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I was some how under the impression for some reason that as the giver, my mum would have a gift tax to pay ( as she was living when she gave it away to us, and it was not an inheritance to us. It was well over 10k which I thought was the threshold for giving away in any single taxable year period without incurring a gifting tax. And upon her death, that would make myself and sister liable for any of her debts……So I was not going to be shocked if the ATO said hey " beneficiary of so and so YOU owe us money" … I will give them a call and finally settle it ….. Thanks everyone for the help.
have also been looking at Mildura with the current rainfall and the river rising,,,,can only be posetive for the area as once was…..
I say a bit of bad luck if you can't come up with an idea to vouch for you……Funny story… I was in a simmilar position in 2001……….I worked house cleaning for a well off guy ( 15 hrs per week) 8 years in total… when my mother inherited money and gave it to me to find us a house. 80 k . I immediatley sort to buy a home for her, myself and my two children to live in…kids aged 11 and 9…….I approached a few banks. NAB finally listened to me in that I could afford to repay a mortgage even though I was getting cash in hand to supplement my sole parent pension. They requested that I supply proof from my employment,,he was more than happy to do that and see me get ahead…He owned a rather large buisness in Melb from Queens St and supported my application..Thus in them conferring with him .bingo I got a home loan…He is not a guarentee or anyway connected to my loan other than word of mouth and a few faxes of guarenteed income and personal reference….So it can be done if you have a simillar story…..Good luck and don't give up….Ps…I also provided 4 years of rent receipts with the same landlord and pleaded that if I could pay them successfully over the last 4 years then I could pay without trouble a cheaper mortgage….you do have to be diligent and rather confident if you want to prove yourself…..Good luck and keep trying..I did and it paid off….I have since quadruppled my inital 80k and am ready to take on more……….
Judging on performance, I think the Mornington Peninsula is most favourable on all accounts…..Skeptics prove me wrong…..We have a lot to offer down here…I, myself have made a killing in a 7 yr period…..that's not to say you will……Persevere, and you have to wait……it will happen……….We have almost everything here except provissions for bored teenagers….It is a retirement lifestyle though.and we all reject the notion of any corruption , any shape or form…..Stay away, go somewhere else if that is your intention,,,not here!!!!!!!!
…..Our youngsters don't need this influence….they will go to the city for that….,,We can only protect them for sooooooooo long…and then it is up to them, and what they have learnt……They are today's MARKET…………Key is to be well informed…
Jane, azzagirt
I could be game. My criteria would have something to do with a certain time frame factor, no exceptions…Ie, everybody knows they have super to look forward to but cannot access it, same for this type of project. Two /three years contracted maybe…Quick turnaround.
Hi DW
Every week i transfer out of my ANZ( thru pay anyone) into my NAB and it's there next day. Not by sight on Internet banking with either immediatley but is there same day according to later statements. Have been doing that for a year or so with mortgage.I had to set up recently over phone conversation with NAB for the same feature. They don't give you access to pay anyone unless they set it up for that facility. They send you an sms with code you must enter there and then on Internet banking. Then the transfer goes thru.
Cheers JaneMs Trump,
Still only learning myself, but might it be more profit rewarding to demolish, build one,( PPOR), live in it while the other is being built (over a 12 month period), meeting criteria for exempion of CGT living in No 1 for the12 months required before selling.
Hence, no rental income in that first 12 months but then probably lots of tax deductions in that first year. Have the second completed and ready to move into when the first one (PPOR) is being settled. Thus keeping all profit on the sale of the PPOR and then live in No 2 for twelve months and avoid CGT again, second time,whilst banking the profit of the 1st (PPOR) Or couldn't it work like that.?
I thought it to be feesible but not sure about the expenses claim for No 2 in the first financial years assesment or taking into consideration the undoubtable extra cost to the builder to come back twice< It could be worked>. You would have to do the sums with lost revenue but saved tax, and intrest. Maybe only paying tax on bank savings intrest on what you have saved from holding off building the second for the first year. If you are spending it on the second you in turn declare less bank interest. Could be way off, but just a new spin.
Ms Trump,
Still only learning myself, but might it be more profit rewarding to demolish, build one,( PPOR), live in it while the other is being built (over a 12 month period), meeting criteria for exempion of CGT living in it for the 12 months required before selling. Hence, no rental income in that first 12 months but then probably lots of tax deductions in that first year. Have the second completed and ready to move into when the first one (PPOR) is being settled. Thus keeping all profit on the sale of the PPOR and then live in No 2 for twelve months and avoid CGT again, second time . Or couldn't it work like that.?
I thought it to be feesible but not sure about the expenses claim for No 2 in the first financial years assesment, or taking into consideration the undoubtable extra cost to the builder to come back twice< It could be worked>
. You would have to do the sums with lost revenue but saved tax and intrest. Maybe only paying tax on bank savings intrest on what you have saved from holding off building the second for the first year. If you are spending it on the second ,you in turn declare less bank interest. Could be way off, but just a new spin.hi bj , have never inquired about putting the extra c/c debt on the HL as I was only given 12 yrs loan term on the mortgage ,not sure if they will give me extra time with the extra 10k added to it. I will make some enquiries. ta
Everyone has given me a few alternatives to getting rid of the bad debt. I will do something asap. Thanks to all for your time……..Jane
Ta again Kenny,
Both loans are with different banks, I will have to talk to my HL lender….eekk. but will do. It is logical.Cheers.
hey Kenny thanks,
The c/c debt and the extra in mortgage payments was a fantastic idea but sadly I now think I have missed the boat as home loan rates will be up again before I can get to the bank. So maybe it's still a good idea to put the c/c debt in to the HL debt. ie… do no 3 first, transfer to another and get the 6 months intrest free , then pay off my $100.00 extra to the debt ,then after 6 months transfer it to the home loan . Does that sound right.?
Have always managed to cope in life, never been one to save till now uless for something specific and then managed well. Always spent what I earnt. Always had what I wanted (within my means), which has left me nothing for the future but boy have I had a good life so far. Want to try new life style. One where money is a little more plentiful. I have potential. As I mentioned I have trippled my money in seven and a half years so the sky is the limit. Yes I am cocky but I have to be a shrinking violet no more. lol. Ps…….need all the help I can get…
Jane
I have never been more ready than now to take the plunge. I am happy to wait till I have my bad debt paid out. I have recently been able to start to add an other $100.00 p/w towards the c/c debt. I have managed to make repayments with ease so far and expect that I could take on more now. This is a really cool site and I know it will continue to encourage me to find my own personal financial freedom step by step.
Jane…….Ps ……keep up the good work site managers!Hi Kenny.
Good question.. Reality is I guess I have liked spending money in the past. I will try to start my new path in life as of now. Cheers and thanks for the post.
JaneThanks everyone.
You're all absolutly correct to say to get rid of the c/c debt first. I knew that had to go but was wondering anyway with 230/40k in equity and only 32k left to pay. I have always still kept paying my loan amount as if it was still 7.74% so I have done well there. I only have 4 and a half yrs to go and I will own it in 12 yrs. I whave already trippled my money in 7 and a half yrs.
I need to start supplementing my income although I manage ok. I can probably manage to pay another 100.00 per week towards it. It wont take long. I will come back and talk to you all again whence it is a 0 balance . Thanks again JaneSimmilar thing happened to me with my first (and so far only) home loan application with the NAB. I applied for a HL prior to finding a property. They told me how much they would lend me with my deposit. I asked for a pre approval certificate whih they gave me to make me happy . I was a casual cleaner and sole parent incomer with a aged pensioner mother living with me . I then went ahead found a property paid 10% deposit which was a lot of money for me $14,500. The loan was in my name soley but they did take into account my mothers pension as income into the equasion. My mother then went and died on me rather suddenly so they reneged on my loan approval. I wasbound to purchase that property or stand to lose my deposit. I was devestated. I appealed, pleaded and cried and the decission went to city head office which eventually went in my favour. They made it very hard for me though, instead of what was to be a 25 yr term and smaller repayments they then shortened it to 12 yrs and double the original repayments.Taking into account my two childrens ages and how long I would be on a guarenteed pension income. I am still plugging away at it on my own but work full time now and now only have 4 yrs to go ye he. So maybe you can appeal it . It worked for me. Good luck. (changed circumstances was their defense)
