What about you housesitter – you going to take a drive up?

Looking forward to it.

Simon Macks
Mortgage Hunter
[email protected]
0425 228 985

Comments 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 have to submit a Development Application (DA) to council. Give them a call and ask for the planner. He should be able to tell you what you need. Alternatively if you go in they should be able to give you information.

Every council is different – some are very helpful others have terrible reputations.

In my area it is only a few hundred for the DA but you will need to engage a surveyor to draw up the exact plans of the property.

It depends on the Local Environmental Plan (LEP) as to whether it falls in or out of their guidelines for approval. The planner will help you here too. Basically you will know if it is possible before you need to spend any money.

Timeframes vary widely between councils too.

All the best,

Simon Macks
Mortgage Hunter
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Hardly any at all. The comment was tongue in cheek with a smiley to match []

I defer to your expert opinion.

Simon Macks
Mortgage Hunter
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Investor,

The $53 000 is tax free if you take it from the loan. Problem is that if you take it for personal use you are really just going to create a non deductable $53 000 debt.

If you use it to buy another IP then it will be deductable and still tax free.

You will incur CGT should you sell the property to get to the $53 000.

Cheers,

Simon Macks
Mortgage Hunter
[email protected]
0425 228 985

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 interest deductions can only be claimed if the property is available for rent.

Perhaps a house sitter paying a reduced rental might be an answer.

Cheers,

Simon Macks
Mortgage Hunter
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

If the redundancy is real then yes it will. Have you been formally notified of it?

Cheers,

Simon Macks
Mortgage Hunter
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Alex,

Paying the LMI is one thing – it is getting it approved by the Mortgage Insurers that makes it hard.

Most people are unaware that most deals rejected by banks are because the Mortgage Insurers reject them.

Will you be on a retainer with the real estate job? This can be included but usually only after you become permanent. I am afraid you are entering an industry reknown for high staff turnover.

There are lenders who can approve 90% LVR without needing to refer back to the Mortgage Insurers. In this case you might be better off holding onto your lump sum and saving as hard as possible so we can try for a 90% lend.

Just some ideas to get you thinking.

Cheers,

Simon Macks
Mortgage Hunter
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Alex,

There is no getting around the fact that it will be harder.

You could buy now on both incomes but you need to be sorted before that redudancy comes around or you will be caught with a contract and no finance.

Applying later will mean only on your partners salary of $35 000. Your real estate income can be taken into consideration by some lenders. Others won’t even consider it until the 12 month anniversary – worst case.

Depends too if the loan needs to go to LMI.

What will the PPOR cost?

Cheers,

Simon Macks
Mortgage Hunter
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Stu,

I can’t imagine any reason how it could affect your CGT exemption on your PPOR.

I do exactly the same thing myself.

If you need someone to tell you exactly then ask your accountant who is insured to give that kind of advice[]

Simon Macks
Mortgage Hunter
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Westan I used similar figures but a 100% lend rather than 80%.

The difference on the additional borrowing of $18K is about $22 pw – so we are almost exactly the same!

Cheers,

Simon Macks
Mortgage Hunter
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.