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  • Profile photo of propertyboypropertyboy
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    How is it a distressed sale if it is on domain? Serious qs – mere fact it is on there implies the seller has time to go through a. normal marketing process – no?

    I am looking for a win/win situation for me as a buyer and seller looking to move quick, where I can take premium for taking on that additional risk and limited buyer market. Must exist in such a big market?

    Profile photo of propertyboypropertyboy
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    Thanks Jaxon, however  I don’t believe realestate and domain would be the best way to source these deals.

    In my view this is where fair value properties are advertised where the end buyer is able to raise conventional mortgage debt. I am looking to buy properties with problems that need fixing or being sold in distress situations. Sellers looking to move quick outside of a normal marketing period

    Where are bank’s listing repossessed properties they enforce on? How do I find cash only purchases with problems not open to the general market?

    EG, an apartment that is not habitable, fire damaged etc that must be closed with cash as banks will not lend on this type of property hence significantly reducing end buyer demand

    Are there any special auctions for these type of properties where the deal needs to be closed with cash only?

    Profile photo of propertyboypropertyboy
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    Good qs, anyone know?

    Profile photo of propertyboypropertyboy
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    Profile photo of propertyboypropertyboy
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    Profile photo of propertyboypropertyboy
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    Phone assistance outlined best to go into the branch. Apply for the split in the branch.

    Anyone had issues with bank’s withholding redraw requests? They have outlined on the phone it is not subject to credit approval.

    However, is there a risk the redraw may not be released?

    Profile photo of propertyboypropertyboy
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    Great – thanks very helpful.

     

    Profile photo of propertyboypropertyboy
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    Thanks Terry.

    So I pay $800k into redraw. Then call CBA and ask them to split it based on required amounts then pull out the 800k?

     

    So will have two limits – 1 limit for $800k and the other for $200k?

    • This reply was modified 4 years, 2 months ago by Profile photo of propertyboy propertyboy.
    Profile photo of propertyboypropertyboy
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    How do I split? Is it a new credit approval request or is it easy to have a bank put two limits?

    Profile photo of propertyboypropertyboy
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    I interpret the 800k would be deductible if put in redraw then drawn out for purpose of buying another income producing asset

    What does splitting the loan mean? It is one limit.

    Thanks

    • This reply was modified 4 years, 2 months ago by Profile photo of propertyboy propertyboy.
    • This reply was modified 4 years, 2 months ago by Profile photo of propertyboy propertyboy.
    Profile photo of propertyboypropertyboy
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    So if I move back into the property and it becomes my principle place of residence and put 800k into the redraw then redraw to buy a new property for $1m (80% LVR). Are you saying none of the interest is deductible against the rent of the new property? The ATO tax guidance appears to outline it will be. How much will be tax deductible?

    • This reply was modified 4 years, 3 months ago by Profile photo of propertyboy propertyboy.
    Profile photo of propertyboypropertyboy
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    what is the best structure for buying a property to subdivide then sell half the land at back and keep the front property?

     

    Profile photo of propertyboypropertyboy
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    The loan limit is $1m (800k relates to the first purchase and 200k top-up).

    800k cash sits in the offset ($200k of this was from the top-up that was never spent – just sitting in offset)

    If I take the 800k and put in the redraw then take it out to buy a new property, will the full 800k be deductible?

    • This reply was modified 4 years, 3 months ago by Profile photo of propertyboy propertyboy.
    Profile photo of propertyboypropertyboy
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    can a propco/opco structure be setup in australia similar to the uk to be able to deduct?

    So it makes no difference if buying in personal name or trust?

    Profile photo of propertyboypropertyboy
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    Hi Terry, what do you mean by my loan being mixed?

    If I move back into the property as my principle place of residence and put $800k into a redraw and redraw to buy another property will the interest be deductible against the rent of the new property? I am redrawing (borrowing) to invest in the second property.

     

    Profile photo of propertyboypropertyboy
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    The property is in my name and I am an australian citizen (but married to a non citizen).

    Has the government provided full guidance yet on this with all the criteria?

    Profile photo of propertyboypropertyboy
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    I would not be asking to serve a notice to vacate because rent has not been paid rather would be serving a notice to vacate due to the lease ending. Am I still able to do this?

     

    “The laws apply for six months from 29 March 2020. If you have served a notice to vacate on or after 29 March 2020 to a tenant who cannot pay their rent because of financial hardship resulting from the coronavirus, it is not effective.”

    I would be serving the notice to vacate not because the tenant hasn’t paid rent but because the lease has expired. Do I still have the right to serve a notice to vacate if the tenant doesnt move out on expiry of the lease? Or can they effectively squat in the property?

    • This reply was modified 4 years, 6 months ago by Profile photo of propertyboy propertyboy.
    Profile photo of propertyboypropertyboy
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    Looks like this is the act

     

    COVID-19 Omnibus (Emergency Measures) Act 2020.

    Is this enacted? Does someone have further clarity on my issue above?

    Profile photo of propertyboypropertyboy
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    Is this the act?

     

    COVID-19 Omnibus (Emergency Measures) Act 2020.

    Profile photo of propertyboypropertyboy
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    Thanks Mark, appreciated.

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