Forum Replies Created
- Originally posted by sarge_80:
Corpy th’ ‘signment.
Does this make sense to anyone?
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 75% LVR***
[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,
It was aimed at people buying homes that were already tenanted – the loophole allows you to let a lease expire before you move in.
It does mean you can rent a place within that first year but I suggest you consider not doing so.
There are CGT exemption benefits from establishing a property as a home before renting it out.
Check it out.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 75% LVR***
[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.
Originally posted by nkibel:I have an Audi A6 and have just brought a Landrover for my wife. These have plummited in price and are great value on the second hand market
Nigel Kibel
http://www.propertyknowhow.com.au
Australian and New Zealand Property Researcher and education seminars
Nigel,
How come you drive a chicks car and your missus drives a blokes car?
[biggrin]
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 75% LVR***
[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.
Maybe try clearing your cache?
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 75% LVR***
[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.
Why don’t you tell us what it is about? What are the aims and objectives of it? Cost? Format?
What is your role in it?
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 75% LVR***
[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.
Originally posted by alexlee:Simon, but even if an offset account is used, extra payments are still considered paying off the principal of the loan, right?
If in the future say $100k is redrawn to buy a PPOR, the ‘purpose’ test says that the interest isn’t tax deductible because it’s for a PPOR.
In other words, paying off the loan on an investment property and then buying PPOR in the future isn’t a good idea as you lose the tax deductibility.
alexNo – that is the beauty of the offset. It never touches the loan. You can dip into the offset and it isn’t considered a redraw or a new loan.
You can redraw for anything – the loan statement doesn’t show any transaction and you can use it as you like – esp for a PPOR.
Check with your accountant.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 75% LVR***
[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.
Do you really need to sell to free up cash?
If you sell then you either need to buy or rent. It costs to sell. And you lose the CG exemption. Plus you have one less property working for you.
Can you borrow against the home to buy IP’s?
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 75% LVR***
[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 ideas.
Contact the FHOG authority for the NT. Explain the situation. They may see this job move as grounds to retain the FHOG. After all it is still your home.
Keep it for a year then repay the FHOG voluntarily. Should have saved the $7K by then or topup your loan. You will be able to use it for the next home.
I am unaware as to whether keeping it empty as your home for 6 months constitutes occupancy – esp if they can prove you weren’t even in the country. Talking the the NT authority without identifying yourself may answer this one.
Saying nothing and hoping noone notices may well be fraud.
I would appreciate you keeping us informed as to what you discover.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 75% LVR***
[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 paid to have ours done which the neighbour scoffed at and he did his job himself.
It looks really awful, all sorts of dips where he leaned too hard, nails shiny silver because he punched them badly, bits of grass and dirt between coats in the polyurethane etc etc.
Not worth the $500 he saved I think.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 75% LVR***
[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.
As HRM says – you need to pay $3000 on top of the interest to kill the loan in 45 months.
I suggest you place this money in an offset account. You will be effectively reducing the loan but will give yourself a lot more flexibility in the future.
Consider that in 45 months you wish to buy a home. You have 100% equity in the IP and 100% debt against the PPOR.
Not very tax effective is it?
Please look into the offset.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 75% LVR***
[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.
No I am saying the opposite. Most made nothing. Even in the biggest boom market I have experienced where you could buy with a dart and the Saturday paper and still make money.
Why didn’t they make money?
I think it is because some folk feel that doing the learning is the goal and analyse every deal to death then leave it to find a better one.
I have a friend who is like that. But he told his father about IP’s. His father bought two that weekend after looking at two places. My friend was horrified. Guess who is better off?
I am not counselling ill thought out action. Just saying that the results go to those who take action. And pressing me into action would be the thing I would want most from a mentor.
Cheers folks,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 75% LVR***
[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 you will find that people expect more from a mentor than to just give them info. You are right this is freely available.
What is the harder step is to just get moving. I think a good mentor would hold you accountable to take that first step and also to maintain the momentum.
It would be interesting to see how many of our readers actually take action? Even when armed with all the info in the world.
I have had clients who have paid $15 000 plus for weekend seminars. The ones who took action and made hundreds of thousands do not begrudge a cent. The ones who immediately left and went out and did nothing are the ones who feel it was a waste.
If Steve’s mentoring can help you overcome the blocks and get started what is that worth?
All the best,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 75% LVR***
[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.
GR is right.
Most people start with residential. It is liquid, tenanted easily and most importantly can be bought with as low as a 5% deposit plus costs.
Some will move to commercial. Dazzling is one and you should read some of his posts. Commercial will have less hassles when tenanted and often higher returns. But there can be delays between tenants and you cannot borrow as much.
Often the better commercial stuff is the more expensive making it out of the reach of many beginners.
Worth learning about and I am doing so at the moment.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 75% LVR***
[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 eBay – there is a brand new one there with 4 hours to go with the bid at $113. Bargain!
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
Is to do with your looks mate.
I am afraid you have a long way to go to be as handsome as me.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 75% LVR***
[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.
Floor boards are a big improvement. They add that modern, emotive, homely look.
I would do it. Is quite a cheap way to add a lot of improvement.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 75% LVR***
[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 just the one person.
This is actually pretty rare – in fact in all my time as a mod this guy is the only one who makes these obscene posts.
We do pretty well otherwise.
I really hope it doesn’t spoil your experience of the forum and the usefulness of the info contained.
All the best,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 75% LVR***
[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.
Now the lunatics are running the asylum [biggrin]
Well done mate…
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 75% LVR***
[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 depends on the rate Jim.
Nat is correct in the ease of calculating IO – I should have written what she did!
Remember that the IO period will usually be for 5-10 years. If the loan term is for 15 years then the repayments will go up steeply as there will be a lot of principal being repaid in that remaining period.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 75% LVR***
[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.
At about 6.6% interest it will be $127.02 pw.
If you have a different rate just ask.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 75% LVR***
[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.
