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Rugbyfan
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April 10, 2004 - 5:08 am
Yes, I made a post explaining all of this sometime last week. If you buy in WA, you will have a similar problem. This only occurs where you cross colateralise, though.
We had to fork out an extra couple of thousand because of the extra stamp duty on mortage for our QLD IP.
I will try and find my older post so you can check out the links.
‘Eat rich food, barbeque a yuppie’ [greedy]
Rugbyfan
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April 10, 2004 - 5:01 am
Originally posted by Jerzy Balowski:
Little johnny is the one who gave us the non core promise of never ever a GST. This is an insidious tax that affects EVERY Australian, unlike this revamp of NSW Stamp Duty.
Jerzy
The difference is that we voted the Coalition in on the GST, we were all fully aware of the fact that it was going to be brought in. If the majority of people were not in favour of it at the time, all it needed was a stroke of the pen.
This money grab by Bob Carr is not something we can vote on. It is a very sly move.
‘Eat rich food, barbeque a yuppie’ [greedy]
Rugbyfan
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April 7, 2004 - 7:45 am
I’ve ranted and raved on a previous similar post so I will refrain here.
I am about to exchange on a property in regional NSW and one in WA. The WA property looks mighty fine at the present.
Knowing how greedy both the WA and QLD state governments are, I dare say it will spread in time.
‘Eat rich food, barbeque a yuppie’ [greedy]
Rugbyfan
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April 7, 2004 - 7:32 am
Perhaps if you venture to Forum Frolic you can see that jokes are a plenty.
https://www.propertyinvesting.com/forum/forum.asp?FORUM_ID=10
Go for it, we need a laugh at the moment – well in NSW anyway!
‘Eat rich food, barbeque a yuppie’ [greedy]
Rugbyfan
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April 7, 2004 - 6:30 am
Westan
I’ve been very quiet here too since the Aussie Super 12 teams have not been doing to well.
Hope you have fun, it looks bloody cold over there now.
‘Eat rich food, barbeque a yuppie’ [greedy]
Rugbyfan
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April 6, 2004 - 7:34 am
For an IP or if it is not our first home, we pay both ends.
‘Eat rich food, barbeque a yuppie’ [greedy]
Rugbyfan
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April 6, 2004 - 7:08 am
Hey Sath,
Check out
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=9122
We have been discussing its merits and flaws since it was announced.
‘Eat rich food, barbeque a yuppie’ [greedy]
Rugbyfan
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April 6, 2004 - 6:37 am
I’m hoping in the short term it means some quick fire sales. I have been trying to negotiate for a property for about 6 weeks. This may help it over the line for me.
In regards to increasing costs, it will surely make sellers rethink their prices but wether they get the extra 2% they want is a different story.
‘Eat rich food, barbeque a yuppie’ [greedy]
Rugbyfan
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April 6, 2004 - 5:35 am
Originally posted by MiniMogul:
sorry, mistyped. I meant the other way around. 600 equity.
Also you misquoted me!!! Grrrr…. I wrote, “I know TO someone who has a house they bought in Sydney in 1991 which is now worth 850K a…..controlling a mill worth of property doesn’t sound like a big deal”, not ‘I know someone who has a blah blah’. Leaving out that little two letter word ‘TO’ word made it a lie when you quoted me.
Hey…just had an insight into the media!!!
My apolgies, I thought you had mistyped it. I know what you mean now!!!!
And I don’t work for the media, but perhaps I may get offered a job now!
Sorry
‘Eat rich food, barbeque a yuppie’ [greedy]
Rugbyfan
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April 6, 2004 - 5:09 am
Mini
“I agree with Kaye Henry – a property millionaire is EQUITY based and can be no other – 1 mill property and 1 mill debt = 0”
Now comes the $1 million dollar question. Does that include your PPoR? If so, then it means many in Sydney are property millionaires.
If it doesn’t, then are those who do not own their own home (renting) but have IP’s with $1m equity, millionaire property investors?
If yes to the second, why not the first?
if one of the mappers did nothing for 11 months and then suddenly their grandmother died and left them her vaucluse house worth 1.1 mill, they succeed according to your definition,
A very valid point and I would have to take that out of the picture if I was looking at their overall results (but I don’t know when you were last looking a R/E prices in Vaucluse Mini, but try $2m plus)
I know someone who has a house they bought in Sydney in 1991 which is now worth 850K and they only owe 600K, controlling a mill worth of property doesn’t sound like a big deal
Is this true? It does sound funny. Based on Sydney prices, houses have generally doubled in the last 5 years and same 5 years previous to that. So they must have paid around $200,000 for it in 1991. How do they still owe $600,000?
‘Eat rich food, barbeque a yuppie’ [greedy]
Rugbyfan
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April 6, 2004 - 4:48 am
There could be some forced sales in the next few weeks, if people have to pay stamp duty on sales in NSW.
I reckon it could be a good way to negotiate. The vendor will have to pay the tax unless they sell it quickly.
The only downside is it will probably mean land tax for the purchaser.
‘Eat rich food, barbeque a yuppie’ [greedy]
Rugbyfan
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April 6, 2004 - 4:44 am
As long as you are purchasing a property under $500,000, you will save yourself:
$0 – $14,000 $1.25 for every $100 (or part)
$14,001 – $30,000 $175 + $1.50 for every $100 (or part) of the excess over $14,000
$30,001 – $80,000 $415 + $1.75 for every $100 (or part) of the excess over $30,000
$80,001 – $300,000 $1,290 + $3.50 for every $100 (or part) of the excess over $80,000
$300,001 – $1,000,000 $8,990 + $4.50 for every $100 (or part) of the excess over $300,000.
‘Eat rich food, barbeque a yuppie’ [greedy]
Rugbyfan
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April 6, 2004 - 4:41 am
I’m going to try to get the topic back on course here.
As I think this can be a very balanced forum sometimes with views ranging from close to socialism to far right wingers, I would like to know if anyone can explain to me the benefits of the stamp duty/land tax changes of this mini budget.
I am horrified with what will be brought due to the Carr Government’s mismanagement. But I am also aware that I may be heavily biased too.
Can someone please give me the plusses so I can at least get some sleep tonight worrying where I am going to get my extra Land Tax from?
Thanks
‘Eat rich food, barbeque a yuppie’ [greedy]
Rugbyfan
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April 6, 2004 - 2:39 am
Thank you but I had already checked it out and am horrified.
It means if you buy an investment property in Sydney you are more than likely up for:
When you buy
1. Stamp Duty (NSW Gov)
2. Land Tax (NSW Gov)
3. Stamp Duty on Mortgage (NSW Gov)
When you sell
1. Stamp Duty (NSW Gov)
2. Capital Cains Tax (Fed Gov)
Where are the incentives to purchase property in this climate now?
‘Eat rich food, barbeque a yuppie’ [greedy]
Rugbyfan
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April 6, 2004 - 2:16 am
This sounds like the biggest rort in years. Where does the NSW state gov get off increasing the taxation of people who are just trying to create wealth for their retirement.
I sincerely hope it is a bad joke otherwise I feel there will be alot of agro coming up very soon. I would suggest that maybe 35 – 40% of houses in Sydney are over 500,000. So that affects so many people.
‘Eat rich food, barbeque a yuppie’ [greedy]
Rugbyfan
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April 5, 2004 - 11:20 pm
Originally posted by Aceyducey:
Rugbyfan – think about your own response – did you over-reactive to what is a constructive suggestion
Cheers,
Aceyducey
Umm…Well Acey, below is what you wrote in the opening post word for word. Exactly what part of it is constructive suggestion?
Why is the ‘Tell Us What You Think’ Forum closed?
Don’t want to know what people think about these forums anymore?
My comments were to be – the ‘Member’ level for posters is not only amusing, but downright misleading.
The number of posts is a very poor judge of expertise and frankly I find there’s a number of frequent posters who exhibit a very limited understanding of property investing.
I’ll be interested to see if the moderators choose to stifle this debate rather than foster self-improvement of the medium.
Cheers,
Aceyducey
Perhaps your jibe at the moderators/administrators is what got my goat.
They do a great job on here to make sure people post correct information where possible and don’t get too big for their boots. That is probably why we don’t have a top5 or 10 or whatever. That reeks of elitism in my books. At least this site does not have a monopoly on how many people can reach each status.
‘Eat rich food, barbeque a yuppie’ [greedy]
Rugbyfan
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April 5, 2004 - 12:38 pm
OK. well I’ll see your [whip] and raise you a [smash]!
I’m off to bed now. Gotta get my ugly sleep![sleepyanim]
‘Eat rich food, barbeque a yuppie’ [greedy]
Rugbyfan
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April 5, 2004 - 12:25 pm
[quoteI write this post in the best possible tone, and my apologies if that doesnt translate in the reading.. but why are we united in our stand against some “spruikers” and apologists for others?
Jay.
[/quote]
Good comments Jay but who’s united in standing against or for these ‘spruikers’.
I for one form my own opinions on property guru’s and to be quite honest don’t conform with anyone in particular.
I have not attended any seminars (and may never do so) and have no reason to be led [baaa] by anyone.
‘Eat rich food, barbeque a yuppie’ [greedy]
Rugbyfan
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April 5, 2004 - 12:20 pm
Oldtimer
If you’re correct and TT does take that line of approach I guess Steve has two options.
1. Keep going with the interviews on TT
2. Refuse to be interviewed.
If it goes ahead as you stated, he will unfortunately be ‘damned if he does and damned if he doesn’t’
I hope that journalistic integrity holds up and the real truths are portrayed in any subsequent stories.
‘Eat rich food, barbeque a yuppie’ [greedy]
Rugbyfan
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April 5, 2004 - 12:13 pm
Kay and Cel,
This is going so [offtopic] it’s not [laughing] anymore.
Everyone stop [], have a [cigar] and [love].
‘Eat rich food, barbeque a yuppie’ [greedy]