Forum Replies Created
VF, It comes down to your aversion to debt, as you have already stated you own Sydney property outright. If your plan is to own several properties, then IO loans are the way to achieve this sooner. As you stated that your Brighton property will one day become an IP, you should consider switching this to IO sooner rather than later. You can always look at an 'Offset Account' in the mean time until you make the decision to build and move to save on any interest outstanding.
To finance your next 'dream' consider getting a Line Of Credit against your Sydney property should you not have success with the bank on an outright loan for new property, or try a combo with 80% borrow for new house and remainder from LOC.
If you sell Sydney, don't forget the capital gains and costs which will be incurred.
Make sure you both fully understand your planner and he understands your wishes, seek a good mortgage broker to set up loans and accounts correctly to maximise tax implications and financial outcomes for your pocket.
Richo, Quick search of ATO suggests there is a 2 year limit on individuals and small business.
Give the ATO a ring and they can lead you towards the forms to be completed for amendment.
renel, regardless of the cost, make sure the tax agent knows their stuff in property ownership as this will cost you big time in the long run.
My wife and I have 3 properties and both work, our last years returns cost $260 each for preparation.
Agent manages 3 depreciation reports and I supply 3 excel spreadsheets with income and expenses sorted in categories to reduce their time in preparing.
Have all your documentation laid out and it will help them greatly.
Agree to getting a fixed price.
Donna, against the advice given by 'Investily', you can sell within the 10 year period to anyone. You have the choice to offer it to an investor to remain within the NRAS scheme or you can sell it to open market and have the property removed from the NRAS pool.
There is generally a 6 month notification clause if you wish to sell outside of NRAS and you will no longer qualify for any Federal or State government financial incentives. Check your consortium's specific contract conditions and penalties.
Depending on the consortium managing the property, you may not be able to specify your family as the recipients; they will also have to meet the income criteria and be registered as NRAS tenants.
I have one NRAS property and 3 open market properties, all seem to be going well.
Tuggerwaugh, best to start with the Residential Tenancies Act of Tasmania
http://www.austlii.edu.au/au/legis/tas/consol_act/rta1997201/
As for phone contact, the best place to start is through Consumer Affairs and Fair Trading on 1300 65 44 99.
They are responsible for the Residential Tenancies Act.This change of removing the carpets and NOT returning the flooring to a habitable state is NOT permitted through the current lease or contract.
Phone them on Monday morning!
Hey Dean,
Just bought my second IP, this time in Brisbane. Brand new 3 bedroom unit in complex.
There were 3 different buyers purchasing same layout of unit who had 3 different valuers from 3 lenders.
One came in and valued at the sale price, one valued at sale -5% and mine valued at sale -10%.Exactly the same property but with a $30000 variation.
I ended up using 20% LOC investment loan for deposit and remainder 80% from different lender.
Ended up needing to go unconditional on loan before it was completed, but I had the advantage of seeing already completed units in complex that I could assure myself of the finished product. Stick with a reputable developer and where possible, look at finished projects, maybe even 5 years prior to see how the structures are wearing and maintaining value.
I would do it again, looking for my next property in 12 months time.
