This all works out to around $65,000 in the first year. Does anyone else have deductions adding up to a similar amount or are my calculations/estimates completelly off? :STo get the maximum benefit out of this is it best to split the deductions between a husband and wife?

Thanks for that! ))It works out to 12K for the first year for a brand new house. I'm guessing a 20yo would be around 5k or less.

Actually, the funds will be used for travelling, a luxury car, speed boat and the wedding. How about that?

Dan42 wrote:

not_so_lucky wrote:
If I use the holiday house as equity and borrow the money for the house I'm about to start building, will I then be eligible for the interest deductions? If I rent the place obviously? The Trust stuff just…[Read more]

If I use the holiday house as equity and borrow the money for the house I'm about to start building, will I then be eligible for the interest deductions? If I rent the place obviously? The Trust stuff just seems to complex

Terryw wrote:
Well you should be able to get a Line of Credit on the place. Check with you accountant on how to set things…[Read more]

Thanks Richard!Just to confirm, doing this wouldn't effec tour FHOG. ( We dont want to miss out on the free $21k Where can I read up more about "Unit Trust"? I'd like to find more information about it.I'm just not 100% certain of transferring 50% to my partner and would prefer to keep it under my name. Wold this be possible? But obviously to still…[Read more]

Thanks for that TerrywHow does would selling it to a related party work? What are the benefits of this? The holiday house is in my name solely. But the house will be in both my fiance's and my name.

Wow. Thanks Terryw! The bankwest one sounds great! But no exit fees? That sounds too good to be true!

Is this topic about honeymoon discounts or discounts for the life of the loan?

I am now thinking of selling the holiday house. It would make me debt free as it would cover most of the cost of our house we are about to start building. The only thing is, we might never be able to afford a holiday house (especially  not in that location) again, and we are trying to figure out what the best thing would be.What would you guys do?

No, I don't want to go with them. I just want CBA to match/beat their offer Do you think it will work?

Good to know they are still giving discounts! Today, I tried to inquire about it at the CBA and they offered me a wealth package. hahahah!Why would I pay $350 each year if some places are offering it for free :S

I know it's a small amount and my  loan isnt that big, but every dollar counts Thanks for that. It makes so much sense, I will opt for the monthly payment option since my home loan is on 9.4% at the  moment

Thanks ducksterRe: When talking about claiming the costs of buildings GST only applies if you are selling the buildings and wish to claim the GST you paid while charging the buyer of the buildings for GST.We dont actually intend to sell the garage, we just plan to use it for earning some money, definitivelly not more than $75,000 thought :SDoes…[Read more]

Is it possible for us to claim the holiday property expenses such as rates etc and maintenance on tax? I mean we intend to rent it out but it we are not at that stage yet.

Anyone?

By the way, the bank in question is cba.

Thank you all for the replies.By the way, the reason why we need my name on the loan is because we can borrow more money with my name on it. If it only goes on his name we won't have enough money to finish the house

spouse doesn't necessarily mean that the couple is married, right?

Really?! That's excellent Maybe they were only saying that for "my protection". Thanks for that!

Thank you so much atevans Yes, she had a residence elsewhere.I hope this works out for us