else is available as well.
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.
Find another lender.
There are lenders out there who will be more receptive to your strategy.
Use a broker experienced with investors using your strategy – he/she will quickly point you towards an appropriate lender.
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.
Kelly is correct. To take it further you can move out and rent that property for up to six years and retain exemption provided you do not purchase another home.
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.
Karl,
Call me for a chat. I am not after stealing his deal but would rather keep any advice between the two of us.
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.
I have bought and sold properties in the past. Looking back I realise that I would be in a much stronger position had I held.
I have now made a conscious decision as part of my strategy not to sell any properties. The exception to this would be multi dwelling developments however I would hope to retain one from a project such as this.
I think the difference is that as I am a little more experienced and older I now have an ability to see a longer term picture rather than snatching at a short term gain.
I think Minimogul is spot on and his ideas match my feelings on this.
But as always many people have many strategies and there isn’t any one route to take on this path to wealth!
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.
There are other options available.
A friend of mine described a venture capital firm that invests money in bio tech start ups. He said the money was capital guaranteed and historically returned 20 – 30% pa.
I don’t know a lot about this and am not making any recommendations here – merely pointing out that there are lots of opportunities out there for a person open to them.
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.
Never heard of them. Do you have a website I can check out?
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 more info.
I told him I was intending ripping out and replacing the kitchen.
He said he will do the report beforehand so I could write off the residual value of that kitchen then he would pop back afterwards and update the report with the new kitchen so I could depreciate that.
He aseemed to be very keen to do his best by me.
Beware those firms who try to estimate it all based on a form you fill in!
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.
I have a 60’s property. My QS told me that if they don’t get me a refund worth at least double their fee in the first year they will refund the fee – and let me keep and use the report.
How could it not be worth it?
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.
I am keen to get a piece of this action Bill!
Have a great weekend!
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.
That is wrong. He shouldn’t be taking his own private crusade out on your valuation.
His job is to advise on the current market valuation supported by comparable sales. If you look at a valuation you will see that it has a seperate section for market volatility. This is where he can highlight his perceived risk of an inflated market.
A valuation is for the day it is valued. It is not the valuers job to predict the future.
Your broker will be able to advise you which lenders are preferred for valuing different types of properties.
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.
