Bren

Think someone is having a lend on you.

In a case like this any GST payable would be based on the margin scheme being 1/11 of the margin between the sale price and the purchase price. You would have claimed input credits along way.

In saying this GST is not always payable on a residential property unless of course this a business for you and you are GST registered.

CGT is also payable on the capital gain only (difference between the sale price and the original purchase less adjustments) If this is a business and you are doing this regularly it will be treated as trading income and not CGT.

Cheers

Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New 100% Shared Equity scheme coming soon – Email us for details.

Dale Gothram-Goss is one of the leading experts on HDT’s certainly in Victoria.

Not sure if he still taking on new clients but if you want a recommendation you could not go past my Accountant.

Let me know if you need a recommendation Julie.

Given yours and Daryl’s occupation a Trust might make sense as a way of protecting Assets.

Cheers

Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New 100% Shared Equity scheme coming soon – Email us for details.

Hi Pizang

Marc is accurate in assessment but every day new loan products get introduced to the market.

One of the latest is a shared equity product whereby clients can live in an house where probably loan repayments would be higher than they could afford yet the are only required to make payments on 75% of the purchase price.

There is no interest charged or repayments made during the loan term and the lender takes his money out of a share of the profit when the house is sold.

This frees up monthly income to enable to buyer to invest more in IP’s yet still living in an attractive upmarket area.

I had a client today who was unable on serviceability to purchase a waterfront property they wanted at Noosa but by only making payments on 75% of the purchase price could easily afford it.

They have gone to contract and with the suplus funds are looking to get into 2 separate IP’s.

It is not a matter of what a lender will lend you but more about what you feel confortable in paying back.

Cheers

Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New 100% Shared Equity scheme coming soon – Email us for details.

No Dave you would stay put with the same lender so that exit fees didnt apply.

Just remember it would depend on whether the valuer agreed with you that the property had gone up in value.

Cheers

Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New 100% Shared Equity scheme coming soon – Email us for details.

Hi CGG

Rather than rent to buy or similar why not try a shared equity scheme.

You repayments would stay the same but as you give up an element of the equity to a 3rd party you would be able to get into a more expensive property.

With Vendor financing you are going to end up paying an increased interest rate and loaded purchase price as they vendor is waiting for her capital.

Trust me i have done one or two wraps and LTO and we did not do them for nothing

Cheers

Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New 100% Shared Equity scheme coming soon – Email us for details.

Regretfully not chance unless you try an Italian Bank.

Cheers

Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New 100% Shared Equity scheme coming soon – Email us for details.

Hopefully this will your first and only post with comments like that.

Do you not think that members correspond with members off the forum or by email.

How do you think i knew Tammy’s name.

Does she mention it anywhere in any of the correspondance –
NO i think not.

Would it be that i am totally aware of her position financially and what she is trying to achieve her income, liabilites, what the funds were used for, her goals and aspirations both now and in the future – MAYBE YES.

Just think about non constructive comments before you post them as most members here are here for the benefit of other.

Cheers

Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New 100% Shared Equity scheme coming soon – Email us for details.

Baldy

Assuming you are the Trustee and beneficiary then both.

Unikely the DT is going to have much income though so it more likely down to you.

Cheers

Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New 100% Shared Equity scheme coming soon – Email us for details.

Hi V

Firstly congratulations on your decision to make the move north to sunny Qld. The area is god garden but keep that to yourself as otherwise the rest of Victoria will be up here.

If you sell the property you will realise the equity in the home and be able to use this as deposit on your new property. The problem being that the interest on the PPOR will be non tax deductible.

You will have the sale costs including agents fees and commission etc etc.

If you do not sell then the interest on your current home loan which will now be an IP will become tax deductible however i assume that you will now have to borrow 100% of the new purcahse price in Qld and the entire amount will be non tax deductible.

An alternative if you believe that the current area has good growth prospect and also feel it will make a ideal rental home would be to consider selling the property to an HDT. You would borrow the full value of the property and then with the difference between the value and the loan outstanding would use this as deposit for your home in Qld. The purpose of these funds is to buy an IP and therefore will become fully Tax deductible.

You will then only have to support a smaller loan on your new PPOR.

Downside is that you will have to pay stamp duty on the sale of the property from you to your HDT and the property will loose its GCT Free status which will last for the next 6 years.

In saying this you will have $330K of tax deductible interest and even having to pay duty on the purchase will not take long to recoup.Each year thereafter you will benefit that the inetrest on this amount is a a deductible expense.

Cheers

Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New 100% Shared Equity scheme coming soon – Email us for details.

Linda

Just amend the contract initial the change and post it back.
Once the Vendor signs the Contract and the Selling Agents has received the deposit, he dates and executes the document.

If buying Qld make sure that you do not terminate under the “Cooling Off” clause and check that your finance & building inspection clauses are realistic.

Many Qld Vendors are now not extending these dates and placing the properties back on the market at a higher price.

Spoke to clients last night from Victoria who were not aware of the Qld process. We are a little different to others.

Cheers

Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New 100% Shared Equity scheme coming soon – Email us for details.