Hi Radioboy,

Basically any income and expenses are attributed to whoever is on title. So if the title is under your name, then you have all the income and claim all the expenses in your tax returns. If the title is in joint names, then it's split 50/50 your way. You cannot just allocate amounts ad hoc for your own favorable situation.

If…[Read more]

Yep, as Jamie mentioned it can be done and should be done as a separate loan. Depending on your situation on how much you equity you decide to pull out for deposit, costs, etc you might be up for LMI, however this also may be considered deductible debt. An accountant would be able to verify this.

Cheers

Tom

Like above no expert, but from what I know you can still claim the property of your main residence even if you are physically living with your parents at their property.

Likewise if you own other investments, as you can only claim one property as your main residence at any one time (which would be the first one in your case).

Cheers

Tom

Hi Yiannakis,

Yes, for established properties as long as you intend to move in within the first 12 months and reside in the property for a continuous 12 months, then you can apply for the 40% stamp duty reduction at settlement. It's slightly different if you're building.

As for CGT, if you rent it out first you cannot claim a full exemption,…[Read more]

Scott No Mates wrote:
The contract may provide that the deposit be put in an interest bearing account in joint names of the purchaser & vendor. In this low interest environment, even a $100k deposit will earn very little interest over the 40 days that the funds are held in trust.

As Shahin points out, the RE trust account does not earn interest…[Read more]

Current rules allow you to have purchased investment properties and still be eligible for FHOG, on the proviso that you haven't lived in them for 6 months or more, and they were bought after July 2000.

For other and complete conditions, follow Jamie's link above.

Cheers

Tom

Would have to complete a land transfer form of some sort to transfer the existing share to you.

Apart from standard lodgment fees, stamp duty would be payable and CGT might be applicable if it was an investment.

Cheers

Tom

Jenny, almost all credit cards are unsecured, however in this case the LOC is there to "secure" the credit card against the property. Fallback for the lender.

As for personal loans, etc, their monthly expenses and liabilities would have to be allowed for and approval would be based on the overall strength of the application.

Cheers

Tom

Fixed rates are independent to the variable rate. They don't follow the RBA cash rate. Lenders assess them with a different set of criteria.

Whether fixed rates will fall further, anybody's guess.

Cheers

Tom

Like Shahin mentioned, your broker would know more about it than us, but my guess is that they have offered the $20K credit card to cover stamp duty costs, etc (the only time you would really need it) so that you can use the deposit on the property and lower your loan LVR and LMI. Whether it's the best way forward is another issue.

Cheers

Tom

Right on the money there Jamie. Those sorts of websites prey on the ignorant who get easily sucked in at the sight of a low interest rate figure.

When I engage with people in social circumstances, talk always comes around to what sort of work we do. When I tell them I'm a broker, they usually come up with a story of how cheap their current…[Read more]

Hi Property Seeker,

Is your property in Vic where for 2 unit lots there is no need for an active body corporate? If so then the owner of each property needs to organise their own building insurance as well as mention that there is common property that needs to be insured as well.

As Jacqui mentioned, this is an annual premium, it seems that…[Read more]

AFG is my actual aggregator and I do put deals thorough them on their direct line product. Is a decent product however it isn't conducive for people wishing to turn PPOR's into IP's down the track (i.e. they don't allow IO on PPOR's), but it may work for you depending on your circumstances.

Like other have said, need to go through what you want…[Read more]

Wilko,

I think the OP has suggested the loans are not initially cross collaterised and that they are in fact standalone loans, but some of them have been used to pull equity out (deposit and costs) for other investments.

Cheers

Tom

I did my certificate IV and diploma training with the National Finance Institute. They do face to face though I'm not sure about Adelaide.

I know that the MFAA have a list of their preferred training providers on their website if you want to google it.

Cheers

Tom

Newbeez,

You will find that your interest figures are way off. The reason being is that the interest on P&I repayments is not a constant figure across the loan term as it is calculated on the outstanding principal, and with each payment the principal decreases, and therefore so will the interest that is paid.

Like the Dark Knight suggests, the…[Read more]

Kept both me and the SRO busy as well. FHOG applications that normally took a few days to approve went out to over 2 weeks.

Not over yet either. Just had one come in that was signed before the deadline

Cheers

Tom

As Nathan mentioned you cannot apply the 6 year CGT exemption rule if the property has been rented out first. You need to have had it as a PPOR from settlement date for it to be considered.

There was a thread in this forum about a month ago where a buyer had a tenancy ending about 2-3 weeks after they settled which meant they were automatically…[Read more]

Hi Pagey,

The lender will recalculate repayments to cover the increase.

Cheers

Tom

Only if as shown bolded you repay the loan early, i.e. refinance it.

Just because it is turned into a PPOR doesn't give you the right to claim the remaining expenses.

Cheers

Tom