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  • Profile photo of not_so_luckynot_so_lucky
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    March 26, 2009 - 10:59 pm

    What's the common discount these days? For a $400,000 loan for example.
    Adelaide bank is still offering a 0.5% off all loans over 250,000 at no extra cost.

    Is anyone still doing 0.7% off at no extra cost?

    Profile photo of not_so_luckynot_so_lucky
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    March 24, 2009 - 10:38 am

    If I only earn $55,000 a year. Is the maximum refund I can get ~12,000 (because this is how much tax I am paying)?

    Profile photo of not_so_luckynot_so_lucky
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    March 24, 2009 - 10:36 am

    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? :S
    To get the maximum benefit out of this is it best to split the deductions between a husband and wife?

    Profile photo of not_so_luckynot_so_lucky
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    March 24, 2009 - 10:34 am

    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.

    Profile photo of not_so_luckynot_so_lucky
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    February 9, 2009 - 9:38 am

    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 seems to complex :(

    No, as the test for deductibility of interest is, 'what are the funds used for?'. As, in this case, the funds are used to builda new PPOR, the interest would not be deductible.

    Profile photo of not_so_luckynot_so_lucky
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    February 9, 2009 - 6:11 am

    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 up – you could borrow from the LOC to pay absolutely all expenses for the rental. rates, insurance etc and this will free up money to put into your new home loan saving tax. You should also be able to claim the interest on the $20k borrow for the repairs. And don't forget to claim depreciation of fittings and building works as well as loan costs.

    You could also consider selling it to a related party and borrowing the whole costs – eg sell to a trust or your spouse etc. Stamp duty and CGT would be payable tho, but the extra interest deductions may make it worthwhile.

    Profile photo of not_so_luckynot_so_lucky
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    January 26, 2009 - 10:29 am

    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 go ahead with the Trust suggestion?

    Profile photo of not_so_luckynot_so_lucky
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    January 26, 2009 - 9:46 am

    Thanks for that Terryw

    How 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.

    Profile photo of not_so_luckynot_so_lucky
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    January 23, 2009 - 9:39 am

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

    Profile photo of not_so_luckynot_so_lucky
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    January 23, 2009 - 8:28 am

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

    Profile photo of not_so_luckynot_so_lucky
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    January 23, 2009 - 5:15 am

    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?

    Profile photo of not_so_luckynot_so_lucky
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    January 23, 2009 - 5:10 am

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

    Profile photo of not_so_luckynot_so_lucky
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    January 23, 2009 - 5:09 am

    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

    Profile photo of not_so_luckynot_so_lucky
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    September 29, 2008 - 2:19 am

    I know it's a small amount and my  loan isnt that big, but every dollar counts :P
    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 :)

    Profile photo of not_so_luckynot_so_lucky
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    September 21, 2008 - 12:25 pm

    Thanks duckster

    Re: 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 :S
    Does this mean that we cant claim the garage expenses?

    Profile photo of not_so_luckynot_so_lucky
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    September 20, 2008 - 3:07 am

    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.

    Profile photo of not_so_luckynot_so_lucky
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    September 20, 2008 - 3:06 am

    Anyone? :(

    Profile photo of not_so_luckynot_so_lucky
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    September 6, 2008 - 12:29 pm

    By the way, the bank in question is cba.

    Profile photo of not_so_luckynot_so_lucky
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    September 6, 2008 - 12:28 pm

    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 :(

    Profile photo of not_so_luckynot_so_lucky
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    September 3, 2008 - 10:54 am

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

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